This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.  
Lawandtax-news.com favicon LAWANDTAX-NEWS.COM
HOME | CONTACT | RECRUITMENT | ABOUT | LEGAL | PRIVACY & COOKIES Join us on Twitter Lowtax Facebook page Join our discussion on LinkedIn Join us on Google+ Delicious Subscribe to the Tax-News RSS Feed
   LOWTAX   
   TAX-NEWS   
   
 

Contributions

Articles »

Country Home Pages

Australia
Bahamas
Barbados
Bermuda
British Virgin Islands
Canada
Cyprus
Dubai
Gibraltar
Guernsey
Hong Kong
Isle of Man
Ireland
Jersey
Labuan
Liechtenstein
Luxembourg
South Africa
UK
US

Daily Tax Quote

Lowtax Network Sites
Lowtax Network Portal: 'Low-tax' business and investment in the top 50 jurisdictions covered in exceptional detail.
Tax News: Global tax news, continuously updated through the day.
Expat Briefing: A free online publication serving international expatriates and featuring world news, forums, events, in-depth country information and reliable investment and personal taxation guides.
Law & Tax News: Daily news and background data on tax and legal developments for international business.
Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library: One of the web's largest and most authoritative business and investment information sources.
US Tax Network: The resource for free online US taxation information, covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.
Offshore Trusts Guide: OTG publishes news, features and newsletters on the use of offshore trust structures.
TreatyPro: Online tax treaty resource.
Global Incorporation Guide [GIG]: A BSI / Lowtax Network international business smart tool.
Features & Contributed Articles

Tom Perkins Believes that Taxes will lead to 'Economic Extinction' of the 1%

Contributed by Andrew Scarre, Digital Media Circle
February 21, 2014

In an event entitled ‘the war on the 1%’ last week, venture capitalist Tom Perkins once more reaffirmed his belief that continuing taxation could lead to the extermination of the top 1% in society.


Discrimination of the 1%

The event itself focused on the issue of income inequality; an issue that has come to the forefront of political debate over the course of the past few years. As part of his speech, Mr Perkins reinforced his view that taxation was currently being used as a weapon against the rich in society; and against the 1% specifically. As well as this, he discussed in detail his opinions on a wide range of American governmental policy including both monetary and social policy.


Perkins Likened Persecution to Nazi Germany

This is not the first time that Perkins has courted controversy this year. In January, he wrote a letter to the Wall St Journal in which he compared modern taxation and persecution to the way that Nazi Germany treated the Jews. Referencing the Holocaust and Kristallnacht, Perkins was placed under immense pressure to retract his comments and apologise. He later did retreat his references to Nazi Germany, saying that the Holocaust was ‘incomparable’, but he stood by his comments on what he classed as the ‘demonization of the rich through taxation”.


“Taxes Will Go Up and Up and Up”

During his discussion at the event (and apparently keen to avoid a similar controversy), Mr Perkins stated that taxation wasn’t a form of persecution, but the progressivism of the tax system was. He was quick to point to the fact that the top 1% of tax payers pay more than the bottom 90% and, in his words, the top 1% were “carrying the government”. Perkins believes that, because the government are so reliant on the top 1%, taxes will “go up and up and up” leading to the economic extinction of the 1%.


“Economic Extinction”

Although many had predicted a volatile speech, few were unclear about just how volatile the situation could become and a number of venture capitalists were keen to separate themselves from Perkins’ remarks in advance of his speech.

Taking questions from an audience member, he was quick to state that he agreed with “the parallels” his Nazi analogy held because "the typical German had never met a Jew." Insinuating that the American public did not understand the contributions of the 1%. He was, however, quick to claim that there were still marked differences between his analogy and the current day situation as this is an “an economic extinction, not a physical one." 

Overall, it is widely expected that Mr Perkins’ comments on taxation will have very little affect on the markets and American taxation policy. However, it will still be incredibly interesting to see if his thoughts are referenced in the upcoming FOMC minutes and Fed speeches.

 

Tags: Tax | interest | court | venture capital | Germany | tax

 

Back to Contributed Articles

THE LOWTAX LIBRARY

One of the web's largest and most authoritative business and investment information sources. Alongside topical, daily news on worldwide tax developments, you can receive weekly newswires or access up-to-date intelligence reports on a range of legal, tax and investment subjects.

FREE TRIAL NEWS SUBSCRIPTION

Our 16 constantly updated intelligence reports cover every important aspect of 'offshore' and international tax-planning in depth, including banking secrecy, the EU's savings tax directive, offshore funds, e-commerce, offshore gaming and transfer pricing. Reports are available for immediate downloading or as subscription services with news pages.

Advertising & Marketing

With over 50,000 qualified readers every month our web-sites offer a number of cost effective, targeted advertising, sponsorship and marketing opportunities:

Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings

Click here to learn more or contact Charles Bell on +44 (0)1424 205 425 or at charles@bsi-media.com and he will put you in touch with your regional rep.

News & Content Solutions

Could your corporate web-site or newsletter benefit from incorporating regularly updated news and content tailored to serve your clients' interests? We can provide a variety of maintenance-free news and content solutions that can be seamlessly integrated and dynamically delivered:

Customised, personalised 'own-brand' news services
Newsletter content and management
News Headlines Tickers

Click here to learn more or contact Charles Bell on +44 (0)1424 205 425 or at charles@bsi-media.com and he will put you in touch with your regional rep.

Important Notice: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.

All rights reserved. © 2017 Wolters Kluwer TAA Limited


All content on this site has been provided by BSIRN.