A Spanish judge investigating the management of failed savings bank Caja de Ahorros del Mediterraneo ordered its former managing director to be held in custody because of the risk he’d flee to the Caribbean.
Agreement, first ever with a British overseas territory, to be signed today in “another step in the fight against tax evasion,” Chancellor of the Exchequer George Osborne tells Parliament in London. *“As a result, information of U.K. taxpayers held in the Cayman Islands will be automatically be provided to HMRC, who will use it to collect the tax that is due,” Osborne says *NOTE: Tax Havens Linked to U.K. Sign Up to Extended Transparency Code NSN MOFZ0U6S9728 <GO>
Democrats and Republicans clashed over reducing the U.S. debt by raising revenue as the first meeting of a bipartisan budget panel today revived the same disputes that have scuttled previous congressional efforts.
After the recent recession, the personal-taxes-to-personal-income ratio dropped well below the 12.3 percent long-run average, a casualty of the tax cuts, depressed household incomes and the weak recovery. In combination with depressed corporate tax collections and increased federal spending -- especially in 2009, when outlays equaled 6 percent of gross domestic product -- these forces pushed the federal deficit to more than $1 trillion a year.
Senate Finance Chairman Max Baucus, a Democrat who was the lead author of the 2010 U.S. health-care law, said on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend, that he expects the “bugs” that have plagued the rollout of the health-insurance exchanges will be fixed by Dec. 15, the deadline for Americans to sign up for coverage that starts Jan. 1.
Offshore financial centers, also known as tax havens, send “massive capital flows” to London and are unduly criticized in the U.K. for secrecy and helping tax avoidance, Conservative party lawmaker Mark Field said.