Obama To Attack Tax Havens
on: January 19, 2009, 5:20 am
Release Author: Michel Lyn
Release Summary: The blame game for the world's economic crisis
will be in full swing in the months ahead.
Expect some of the spotlight to
move from the banks to tax havens later this year...
Press Release Body: Japan, America
and Europe all face a pretty bleak 2009 as the world starts to
feel the recession biting, and millions of people could be made
And as unemployment rises and
politicians see their poll ratings slip, part of the blame for
the economic downturn will be put on tax havens, with astronomical
sums being banded around of how much each country would benefit
if tax havens didn't exist.
Tax havens are an easy target
for politicians - voters who take up residency in tax havens often
legally are no longer able to contribute to political parties
in their home country, and politicians have nothing to lose, but
quite a few votes to gain by bashing the wealthy who have opted
to move abroad.
And with a new President in the
White House, and the next election campaign starting all over
again in just a couple of years time, America as well as Europe
will be putting tax havens such as Monaco under the spotlight
in the months to come.
Obama campaigned in the Senate
to reduce the effectiveness of tax havens, and it's thought that
the US Treasury Department will be given more manpower to investigate
what can be done to stop American citizens money leaving the US
for tax havens, with new legislation likely for 2009.
In Europe, it's Germany leading
the attacks on tax havens. Having already secured stolen data
from Liechtenstein which identified German citizens with accounts
there, Germany's Chancellor, Angela Merkel, is thought to have
Switzerland in her sights for the year ahead.
But one British company who specialise
in tax haven properties, and are the only company to have fully
staffed associate offices in both Monaco and Andorra, thinks the
politicians would be hard pressed to convince the public that
tax havens were a major cause of the world's economic problems
if the facts were known.
'The public perception of Monaco
is often that it's a glamourous country which is home to multi
millionaires, the Monte Carlo casino and the Monaco Grand Prix
- and that's it', say Tribune, who through their online presence
try to show a more complete picture of Monaco.
'The reality of the situation
is that Monaco is much more than just a casino
with fast cars and James Bond lifestyles led by millionaires and
multi-millionaires in a tax haven. More people are employed in
the Monaco manufacturing sector than the finance sector including
the Monaco banks
As well as a misconception of
the reality of Monaco, the company feels that the Principality
is poorly portrayed by commentators when it comes to her taxes
- income tax is famously zero - and points out that while Monaco
might be small at just a square mile in size, it's an independent
country and a member of the United Nations.
'Politicians in the US and Western
Europe always beat the drum for freedom of choice', Tribune say,
'But when it comes to taxes they don't want their citizens to
have the choice of where to reside if it involves taxes lower
than their own country. Monaco for example is able to subsidise
public transport and do her bit for the environment as well as
have minimal taxation - the truth is big government doesn't like
If the economy doesn't show any
sign of improvement in 2009, tax havens might be in the news when
they would prefer not to be.
Details: Monacoproperty.net, Welbeck House, High Street, Guildford,
Surrey, GU1 3JF, England 44 1483 870340 firstname.lastname@example.org