News Archives » Economic Justice
Shopping After a Factory Fire December 13th, 2012
Squeezed between the news reports of Black Friday weekend, when U.S. consumers spent more than $59 billion dollars, and a Cyber Monday that was the busiest online shopping day ever, came the tragic news of yet another horrible fire in a garment factory…
Read Fr. Seamus Finn’s latest blog on Huffington Post.
Oblates Promote Social Empowerment in Sri Lanka December 13th, 2012
“Social inability” is widely recognized and accepted today as a root cause of poverty. Empowering people to think for themselves, and stand on their own, offers a solid and a permanent way out for people from poverty and social misery. The philosophy that it is better to teach a person to catch a fish than to offer him one is the philosophy behind “The Citizen’s Forum”(CF), which is successfully operating in Sri Lanka under the direction and guidance of the Centre for Society and Religion (CSR). CSR is the Justice Peace and Integrity of Creation (JPIC) institution of the Colombo Province of the Missionary of Oblates of Mary Immaculate (OMI).
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Isle of Man enacts legislation to outlaw vulture funds December 12th, 2012
Legislation to prevent the Isle of Man being used by ‘vulture funds’ to exploit the debts of some of the world’s poorest countries has this week received Royal Assent. The Isle of Man is known as a tax haven, but deserves recognition for this move toward greater transparency and ‘best practice’ regulation.
The Heavily Indebted Poor Countries (Limitation on Debt Recovery) Act 2012 outlaws a practice that undermines international debt relief efforts.
The legislation prevents vulture funds from buying up poor nations’ debts for a fraction of their original amount and then using the courts to sue for the full value, plus interest and penalty charges.
Treasury Minister Eddie Teare MHK said the move was designed to send a clear message that the Isle of Man was a well-regulated, transparent and co-operative country.
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First Step to Avoid the Fiscal Cliff: Close Offshore Tax Loopholes December 6th, 2012
Offshore Tax Dodging Costs U.S. $150 Billion Annually; U.S. PIRG Illustrates Impact with 16 Dramatic Ways Lost Revenue Could Be Used
With Congress scrambling to agree on ways to reduce the deficit, U.S. Public Interest Research Group (U.S. PIRG) released a new analysis pointing out a clear first step to avoid the “fiscal cliff”: closing offshore tax loopholes. Many of America’s largest corporations and wealthiest individuals use accounting gimmicks to shift profits made in America to offshore tax havens, where they pay little to no taxes. This tax avoidance costs the federal government an estimated $150 billion in tax revenue each year. U.S. PIRG’s new data illustrates the size of this loss with 16 dramatic ways $150 billion could be spent.
“When corporations skip out on their taxes, the rest of us are left to pick up their tab,” said Dan Smith, Tax and Budget Advocate for U.S. PIRG. “Right now, this kind of tax dodging is perfectly legal, but it’s not fair and it’s time to put an end to it.”
At least 83 of the top 100 publicly traded corporations in the U.S. make use of tax havens, according to the GAO. American companies like Wal-Mart, Coca Cola, and Pfizer – which benefit from our educated workforce, infrastructure, and security – keep more than 70% of their cash offshore. Thirty of America’s largest, most profitable corporations actually made money off our tax code between 2008 and 2010 by avoiding taxes altogether and receiving tax rebates from the government. By using offshore tax havens, corporations and wealthy individuals shift their tax burden to ordinary Americans and small businesses, forcing us make up the difference through cuts to public services, a bigger deficit, or higher taxes for everyday citizens.
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Corporate Responsibility and the ‘Fiscal Cliff’ December 3rd, 2012
In this latest Huffington Post blog, Fr. Seamus Finn OMI argues that corporations benefit from the social and physical infrastructure for which we collectively pay. Hence, their tax contribution, or lack therof, needs to be part of the conversation. Read this timely and interesting post…
