“The ceiling on taxation of capital gains reflects the national belief that speculation is a more worthwhile way to make a living than work.”
– Calvin Trillin, Uncivil Liberties, 1982.
Time was when both death and taxes were considered unavoidable. But in the light of the latest revelations contained in The Paradise Papers, Death would now seem to be the only justifiable claimant to inevitability.
Of the 13.4 million files revealed by the Süddeutsche Zeitung, the International Consortium of Investigative Journalists (ICJI) and some 90 global media partners, 6.8 million of those files stem from the offshore law firm Appleby. A further half million derive from the Asiaciti Trust based in Singapore, with six million obtained from corporate registries spanning 19 tax havens.
Binoy Kampmark, a former Commonwealth Scholar at Selwyn College and a regular contributor to CounterPunch magazine, noted that ‘tax