"Black money finds tax haven abroad "

[WhiskeyGirl]

WHAT is black money? An asset or a value as the result of an illegal act, which may involve actions such as tax evasion  or false accounting including the practice of engaging in financial transactions in order to conceal the identity, source, and/or destination of money, and is, among others, a main operation of the underground economy practiced by individuals, small and large businesses, corrupt officials and members of organized crime, through a complex network of shell companies and trusts based in offshore tax havens.

l Consequences of black money: Decrease in govt. revenues; decrease in quality & quantity of public goods & services; higher taxes & inflation; difficulty in monetary & fiscal policy formulation; increase in criminal activities.

Where did all the money for Obama's $2 million dollar temp jobs go?  How much did they pay the worker, and where did the rest go?

Breeding of Black Money: Clandestine international arms, weapons and nuclear deals, , expenditures incurred by security and intelligence agencies at home and abroad, financing of terrorist activities, phantom Aid and projects, all sorts of elections, kickbacks from ADP, public procurements and purchases, tender and public works, properties sales and purchase, bribes and speed money, deals with foreign investors in power, mining, oil and gas exploration, money laundering by multinational companies, big business houses and others to tax havens, drug trafficking, smuggling, extortion, transfer, promotion and postings, tax evasion by businessmen, politicians, lawyers, engineers, doctors, consultants and research scholars, high officials and elites of the society holding unaccounted wealth power and properties. Illicit transactions of corrupt politicians, professionals, and NGOs so that black money from inappropriate sources may be illegally used for personal gains.

Maybe it's time to claw back all the stimulus / recovery money?  All the money sent to 'community organizations'?

Where is black money? In Bangladesh black money is used for grabbing assets like land, residential buildings, commercial and industrial undertakings, shares, savings certificates, etc. and quite a big part is in banks, financial institutions and investment companies. The holders of black money are also engaged in underground and illicit activities such as drug trafficking, smuggling, capital flight through 'hundi', running underground network of political and terrorist activities, bribing to acquire big business etc. Huge money is also lavishly spent on foreign tours and private functions. But the major part leaves the country for holding huge assets in tax havens abroad.

Is this what community organizations use their public money for?  Have they eliminated debt?  Maybe they are busy buying up commercial property?  Who benefits, the poor?  The management?  Special interests?

The drug industry, where real cost of goods to manufacture drugs is usually around 5.0% of selling price, has a lot of room to artificially increase that cost of goods to 50% or 75% of selling price. This money is then accumulated in corporate tax-havens where the drugs are manufactured, such as Puerto Rico and Ireland. Puerto Rico has for many years attracted lots of pharmaceutical plants and Ireland is the new destination for such facilities because of the low taxes. Ireland has, in fact, one of the world's lowest corporate tax rates with a maximum rate of 12.5 per cent. In Puerto Rico, over a quarter of the country's gross domestic product already comes from pharmaceutical manufacturing. According to the U.S. Federal Tax  Reform Act of 1976, manufacturers are permitted to repatriate profits from Puerto Rico to the U.S. free of U.S. federal taxes. And by the way, the Puerto Rico withholding tax is only 10%.

For some reason, Obama hasn't attacked the drug industry.  Where are the efforts to protect Americans from unfair pricing?  Drugs that cost Americans $100 out of pocket are often available for just pennies in other nations. 

A recent example?  H1N1 vaccines.  In China I read of a generic for $.50 a dose.  Less than $1.  In the US?  Excessive pricing.  For Americans, like $300 a dose.  Who's pocket does that come out of?

more here - http://www.thefinancialexpress-bd.com/more.php?news_id=101159&date=2010-05-26

I would imagine, if Americans had to pay out of pocket, and drug companies had to compete on price, drugs would cost a lot less.

What does Obama do?  Seems like he gives a blank check to the drug industry.

just my humble opinions

[WhiskeyGirl]

Before I forget, we have FLOTUS promoting diet drugs for children.

After years of thought, I think weight loss for some is like an alcoholic who wants to stop drinking.

You have to WANT to lose weight.

Any drugs to cure alcoholics?  Why is that?