Should Politicians Be Compelled To Reveal All Their Tax Affairs?

[sp1814]

If tax avoidance schemes are legal (although, perhaps not moral), should politicians be forced to reveal which funds they have invested in?

http://www.independent.co.uk/news/uk/politics/david-cameron-offshore-fund-pm-accused-of-eroding-trust-as-calls-mount-for-tax-return-publication-a6974611.html

[KARL]

There are countries where literally everyone's tax return and taxes levied are openly available every year, at least for some period of time. The media go through these and publish lists of highest income declared and tax burdens carried plus many/all of those who are in the public eye, irrespective of whether they have large or small incomes or much tax to pay. This is of course a very big contrast with UK practice which is characterised by secrecy rather than transparency.

[ToraToraTora]

No more than the rest of us. All this whining over the last week about something we'd all do if we had enough dosh to make it worth it. frankly I'd be worried about a PM that did not fully avoid tax legally. Load of foaming at the mouth hogwash, anyone asked TonyB and the WWW what they have done with their I'll gotten? Nope, couldn't give rats plaster either as long as it's legal. This is just your chip on shoulder lefties having a love in over something they'd do too if they had a pot to *** in.

[bhg481]

TTT is absolutely right - anyone who doesn't use all LEGAL means to minimise their tax payments is a fool.

[AB Editor]

KARL, I think you've hit a valid point there - we've got a culture of privacy, especially when it comes to money and wealth. Many would find it unpalatable to do as you've suggested other countries do.

Imagine everyone's salaries being nailed to the wall in UK workplaces across the land?

Personally, I think it would be a good idea. It would certainly sort out some pay inequality issues.

[ummmm]

No, absolutely not.

[bazwillrun]

this "mora"l argument makes me laugh...if people feel that strongly then why dont they pay more tax...unless of course they think they already pay enough !?

I have no interest in other peoples tax or what or where they invest their money unless its of any use to me and helps me reduce my tax liability , I look after myself...
some people on here would be better off putting the same time and effort as they do on here, spouting their ideological garbage, into their own financial affairs it would probably put money in their pocket

[KARL]

Ab Editor, when in employment negotiations I have been asked what my salary expectations were. My reply has been "The best you can afford and under no circumstances less than you pay or would pay anyone else for the same services" - this really flummoxed some ! I recall once making an exception to this approach because the prospective job had a number of attractions over the one I was in. I stated a figure - to his credit, my opposite in the negotiation rounded the figure up by a nice margin. Perhaps needless to say, the company was not British.

[Peter Pedant]

// All this whining over the last week about something we'd all do if we had enough dosh to make it worth it. frankly I'd be worried about a PM that did not fully avoid tax legally. Load of foaming at the mouth hogwash,//

too true 3T - you're foaming at the mouth and full of hogwash

and tomorrow - having said the prime minister doesnt have to obey the law - 3T will argue forcefully that in immigration matters - he does .....
it was ever thus ( thx Mrs T )

[Peter Pedant]

// Imagine everyone's salaries being nailed to the wall in UK workplaces across the land? //

ummm - actually companies house returns specify the firectors salaries are banded - 5 employess 100 000 - 150 000 etc

and this is also discloseable under Freedom of Information regs so long as the company is public in some way - Netword Rail for example altho private is registered for FOI - and the MD usually is the higest paid bod so you can work it out

and would you like a chancellor who has been bankrupt four times ?
I hasten to add chubby cheeks Osbourne hasnt been - but if it occurred ?

when Caesar said - caesar's wife must be above suspicion ( AD 0 or sometime ) did he add - 'but I neednt - I can be as dirty as they come ' ?

I suggest

[Peter Pedant]

not....

and when Cicero said - " no man should profit from the Roman state " did he write in the margin 'xc me of course ! ' - clearly it was a problem or he wouldnt have penned it in 50 BC or whenever

( for dullard readers who cant understand why I have included Roman instance of corruption and peculation - there was a lot of it around then ( two thouand years ago that is ) and people loudly objected even then )

[THECORBYLOON]

I look forward to the Ab Editor telling us his financial remuneration from this site since he is all for public disclosure.

[AliceTickband]

imho the simple answer is yes. politicians make the rules for the way we have to live so we should know how they live their lives.

[rockyracoon]

No. I don't think so. We can all take advantage of these tax avoidance schemes (call it what you will) if we had the funds.

[ummmm]

My OH doesn't even know what I have in my bank accounts.....and vice versa.

[rockyracoon]

Ditto

[jourdain2]

Mr J2 has a general idea, but since my divorce I keep my financial affairs in my maiden name (not that I don't trust him) because it was my legal name in France and I don't see why I should change things; nor does he. I have a general idea about his finances in return. In case of demise, we have each written down details for the other.

Neither of us is rich enough to have offshore accounts and we both pay tax on our small incomes (we did so when we lived in France, which is why we resented the removal of the Winter fuel allowance). We hope to be too poor to pay tax next year.

Re. OP:-
I thought politicians had to sign a register of financial interests? Funds they invest in should all be stated there.

[bhg481]

My wife hasn't got a clue what SHE has in HER bank accounts, although she knows where to look if she wants to know. I shuffle our money around to make sure it's earning the most interest and paying the least tax. How immoral is that! tax avoidance.

[jourdain2]

bhg ;o) xx

[ludwig]

I don't think there's anything wrong with tax avoidance. The only mistake Cameron's made is to say that there is, and then be found out later to be one of the 99.99% of all people that do it, which obviously reveals him to be a hypocrite.

[naomi24]

Mmmm….. as far as we know he doesn’t hold offshore accounts himself, and he removed himself from the benefits of the offshore accounts he inherited from his father. I suppose had he given the proceeds he received from his father’s investment to charity – as, in his situation, we all would have done (of course we would) - he wouldn’t have been a hypocrite.