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Offshore capital my foot

At last the truth is coming out. All the blather about vast flows of capital flooding offshore turns out to be nonsense. There is no fleet of ships ferrying containers full of wealth to places like the British Virgin Islands. The owners of this capital have most of their investments in the middle of London, as this Guardian article explains, and this one too. Nothing has gone offshore.

This means that there is no reason why the Chancellor should be losing revenue. It is necessary only to tie the tax liability directly to the holding of the land title. As long as governments persist in charging tax to people, who are mobile, and corporations, which are nothing more than abstract legal entities, then they will lose revenue through legal avoidance. If payment of tax is a condition for the continued validity of a land title, then everyone who owns land would have to pay or forfeit their title.

The strange thing is that the hand-wringers of the left seem unable to appreciate this obvious point. Is it because they are motivated primarily by anger or jealousy, and so cannot see clearly? One would think that with a minimum amount of reflection and a little bit of reading and research, professional journalists at least would realise that property taxation is immune from avoidance through the use of tax havens,Or are they hoping to get in on the act themselves? Whatever the case, it is humbug.