tax dodging … or good business practices?

Remember Australia’s ‘bottom of the harbour’ scandals? This post by Glenn Reynolds reminded me of the tax dodging schemes that undid a lot of people a few decades ago in Australia.

CHRIS CILIZZA: The Clintons’ Finances Are Way Too Complex For The Average Person To Understand.

The AP reported late Monday that Bill Clinton has a limited liability corporation — called WJC, LLC — that serves as a “pass through” entity designed to “channel payments to the former president.”

If you have no idea what the heck the sentence above means, you are not alone. And therein lies the problem for Hillary Clinton as she seeks to sell herself as the voice of everyday Americans in her bid for the White House in 2016. . . .

But, whether or not she is Romney 2.0, the reality is that the amount of money coming into the Clinton coffers ($25 million from speaking fees alone since the start of 2014) coupled with this WJC, LLC — not to mention the regularly revised donor policies of the Clinton Foundation — badly complicate Hillary’s pitch that she is able to understand regular folks.

Selling Clinton as in touch with “everyday Americans” was always going to be next-to-impossible. And revelations like this one about a “pass through” company to handle money being paid to her husband prove why. No family with a former president and a future presidential nominee in it are “regular” — in their life experiences, resumes or personal finances. No family with an income in the 10s of millions of dollars and setup like the one Bill Clinton has at WJC, LLC, are just like the rest of us. They just aren’t.

The more that idea gets reinforced to the casual voter — and stories like WJC, LLC, do just that — the harder it will be for Clinton to shake the image that what she says publicly doesn’t jibe with how she and her husband conduct their own business.

Yeah, they’re also crooks. This reinforces that, too.

Bottom of the harbour tax avoidance – Wikipedia, the …

en.wikipedia.org/wiki/Bottom_of_the_harbour_tax_avoidance

Operation . The operation at the heart of bottom of the harbour schemes was simple. A company would be stripped of assets and accumulated profits before its tax fell …

Media to ask the right questions … oh never mind, nothing to see here.

Treasury: on the one hand and on the other

I have long suspected that being assigned to work on the Tax Expenditure Statement in Treasury is the equivalent of the shipping news.

In the past, no one seems to have taken much notice of the work and the unsupervised staff have taken it upon themselves to run riot, ideologically at least. […]

Talking of rubbish

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About Tom Harley

Amateur ecologist and horticulturalist and CEO of Kimberley Environmental Horticulture Inc. (Tom Harley)
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