Sunday, October 11, 2009

Euromoney repeats Flaherty’s patent lie about tax leakage

What are the loose journalistic standards at Euromoney and with what as proof does Euromoney justify printing the following:

“An increasing number of corporations had been converting to income trusts in order to take advantage of tax deductions, which threatened to cut billions of dollars in taxes payable to the government.”

This is a fundamental falsehood that is being presented by Euromoney as if it were the truth. This statement is patently false and has been proven as such by none other than the following reputable institutions:

RBC Capital Markets
(one of Canada’ five largest banks)

BMO Capital Markets (one of Canada’ five largest banks)

CIBC World Markets (one of Canada’ five largest banks)

Deloitte (global accounting firm)

(global accounting firm)

HLB Decision Economics (global economics consulting firm in a report prepared for Parliament during the Goodale Public Consultations of 2005 and performed in conjunction with the Department of Finance)

The falsehood about tax leakage and the knowledge that it is false and that Flaherty’s policy would cause people to lose money is what makes Jim Flaherty a fraud artist, the definition of fraud being:

“a fraud is an intentional deception made for personal gain or causing damage to another individual”

Is this what it takes to become Euromoney’s Finance Minister of the Year? If so, perhaps Euromoney should create a new category for accolades.....Fraud Artist of the Year? That’s an accolade for Jim Flaherty that no one would dispute.

1 comment:

Dr Mike said...

This article made Flaherty look like a godsend , a guru , a man of the people.

Truth is he fell into a tremendous amount of luck & good fortune as preceding gov`ts left him with the ability to escape the worst of the recession.

It was dumb luck---he did not have a clue as we saw when he thought we would have surpluses as far as the eye could see even as the recession was gaining hold.

As for Euromoney , they were spouting falsehoods saying trusts would have caused billions in lost taxes--even Flaherty was not that far off base.

This whole thing is about as credible as me picking Iran`s head cheesehead as humanitarian of the year.

Good grief.

Dr Mike