Europe's lost trillion in taxes
And in the end they will steal perfectly legal money from bank accounts using negative interest rates for money deposits. They are making laws that are protecting them, not the ones that have nothing to do with that kind of theft
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Europe misses out on one trillion euros in taxes each year. Little wonder its leaders are stepping up efforts to tackle fraud and aggressive tax avoidance.
Apple's showdown Tuesday with U.S. senators over its tax affairs is another reminder that the issue is rising up the international political agenda as governments struggle to control borrowing in the face of low growth or recession.
In a speech to the European Parliament, European Commission President Manuel Barroso said that, at a time of austerity, EU states were missing out on tax revenue equal to nearly double their collective annual budget deficits.
"That is a huge amount of money to simply let through the net," he said.
EU leaders are getting serious about loopholes and seeking international agreement on new rules to counter the ease with which individuals and companies can move money around to minimize tax. They'll discuss the issue at a summit this week.
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