Turning Point? The Volatile Geographies of Taxation

Cameron, Angus

doi:10.1111/j.1467-8330.2006.00578.x

Cited by 24 publications

(20 citation statements)

References 34 publications

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“…Subsequently, securitisation transactions benefitted from the assistance of an onshore tax-minimisafion industry that had grown alongside the offshore market and has enabled businesses and wealthy individuals to move their assets and capital overseas. As Cameron (2006) reminds us, taxation has a sociospatial form and, in order to understand how fiscal spaces are used, it is necessary to develop an understanding of the elites that provide tax advisory services.…”

Section: Financial Expertise and Tax-minimisation Strategies: The Casmentioning

confidence: 99%

“…Academics have scrutinised the emergence and operation of OFCs that have been viewed as national spaces that are willingly exploited, facilitating money laundering, terrorist financing, and tax evasion. Ultimately, it is argued, OFCs reduce the fiscal revenues of industrialised nations, and their capacity to fund welfare programmes (Cameron, 2006).…”

Section: Avoidance and Evasion: Exploring The Diverse Geographies Of mentioning

confidence: 99%

“…Despite the diversity of these narratives, there has been little attention by the media (or indeed academics) which has focused on uncovering the fiscal geographies of taxation that have shaped contemporary financial markets of late (Cameron, 2006). Furthermore, there is a dearth of literature on how the expansion of an international market of mortgage-backed debt, which underpinned the credit crunch, was shaped by a complex web of fiscal spaces.…”

Section: Introductionmentioning

confidence: 95%

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Tax Doesn't Have to Be Taxing: London's ‘Onshore’ Finance Industry and the Fiscal Spaces of a Global Crisis

Wainwright

2011

Environ Plan A

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In this paper I will explore London's onshore fínance industry and how it facilitates corporate tax avoidanee programmes. In doing so, 1 will diseuss how financial elites design transactions and eorporate activities so as to minimise their exposure to taxation, and how these structures are shaped by the international geographies of taxation. I will investigate an area of London's financial sector that has previously been neglected by geographers and social scientists. Finally, I turn to illustrate how tax minimisation strategies are implemented, through the example of residential mortgage-backed securitisation, and how tax-minimisation strategies made securitisation a practical tool for financiers. This provides new insights into how taxation elites faeilitated the increased fínancialisation of Britain's economy and the severity of its exposure to the credit crunch.

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Section: Financial Expertise and Tax-minimisation Strategies: The Casmentioning

confidence: 99%

Section: Avoidance and Evasion: Exploring The Diverse Geographies Of mentioning

confidence: 99%

Section: Introductionmentioning

confidence: 95%

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Tax Doesn't Have to Be Taxing: London's ‘Onshore’ Finance Industry and the Fiscal Spaces of a Global Crisis

Wainwright

2011

Environ Plan A

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“…There are relatively few publications based on fiscal geography though Cameron (2006) examines the 'geographies of taxation' and the 'evolving relationship between the prevailing form of taxation and the economic geographies of the state (Cameron, 2008(Cameron, , p. 1146. There are also examples of links between fiscal geography and other disciplines -for example Archer (1983) explores the geography of federal fiscal politics in the USA.…”

Section: Fiscal Geographymentioning

confidence: 99%

Combining the Contributions of Behavioral Economics and Other Social Sciences in Understanding Taxation and Tax Reform

James

2010

SSRN Journal

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This paper extends previous work presented at the SABE/IAREP conference at St Mary's University, Halifax (James, 2009). In the earlier paper it was shown that conventional economic theory is used to make the case for tax reform but does not always adequately incorporate all the relevant factors. However, an approach based on behavioral economics can make the difference between success and failure. In this paper the contributions of other social sciences are also included. Taxation is a particularly appropriate subject to explore the integration of the social sciences since they have all devoted considerable attention to it. It can be seen that different social sciences suggest a range of variables that might be taken into account in addition to those included in mainstream economics. Other social sciences also offer different methodological approaches and consider the possibility of different outcomes of the fiscal process. The paper concludes that it is not easy to integrate the social sciences in a single approach to the study of tax and tax policy. There may also be the risk of encouraging inappropriate integration -researchers operating outside their expertise can produce results that are not helpful. However, comparing the contribution of behavioral economics with those of the social sciences more generally, it can be seen that behavioral economics can offer a framework within which these areas can be examined. Indeed, it may be a useful channel to add the contributions of other social sciences to mainstream economic research.

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“…have been largely neglected by geographers, with a few exceptions (for example, Cameron, 2006;Roberts, 1994;Wainwright, 2011). The effect of this lacuna is to obscure the important role of taxation within political economies and their vital role in holding together modern nation-states, through fi nancing public services and managing the redistribution of wealth.…”

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confidence: 99%

Which Crisis? The Need to Understand Spaces of (Non)Tax in the Economic Recovery

Wainwright

2013

Environ Plan A

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Which crisis? The need to understand spaces of (non)tax in the economic recovery It has become clear that the ubiquitous framings of the 'credit crunch' or 'global crisis' could be better viewed as a series of uneven and interrelated crises, rather than through a single global lens. Such analyses have the potential to provide more a fruitful insight into the spatialities of the current economic, political, and social challenges faced by nationstates (Sidaway, 2008). Subsequently, it can be argued that recent downturns in economies around the globe were triggered by three waves of crises. The fi rst, the 'US subprime crisis' (Aalbers, 2009) heralded the collapse of originate-and-distribute subprime mortgage lenders and the widespread defaults of homeowners in 2007. This was followed by a second crisis, which emerged through the series of high-profi le investment bank failures, culminating in the 'global' credit crunch. However, this phase can be more accurately viewed as a phenomenon which originated within international capital markets, which raised borrowing costs, lowering capital availability (Wainwright, 2009). This effectively helped reverse the growth trajectories of nation-states, as businesses and corporations lost access to the credit which they need to function. Consequently, a third crisis of sovereign debt ensued, which is distinct from the fi rst two in that it is not characterised by stateless fi nancial capital. Instead, states and taxation are central to the sovereign debt crises which emerged across the Eurozone (De Santis, 2012).The groundwork for the sovereign debt crisis was developed by European governments that were active in overborrowing cheap capital throughout the early 2000s, to invest in infrastructure and public services, hoping to indirectly 'buy' votes in the process. Investors seeking low-risk assets purchased government bonds with initially low interest rates, reassured by the power of states to make consistent and timely repayments with money collected as tax revenues from citizens and businesses. The economic downturn in Europe, triggered by the fi rst two crises, increased unemployment and business insolvencies, reducing tax bases which were needed to support growing numbers of unemployed citizens and public sector services, while also repaying government bonds. In some cases, this led to further borrowing, placing further strain on tax revenues, as governments struggled to manage their tax incomes and fi scal responsibilities (Blundell-Wignall and Slovik, 2011). The realisation by fund managers that government bonds are no longer as robust as once thought has driven concerns that some governments will be unable to raise enough tax revenue to meet their debt repayments-in turn, increasing bond yields. This has led to the emergence of the unfl attering if not condescending acronym of the PIGS (Portugal, Ireland, Italy, Greece, and Spain), a term used by fi nanciers and the fi nancial press, to refer to highly indebted nation-states (Featherstone, 2011). Interestingly, the bankru...

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Turning Point? The Volatile Geographies of Taxation

Cited by 24 publications

References 34 publications

Tax Doesn't Have to Be Taxing: London's ‘Onshore’ Finance Industry and the Fiscal Spaces of a Global Crisis

Tax Doesn't Have to Be Taxing: London's ‘Onshore’ Finance Industry and the Fiscal Spaces of a Global Crisis

Combining the Contributions of Behavioral Economics and Other Social Sciences in Understanding Taxation and Tax Reform

Which Crisis? The Need to Understand Spaces of (Non)Tax in the Economic Recovery

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