G8 to Discuss Clamping Down on Tax Avoidance

The Obama administration is hoping to use upcoming meeting of the Group of Eight leaders to shine a light on illegal tax evasion, and the kind of legal tax dodging lately made infamous by Apple Inc., reports MarketWatch.

“I think G8 leaders will be able to give a political push to the importance of work that’s ongoing on this,” Caroline Atkinson, President Barack Obama’s special assistant for international economic affairs, told reporters on Friday.

Bottom line: The suffocation of free enterprise continues. As Ludwig von Mises put it:

Capitalism breathes through [...] loopholes.