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The income can then flow into further controversial tax structures that ultimately wipe huge sums off the group's tax bills.
But entrepreneurship and innovation require financial institutions that are willing to finance risky productive innovations and incentive mechanisms and tax structures that reward good risk and penalises bad.
His Republican opponents seized on the issue Wednesday, with Rick Santorum saying, ""We don't believe in tax structures that benefit the big guys".
In the face of building public anger, he conceded that rather than taking up tax incentives offered by governments, his firm and others had built tax structures that had not been foreseen by those who drafted the rules decades ago before the advent of the internet.
Instead, apart from increasing bank leverage ratios, which makes lending even harder, and separating commercial and investment banks, which makes the latter more focused on large firms, we have today the same incentives and tax structures that favour speculative over productive finance (eg low capital gains tax, high tax on work).
As well as advising Google, Amazon and Facebook – each with controversial tax structures that result in little UK tax – E&Y are auditors to pub group Greene King, which was named by MPs because of an avoidance scheme defeated at tribunal by HMRC.
Similar(47)
What's more, California has a progressive tax structure that relies heavily on these people's capital gains.
We're concerned about the tax structure that's in this city and how rental buildings are being taxed.
A number of other restrictions remain in place, including a tax structure that makes it less attractive to issue debt.
With America worried about its ageing population, having a tax structure that encourages current consumptionmakes little sense.
QUESTION FROM FREEDEM: Is there some form of variable tax structure that could assure that great size would be counterproductive, to eliminate the "too big to fail" phenomenon?
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