is operating for say european corporations which are also taxed on a territoriality basis well mr travers you just said that this deferred to station regime was intended and in fact it was promoted by the american government but at the same time the previous american administration was very critical about it and i think that's the most ironic thing in all of that for me is that these kind of changes were implemented not by the obama administration which one would think ideologically would have been most predisposed to it but by the trumpet ministration your opinion was that ultimately an issue of political will corporate might have perhaps something else. i have to say i agree with you i'm completely confused about why a republican administration made a change that was essentially part of the democratic philosophy and which the democrats have been frustrated about trying to change for well over fifty years i can only think that somewhere deep within what they call the deep state in the u.s. treasury there were left leaning. bureaucrats who implemented this change to a territoriality based

that would otherwise be paid in the jurisdiction of the investor by using a cayman islands but mr travers i think one of the advantages would be the interact taxation model that the cayman islands has been relying on for two hundred years as you often point out that many of your speeches and that's a section sensually taxing goods and services rather than taxing people's incomes which obviously gives you. a sudden competitive agile with the majority of countries that tax income and property but i think over the last couple of years and even decades we have been seeing some shift from direct to direct taxation a lower their world that feel partially by globalization is that something that may in the long term or perhaps even medium term undermine the modell that you have benefited from for so much. well i think you have to understand that the indirect taxation model is of no relevance at all to an overseas investor it's only relevant to someone who is resident in the cayman islands and so a resident of the cayman islands pays tax to the cayman islands government by way of indirect taxation

is operated for say european corporations which are also taxed on a territoriality basis well mr travers you just said that this deferred tax ation regime was intended and in fact it was promoted by the american government but at the same time the previous american administration was very critical about it and i think that's the most ironic thing in all of this for me is that these kind of changes were implemented not by the obama administration which one would think ideologically would have been most predisposed to it but by the trumpet ministration your opinion was that ultimately an issue of political will corporate might have perhaps something else. i have to say i agree with you i'm completely confused about why a republican administration made a change that was essentially part of the democratic philosophy and which the democrats have been.

welcome back to worlds apart with anthony travers senior partner at an offshore law firm based in the cayman islands and just before the break we were talking about the united states finally returning to the territorial principle of tech taxation and some would argue that the. americans want to take it there even further there is another standing initiative aimed at the repatriation of taxes i'm talking about before an account tax compliance act which compels non the u.s. financial institutions to report on the assets of both u.s. citizens and the u.s. residents worldwide do you think trump is likely to make it work and don't you think that perhaps this territorial principle. may be taking way too far with essentially the extraterritorial nature of that act well i think think there are actually two quite different things moving us corporations to a territoriality based system of taxation with regard to global trading activity is one thing. the foreign account tax compliance a whole fat choruses no was directed at something quite different that was directed at ensuring that u.s. citize

offshore destinations mr travers it's good to talk to you thank you very much for your time morning now you made the point in one of your articles that the reason why the governments especially in europe dislike offshore financing so much is pure jealousy and resentment as you put it it reveals the fear and loathing which resides within the e.u. off any jurisdiction beach can demonstrate its excesses without the imposition of unreasonably high taxation but isn't high taxation in france in germany the very thing that allows the cayman islands to do so well no not not really that is a popularly held misconception what the cayman islands dollars is structure international capital flows through vehicles which are formed under its very specific lords into jurisdictions where the markets exist for example the united states united kingdom even europe. china or wherever but it does it in a tax efficient way on the understanding that the investments that are made in those jurisdictions will pay tax in accordance with the laws of those jurisdictions it's efficient structuring that is the basi

parties historically well mr travers i think we would agree that as a flame mary many american political positions are extremely hard to explain from a rational point of view but we have to take a very short break here let's go back to the discussion the few moments. despite its turbulent history the soviet union dominated school. however this was about the lives of those from. you know. when the children nibble of this. that. newborn bill there once and for being bottle fed me just remembered you three brothers described the rules for the ordinary yorkers like irish stew just to be reserved for your you were the first son of your limpid team of nine hundred fifty two when she did seeds of isis concentration camp prisoners and from slime soldiers sort of still think maybe it isn't that good to go from here with corruption because you know much good to know that an issue of pollution from government because you're bursting with it you're in for the one fall through shall go a little bit out of here with you if you think that era. good measures you'll push will push through personal first

that would otherwise be paid in the jurisdiction of the investor by using a cayman islands but mr travers i think one of the advantages would be the interact taxation model that the cayman islands has been relying on for two hundred years as you often point out that many of your speeches and that's a section sensually taxing goods and services rob them taxing people's incomes which obviously gives you. a sudden competitive agile over the majority of countries that tax income and property but i think over the last couple of years and even decades we have been seeing some shift from direct to direct taxation a lower their world that's feel partially by globalization is that something that may in the long term or perhaps even medium term undermine the modell that you have benefited from for so much. well i think you have to understand that the indirect taxation model is of no relevance at all to an overseas investor it's only relevant to someone who is resident in the cayman islands and so a resident of the cayman islands pays tax to the cayman islands government by way of indirect taxation

and abc's karen travers explains. >> this was a key campaign promise for president trump.ody could rebuild the nation's infrastructure like he could and he would do it on time and way under cost. today he laid out his plan to do that. president trump is excited to talk about infrastructure. >> to me this is a very, very sexy subject. the media doesn't find it sexy. i find it sexy. because i was always a builder. >> reporter: the president calling for a $1.5 trillion investment to fix the nation's roads highways bridges and airports. but only 200 billion of that amount will come from the federal government. the trump administration is looking for state and local governments to really bear the brunt of the financial burden and will offer incentives so they'll step up and open their wallets and also look to create private partnerships. it's a plan that he says. >> biggest and boldest infrastructure investment in american history. >> reporter: today at the white house the president told a bipartisan group of governors mayors and state legislators that washington will no longer

. >> on a cruise with american cruise lines, travers experience the maritime heritage and cul of new england. our fleet of small cruise ships explores american landscapes, seaside villages and histori harbors, where you can experience local customs and cuisine. american cruiselines. proud sponsor of "washington week." >> desirable -- additional funding is provided by o newman's foundation. donating all profits to charity and nourishing the common good. the ethics and excellence in journalismun to day. koo and patricia yuen through the yuen foundation, committed to bridging cultifalrences in our communities. the corporation for publicti broadcas and by contributions from -- to your pbs station from viewers like you. thank you. ce again from washington, moderator robert costa. robert:d gening. the debate over guns has been charged. emotionally, socially, and politically. the players are both old and new. the national rifl association and gun control activists. lawmakers and law enforcement. this time students a survivors in particular have the fore. during a white house meeting with fa

with me is tony travers, professor at the department of government at the london school of economicsing of local government. northamptonshire have lost 50% of their central government funding. is that true? it is true central government funding. they have income from it council tax and business rate, that has continued to rise relatively. the overall spending is probably less than 50%, but it is still a big change. because of that many councils find themselves near the edge and the question of which councils get to the edge first. northamptonshire seem to have done that first. is there anything particular about northamptonshire and it circumstances to explain why they have found themselves in this situation? one of the reasons the leader is giving, northamptonshire had a relatively low council tax take. it was baked into the system by capping, they have been capped for years. it is hard to increase at now. i think northamptonshire does have relatives will take from council tax. against that you have to seek the neighbouring authorities, many of which are not in radically different ci

oui’ country, squeezing our local authorities and putting jobs and a vital a little earlier tony traversn central government the overall fall is spent in funding will be less than 50%. it is a big change. for that, many fine will be less than 50%. it is a big change. forthat, many fine —— councils find themselves near the edge. the question is which councils will get to the edge first. northamptonshire council have signed to have done that first. is there anything particular about northamptonshire council and why they have found themselves at the start of the queue? they have a low council tax take. it was baked into the system by capping, they have been capped for years. it is hard to increase at night. compared with neighbouring authorities, northamptonshire probably has a low tape from council tax. against that, the neighbouring authorities, many not in different circumstances, are not in different circumstances, are not new the edge. the investigation that the housing secretary has put in place will reveal some of this, we will find out more. it is politically awkward for the council

a little earlier tony travers at the london school of economics told me that the cut in central governmenteech, about 50%. central government grants have followed by a percentage of about 50. they have income from council tax and business rate and that has continued to rise relatively. the overall spend and fall will be less than 50%, probably nearly 25% for most councils, but it is still a big change. because of that, many councils find themselves near the edge. and the question of which councils get to the edge first. and northamptonshire council have seem to have done that first. is there anything particular about northamptonshire council which explains why it has found itself in this situation? one of the reasons the leader is giving, northamptonshire had a local council tax take. it was baked into the system by capping, they had been capped for years. it is hard to increase that now. i think northamptonshire council has a low ta ke northamptonshire council has a low take from council tax. against that, the neighbouring authorities, many not in radically different circumstances, are no

towards southern allow islands earlier we spoke to television is one specific correspondent barbara traver who's in. charge current value for. resisting a reporter in the closer third hand this was by far the worst home concrete structure on one hundred houses actually here you can i mean you can be a bit because you need whole and room. and he's right there churchill care not that given that we're all in he was across the arch it would clearly be the sensibility people and mayor jim another common throughout and the reason we don't live in houses. it was very eerie is in the days investigators are continuing to search for why a passenger jet crashed moments after taking off from moscow on sunday afternoon all seventy one people on board lost their lives or a challenge reports from the crash site south of moscow. in snow covered fields seventy kilometers southeast of moscow there's grim work going on this is where a passenger plane fell out of the sky on sunday killing all seventy one people on board it's freezing cold and the force of the crash meant people i'm playing were blown to small

and travers says "game night" hits the mark more often than it hits the wall. >> interesting poster asell. >> also. clean eyes, full hearts, can't lose. friday night lights reference because it's coach taylor from "friday night lights." >> friday morning. >> no, it's a show about football. i'll show you later. >>> hope everybody has fun at the movies. >> yes, have i'm alex trebek, here to tell you about the colonial penn program. if you're age 50 to 85, and looking to buy life insurance on a fixed budget, remember the three p's. the three what? the three p's? what are the three p's? the three p's of life insurance on a fixed budget are price, price, and price. a price you can afford, a price that can't increase, and a price that fits your budget. i'm 54 and i was a smoker but quit. alex, what's my price? you can get coverage for $9.95 a month. i'm 65, retired, and take medications. what's my price? also $9.95 a month. i just turned 80 and i'm on a fixed income. what's my price? $9.95 a month for you too. if you're age 50 to 85, call now about the #1 most popular whole life insurance pl

there is extensive flooding earlier we spoke to television is the one specific correspondent barbara traver who is in the capital the cool ofa. typewriting but he's resisting a live closer and closer to attend this was by far the worst home concrete structure on one hundred well we've actually here you came i mean you could be a bit relieved whole and mom. and friends no i don't actually care not that there isn't like the our team was across the arch it would clearly be that sense even if you can. another common. reason you don't live in houses. it was a very eerie is in the days. governmental organizations are pledging more than three hundred million dollars to help iraq rebuild after its war with eisel it's well short of one hundred billion dollars the iraqi government is trying to secure a donor conference in kuwait cities and for structure had been destroyed in that three year conflict more than two and a half million iraqis remain displaced by the war many of them are living in tent camps. u.s. president donald trump has unveiled a four point four trillion dollars budget for two thousa

is remarkable considering the pictures they were saying and the things you are describing barbara traver reporting for us from a song in the aftermath of the tropical cyclone thank you very much. that's occasions are continuing into why a passenger jet crashed moments after taking off from moscow on sunday afternoon all seventy one people on board lost their lives or a challenge report from the crash site south of moscow. in snow covered fields seventy kilometers southeast of moscow there's grim work going on this is where a passenger plane fell out of the sky on sunday killing all seventy one people on board it's freezing cold and the force of the crash meant people i'm playing were blown to small pieces but the investigation is making some progress. so far only the promise of lot of books was found the search for the voice recorder is underway the content of the recordings would allow the international aviation committee to restore the history of the flight in detail and to establish the cause of the crash . also early eyewitness accounts that the plane was burning as it fell and now b