Module 3

whistleblowing

the act of an employee exposing an employer's wrongdoing to outsiders, such as the media or government regulatory agencies

to launch

to start

undergo, underwent, undergone

experience

death penalty/capital punishment

punishment of death

sports utility vehicle

suv

community service

volunteer programs whose goal is to improve the community and the life of its residents

window dressing

presenting the company accounts in a favorable light - to flatter the business performance

lobbying

engaging in activities aimed at influencing public officials, especially legislators, and the policies they enact.

bribery/to bribe/a bribe

the crime of offering a sum of money or something valuable to somebody to persuade them to help you, especially by doing something dishonest (noun, verb)

child labour

using children to work in factories and businesses

counterfeiting

unauthorized copying and production of a product

creative accounting

using all available accounting procedures and tricks to disguise the true financial position of a company

embezzlement/to embezzle/embezzler

theft or misappropriation of funds placed in one's trust or belonging to one's employer.

tax dodging

tax evasion; avoiding tax in an illegal way

collusion/to collude

secret agreement

harassment/to harass someone

unwanted remarks or actions that cause a person emotional or physical harm

money laundering

financial transactions to conceal the identity, source, or destination of illegally gained funds.

insider trading

the illegal trading of a company's stock by people using confidential company information

to rig elections/results

to arrange dishonestly for the result of something, for example an election, to be changed

leak information

to allow secret information to become generally known

cook the books

to keep false financial records for an organization

crack down on

to take severe measures against

tax haven

A country that offers low or no tax rates

to flout rules, regulations

intentionally break the rules

levy taxes

impose taxes

to seize assets

to take property by force

deter crime

to discourage, prevent, hinder, impede, dissuade (s.o.)

settlement offer

offer to resolve an outstanding issue or account, often by giving money to avoid a court case

clear someone's name

prove someone is not guilty

to violate rights

offend, break or infringe on

to abide (by the rules)

to obey the rules

to impose a curfew

to order people must stay inside their houses after a particular time in the evening

to appeal against a sentence

make a request to a higher court to review and change the decision of the original court

accountable for

responsible for

liable for

legally responsible for

kickbacks

illegal payments for services made, bribes

burden

heavy load

to be worth

the amount of money that somebody would pay for something if it were sold

tax avoidance vs tax evasion

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is legal. *** is hiding, misrepresenting, or otherwise not recognizing income so as to illegally avoid taxation.

loopholes

A legal method by which individuals and businesses are allowed to reduce the tax liabilities owed to the government.

moonlighting

working two jobs; having a job on the side

class action lawsuit

a case brought by a group of individuals on behalf of themselves and others in the general public who are in similar circumstances

underground economy

buying and selling of goods and services that is concealed from the government to avoid taxes or regulations or because the goods and services are illegal

lax

careless; not strict; lenient

to sue someone for

to take legal action against someone

tighten the law

to make a law stricter

to plagiarise

to take someone else's work, ideas or words, and use them as if they were your own

scapegoat

a person or group that bears the blame for another

a level playing field (v. to level the playing field)

a situation in which everyone has the same opportunities; a fair situation

to cause a backlash

produce a strong negative reaction

to inherit

to receive something from someone after that person's death

tax return

form used to file income taxes

to get fined; to get a fine

to be made to pay money for breaking a law or regulation

be eligible for

to be qualified for

be entitled to

to have the right to

trickle down theory

decreased income taxes for the wealthy would promote business and therefore the whole economy

approximately

roughly, almost

to enact a law

to pass a law

to repeal

to cancel an act or law

to overturn a law

to reverse a legal decision

to uphold a law

to support and maintain a law

to file a lawsuit against someone

officially make a complaint in a court of law

to file a complaint

to fill in a document in order to complain about a problem

to file charges against someone

To make a formal legal complaint against one for a wrongdoing or mistreatment against another person.

to file for bankruptcy

(n) to declare officially in a court of law that you are legally unable to pay bills or debts.

to file for divorce

make an official request for a divorce

income tax

A tax on people's earnings

progressive tax

A tax for which the percentage of income paid in taxes increases as income increases

flat tax

a tax system in which all people pay the same percentage of their income

wealth tax

raised taxes on nations wealthiest people

corporate tax

a tax on the value of a company's profits

capital gains tax

a tax levied on the returns that people earn from capital investments, like the profits from the sale of stocks or a home

inheritance tax

a state tax collected on the property left by a person to his or her heir(s) in a will

property tax

a tax based on real estate and other property

VAT

value added tax or sales tax

tariffs

A tax on imported goods

road pricing/congestion charges

Direct charges levied for the use of roads, including road tolls, distance or time based fees, congestion charges and charges designed to discourage use of certain classes of vehicle, fuel sources or more polluting vehicles

a carbon tax (a green tax)

a fee that the government charges polluters for each unit of greenhouse gas they emit

exemption

freedom from rules

tax break / tax relief

a tax deduction that is granted in order to encourage a particular type of commercial activity

to generate tax revenue

increase the tax income that a government receives

make up for sth

reduce the bad effect of sth

offset

counteract, compensate for (verb); a counterbalance (noun)

Laffer Curve

A relationship between the tax rates and tax revenues that illustrates that high tax rates could lead to lower tax revenues if economic activity is severely discouraged.

pay damages

pay compensations for wrongdoing or for damage

crackdown, clampdown

severe action to punish people who break laws

to commit a crime/an offence

to break the law

to come into force/effect

begin to have an effect, start to apply

shell company

a fictitious company created for the sole purpose of committing fraud; it does not do or own anything but is used to hide a person's or another company's activities

redistribution of wealth

the shifting of wealth from a rich minority to a poor majority

an heir, an heiress

someone who will receive money, property, or a title when another person dies

brand

All the combined impressions and experiences associated with a particular company, good, or service

fine

a sum of money to be paid to the state by a convicted person as punishment for an offense

a levy, e.g. a 10% levy on fuel from the US

a tax

invasion of privacy

A violation of the right to be left alone and the right to control personal information.

act in the best interest of someone

to do what is best best or most helpful for someone

to ensure sth

to make sure that sth happens or is definite

take care of children

to look after the children

to track

to use electronic equipment to check where people or things are, to follow