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Why do so many insist all these people are 'hiding' money.
You have to deposit your funds somewhere and there are options other than US banks.
The issues are (mostly) in where/how the money is earned and whether that was taxed correctly.
The implication (and very likely true in most instances) is that the funds deposited are NOT taxed.
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Taxes are assessed on income and property in this country but not (yet) on wealth.
I see no reason do denigrate those that diversify where they bank.
The issues are (mostly) in where/how the money is earned and whether that was taxed correctly.
The implication (and very likely true in most instances) is that the funds deposited are NOT taxed.
I think instead of whining, Americans need to figure out how to create incentives for rich people from all around the world to invest in the US economy vs Swiss or Cayman islands. we need to attract wealth, not to scare it away.
Why do so many insist all these people are 'hiding' money. You have to deposit your funds somewhere and there are options other than US banks. US banks and the US government are not always great about respecting the rights of depositors.
I had a Swiss bank account back in the seventies because I wanted to own gold and our government decided that citizens were not allowed to do that. I found the Swiss account worked well and would do it again.
Taxes are assessed on income and property in this country but not (yet) on wealth. I see no reason do denigrate those that diversify where they bank.
So in order to get around your countries laws you went somewhere else... i think you answered your own question.
Of course they are. When you have legions of half-wits who want the redistribution of wealth through taxation, who wouldn't? Forget that higher tax rates inhibit investment. Forget that higher tax rates actually yield lower tax collections. Nope. People want to punish people who have more money.
Otherwise, all that capital would be invested in factories and all kinds of other constructive activities.
So in order to get around your countries laws you went somewhere else... i think you answered your own question.
Not very patriotic.
That's ridiculous! Not very patriotic??? Patriotism is defined as a love of ones COUNTRY, not a love of one's government. In fact, the patriots who founded America had a tremendous love for country, and a very healthy fear of government, and that's the way it should be. In 1773, not to far up the road from where I live, a group of citizens dumped tea in Boston Harbor in protest over high taxes. Where they unpatriotic? I don't think so. Patriotism is about love for your country, not love for your government and certainly not love for paying taxes. Don't EVER confuse the two.
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"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not."
"I think myself that we have more machinery of government than is necessary, too many parasites living on the labor of the industrious."
-Thomas Jefferson
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