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OK, then what, pray tell, is the PURPOSE of it?
Is a Bahamian bank going to disclose the DETAILS of that account?
Nope, not if they want to KEEP that/those account(s).
Critical thinking isn't your strong suit, is it?
Do you think it's easy to move money back and forth to and from offshore accounts without detection?
The PURPOSE of it is to get a return on your investment. I have 25% of my retirement fund invested overseas as part of of my diversification strategy and because it's getting a good return. There's nothing nefarious about it. People trying to hide money from the IRS don't disclose the existence of "hidden" offshore accounts on publicly accessible financial disclosure forums, a basic fact that someone lacking basic critical thinking skillls wouldn't understand.
Personally I don't care one bit about any presidental candidates tax return. Is it the law that they have to make the taxes they pay public? If not, I wish one of the candidates would just say, "It is none of your business since you do not work for the IRS."
But I do care what they say about taxes. Not much that they say about taxes makes much sense to me except for saying that we should all be in the same tax bracket. Stop the loopholes and pay on all income and everybody pay the same percentage. I think the taxes paid by the rich Americans would go up if this were to happen.
I also do not understand there being a difference in the amount paid on different types of income. Income is income; it spends the same way so it should be taxed the same way. I am talking about pensions, interest, capital gains on stocks or other things sold at a profit. When you get money added to you, you should pay taxes on the gain. To say you are helping to create jobs is just as bad as saying that we need to redistribute income. If you make money when you create jobs, then pay your fair share of taxes.
The only exception to this to me would be inheritance taxes. I think it is really sad to lose a spouse and lose that other income and have the government come in and take what you have both saved to live on. You are already down a great deal of money per month, so you don't need to be giving up businesses you own together, or stocks or money in the bank. To kick a person when he/she is down is just uncivilized. Americans need to have a heart and leave things earned together alone. It is like having the government decide that just because one spouse died to treat the other spouse as if they divorced. I don't think we are doing that now, but some want us to do that.
One of the major differences between humans and animals is that humans can pass on wealth and benefits to their loved ones. Animals live by instinct. Humans can plan ahead. Animals cannot.
America pays it workers higher salaries than a lot of other countries, so we need tariffs on products coming into this country that is produced in other countries that pay their workers lower wages. We need to all work together. And there should never be a reason that the government pays companies for anything unless it is for the products they make.
Our system is broken and we need it fixed and I would love to be on a panel to help the process but I would not run for office for a million dollars. Nobody should have to put up with the things political candidates have thrown at them. Unless Romney has done something that our laws do not allow, then get off his back and leave him alone. Personal attacks on candidates should not be allowed.
Not necessarily. If you get a job you may get hours, you may not make it, they may let you go because they don't have the business, you may not work out, any number of things can happen you will not just automatically be given hours it depends on numerous things and since most people only work one or two jobs all your eggs are in one basket and woe to those who are self employee if you believe their earned income is assured that easily. With investments, if you do it right you buy a diverse portfolio to protect yourself against risk which includes some stable companies, some of which pay dividends. If you buy a major, stable company like Disney, Phillip Morris, BP, Exxon-Mobile etc. that crap isn't going out of business anytime soon and, if you have something like BP they will send you dividends like clockwork.
Seriously, you are not getting it. I am saying if you go to work, you will get paid if you clock in. You perform work, you get paid.
That is not how it works with investments. You may not even get the money back that you put in.
Seriously, you are not getting it. I am saying if you go to work, you will get paid if you clock in. You perform work, you get paid.
That is not how it works with investments. You may not even get the money back that you put in.
Your not bothering to grasp what I am saying and instead you just keep putting up the same straw man again and again.
With regards to employment you are assuming that you will not only be successful at finding employment, but also in maintaining it, remaining healthy an uninjured, and again many people are self employed and as a result may or may not get paid for their work. Essentially, you are assuming the most positive outcome regarding receiving earned income.
In contrast you say that if you invest you might not get a return. That is correct, but here you look at investment income in an entirely different time frame then you do earned income. Rather then look at investments from the most positive end result, you look at them before you know what the result is and try to say that makes reliance on it somewhat less certain then reliance on earned income. When in fact you are looking at two points in time (earned income after all is said and done and worked out swimingly and investment income from the lens of I am going to buy some stock today and we will see how it goes).
In other words,
With employment you are looking at it as though all is said and done, you were successful, there was work for you to do and you did it and it did not injure or kill you.
With investing you are looking at it as though nothing has happened yet and its all uncertain.
If you were truly concerned about making a legitimate argument you would not start off by assuming one method of making money has already occurred and been successful and the other has not occurred and is still uncertain.
I really do not understand why people view renting out and risking their capital as being so much more deserving of a tax break relative to renting out and risking their labor capability.
Last edited by Randomstudent; 01-18-2012 at 01:18 AM..
Do you think it's easy to move money back and forth to and from offshore accounts without detection?
The PURPOSE of it is to get a return on your investment. I have 25% of my retirement fund invested overseas as part of of my diversification strategy and because it's getting a good return. There's nothing nefarious about it. People trying to hide money from the IRS don't disclose the existence of "hidden" offshore accounts on publicly accessible financial disclosure forums, a basic fact that someone lacking basic critical thinking skillls wouldn't understand.
Who says anybody is MOVING it? Hide in plain sight is an old adage that still applies. No offshore bank is going to disclose any more info than the account holder discloses, or is banking secrecy no longer a feature?
And I like the fact that you're willing to admit that you invest your money overseas instead of here in the US, I guess you could be called a 'vulture capitalist', too? Don't you think THIS country could use some investment, or is it just that you don't want to put YOUR money where your mouth is?
Who says anybody is MOVING it? Hide in plain sight is an old adage that still applies. No offshore bank is going to disclose any more info than the account holder discloses, or is banking secrecy no longer a feature?
And I like the fact that you're willing to admit that you invest your money overseas instead of here in the US, I guess you could be called a 'vulture capitalist', too? Don't you think THIS country could use some investment, or is it just that you don't want to put YOUR money where your mouth is?
A "vulture capitalist?"
Where I invest my money and why is none of your business. Where Mitt invests his money is also none of your business. It is, however, the IRS's business, and so far there doesn't seem to be any indication that they're particularly concerned about it. So why are you?
Don't get pissy, you're the one that brought it up, I just made an observation. I'm sure the folks in whatever zip code you're invested in are very appreciative. Have a nice night...
Mitt Romney admitted this morning that he pays 15% on the overwhelming majority of his income. His income is from passive investment income-- in other words money he doesn't work for-- It just comes to him based on his investments.
I am in the 33% tax bracket on money that I work my ass off for.
Sorry, this is not tax equity. The top tax bracket needs to go up-- If Mitt Romney is in the same tax bracket as people making 15-35k a year, something is very, very wrong.
Before you start your silly screams of class warfare or wealth envy, please, actually think about this....
The top tax bracket needs to go up to... say, 40%, 50%, 60%, 80%.... pick a number. And then people who live primarily on investment income will still only be paying around 15%.
Think about this indeed.
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