Tax havens: Super-rich 'hiding' at least $21tn (bank, corporation, investments)

[Brian.Pearson]

Originally Posted by cpg35223

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.

1> I'd suggest the Fair Tax. It has lots of good stuff. Crooks, illegals, and international tourists would have to pay the whole tax, whereas the rest of us would get the prebate.

2> Rich people with offshore banks and so forth, would be repatriated.

The money from #1 would give us more revenue, plus we'd have less cost due to the IRS collections.

Not sure about #2 unless that money would be more likely to be put to work

[cpg35223]

Originally Posted by Brian.Pearson

1> I'd suggest the Fair Tax. It has lots of good stuff. Crooks, illegals, and international tourists would have to pay the whole tax, whereas the rest of us would get the prebate.

2> Rich people with offshore banks and so forth, would be repatriated.

The money from #1 would give us more revenue, plus we'd have less cost due to the IRS collections.

Not sure about #2 unless that money would be more likely to be put to work

Well, the great fallacy of Keynesian economic theory is the total misapprehension of taxpayer behavior. There is this strange, childlike belief that if you tax someone at 15%, he will behave in precisely the same way as if you taxed him at 30%.

So when fools like the MoveOn crowd or the OccupyWallStreet idiots start talking about soaking the rich and gullible sheep believe them, then prudent people take that money and stick it away where governments can't get at it.

[MrRational]

Originally Posted by treasurekidd

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.

No one is suggesting anyone must LOVE to pay taxes.
But those who won't recognize that they are needed or would defend the action of those
with the ability to hide from paying their equitable portion... then they are both scoundrels.

[modeerf]

Originally Posted by treasurekidd

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.


Quote:

"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

Trillions in off shore accounts is $ not invested in America. It is unacceptable selfishness, that is leading to our downfall.

JP Morgan has trillions sitting there while people that need loans to make payroll, re-stock etc... are starving.

It's called Liquidity for a reason. When the Water Masters (Greedy Jack asses) turn the spigot off, Middle America feels the drought first. Get the metaphor, get the reality?

Our heartland is experiencing the worst drought since the last great depression. Bankers acts turn to real life struggles.

The end of which, steals freedom, and the pursuit of happiness. Now do you see why it is UN-F'n Patriotic.

[Brian.Pearson]

Originally Posted by cpg35223

Well, the great fallacy of Keynesian economic theory is the total misapprehension of taxpayer behavior. There is this strange, childlike belief that if you tax someone at 15%, he will behave in precisely the same way as if you taxed him at 30%.

So when fools like the MoveOn crowd or the OccupyWallStreet idiots start talking about soaking the rich and gullible sheep believe them, then prudent people take that money and stick it away where governments can't get at it.

The thing is, the idiots won't be soaking the rich, so I'd agree with you a 100%. The funny thing is, Obama wants to soak the rich and that's even funnier...

But there would certainly be enough money to do whatever the government wants to do, but the thing is, it would be a good thing to wipe out the cost of social security with an estimated 11 million people who are illegals or crooks and so forth.

[cdelena]

If you earn money outside of the US, pay taxes on those earnings outside of the US, bank those funds outside of the US for future investments outside of the US, all is legal... so what kind of fool would bring the money into this country and pay a huge increase in taxes so the fools in DC can squander it?

Hundreds of billions stay offshore for these reasons. The US government has created the environment that results in this situation and every year they come up with more laws and regulations that will make it more prevalent.

Many here are blaming the wrong parties.

[treasurekidd]

Many here are blaming the wrong parties.

Amen, cdelena!

[Brian.Pearson]

Originally Posted by cdelena

If you earn money outside of the US, pay taxes on those earnings outside of the US, bank those funds outside of the US for future investments outside of the US, all is legal... so what kind of fool would bring the money into this country and pay a huge increase in taxes so the fools in DC can squander it?

Hundreds of billions stay offshore for these reasons. The US government has created the environment that results in this situation and every year they come up with more laws and regulations that will make it more prevalent.

Many here are blaming the wrong parties.

The thing is, there are no taxes except a sales tax on new items. Other than that, nobody has to worry about taxes with the Fair Tax.

I'd agree that regs are out of control and we need to get rid of a bunch of them.

[proverbs23and7]

Im convinced that if all this money was confiscated and turned over to the US Government, they debt would not only be payed down, but would grow along with the deficits. So keep hiding your cash....

[pzrOrange]

we can't have fair tax system in America because in that case politicians will lose huge amount of power to socially engineer the society. so yeah, nice try, its like bees against honey .