Tax havens: Super-rich 'hiding' at least $21tn (money, property, income)

[Brian.Pearson]

...Mr Henry said his $21tn is actually a conservative figure and the true scale could be $32tn. A trillion is 1,000 billion.

I wonder how much some of these people could do with some of that excess dough.

[MrRational]

Originally Posted by Brian.Pearson

.
I wonder how much some of these people could do with some of that excess dough.

They're already doing it.
Super PACs | OpenSecrets

[Mathguy]

Originally Posted by Brian.Pearson

...Mr Henry said his $21tn is actually a conservative figure and the true scale could be $32tn. A trillion is 1,000 billion.

I wonder how much some of these people could do with some of that excess dough.

Most common in Europe, all those swiss bank accounts, caymans, bermuda etc etc.

Not only to avoid taxes but things like divorces.

A lot of drug lord and dictator money in there too.

[yellowsnow]

And they pay through the nose to hide that money and protect themselves from taxes too. Tax shelters don't come cheap. Imagine if we had all those tax dollars....never mind, the government would just waste the money on another ridiculous war.

The best argument I ever heard for a flat tax was based on the tax being fair to everyone and the super rich would find it cheaper to pay the government than pay to shelter their money.

[MrRational]

Originally Posted by yellowsnow

The best argument I ever heard for a flat tax was based on the tax being fair to everyone
and the super rich would find it cheaper to pay the government than pay to shelter their money.

Too many CPA's and Tax Attorneys to have that happen.

[Brian.Pearson]

Originally Posted by MrRational

Too many CPA's and Tax Attorneys to have that happen.

I don't know about that. My tax preparer is 100% behind the FairTax. I had just asked her what she thought about it and those were her sentiments. I wasn't really expecting that...

[modeerf]

The Tax havens will not go away until the CIA, Mossad, and Mi6 stop needing them for their criminal acts.

How will the CIA launder the Afghani Opium $ without them?

[HappyTexan]

Also many wealthy from third world nations hide their money. They come from countries where the government will just take their money if they had access.

[MrRational]

Originally Posted by modeerf

The Tax havens will not go away until the CIA, Mossad, and Mi6 stop needing them for their criminal acts.
How will the CIA launder the Afghani Opium $ without them?

And don't forget Walt, Jesse and Mike.
Now they're gonna have to make a new pile of cash.

[cdelena]

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.