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You didn’t read my link. It states that there are firms out there that help wealthy individuals and corporations form trusts, foundations, incorporate companies, and establish other entities in low- or no-tax jurisdictions to hide wealth from IRS taxation.
So what we are talking about is what escapes IRS detection.
Because the left wants to provide a bunch of benefits and programs for the poor should not obligate the rich to pay for them.
Been widely known for years that the rich and famous -- and crooked -- hide their wealth in offshore accounts. But what was a revelation to me about the Pandora Papers is that one of the newest and biggest "offshore" havens is South Dakota. Thanks to several laws about secrecy, trust operations, and real estate, the new sweet spot for those hiding wealth contains the Badlands, the Sturgis Motorcycle Rally, and Mt. Rushmore. No wonder all those dead presidents on the mountain aren't smiling!
And just to add, an offshore tax haven in and of itself is not illegal. It's getting the wealth out of the country of the owner and into a tax haven or secret trust -- without telling the jurisdictional country of origin that you're doing it -- that is illegal. That could be because the origin of the asset is illegal or they're hiding cash or assets--often from the taxman, the lawman, a divorcing spouse, business creditors, or sometimes just to avoid bad press.
As a retired MBA/CPA let me give you the grand, dark secret to getting richer:
Spend less than you make.
They are doing it, apparently you are not.
Class dismissed.
Oh I’m ok. Retired and where I wanted to be, close to the beach. I was referring of the masses- our working class or the bottom feeders as some of you call them, but really I’m surprised the top 1% has time to chat on this forum. But do share, why do they need to hide money in S Dakota ?
Oh I’m ok. Retired and where I wanted to be, close to the beach. I was referring of the masses- our working class or the bottom feeders as some of you call them, but really I’m surprised the top 1% has time to chat on this forum. But do share, why do they need to hide money in S Dakota ?
Look up how perpetual trusts came into being. IIRC SD was the first state to allow it. They used to be illegal. They transfer a person's assets into a trust and the person effectively lives forever in a legal sense and gains are NEVER realized and taxed.
This is one form of wealth that should have a wealth tax. Of course the people doing this own congress so this will happen the first of NEVER.
So that's just a few too many numbers and stuff for my brain so early in the morning (haven't finished my coffee yet).
But, I just want to point out this isn't necessarily just about INCOME tax.
What about business tax, real estate tax, corporate tax, and all the other taxes? IIRC, the mention of Tony Blair in the documents had to do with a tax on the purchase of property that he conveniently avoided. Imagine the property taxes that are not being paid.
I agree with previous posters who are asking why this and why now. Other "leaks" have come out over the past several years with little to no fanfare. Same thing here. I am curious to know why this isn't getting more attention as well. But I think in the end, we, the working classes just don't care how the rich live.
"But, I just want to point out this isn't necessarily just about INCOME tax."
"But, I just want to point out this isn't necessarily just about INCOME tax."
NOT what the OP said!
Try to stay ON TOPIC.
I would recommend that you read some of the various articles out there on the Pandora Papers. The 0.1% referenced in the OP are not using tax havens to avoid income tax.
Since my post was actually referring to the Pandora Papers, I was entirely ON TOPIC.
I would recommend that you read some of the various articles out there on the Pandora Papers. The 0.1% referenced in the OP are not using tax havens to avoid income tax.
Since my post was actually referring to the Pandora Papers, I was entirely ON TOPIC.
"I would recommend that you read some of the various articles out there on the Pandora Papers."
" the Pandora Papers" is left leaning.
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