RE: $21 trillion hidden in offshore accounts

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RE: $21 trillion hidden in offshore accounts - 7/27/2012 11:23:37 PM

Thaz

Posts: 617
Joined: 4/28/2012
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quote:

ORIGINAL: Musicmystery

quote:

Despite evidence showing that if you reduce top level tax actual revenue goes up as the more wealthy have less incentive and reward for tax evasion.

There's no such evidence. It's Reagan's fantasy. Even his own people admitted it was a failure.

I wasnt refering to the Thatcher/Regan myth of 'trickle down' but instead on simple revenue collection. The UK upped the top level of tax for those earning over £150,000 (@1/4 mill USD) from 40% to 50%, that is anything earned over that and half of it goes to Her Royal Lizziness Customs and Revenue. The evidence isnt in as yet but initial reports are that I am indeed wrong. Certainly the one off Bankers Bonus tax generated allmost twice the revenue it was predicted.

Of course if you were already avoiding paying the 40% tax you would still be dodging the 50% version so it may be a better study would be regarding closing tax loopholes.

(in reply to Musicmystery)

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RE: $21 trillion hidden in offshore accounts - 7/28/2012 3:16:46 PM

Politesub53

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Joined: 5/7/2007
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Irony of ironies, one UK MP who moaned about householders paying cash in hand, to avoid paying VAT, used to work in ahem....tax structuring. His wife still does.

I think a top rate of 40% fully enforced would be better than charging 50% (didnt the coalition agree to 45% ) better yet is to stop large UK firms from using offshore tax havens. For that to work everywhere would need to have the same policy.

(in reply to Edwynn)

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RE: $21 trillion hidden in offshore accounts - 7/29/2012 10:31:22 AM

VideoAdminTheta

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Joined: 10/24/2009
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I have had to remove a number of posts and am sorry if things said don't make sense now. I am also sorry that so much was taken from this thread that was on topic, because someone went off topic and to a personal attack and quotes had to be removed as well.

Thank you to those that are cooapperating!

(in reply to Politesub53)

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Post #: 103