$21 trillion hidden in offshore accounts

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tweakabelle -> $21 trillion hidden in offshore accounts (7/25/2012 5:56:07 AM)
New research has been published estimating the extent of offshore holdings at $21 trillion - that's approx equal to the GNPs of the USA and Japan together. "The sheer size of the cash pile sitting out of reach of tax authorities is so great that it suggests standard measures of inequality radically underestimate the true gap between rich and poor. According to Henry's calculations, £6.3tn of assets is owned by only 92,000 people, or 0.001% of the world's population – a tiny class of the mega-rich who have more in common with each other than those at the bottom of the income scale in their own societies.. "These estimates reveal a staggering failure: inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people," said John Christensen of the Tax Justice Network. "People on the street have no illusions about how unfair the situation has become." reported 'The Guardian' The tax evaded on these massive sums would radically alter the budget positions of cash strapped Govts throughout the world, turning deficits into surpluses and easing the burden on middle classes everywhere. It seems that under 'trickle down' policies, trillions have flooded out of countries instead of creating jobs in the host countries. Unfortunately the report didn't carry any response from the Romney camp, which is believed to be more familiar with offshore accounts than most. It seems that the mega-rich are avoiding tax by hiding their cash and assets and transferring the burden of tax onto those far less able to pay. Yet another scam that benefits the 1% at the expense of the rest of us.

Real0ne -> RE: $21 trillion hidden in offshore accounts (7/25/2012 6:01:38 AM)
we have them a lot closer to home than that Collective Government's True Wealth exposed http://cafr1.com/ and its not trickle down policy, its gubafia at large. quote: It seems that the mega-rich are avoiding tax by hiding their cash and assets and transferring the burden of tax onto those far less able to pay. Yet another scam that benefits the 1% at the expense of the rest of us. well you elect THEM to represent you and make the laws http://www.youtube.com/watch?v=acLW1vFO-2Q

tj444 -> RE: $21 trillion hidden in offshore accounts (7/25/2012 6:47:08 AM)
As I understand it, one of the big problems is that corps that have international holdings are majorly taxed on any money they earn outside the US if they bring that money into the US.. so it is simply kept outside the US.. Imo, if the money is earned outside the US then the US should have no right to tax it (especially since it would have been taxed in the country that money was made).. But then I come from a country that does not tax based on citizenship as the US greedily does.. so I believe taxing based solely on residence is the only right way for a country to tax.. The US way of taxing is a major reason why I would never become an American citizen... If the US changed that and instead of grabbing 35% of corp money (brought back to the US) and took say 10%, then imo you would see a lot of that offshore corp profits come into the US and create more jobs here.. and some corps have stated that publicly in various articles I have read, they want to bring at least some of that money and create US jobs but it makes no financial sense to do so.. So the US essentially shoots itself in its foot.. As far as people with offshore accounts, where do they live? If they live outside the US, then again, imo that money should not be taxed by the US.. People with enough money can buy a second citizenship and then renounce their American citizenship, which they are doing in greater numbers. In 2008, only about 200 Americans gave up their citizenship, in the last year that number has jumped to over 1,800.. Its a global world, the US has competition.. I know nothing of how the UK or Australia taxes so my opinion is only about the US tax system which tends to be draconian imo.. as this article of IRS revising its rules shows.. "The Internal Revenue Service today issued new rules granting a penalty break to some U.S. expats and dual citizens who have been unfairly caught up in the harsh U.S. crackdown on secret foreign bank accounts and offshore tax evasion. The relief will help middle class folks who have been living for years in high tax foreign countries such as the United Kingdom, and particularly the estimated one million Americans living in Canada." JMO [sm=2cents.gif]

tazzygirl -> RE: $21 trillion hidden in offshore accounts (7/25/2012 7:39:01 AM)
quote: As I understand it, one of the big problems is that corps that have international holdings are majorly taxed on any money they earn outside the US if they bring that money into the US.. so it is simply kept outside the US.. They also get a write off against that tax obligation for any taxes they pay to foreign countries.

Musicmystery -> RE: $21 trillion hidden in offshore accounts (7/25/2012 7:50:34 AM)
We keep promoting nationalism in a world that's been global for well over a century. One day, we'll finally have to address meaningful international law. But the U.S. is the biggest obstacle to this, ready to trade power for allowing hidden assets.

LaTigresse -> RE: $21 trillion hidden in offshore accounts (7/25/2012 7:54:00 AM)
I am just surprised that anyone is surprised at it. Like it's something new and shocking.

Owner59 -> RE: $21 trillion hidden in offshore accounts (7/25/2012 7:57:10 AM)
It`s not generally known. But should be. These are the douche-bags who`re demanding we give them MORE tax breaks or they won`t create American jobs......

LaTigresse -> RE: $21 trillion hidden in offshore accounts (7/25/2012 7:59:52 AM)
I don't understand why people do not know. I can remember knowing/reading/hearing about it, since I was a kid. The information is out there, it's not hidden.

Sanity -> RE: $21 trillion hidden in offshore accounts (7/25/2012 8:01:35 AM)
This assumes that a citizens' money belongs to the governments of the world, that we are all slaves to the ruling class. quote: The tax evaded on these massive sums would radically alter the budget positions of cash strapped Govts throughout the world

Musicmystery -> RE: $21 trillion hidden in offshore accounts (7/25/2012 8:02:52 AM)
Ah. The party of magic money. Where things just magically pay for themselves.

Sanity -> RE: $21 trillion hidden in offshore accounts (7/25/2012 8:07:14 AM)
Ah, the party of the typical straw man argument, where ones words are transformed through motivated reasoning into sentences which were never written because the truths represented by the words which were written are indisputable. quote: ORIGINAL: Musicmystery Ah. The party of magic money. Where things just magically pay for themselves.

Fellow -> RE: $21 trillion hidden in offshore accounts (7/25/2012 8:07:55 AM)
It would be interesting to know what this money is exactly doing there. It could cause significant inflation if moved into the US.

Musicmystery -> RE: $21 trillion hidden in offshore accounts (7/25/2012 8:09:15 AM)
quote: ORIGINAL: Sanity Ah, the party of the typical straw man argument, where ones words are transformed through motivated reasoning into sentences which were never written because the truths represented by the words which were written are indisputable. quote: ORIGINAL: Musicmystery Ah. The party of magic money. Where things just magically pay for themselves. So how are we paying for it, Sparky? What's the plan? Oppps. With Magic Money!!!! Ponies for Everyone!

tweakabelle -> RE: $21 trillion hidden in offshore accounts (7/25/2012 8:13:29 AM)
quote: ORIGINAL: Sanity This assumes that a citizens' money belongs to the governments of the world, that we are all slaves to the ruling class. quote: The tax evaded on these massive sums would radically alter the budget positions of cash strapped Govts throughout the world Really! How does it make the assumption that "a citizens' money belongs to the governments of the world, that we are all slaves to the ruling class?" All my comment says is that the taxes due on those funds would make a big difference to government budgets, which is simply common sense. The rest is in your imagination, Mr Sanity While you are thinking about it, you might like to estimate the number of jobs that would be created if these people, instead of hiding their wealth offshore, invested it onshore and actually created jobs instead of avoiding paying their fair share. Remember this money belongs to those who the billionaire friendly Right have been claiming are already over taxed and can't afford to pay any more taxes

mnottertail -> RE: $21 trillion hidden in offshore accounts (7/25/2012 8:16:27 AM)
quote: ORIGINAL: Fellow It would be interesting to know what this money is exactly doing there. It could cause significant inflation if moved into the US. How would that sort of magic happen, it is sitting there, and it would sit here. Banks and business are sitting on piles and piles and piles of money, right here, right now, the reason you are seeing nothing in the way of inflation is because it is sitting.

tj444 -> RE: $21 trillion hidden in offshore accounts (7/25/2012 8:28:04 AM)
quote: ORIGINAL: tazzygirl quote: As I understand it, one of the big problems is that corps that have international holdings are majorly taxed on any money they earn outside the US if they bring that money into the US.. so it is simply kept outside the US.. They also get a write off against that tax obligation for any taxes they pay to foreign countries. If their subsidary's profits are in a low tax country (which is likely where a lot of it is), then it still doesnt make sense to bring it back and pay the difference, which could be substantial..

Yachtie -> RE: $21 trillion hidden in offshore accounts (7/25/2012 8:40:58 AM)
fr Really sucks to be a leftist, doesn't it? All that cash out there and you can't get your grubby little fingers on it. [:D] Now, I don't like fraud which is what a lot of the crap is these days. But the left sure is in need of more of others people's money.

thompsonx -> RE: $21 trillion hidden in offshore accounts (7/25/2012 8:41:54 AM)
quote: ORIGINAL: Sanity This assumes that a citizens' money belongs to the governments of the world, that we are all slaves to the ruling class. No...this is an mronic assumption that can only be made by someone who cannot read what is posted. quote: The tax evaded on these massive sums would radically alter the budget positions of cash strapped Govts throughout the world

Musicmystery -> RE: $21 trillion hidden in offshore accounts (7/25/2012 8:42:19 AM)
Magic Money! Magic Money! Buy it with Magic Money! No revenue source needed! It's Magic! The more you cut it, the more it grows! [image]http://www.absolute1.net/jack_3-e.gif[/image]

mnottertail -> RE: $21 trillion hidden in offshore accounts (7/25/2012 8:43:21 AM)
No, the issue is the overwhelming amount of resources these unamericans use, and the protections provided by our society, on our backs, and transfer our wealth, but when it comes time for the deadbeat shiteaters to pay their bills, the toiletlickers run like the fucking grubby handed slime they are. Shoot the motherfuckers as terrorists, by god.

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