Super rich hold $32 trillion in offshore havens

[Veliko]

This is just pure unadulterated tripe because you assume that all "Rich" are tax dodging or "hoarding wealth".

First tax dodging happens at all levels and standards of wealth be it the "poor" guy working under the table and avoiding taxes on his wages or the middle class guy getting work done on his home by paying someone under the table and avoiding a attaining a building permit and paying taxes on wages, etc.

Ah, trying to equate the actions of a poor person trying to make a few extra quid, with the uber rich dodging millions.

How pitiful.

Second the truly wealthy in this economic climate do not "hoard" their wealth. They keep their money fluid and moving through out the economy via investments which help to grow businesses and thus help to provide for jobs be they here in the US or overseas in part of world where your own material wealth in the US would make you seem to be "wealthy" to some of these people overseas.

That would be Trickle Down Economics, yeah?

Lastly again you've proven that your entire premise is no different then that of some bigot or racist asshole railing against another group of people based solely upon their own personally assumed opinions that are not based on any sound or logical reasoning revolving around reality.

Well, aren't you a desperate little fellow?

 

[blackangst1]

Ah, bless you, poor little thing.

Anyone who actually thinks the key to wealth is hard work, is naive in the extreme.

You DO understand the difference between getting wealth and maintaining it...dont you?

 

[DucatiMonster696]

Good grief, you really believe all that, don't you?

It's quite cute, in a way.

So, if Donald Trump had born in Somalia, he would still be an incredibly wealthy man, then?

Given your grossly generalized scenario it would totally be based on his own desire, motivation and drive to succeed and how he reacts to his given conditions. In other words does he shrug his shoulders and give up and accept the view you have espoused in that success is totally based on "luck" or does he find a method and/or a means to attempt to progress ahead and change his current condition in life.

Furthermore you are forgetting that the US has seen many dirt poor immigrants arrive and succeed in life and establish a measure of wealth and success and yes some of these people are/were of Somalian heritage. But nevermind, in your twisted reality any and all success is totally based on random "luck" but that still doesn't fully explain your irrational hatred against the "lucky".

 

[DucatiMonster696]

You DO understand the difference between getting wealth and maintaining it...dont you?

Apparently he doesn't understand and thus this explains the all so warped reasoning and logic that Veliko, Dave and other people of their political ilk are entrenched into personally with their political and economic views.

 

[Veliko]

Given your grossly generalized scenario it would totally be based on his own desire, motivation and drive to succeed and how he reacts to his given conditions. in other words does he shrug his shoulders and give up and accept the view you have espoused in that success is totally based on "luck" or does he find a method and/or a means to attempt to progress ahead and change his current condition in life.

Furthermore you are forgetting that the US has seen many dirt poor immigrants arrive and succeed in life and establish a measure of wealth and success and yes some of those people are/were of Somalia heritage. But never mind in your twist reality any and all success is totally based on random "luck" which still doesn't explain your irrational hatred against the "lucky".

Every country has had success stories like that, but it doesn't prove anything, other than the fact that some people are lucky.

 

[Veliko]

You DO understand the difference between getting wealth and maintaining it...dont you?

Yes.

Do you...?

 

[Veliko]

Apparently he doesn't understand and thus this explains the all so warped reasoning and logic that Veliko, Dave and other people of their political ilk are entrenched into personally with their political and economic views.

Must... fight... to maintain... the status quo...

 

[DucatiMonster696]

Ah, trying to equate the actions of a poor person trying to make a few extra quid, with the uber rich dodging millions.

Thank you for proving that you have no sense of moral equivalency when it comes to understanding how your point of view is completely based on an arbitrary and biased personal view against those with more wealth then you in society.

....expunged childish responses....

The rest of your post isn't even worth responding to as you provided no sufficient rebuttals worth reading. Clearly I'm debating against a teenager or a child (or worse man-child) with no understanding of what it takes to actually succeed in society or what it takes to maintain wealth which again can be very much be finite but also can be infinite if one manages it correctly.

 

[blackangst1]

Yes.

Do you...?

Are you sure? Why would you mention "luck" when talking about maintaining wealth? Luck has VERY little, if anything, to do with it....

 

[Lithium381]

Dave, once again I can smell your jealousy from here and as always it reeks. Just because you don't have the drive and motivation to be rich you despise those that do.

They are acting rationally. They are acting legally. They are holding their money off-shore because it's probably safer to do so. Just like you store your valuables in a safety deposit box at the bank and not in your mattress.

 

[SagaLore]

Originally Posted by dmcowen674
If I had more money than I could ever spend like these people I would not give a shit and certainly keep the money in a bank here with the current .001% like Citibank has now for my account.



You know what.

I would rather live paycheck to paycheck than be known as an America hating greedy bastard hated by the 99%.

Based on your threads and posts, I got the impression you do hate America.

 

[Pr0d1gy]

Dave, once again I can smell your jealousy from here and as always it reeks. Just because you don't have the drive and motivation to be rich you despise those that do.

They are acting rationally. They are acting legally. They are holding their money off-shore because it's probably safer to do so. Just like you store your valuables in a safety deposit box at the bank and not in your mattress.

It's safer to keep trillions of dollars in third world countries than the country with the largest military in the world? That makes sense. @_@

 

[RbSX]

You Americans are all nuts. This thread makes me want to vomit all over myself.

 

[DucatiMonster696]

It's safer to keep trillions of dollars in third world countries than the country with the largest military in the world? That makes sense. @_@

All investments carry risk.Those looking to reap the highest rate of return on their investments usually must deal with a higher level of risk then those seeking "safe investments" which basically deliver much smaller rates of return

Edit: In the end wealth flows to investments which have a ratio where the rate of return is greater then the level of risk. Sometimes that means investments are made overseas other times they are made at home but those seeking to maintain and grow their wealth will seek scenarios where they can get the must bang for their buck depending on what they are personally comfortable risking.

 

[Pr0d1gy]

You Americans are all nuts. This thread makes me want to vomit all over myself.

Yeah buddy, keep riding our coat tails and pretending like you're so much more advanced than us.....lol

 

[bpatters69]

I'm sure at least a handful of them post in here.

I don't want to ever hear we are broke again.

The money was just hidden away.

Get rid of the rich and watch the U.S. recover.

I do not think anyone would dis-agree that if the "rich" are hiding that amount of money in offshore accounts and they should have paid taxes on the money that the rich should pay the tax. I would not refute that "rich" people do hide their assets, legally and illegally. Who knows if your $32T is a real number but lets assume it is.

Blaming the rich for this country's economic woes is nothing but a distraction. Its class warfare at a minimum or it’s the Dems looking for someone to blame for their failed policies. Half of the US pays $0 in federal income taxes. Who pays for them? The "rich", that is who.

Do you really think that if you could tax the $32T in such a way that you wipe out the deficit that all our problems would go away? Guess what? They wouldn't. The problems of this country are systematic. If the deficit were reduced to $0, our politicians on both sides of the aisle would just run it up again. How do I know? Look at the last 100 years of our fiscal policy. We always run a deficit. Not that I am advocating fiscal irresponsibility. The problem is that we as voters do not punish or hold our elected officials responsible for their reckless spending.

 

[JTsyo]

Google tells me the Global GDP is about $70 trillion, $32 trillion seems like a really high number.

 

[Matt1970]

Google tells me the Global GDP is about $70 trillion, $32 trillion seems like a really high number.

Of course it is. That's the Liberal way, It doesn't matter if their numbers are wrong because it is for a good cause.

Lets use their number though. If that $32 Trillion was in US accounts earning an astronomical 1% interest would make a cool $320 Billion. Taxed at the dream rate of 39% would bring in a $24 Billion in tax revenue. That's 1/20th of what Obama flushed down the toilet on Solyndra.

 

[Veliko]

Of course it is. That's the Liberal way, It doesn't matter if their numbers are wrong because it is for a good cause.

Lets use their number though. If that $32 Trillion was in US accounts earning an astronomical 1% interest would make a cool $320 Billion. Taxed at the dream rate of 39% would bring in a $24 Billion in tax revenue. That's 1/20th of what Obama flushed down the toilet on Solyndra.

Can you hear that noise? It's the sound of the rich man, coming to thank you for your hard work sticking up for him!

With any luck, he might even leave you a table scrap!

 

[Matt1970]

Can you hear that noise? It's the sound of the rich man, coming to thank you for your hard work sticking up for him!

With any luck, he might even leave you a table scrap!

I don't need help from anyone and I don't do this for the rich. If the Government is going to tell the rich where to save, invest and spend it's money, do you really think it will stop with the rich?

 

[WackyDan]

I'm sure at least a handful of them post in here.

I don't want to ever hear we are broke again.

The money was just hidden away.

Get rid of the rich and watch the U.S. recover.

Your point is what? That you want to take that wealth away from them? Because that seems that is the focus of the progs... not just to tax, but to seize wealth.

You believe that the practice of off shoring investments is somehow illegal when our tax code allows it. Ted Kennedy was the most adamant supporter of the estate tax, but managed the Kennedy Family Trust - Which was almost entirely off shored to spare the family... you guessed it... taxation!

So... Go ahead and change the tax code...I'm a conservative and I would agree that it needs to be simplified - and the loopholes these elected fucks wrote in for their own benefit and the benefit of their donors need to be phased out.

However... spare us the envy of the rich... It makes you look juvenile.

 

[Vdubchaos]

Thats not news to me.
I always knew they were funneling money away from the States.

I work with mostly Fortune 500 companies and you wouldn't believe the size of their Tax departments and time/money/resources the put into Tax evasion.

EVery single one of those corps have # of companies in safe havens like Cayman Islands etc.

 

[blackangst1]

I work with mostly Fortune 500 companies and you wouldn't believe the size of their Tax departments and time/money/resources the put into Tax evasion.

EVery single one of those corps have # of companies in safe havens like Cayman Islands etc.

And the problem with that is?

 

[Skitzer]

it's their personal property. Their business.

Yep and it's our country, our business

Actually no, it's none of your business.
What do you do for a living and how much money do you make and have in holdings?

 

[Matt1970]

Actually no, it's none of your business.
What do you do for a living and how much money do you make and have in holdings?

It's only the business of the people when it is the rich we are talking about.