Super rich hold $32 trillion in offshore havens

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Feb 19, 2001
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dave goes by the 250k marker because his leader said so. he was assimilated by the collective and follows mindlessly
the 250k marker doesn't mean crap, considering this article uses $1 million in assets.

Even if you get taxed at 50%, you would hit 1 million in no time.

PRetty much everyone in the SF Bay Area has $1 million in assets, so good luck with that. I guess we're all super rich. Woohoo. Forget the fact that I struggle with an income barely enough to pay a mortgage...

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.
Obama flushed $500 million down the toilet with Solyndra. You got your 0s wrong :D
 
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Matt1970

Lifer
Mar 19, 2007
12,320
3
0
the 250k marker doesn't mean crap, considering this article uses $1 million in assets.

Even if you get taxed at 50%, you would hit 1 million in no time.

PRetty much everyone in the SF Bay Area has $1 million in assets, so good luck with that. I guess we're all super rich. Woohoo. Forget the fact that I struggle with an income barely enough to pay a mortgage...


Obama flushed $500 million down the toilet with Solyndra. You got your 0s wrong :D

I also left the "1" out, that should say $124 Billion. It's Monday. I have too much going on here, I wasn't concentrating.
 

zephyrprime

Diamond Member
Feb 18, 2001
7,512
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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?
Are you implying no one should know this information about you? That info is exactly what the government knows about everyone except for people who hide their money in off shore accounts.

I contend that hiding money is such a way is immoral and nearly as bad as theft.
 

Abwx

Lifer
Apr 2, 2011
10,847
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As someone asked who are the rich? Anyone who has more than you? Quantitatively what is "rich"?

Basicaly , one that has more income that he would get
if the total income was equally distributed.

For the US that mean above 100K$/year.

Anyone that earn more that this sum is overpaid and benefit
a wealth transfer from other workers who are below this level.

The world figure is of course much lower and amount to about
15K$/year , wich in pûrchasing power is about a yearly US
income spent in the US soil of 25K$/year.
 

Fern

Elite Member
Sep 30, 2003
26,907
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Hard to know what to make of this info.

Firstly, people like to throw around terms such as "tax haven" etc., but places like the Cayman isl and Switz have legitimate banking industries. Places like the Caymans and Isle of Mann because basically that's their only choice. They are too small and other than finance/banking they would be left with a subsistence-type economies.

There are many legitimate uses for such accounts, and some that are dubious. I think Arafat had amassed a huge amount in such accounts (probably other dictator types Qaddafy and Hussien etc.). I would expect Middle East/Oil producing countries do the same thing. If I were a Saudi with billions I wouldn't leave it in Saudi Arabia.

Is this report really trying to say that this money is sitting stacked in vaults and not invested in the world's economy? It sounds like it and I think that is stupid. No doubt some is stashed away in safe-deposit boxes, but I would think the majority is flowing through these bank accounts and into investment opportunities around the world.

Fern
 

bpatters69

Senior member
Aug 25, 2004
314
1
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Do Libs really hate the rich that much? Personally, I am focused on what I can control and my own accomplishments vs. pining for what someone else has. I am also focused on saving money, investing wisely and living right. Silly me.
 

Lithium381

Lifer
May 12, 2001
12,458
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Is it a problem that they have it offshore or are peple of the mindset that it wasn't properly taxed and that's why they're "hiding" it somewhere other than America?
 

Abwx

Lifer
Apr 2, 2011
10,847
3,297
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Is it a problem that they have it offshore or are peple of the mindset that it wasn't properly taxed and that's why they're "hiding" it somewhere other than America?

That their money is offshore doesnt exempt them from
paying taxes on incomes provided by theses funds in
the countries they are living in , so in this respect
there s about 5% of this sum that is taxable each
year at the rate of 20 to 35% , depending on the countries
of these funds holders.

That s about 1 trillion taxes yearly evaded for the whole
world s treasuries , with the US treasury losing 150bn/year.
 

Pr0d1gy

Diamond Member
Jan 30, 2005
7,775
0
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That their money is offshore doesnt exempt them from
paying taxes on incomes provided by theses funds in
the countries they are living in , so in this respect
there s about 5% of this sum that is taxable each
year at the rate of 20 to 35% , depending on the countries
of these funds holders.

That s about 1 trillion taxes yearly evaded for the whole
world s treasuries , with the US treasury losing 150bn/year.

Given your figures it would take 4-5 years to cover the 2008 bailout just by having that money back in the country it was generated in.
 

boomerang

Lifer
Jun 19, 2000
18,890
642
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Is it a problem that they have it offshore or are peple of the mindset that it wasn't properly taxed and that's why they're "hiding" it somewhere other than America?
The problem is that they think there is a finite amount of money in the world. Others have it, they don't and the evil bastards that do don't keep it all here here where they can potentially get their hands on it.

If you start thinking like a grade-schooler, you're on track to understand what goes through their minds. There is no logic involved in these thought processes. Certainly no logic that flows through reasonable, rational minds. Further, it's all based in envy, greed and jealousy.

They're running the country right now. Good times.
 

Veliko

Diamond Member
Feb 16, 2011
3,597
127
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The problem is that they think there is a finite amount of money in the world. Others have it, they don't and the evil bastards that do don't keep it all here here where they can potentially get their hands on it.

No, the problem is that 99% of the money is in the hands of 1%.

If you start thinking like a grade-schooler, you're on track to understand what goes through their minds. There is no logic involved in these thought processes. Certainly no logic that flows through reasonable, rational minds. Further, it's all based in envy, greed and jealousy.

Yes, those that are hoarding their wealth away are exhibiting large degrees of envy, greed and jealousy.

There is nothing rational about the actions of people like you, who think that worshipping these people will get you anywhere.
 

boomerang

Lifer
Jun 19, 2000
18,890
642
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No, the problem is that 99% of the money is in the hands of 1%.



Yes, those that are hoarding their wealth away are exhibiting large degrees of envy, greed and jealousy.

There is nothing rational about the actions of people like you, who think that worshipping these people will get you anywhere.
I am somewhere and I worship no person and no entity either real or imagined. Instead of going through life convinced the man has got his boot on my neck, I worked within the system to achieve what I have. As could you. But first you'd have to pull your head out of your ass. Based on your posts it appears to be a monumental task.

What's holding you back looks back at you in the mirror.
 

Abwx

Lifer
Apr 2, 2011
10,847
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Given your figures it would take 4-5 years to cover the 2008 bailout just by having that money back in the country it was generated in.

It is the fund holder legal legal location that legitimate a state s taxation.

US people are taxable in the US for incomes provided by offshore
funds , irrespective of where the money was won.

Offshore havens allow the incomes to stay in a complete shadow ,
so the funds holders are ultimately evading massive taxes that they
should legaly pay.

Should the basic US citizen conceal an income to the IR department
it is likely that he would be condemned to pay as much as 50% of
this income as legal fee to escape even more deadly legal suites,
hence the sudden interest of dwindling states to seize a big part
of thoses funds.
 

Abwx

Lifer
Apr 2, 2011
10,847
3,297
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The problem is that they think there is a finite amount of money in the world. .

Money has no value without the necessary counterpart , wich
is people work.

As such , this money is a reserve of work that is not used to
propel the economy but , because it is not spent , to keep it
(the economy) in a perpetual liquidity crisis that benefit the
money holders who can use this scheme to extract incomes
from the money itself , hence being a parasistic scheme.

In Marx s terms , through money the workers are made
slaves of their own work.
 

Veliko

Diamond Member
Feb 16, 2011
3,597
127
106
I am somewhere and I worship no person and no entity either real or imagined. Instead of going through life convinced the man has got his boot on my neck, I worked within the system to achieve what I have. As could you. But first you'd have to pull your head out of your ass. Based on your posts it appears to be a monumental task.

What's holding you back looks back at you in the mirror.

I have a pretty good job.
I have a secondary income.

You are talking nonsense.
 

dmcowen674

No Lifer
Oct 13, 1999
54,894
47
91
www.alienbabeltech.com
Do Libs really hate the rich that much? Personally, I am focused on what I can control and my own accomplishments vs. pining for what someone else has. I am also focused on saving money, investing wisely and living right. Silly me.

No one is pining for what someone else has".

Libs hate what the rich have done to America.

The rich have stripped the ability of the rest to thrive in their little world.

The rich should have been content thriving in their big world but no they have to keep digging for more at the expense of everyone else.

That's where you went wrong.
 

dmcowen674

No Lifer
Oct 13, 1999
54,894
47
91
www.alienbabeltech.com
I am somewhere and I worship no person and no entity either real or imagined. Instead of going through life convinced the man has got his boot on my neck,

I worked within the system to achieve what I have.

As could you. But first you'd have to pull your head out of your ass. Based on your posts it appears to be a monumental task.

What's holding you back looks back at you in the mirror.

So you admit to lying, stealing and cheating America because you use legal loopholes, terrific.

So how much do you have in offshore accounts?
 

Abwx

Lifer
Apr 2, 2011
10,847
3,297
136
You are talking nonsense.

Basicaly , as all brainwashed , he prefer a world paved by injustice
since he think that he could , in the future , become a member of the
privileged part.

That s this kind of mental slavery that make the masses
vote for their enslavers , and ultimately , voting against
their own interests.
 

Matt1970

Lifer
Mar 19, 2007
12,320
3
0
No one is pining for what someone else has".

Libs hate what the rich have done to America.

The rich have stripped the ability of the rest to thrive in their little world.

The rich should have been content thriving in their big world but no they have to keep digging for more at the expense of everyone else.

That's where you went wrong.

Sorry pal, the only ones digging are the ones in the extreme left. Constant complaining about the tax code, minimum wage, and bitch about evrything from when the rich keep their money to how they spend it. WAAAAAAAAAAAAA You "Occupy" to try and demand more handouts from the rich, throw temper tantrums and destroy public propery and blame everything that has gone bad in your miserable life by claiming the rich took it from you.

I got news for you, the rich didn't take anything from you and you know it. Here is some more news for you, with only 1/4 of the workforce sporting a college degree and another 1/4 of the work force never even finishing high school, you are never going to see much improvement in the middle class.
 

sixone

Lifer
May 3, 2004
25,162
4
61
You must be new here.

I make your cell phone work.

I make an hourly wage that has continually been going down right along with the economy and have no holdings.

You're suffering the pain of your own bad choices, Dave. Doesn't mean everyone else is.

Some of us are doing quite well, because we worked hard and made smart choices to protect ourselves from just this kind of situation.

Some people got handed a bad deal, through no fault of their own. You're not one of them.
 

Abwx

Lifer
Apr 2, 2011
10,847
3,297
136
You're suffering the pain of your own bad choices, Dave. Doesn't mean everyone else is.

Some of us are doing quite well, because we worked hard and made smart choices to protect ourselves from just this kind of situation.

Some people got handed a bad deal, through no fault of their own. You're not one of them.

He didnt make a bad choice since he s practicing a work
that the society is in need of.

Those who do well are doing so not only because of their own
choices but because of a casual need that happened to not
being fully supplied at a given moment.

Once the supply is adequated , the so called good choicers
will be in a situation of "bad choice" by the will of the capital
owners that seek more profits through wages reduction.
 

Veliko

Diamond Member
Feb 16, 2011
3,597
127
106
You're suffering the pain of your own bad choices, Dave. Doesn't mean everyone else is.

Some of us are doing quite well, because we worked hard and made smart choices to protect ourselves from just this kind of situation.

Some people got handed a bad deal, through no fault of their own. You're not one of them.

Translation: I work in a bog standard office, doing a bog standard job. I harbour the bitter illusion, that if I suck up to the immensely wealthy, and pretend that they got there through 'hard work', then one day I will be able to join them, right after I finish yet another 80-hour week.
 

dmcowen674

No Lifer
Oct 13, 1999
54,894
47
91
www.alienbabeltech.com
Sorry pal, the only ones digging are the ones in the extreme left. Constant complaining about the tax code, minimum wage, and bitch about evrything from when the rich keep their money to how they spend it. WAAAAAAAAAAAAA You "Occupy" to try and demand more handouts from the rich, throw temper tantrums and destroy public propery and blame everything that has gone bad in your miserable life by claiming the rich took it from you.

I got news for you, the rich didn't take anything from you and you know it. Here is some more news for you, with only 1/4 of the workforce sporting a college degree and another 1/4 of the work force never even finishing high school, you are never going to see much improvement in the middle class.

Thank you for showing your hate for ordinary Americans in clear black and white for all to see.