The Super Rich Are Richer Than We Thought, Hiding Huge Sums

[dmcowen674]

The term "off shore tax haven" is a Pavlovian bell for liberals.

The US has tens of thousands of pages of tax law dealing with foreign investments, whether they be in high tax or low tax ("havens") jurisdictions. Contrary to how you've been trained to react, it does not escape taxation.

And there is nothing intrinsically immoral or illegal about in investing in another country. Cheating, or tax fraud, is what is immoral and illegal, and plenty of that goes on right inside our borders.

We need to figure out why people are sending their capital to places outside of the USA, whether they be US citizens or foreigners. We want that capital, we need that capital, that's important to growing our economy.

We need to look at our policies and see what we've done to chase capital away. We need to fix that. We're losing out in the competitive world marketplace. Pro-authoritarian cries from the Left to increase penalties, fines and make things tougher and more restrictive are just going to accelerate the negative trend. Other countries tried that model and failed miserably. It's a proven loser.

Fern

When you pee and shit where you eat what do you expect?

Getting rid of the rich will cleanse the plate from which the rest of us eat.

 

[Matt1970]

When you pee and shit where you eat what do you expect?

Getting rid of the rich will cleanse the plate from which the rest of us eat.

Dumbass. Who is going to run the companies that supply us with the stuff we need on a daily basis? Who is going to run the companies that sell you all the cheap crap you have lying around your house?

 

[boomerang]

Well, here we go:

There's more, I didn't want the post to be too long.

http://americansabroad.org/issues/fatca/fatca-bad-america-why-it-should-be-repealed/

Fern

Articles like this really bring to light just how much more thought we should be putting into the picking of our leaders. FATCA will affect our economy in a hugely negative way. The legislation, which sought to go after tax dodgers, ballooned out with hugely negative consequences. So the question is who is behind this? Who drafted it and what were they thinking? Legislation like this should never have become law. But it did. If we continue to elect people that think like this, our nation will only suffer more.

In addition to investments in securities, foreigners hold over $1 trillion on bank deposit in the United States because those deposits are tax free and the United States represents a safe haven for non-resident aliens. Congress has deliberately established this policy to attract foreign funds so necessary to the U.S. economy. But if a 30% withholding tax may potentially be applied upon transfer of those deposits to an overseas account, the attractiveness of United States banking services disappears.

If you had money in an overseas bank for reasons that made perfect sense and in an entirely legal manner and then found out that if you made a withdrawal it would be taxed at a rate of 30% just because the government could, you'd get it out before that deadline took effect. The effect of $1 trillion being pulled out virtually overnight from our banking system would be huge. Fern quoted several paragraphs and I quoted one. There is much more to the article and it should be read by all.

FATCA has come up for discussion a number of times here and the supporters of this regime have and I suspect will continue to rush to its defense. I urge them to read the article at the link Fern provided. Unfortunately, there is nothing that can be done to ensure the article is actually understood. You want to go after tax cheats, fine. Go for it. Few if any won't support that. But don't support legislation, and the regime that crafted it based on emotion. Bad legislation is bad legislation and regardless of what party was in power when it was conceived and put into law shouldn't matter. FATCA needs a massive overhaul.