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Thread: Super rich hold $32 trillion in offshore havens

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by iguanaman View Post
    The purpose of taxes is revenue for the Govt. The purpose of the way we assess it is to benefit growth and prosperity for all. Progressive taxation serves both purposes but only if it is progressive enough to prevent hoarding of capital. The levels for the top brackets since Reagan have not served their intended purpose and must be adjusted or we face economic ruin. The current levels are unsustainable.
    Except you could take it all, and it would barely have an effect.
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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by grip View Post
    I didn't say it belonged to the government. But for there to be that much topsided gain, the system is being rigged by those with power and influence to favor an ever growing increase for them at the expense of the masses.
    The question that people need to be asking and looking at is why the money is consolidated into the hands of so few. It is not because of things being rigged. At least not entirely.
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    Re: Super rich hold $32 trillion in offshore havens

    I don't think the OP is primarily about the U.S., I believe we're fairly good compared to the rest of the world at not evading taxes. Europe is worse, and in less developed countries it's insanely worse (i.e. government taxes go directly to personal offshore accounts, etc.)

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by Aberration View Post
    Except you could take it all, and it would barely have an effect.
    Another right wing fable. The top 5% have accumulated a $40 Trillion nest egg, you don't think some of that might fix our debt?
    A 3% wealth tax with a $3 million exemption would add a trillion a year to pay down the debt and no one would miss it.

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by iguanaman View Post
    Another right wing fable. The top 5% have accumulated a $40 Trillion nest egg, you don't think some of that might fix our debt?
    A 3% wealth tax with a $3 million exemption would add a trillion a year to pay down the debt and no one would miss it.
    Except this is global wealth, not wealth held by just U.S. residents.
    Not to mention that the value of the wealth changes substantially when liquidated, so you wouldn't get the results you hope for.

    Just more proof that a lot of people don't understand economics and monetary theory.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by specklebang View Post
    OK, remember, this is an OPINION.

    There are a very few people who have an astonishing amount of money. Their greed is insatiable. This isn't about spending, it's a race for accumulation.

    These multi-billionaires and maybe even a few trillionaires, are what may have saved us from complete disaster. The government has created inordinate amounts of money and yet, that inflation explosion that should have resulted, has not. If this money were in circulation, I suspect the US Dollar would be toilet paper and instead its the hottest item on the planet.

    As for the US economy, it is limping and will continue to do so indefinitely. There aren't enough good jobs for 307 million people. We're not particularly competitive. We're only good at making a limited number of things and we're a fractured nation.

    So, much as I resent these mega-rich scum, I laso appreciate them for saving the dollar from destruction.

    A curious point. If 32 TRILLION dollars was dumped into buying commodities, inflation would go totally thru the ceiling where most people couldn't afford food.

    Not sure why you so hate the mega rich, other than you aren't one yourself.

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by grip View Post
    Super rich hold $32 trillion in offshore havens - Yahoo! News

    LONDON (Reuters) - Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday.

    The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion.

    So is this fair capitalism or are the rich just using the system to amass and hoard wealth for the sake of it?

    What a nonsensical statement. OBVIOUSLY the funds aren't hidden or there couldn't be the story.

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by iguanaman View Post
    Another right wing fable. The top 5% have accumulated a $40 Trillion nest egg, you don't think some of that might fix our debt?
    A 3% wealth tax with a $3 million exemption would add a trillion a year to pay down the debt and no one would miss it.
    Except the government would find a way to spend it rather than pay down debt. Its stupid to think they would do otherwise, they have every other time.

    Control spending and you control debt, you do not control spending by giving government more revenue.

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by Goshin View Post
    Hm. Just out of curiosity I did some math...

    There are about 115 million households in the USA. 32 Trillion / 115 million = $278,260

    That would mean they are holding $278,260 for every household in the USA.


    Any way you slice it that seems excessive.


    ???? Somehow this had gone from a UK story about the world, to being that REALLY it is all AMERICANS ONLY having $32 trillion in offshore accounts.

    That's what I meant by the American media has really sold Americans on hating the wealthy and hating capitalism. The instant assumption that ALL super rich are Americans and ALL offshore money is being held by scumball Americans only.

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    Re: Super rich hold $32 trillion in offshore havens

    "Frankly my dear, I don't give a damn"

    If it is not solen, then I really don't care. Hell, I would do it myself if I had the money. The problem with the government is not it's income, it is it's spending. They spend more than they make, if they made more, they would just spend more.

    The only thing that can be remotely considered immortal is a government run spending program.

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