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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
    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.

    And the reason you think the super rich put their wealth into offshore accounts and foreign markets is???

    How much do you think war against the entire world to make them all pay their 3% wealth tax would cost? Estimate what you say it would cost to force the super rich of Russia and China to pay your 3% wealth tax.

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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.
    And who said that this wealth was obtained "at the expense of the masses"?

    This is the common misconception of most leftie class warfare types. You assume that rich people became rich on the backs of the poor. That is simply NOT true. Most rich people became wealthy by investing money. Most wealthy people did not become wealthy at the expense of the poor.

    The sheer fact that there is that much money overseas is a testament to how well capitalism DOES work. Under what other economic system could an individual obtain that much wealth? The real question you should be asking, is why do they shield money in offshore accounts? To avoid taxation? You betcha. What does that say? We tax too much in America.

    Now, tell me, which side of the political isle objects to "repatriation" of offshore money?? Hmmmm, that would be the left. So, on one hand they whine about money sitting in offshore tax havens, and on the other, refuse to change a political stance that discourages wealthy people from investing here at home. Classic class warfare. They use things like offshore tax havens to conjure up animosity among financial classes here in America. They thrive on the philosophy of greed. Here's why that is true:

    It is more "greedy" to demand rich people share their wealth with people who had no hand in creating that wealth, than it is for a wealthy person to simply be wealthy. Ironically, liberals believe that a single mom earning 25k a year is "entitled" to her money, but feel that a person who earns 25 million per year is not entitled to theirs. Interesting......and such a philosophical conflict. How anyone falls for this fallacy is beyond me.....

  3. #153
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    Re: Super rich hold $32 trillion in offshore havens

    I didn't say I hated them. I said I resented them. At the same time, I sort of defended them. Then, you repeated what I said and took a poke at me to prove?


    Quote Originally Posted by joko104 View Post
    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

    We have some of our savings in offshore accounts.

    A safe rule of savings is to diversify it as much as possible - and in life make and leave as many backdoors, bridges and options open as possible.

    Finally, for some of business and the wealthy, I don't think many understand the function offshore accounts serve.
    Last edited by joko104; 07-23-12 at 05:15 PM.

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by specklebang View Post
    I didn't say I hated them. I said I resented them. At the same time, I sort of defended them. Then, you repeated what I said and took a poke at me to prove?
    "mega-rich scum".... terms of endearment?

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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

    So is this fair capitalism or are the rich just using the system to amass and hoard wealth for the sake of it?
    Americans should not be able to shelter income by putting their cash overseas. Move it offshore if you wish, but any and all income generated from it should be taxed at our regular rates, be it capital gains or ordinary income. Period.

    The fact that Americans can do this legally? Blame Congress.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Super rich hold $32 trillion in offshore havens

    Wait...this whole time...we are talking about...

    "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.
    The research was carried out for pressure group Tax Justice Network, which campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co.
    He used data from the World Bank, International Monetary Fund, United Nations and central banks.
    The report also highlights the impact on the balance sheets of 139 developing countries of money held in tax havens by private elites, putting wealth beyond the reach of local tax authorities.
    The research estimates that since the 1970s, the richest citizens of these 139 countries had amassed $7.3 to $9.3 trillion of "unrecorded offshore wealth" by 2010"

    ???

    Seriously? We are talking about a 'study' that may or may not represent what people from AROUND THE GLOBE since 1970 may or may not have put in some form of secured off shore accounts???

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by MaggieD View Post
    Americans should not be able to shelter income by putting their cash overseas. Move it offshore if you wish, but any and all income generated from it should be taxed at our regular rates, be it capital gains or ordinary income. Period.

    The fact that Americans can do this legally? Blame Congress.
    Income earned overseas, by Americans, is already taxed as regular income in the U.S.
    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 Helix View Post
    fair or not fair is largely irrelevant. what is relevant is that this is an excellent illustration of how trickle down is not working efficiently, however.
    lol....yes, according to YOUR definition of trickle down, I suppose it wouldn't be working.

    What do you think trickle down means? Does it mean that I go out and work my tail off, and simply share my profits with people like you?

    Your comment is absurd, you are implying that MY PROFITS are yours by virtue, and that you shouldn't be required to "DO" anything at all, and that I should be "trickling" my money down to people who have had no input into making that money.

    Let me set the record straight, the money I EARN, is not yours or anyone else's by virtue. Meaning, that money belongs to me, because I've earned it. You have no rightful claim over MY PROFITS simply because you need them. I do not exist and work for YOUR sake, nor the sake of anyone else. I work to make money, and I pay those who help me acquire money. Those are called "salaries". I pay a "fair wage" for work done. That doesn't mean that the profits belong to anyone else. They belong to me. I earned them. And because I earned them, they allow me to pay the salaries of those who work for me. THAT is trickle down. If it weren't for me, and other business owners who make profits, no one would have a job. That's trickle down.

    Trickle down has nothing to do with MY personal wealth. It has everything to do with supplying jobs for people like you. Remember, the company you work for makes a lot more money than you do. But they are providing you with a paying job, which pays for your house, your food, your clothing, your kid's college education, you health insurance, your leisure activities, your vacations......YOUR LIFESTYLE.

    Hmmmmm, wanna know what that's called????? TRICKLE DOWN ECONOMICS!!!!!

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by Harry Guerrilla View Post
    Well my problem here, is that way to many people equate this wealth, with liquid value.
    The two aren't the same.

    99.9% of americans would take either or

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