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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 lpast View Post
    99.9% of americans would take either or
    That's meaningless.
    Market value is not the same as liquid value and this wealth is between many different citizens, of many different countries.
    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 Harry Guerrilla View Post
    Income earned overseas, by Americans, is already taxed as regular income in the U.S.
    And the U.S. appears to be fairly good at collecting taxes relative to most of the other large economies...europe, and way better than China, Russia, etc.? If anything it appears to applaud U.S. ultra-wealthy tax payers for being the most honest?

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by Mach View Post
    And the U.S. appears to be fairly good at collecting taxes relative to most of the other large economies...europe, and way better than China, Russia, etc.? If anything it appears to applaud U.S. ultra-wealthy tax payers for being the most honest?
    Possibly, I've never really looked into it.
    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

    Someone else pointed this out too. The economy isn't close ended. Just because someone has 25 million in an offshore account, doesn't mean they kept me from earning just as much money too. Money is constantly changing hands. Warren Buffett isn't prohibiting me in any way from making a ton of money.

    However, the far left promote the misconception that it's the rich people's fault if "the rich get richer, while the poor get poorer". The poor getting poorer has absolutely NOTHING to do with the rich getting richer. Anyone with half a brain knows this.

    The rich are getting richer, it's true. But I'm also making more money. How is that possible? Hmmmmm....because like I said, the rich getting richer has nothing to do with MY success and failure as an individual. By and large Americans understand that they have the opportunity to go out and make a tremendous living in this country. They understand that. The problem is, most people aren't willing to make the sacrifices necessary to become wealthy. Or they aren't smart enough. Or they aren't willing to work 80 hours a week for 15 years establishing a profitable venture. Or they aren't willing to risk everything for the sake of a long term gain. You think Warren Buffet became rich over night???? You think he relied on others to do his investing for him? You think he waited around for someone to give him a chance? Please....the man worked tirelessly for most of his life, made some huge gambles with his own money, saved tons of money, and learned how to make money go to work for him. Show me an American with that kind of discipline, and I'll show you an American who isn't whining about the state of their finances......

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    Re: Super rich hold $32 trillion in offshore havens

    Real patriots, just like Romney.

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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.
    Why blame congress? If I start and license a "holding" company in someplace like the Cayman Islands (just an example), "sell" all stocks owned to that campany then all my dividends would then go to that company and since it is licensed and registered in a foreign country, the US cannot claim any taxes on it without violating the soveriegnty of that country. Technically, I would not be getting that money, the "holding" comany would, as owner and CEO, I only transfer funds to my self (pay dividends) when I need to. I could even have that holding company furnish me with cars, homes, spending account with credit/debit cards etc, in the comanies name and it would never count as income.

    Now say that I owned controlling shares in international coprorations, If I move their registration/licensing to the Cayman Islands, I would then pay my corporate taxes in the Caymans and the US could only tax those profits earned in the US not total corporate profits.

    The only way congress could stop such a thing would be to outlaw foreign investment and property ownership in the US, something they will not do. If the congress were to pass a law taxing all assets of US citizens, then simply add a second "holding" company with "owns" the stock and the first one only owns the second one and has what ever value I say it has because I fully control how much assects gets transfered from the second to the first. The second "holding" company and subsequent corporations are not in or subject to US taxes, they are foreign owned. The really great thing about this type of scheme is that if you base it in a really small country and get several company owners to do the same, a very small percentage of Taxes paid to that small country would make it rich beyond their wildest dreams at very low cost to me and I could basically dictate to that governemt what banking access laws it should have (not giving access to US agents) and can keep tax rates where I want them. Short of invading that country, there is not a damned thing the US can do about it.

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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?
    This is a global number that seems to be a guesstimate. Not sure how much of this number is of U.S. based individuals. If you know the answer to that this thread might have some relevance.

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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?

    "Its good to be the king" -

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by Masada View Post

    However, the far left promote the misconception that it's the rich people's fault if "the rich get richer, while the poor get poorer". The poor getting poorer has absolutely NOTHING to do with the rich getting richer. Anyone with half a brain knows this.
    The biggest reason for the wealth gaps in this country is that the poor line up by the millions and give their money to the rich. It amazes me how many people are pissed at the rich for this. All they are doing is taking the money that we are giving to them.
    “Most people do not listen with the intent to understand; they listen with the intent to reply.”
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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by muciti View Post
    The biggest reason for the wealth gaps in this country is that the poor line up by the millions and give their money to the rich. It amazes me how many people are pissed at the rich for this. All they are doing is taking the money that we are giving to them.
    The biggest reason for wealth gaps in this country is that people blame their circumstances on others, instead of identifying and overcoming their own faults.
    "We need to ask some very tough questions of the senator from Illinois. It's not enough to be black, it's not enough to be articulate, it's not enough to be eloquent and a media darling. The only question will be how deaf an ear, or how blind an eye will people turn in order to turn a frog into a prince." -Eddie Huff

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