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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 VanceMack View Post
    What makes it 'right' or 'not right'? Many businesses have admitted to holdin off on hiring and to curtailing spending because they don't trust the government or what is coming next. And can you blame them? It's one thing if they are breaking into poor peoples houses and stealing their pennies. Thats not what is happening. They are amassing wealth legimately and choosing to not reinvest a significant portion at this time. I dot blame them.
    I don't get it. Somedays Obama is a lackey of business interests. Other days they're afraid of him. You can't have it both ways VanceMack. Which is 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?
    Don't forget, these statistics apply to as many Democrats as they do Republicans.

    Here is but one many good examples!

    The Boston Herald is keeping the heat on Senator Kerry about the half-million dollars in excise and in sales-and-use taxes he has dodged by mooring his yacht in Rhode Island, rather than in the state he represents in the Senate, Massachusetts. Today's Herald reports that the "clearly perturbed" senator "slammed the door" on reporters who were asking him about the matter but only after cryptically responding to a question about whether he had brought the boat into Massachusetts by saying, "It depends on who owns it."

    Sen. John Kerry skips town on sails tax - BostonHerald.com



    "Senator John Kerry finds it repulsive or unfair when other people dodge their tax responsibility, but apparently not so repulsive or unfair that he changes his own family's behavior on the matter, to the extent that it is within his control."

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by VanceMack View Post
    What makes it 'right' or 'not right'? Many businesses have admitted to holdin off on hiring and to curtailing spending because they don't trust the government or what is coming next. And can you blame them? It's one thing if they are breaking into poor peoples houses and stealing their pennies. Thats not what is happening. They are amassing wealth legimately and choosing to not reinvest a significant portion at this time. I dot blame them.
    You'll probably recall I've said more than once, that government policy is leaving business afraid of their own shadow and unsure which way to jump.

    But somewhere around 32 TRILLION in untaxed offshore accounts is.... incredible.

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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?
    even with all those "havens" the top one percent still pay 40% of the income tax even though they only make 22% of the income

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by Darroll View Post
    The government collects taxes on foreign bank accounts.
    Like someone said: take all of the rich peoples money and the money will last about a week. Then we can be like Cuba.
    Actually, according to this, it would only take half of the money simply being sat on in offshore accounts to zero the national debt.
    Anyone wondering what I'm talking about start here:
    The Psychology of Persuasion

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by Goshin View Post
    You'll probably recall I've said more than once, that government policy is leaving business afraid of their own shadow and unsure which way to jump.

    But somewhere around 32 TRILLION in untaxed offshore accounts is.... incredible.
    If they are torn it is between keeping the same greedy behavior and hold on to all the cash they can or have some faith in the Americans again and invest in their homeland. There will be no investment as long as Corporations continue to see the American consumer as hopelessly over their heads in debt, with the Govt. doing nothing to change it.

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    Re: Super rich hold $32 trillion in offshore havens

    The government doesn't need to take money away from the rich, the rich need to release it back into the economy in the form of better wages for workers. We seem to be caught in a vicious circle...businesses are hanging on to cash because there is no demand, workers are not creating demand because they are trying to pay down debt or aren't making any money at all because they are out of work.

    Maybe the rich don't care...demand is increasing in emerging markets, so they don't care if the U.S. and Europe's markets become moribund.
    The morality of abortion is not a religious belief, any more than the morality of slavery, apartheid, rape, larceny, murder or arson is a religious belief. These are norms of the natural law of mankind and can be legislated even in a completely religionless society.

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by Hatuey View Post

    I don't get it. Somedays Obama is a lackey of business interests. Other days they're afraid of him. You can't have it both ways VanceMack. Which is it?
    Please review these comments by Barack Obama.

    Then you will know.

    Obama: My Plan Makes Electricity Rates Skyrocket


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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by TurtleDude View Post
    even with all those "havens" the top one percent still pay 40% of the income tax even though they only make 22% of the income
    And they get that 22% ($32+ trillion), which is ONLY the cash from the other 99%.
    Einstein, "science without religion is lame, religion without science is blind."

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by ChuckBerry View Post

    The government doesn't need to take money away from the rich, the rich need to release it back into the economy in the form of better wages for workers. We seem to be caught in a vicious circle...businesses are hanging on to cash because there is no demand, workers are not creating demand because they are trying to pay down debt or aren't making any money at all because they are out of work.

    Maybe the rich don't care...demand is increasing in emerging markets, so they don't care if the U.S. and Europe's markets become moribund.
    Your analysis is correct.

    Why do you believe it is that government spending ($5 trillion, so far!) has failed to get our economy moving forward again?

    Spending-stimulus advocates claim that Congress can "inject" new money into the economy, increasing demand and therefore production. This raises the obvious question: From where does the government acquire the money it pumps into the economy? Congress does not have a vault of money waiting to be distributed. Every dollar Congress injects into the economy must first be taxed or borrowed out of the economy. No new spending power is created. It is merely redistributed from one group of people to another.

    We both know Congress cannot create new purchasing power out of thin air. If it funds new spending with taxes, it is simply redistributing existing purchasing power from the private sector to the government sector (while decreasing incentives by the private sector to produce income and output).

    If Congress instead borrows the money from domestic investors, those investors will have that much less to invest or to spend in the private economy. If they borrow the money from foreigners, the balance of payments will adjust by equally raising net imports, leaving total demand and output unchanged. Every dollar Congress spends must first come from somewhere else.

    For example, many lawmakers claim that every $1 billion in highway stimulus can create 47,576 new construction jobs. But Congress must first borrow that $1 billion from the private economy, which will then lose at least as many jobs. Highway spending simply transfers jobs and income from one part of the economy to another. As Heritage Foundation economist Ronald Utt has explained, "The only way that $1 billion of new highway spending can create 47,576 new jobs is if the $1 billion appears out of nowhere as if it were manna from heaven."

    This statement has been confirmed by the Department of Transportation and the General Accounting Office (since renamed the Government Accountability Office), yet lawmakers continue to base policy on this economic fallacy.

    What the Democrats fail to understand and most conservatives have always understood is removing water from one end of a swimming pool (the economy) and pouring it in the other end will not raise the overall water level. Similarly, taking dollars from one part of the economy and distributing it to another part of the economy will not expand the economy.
    Last edited by James Cessna; 07-22-12 at 05:29 PM.

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