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Thread: Super rich hold $32 trillion in offshore havens

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    Super rich hold $32 trillion in offshore havens

    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?
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    Re: Super rich hold $32 trillion in offshore havens

    This is the perfect application of The Golden Rule.

    And this report will mean nothing other than fodder for right wing talking points about those who would demonize success and have us marching to a communist nirvana.
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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?
    The money belongs to them, not the government. That so much wealth is being hidden rather than put to use is not evidence of the failure of capitalism, but of the destructive and counterproductive nature of the state.

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    Re: Super rich hold $32 trillion in offshore havens

    Quote Originally Posted by Fletch View Post
    The money belongs to them, not the government. That so much wealth is being hidden rather than put to use is not evidence of the failure of capitalism, but of the destructive and counterproductive nature of the state.
    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.
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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?

    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.

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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?
    First of all, these are global numbers- so nothing about "capitalism" can be inferred from the data.

    Second of all, so what? I think the erroneous premises here are two fold: 1) That "hoarding" is bad, 2) that the purpose of offshore savings accounts is "hiding" the money "for the sake of it."

    Thirdly, since every country taxes differently, these numbers are meaningless.
    Last edited by kamikaze483; 07-22-12 at 01:53 PM.
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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.
    It applies to MORE than just the USA...... from the article

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

    Quote Originally Posted by haymarket View Post
    It applies to MORE than just the USA...... from the article
    Okay, I missed that part.


    Still seems a bit much.

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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.
    Except it is not at the expense of the masses.

    The economy is not a closed system. Just because one person has more, does not mean someone else has to have less.
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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?
    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.

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