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Forums - Politics - $21tn hoard hidden from taxman by "global elite"

SamuelRSmith said:
Interesting to read people's raw opinions. Had I put mine in the OP, I'm sure the thread would have taken a turn of people arguing my view, rather than purely expressing theirs.

What I find interesting is that everybody immediately suggested fixes to this. I propose that it isn't even a problem.


You shouldn't be allowed to flout the law because your super rich. That's grossly unfair. Everyone else has to pay there fair share of tax (20-40% on average for most people in the developed world I guess) otherwise the taxman will be after you, you could be fined and possibly even end up in jail depending on far it goes.

These super rich elites make their money in a particular country and then stash the money away on a little island by hiring expensive yet ethically dubious accountants to exploit loopholes left in there on purpose by the politicians who are in liege with the super rich elite anyway. 



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Sony saved!!???



SamuelRSmith said:
Interesting to read people's raw opinions. Had I put mine in the OP, I'm sure the thread would have taken a turn of people arguing my view, rather than purely expressing theirs.

What I find interesting is that everybody immediately suggested fixes to this. I propose that it isn't even a problem.

If insufficient tax revenues are raised, the infrastructure and the ecosystem of the economy fall apart, and that which the super wealthy depend on collapses, their wealth will also fall apart.  There are big reasons for things being a problem.  Maybe these elite can go off and start Galt's Gulch, once they make a perpetual motion machine appear, so none of them really have to do any work, just own the capital that does the work.

It would be interesting to see you have a nice long conversation with Chris Hedges, for example:

http://www.truthdig.com/avbooth/item/chris_hedges_on_moyers_company_20120722/



SamuelRSmith said:
Interesting to read people's raw opinions. Had I put mine in the OP, I'm sure the thread would have taken a turn of people arguing my view, rather than purely expressing theirs.

What I find interesting is that everybody immediately suggested fixes to this. I propose that it isn't even a problem.

Because you find taxes categorically evil, yes. For the rest of us, something the amount of USA+Japan's GDP needs to be distributed.



Monster Hunter: pissing me off since 2010.

richardhutnik said:
Kasz216 said:
It's why taxes and investments should be levied in the countries they do business in. Not the countries they operate from.

Please clarify how you differentiate do business in from operate from.  I am not sure which one you are referring to as a legal context, vs where businesses buy and sell or produce.

How the majoirty of tax law works now is that if you own a buisness in say... france... and make sales in the US.   You would pay taxes on your profits in the US.

You own investments in the UK, you pay taxes on it in the US.

It's easy to dodge local US taxes by moving your company to dubai.

Hard to dodge the entire US market.



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Kasz216 said:
richardhutnik said:
Kasz216 said:
It's why taxes and investments should be levied in the countries they do business in. Not the countries they operate from.

Please clarify how you differentiate do business in from operate from.  I am not sure which one you are referring to as a legal context, vs where businesses buy and sell or produce.

How the majoirty of tax law works now is that if you own a buisness in say... france... and make sales in the US.   You would pay taxes on your profits in the US.

You own investments in the UK, you pay taxes on it in the US.

It's easy to dodge local US taxes by moving your company to dubai.

Hard to dodge the entire US market.

There is a form of taxation in the way that you mean, through import tax. However, if the firm sets up the manufacturing plant within the country, it can avoid many of those taxes (I say many, and not all, because pretty much all products nowadays require some kind of global sourcing).



Is that all? I would think that's not even close to the real amount.



“The fundamental cause of the trouble is that in the modern world the stupid are cocksure while the intelligent are full of doubt.” - Bertrand Russell

"When the power of love overcomes the love of power, the world will know peace."

Jimi Hendrix

 

SamuelRSmith said:
Kasz216 said:
richardhutnik said:
Kasz216 said:
It's why taxes and investments should be levied in the countries they do business in. Not the countries they operate from.

Please clarify how you differentiate do business in from operate from.  I am not sure which one you are referring to as a legal context, vs where businesses buy and sell or produce.

How the majoirty of tax law works now is that if you own a buisness in say... france... and make sales in the US.   You would pay taxes on your profits in the US.

You own investments in the UK, you pay taxes on it in the US.

It's easy to dodge local US taxes by moving your company to dubai.

Hard to dodge the entire US market.

There is a form of taxation in the way that you mean, through import tax. However, if the firm sets up the manufacturing plant within the country, it can avoid many of those taxes (I say many, and not all, because pretty much all products nowadays require some kind of global sourcing).

It can be argue the only way to completely avoid it is to go with a form of a VAT tax.  The issue with the VAT tax is that it is argued it is regressive in  nature.



The embodiment of the failure of capitalism.



21 Trillion Dollar. Thats a sum. How much does the US owe China, 2 Trillion ? It all goes to Switzerland and Caymans I wonder how much money the Banks there have.