Tax Havens for The Super Rich!
It seems that we are just the beasts of burden for the super Rich! Have fun flipping burgers and greeting Walmart shoppers!
serf
http://www.moneycrashers.com/offshore-pirate-banks-tax-havens/
Tax havens exist, despite the token opposition of national governments, due to the political power of the world's largest banks, such as the Bank of England and J.P. Morgan Chase, and their role in the continuing economic competition between countries. The major financial institutions are intimately and necessarily involved in the offshore system, either through wholly-owned subsidiaries and international banking facilities (IBFs), long-standing business arrangements, and/or personal relationships , allowing funds to be easily transferred from a tax haven into one of the major banks, being cleansed and made anonymous along the journey. Over the past 50 years, numerous regulations to eliminate the more pernicious effects of the offshore banking system have been instituted, only to be ignored or diluted by financiers in London and New York.
Mitt Romney pays income tax at a 14.1% rate - an equivalent to someone making about $200,000 a year - he has been actively involved in the offshore banking system, having at least 12 accounts in the Cayman Islands, according to the New York Post. His former company, Bain Capital, became so effective at using the offshore banking system that one strategy became popularly known as the "Double Irish with a Dutch Sandwich." This is a scheme with transfer payments between a U.S. parent company, two Ireland subsidiaries (one of which is not taxed and the second of which is subject to low Irish taxes), and a Netherlands subsidiary to eliminate the taxes on the second Irish company. Apparently, low tax rates are not enough for the super-rich - they seek to pay no taxes.
serf
http://www.moneycrashers.com/offshore-pirate-banks-tax-havens/
Tax havens exist, despite the token opposition of national governments, due to the political power of the world's largest banks, such as the Bank of England and J.P. Morgan Chase, and their role in the continuing economic competition between countries. The major financial institutions are intimately and necessarily involved in the offshore system, either through wholly-owned subsidiaries and international banking facilities (IBFs), long-standing business arrangements, and/or personal relationships , allowing funds to be easily transferred from a tax haven into one of the major banks, being cleansed and made anonymous along the journey. Over the past 50 years, numerous regulations to eliminate the more pernicious effects of the offshore banking system have been instituted, only to be ignored or diluted by financiers in London and New York.
Mitt Romney pays income tax at a 14.1% rate - an equivalent to someone making about $200,000 a year - he has been actively involved in the offshore banking system, having at least 12 accounts in the Cayman Islands, according to the New York Post. His former company, Bain Capital, became so effective at using the offshore banking system that one strategy became popularly known as the "Double Irish with a Dutch Sandwich." This is a scheme with transfer payments between a U.S. parent company, two Ireland subsidiaries (one of which is not taxed and the second of which is subject to low Irish taxes), and a Netherlands subsidiary to eliminate the taxes on the second Irish company. Apparently, low tax rates are not enough for the super-rich - they seek to pay no taxes.
0
-
I for one am most grateful for tax havens. We need more of them. Is it really anybody's business what the rich do with THEIR money. They earned it. Has government ever actually earned any money?
Seems nary a day goes by when BHO, socialists in congress, and of course their willing accomplices is media are not inundating us with class warfare, income inequality, and blaming the wealthy for a miserable economy and other societal problems.
Instead of trying to lift or actually help the people on the government assistance/welfare, the socialists are always trying to tax the rich and prosperous into the ranks of the impoverished.
Since LBJ and the democrats implemented Great Society policies, we have spent $20.000.000.000.000 redistributing the wealth. Today more people are on some form of government assistance than ever in history. Imagine how people of wealth see their tax money urinated away by government bureaucrats. No wonder it rests securely in tax havens. Thank goodness we have them.0 -
quote:Originally posted by chiefr
I for one am most grateful for tax havens. We need more of them. Is it really anybody's business what the rich do with THEIR money. They earned it. Has government ever actually earned any money?
Seems nary a day goes by when BHO, socialists in congress, and of course their willing accomplices is media are not inundating us with class warfare, income inequality, and blaming the wealthy for a miserable economy and other societal problems.
Instead of trying to lift or actually help the people on the government assistance/welfare, the socialists are always trying to tax the rich and prosperous into the ranks of the impoverished.
Since LBJ and the democrats implemented Great Society policies, we have spent $20.000.000.000.000 redistributing the wealth. Today more people are on some form of government assistance than ever in history. Imagine how people of wealth see their tax money urinated away by government bureaucrats. No wonder it rests securely in tax havens. Thank goodness we have them.
It's a double standard when The poor cannot hire lawyers and accountants to do they same! If all the working people contribute a percentage of their earnings and endeavors it would be fair but it's not!
It's all about intellect and the privileged and in the information age it's not going to be hidden anymore. It will cause tension and discord with the masses bet on it!
Now government wasting tax dollars is a totally different issue!
Always remember the organized use the disorganized!
serf0
Please sign in to leave a comment.
Comments
2 comments