Individuals and their families have squirreled away $21-32T of financial assets in offshore tax...


Individuals and their families have squirreled away $21-32T of financial assets in offshore tax havens, a study conducted for pressure group Tax Justice Network shows. That represents up to $280B in lost global income tax.

Comments (186)
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    This certainly water down's the democrats salads on the phony issue of Romney having an account off shore.

     

    His money is a drop in the bucket.
    22 Jul 2012, 07:55 AM Reply Like
  • 867046
    , contributor
    Comments (380) | Send Message
     
    Madav,

     

    I will attempt make the issues clear even to one with the meanest intelligence.

     

    For a potential leader of the federal government, offshore bank accounts are completely unacceptable:

     

    1) Anyone with a security clearance above secret would not be clearable. All the agencies with top secret clearances would not allow off shore bank accounts: CIA, FBI, NSA, DIA etc etc.

     

    2) Anyone working on anything nuclear with a DOE Q clearance would not be clearable.

     

    3) Anyone within the federal government who makes source selection or similar decisions (i.e. people who evaluate and award contracts) could not have offshore bank accounts.

     

    A little closer to home:

     

    4) Would biotech investors want the FDA folks who make drug decisions to be allowed to have offshore accounts?

     

    5) Would investors in general want our lame SEC enforcement folks to have offshore accounts?

     

    And yes, Obama is clearable at the top secret level because his drug use is way in the past.

     

    My standards are higher than yours and not having offshore accounts is about leadership. It's ok for Wen Jiabao and Putin to have offshore bank accounts, it's not ok for the President of the United States.
    22 Jul 2012, 09:59 AM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4498) | Send Message
     
    Taxes in any form are anti-American. Besides religious liberty, taxes were the second biggest motivator that sparked a revolution and a break away from King George(today's Big Bro).

     

    Taxes are an assault on personal private property since the money paid as taxes represent your time, hard work, your very life.

     

    Taxes are also used to reward, manipulate and payback political constituencies to moat in power. They are therefore a form of corruption.

     

    Anyone who supports higher taxes is anti-American.
    22 Jul 2012, 01:34 PM Reply Like
  • cn_habs
    , contributor
    Comments (562) | Send Message
     
    I totally agree with you and there's a reason why America has sunk lower and lower over time. How can you have a BILLIONAIRE presidential candidate paying 15% on a year basis? As a full-time Canadian student, I paid 14% because of my summer internship last summer.

     

    Once correction though... Wen Jiabao is probably one of the least corrupt leaders in China.
    22 Jul 2012, 03:23 PM Reply Like
  • Jesse99
    , contributor
    Comments (130) | Send Message
     
    Wyatt. This is flat wrong. The phrase "no taxation without representation" pretty much captures the colonists views. Taxation was not the problem, the problem was taxation without *actual* representation. Which we now have. Anyone who doesn't take the time to learn American history is a socialist agitator.
    22 Jul 2012, 03:49 PM Reply Like
  • 867046
    , contributor
    Comments (380) | Send Message
     
    Junker,

     

    So on one hand we are supposed to worship money and on the other hand we are supposed to worship Jesus.
    22 Jul 2012, 04:01 PM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    Don't taxes pay for a stong military, schools, police, fire, EMS services, trash pickup, and space exploration? All that at 15% doesn't seem unreasonable. Anyone against paying ANY taxes I see as anti-military, and anti-organized civilization. Also leading to total hypocrisy if you stop at a traffic light or stop sign, drive on a public road, or complain about potholes. (All tax funded)

     

    If you don't want to pay for those things then you're no better than occupy wall street.
    22 Jul 2012, 04:03 PM Reply Like
  • Micah
    , contributor
    Comments (499) | Send Message
     
    Wyatt, What in your opinion makes America great?
    22 Jul 2012, 04:16 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (11225) | Send Message
     
    There should be a one quarter tax holiday for all overseas holdings.

     

    Transfer the cash to domestic banks during that period and you will only have to pay 5% tax on all future income.

     

    It would help recapitalize American banks and free up even more capital to loan out to struggling businesses.

     

    It could also help us gain an even further advantage over the Asian and European economies.
    22 Jul 2012, 04:32 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4498) | Send Message
     
    Taxation is always the problem, with or without representation. Its a drag on the real economy. 'Representation' was just the excuse to keep the Beast at some manageable level of arm's length separation. Let's face it, representation has been a joke ever since 1913 and the 16th Amendment. Its all just been a giant excuse to expand federal power.
    22 Jul 2012, 05:04 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4498) | Send Message
     
    Desperate non-sequiturs aside, kid, money is a tool, but its also a unit of measurement that represents stored value of one's energy/production. I guess we should just give our lives over to the government, eh? Is that how its supposed to go in your fascist little world?
    22 Jul 2012, 05:07 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4498) | Send Message
     
    Read the Constitution. At the federal level, military yes. But that's about it. Schools are a recent invention as is public education in general. Police and fire are state issues. They can do what they want. And as far as trash pickup, I pay that as a separate bill.

     

    The old canard about roads is tiresome, boring claptrap. The Silk Road came about from free trade. If there's a market, roads will find their way to it, not the other way around as some kind of pro-union reacharound, but nice try.
    22 Jul 2012, 05:10 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4498) | Send Message
     
    Freedom. Liberty.

     

    E Pluribus Unum. From many one.

     

    Independence. The desire to be free, left alone. Protection of personal private property rights.

     

    That's about it. Its not difficult.

     

    If we go back to it, we all get wealthier.

     

    If we don't, we all get poorer together.

     

    Constrain the federal government's size, prosper.

     

    Unrestrain it, enjoy your poverty.
    22 Jul 2012, 05:12 PM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    Clap trap or not the hypocrisy remains. Of course its much easier to spout rhetoric on a website than to actually live the ideals. For your future information public education has existedsince early Tibetan society in which they paid 75% of their national income to maintain.

     

    You know nothing about the silk road so stop with your ignorant comparisons. The silk roads brought as much in disease and plague than they did actual silk. Not to mention the actual "silk road" for much of the journey was not an exact road but more a general direction. If you want your local roads to be as dangerous as that by all means stop paying taxes.

     

    Police and fire on federal land and military installations are federal entities, the state has nothing to do with either them or local municipal departments.
    22 Jul 2012, 05:22 PM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    The fact remains that no matter what instance. Every single organized society has required taxes to maintain infrastructure. Now if the argument will move beyond this to proper use of taxes (such as the research of the mating of the titsi fly) we can continue. By acting like some sort of hypocritical mouthpiece of some libertarian impossible dream....that would become a nightmare if it was reality, you sound insane.
    22 Jul 2012, 05:39 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4498) | Send Message
     
    I'd love to live the ideals, off the grid entirely. Your nanny government is 98% waste. Say, here's an idea. Give me my money back and I'll give you your roads back along with your firemen and teachers and planning departments and art grants and all the fleets of public cars with unmarked plates and etc. etc.

     

    BTW, it sounds like Tibetans were dumb if it took 75% of all their earnings to pay for a teacher's union. LOL. Dude, that's just ridic and you know it.

     

    And the silk road was suh-cary? Oh noes! So is life. Grow up. There are drive bys everyday where I live, what are we gonna do!!!!

     

    Your 'police and fire on federal land' was a nice diversion, but we know that's not true. These are state issues with state budgets and they are on state payrolls. Any other real bright ideas, kid?
    22 Jul 2012, 05:39 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4498) | Send Message
     
    Read this.

     

    http://bit.ly/Oem4h7

     

    Doesn't sound so insane does it?

     

    That's a lot of Golden Gate Bridges iddn't?

     

    Put down the pom poms and stop jumping up and down for govt.

     

    Time to go to work.
    22 Jul 2012, 05:43 PM Reply Like
  • TGC004
    , contributor
    Comments (457) | Send Message
     
    As long as you pay your taxes and declare your accounts to the IRS who cares where you put your money. The reality is that many people with lots of money put some of it off shore to protect it from tort lawyers.

     

    Passing judgement on where Romney puts his money without knowing why is not really an intelligent thing to do.
    22 Jul 2012, 05:57 PM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    Every thing I said was true. There isn't one fire department in America on any state payroll (outside of wildland fire fighting in the west) and the fact that you believe that destroys the rest of your arguments. Lack of knowledge is a dangerous thing.

     

    You don't know anything about life being scary I spent quite a bit of time in areas of the world that really are scary....the fact that you wanna live safe and sound off the grid just proves that you don't know what "scary" parts of the world are like.

     

    Those parts of the world allow for off the grid living. If you have the balls you can move to any of the pretty easily.

     

    A safe and secure most likely "silver spoon" whining about taxes LOL I love it.
    22 Jul 2012, 06:21 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    You're standards are higher than mine?

     

    You are stating that an off shore account implies malfeasance of some kind, then what is it? Care to cite what part of the US Code or law you are referring to that makes this inappropriate? Or is this simply an agency policy issue? Oh wait thats right, its a policy issue within your agency...so you are completely wrong!

     

    Lets talk something that makes more sense, since the president is not held to the standards of agency policy. If the president were, he would have been disqualified for past drug use as most agencies would disqualify him based on his admittedly enthusiastic participation in hard drug use, cocaine, ect. Marijuana has become more excusable, however hard drugs have not.

     

    An offshore account could by interpretation be considered a conflict of interest since most of these banks are "centralized" government run entities. However you don't know what banks he is involved with, whether they are foreign government run or if its a Citibank in Cayman islands.

     

    Tax shelters are a normal part of a wealthy individuals portfolio. There are no issues with this, and are simply made up by liberal hacks like yourself, who are attempting to paint a mormon bishop as a criminal. It doesn't work.

     

    You don't hold a president to agency policy, which isn't law your jack ass. That agency policy could change with the next director, without presidential approval, your agency is not the law, it follows orders.

     

    Go sit down back at your cubicle and get those STP reports done you data entry specialist.
    22 Jul 2012, 06:28 PM Reply Like
  • Tom Armistead
    , contributor
    Comments (6216) | Send Message
     
    Romney's father disclosed 12 years of returns. From Mitt, you get 1 year, plus an estimate.

     

    He's got something to hide, and it's bad enough to take him out of the race.

     

    Otherwise, why doesn't he just provide us with a 12 year history of his earnings, to reflect his great business acumen?
    22 Jul 2012, 06:31 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    He is not a billionaire, he is probably worth around $250M which is no where near Bill Gates or Mr. Slim from Mexico.

     

    Second, HE IS RETIRED!

     

    His investment income by law is taxed at 15%
    22 Jul 2012, 06:32 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Thank you for that, finally another sensible person enters the conversation.
    22 Jul 2012, 06:32 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Amen bro.
    22 Jul 2012, 06:33 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Taxes were not even introduced until the 20th century, so what planet do you live on?

     

    The vast majority of our countries existence survived on trade taxes and customs duty. You need to learn history. At least take a 20th century American history class.
    22 Jul 2012, 06:35 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2229) | Send Message
     
    Nice comment but it is okay for you to provide no biographical information while making these comments, correct?
    22 Jul 2012, 06:41 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Lets look at reality of what 15% of Romney is giving compared to 15% of someone who makes 25,000 a year.

     

    Romney: $250M @ 15% = 37,500,000 in taxes
    Joe the Plummer: 25,000 @ 15% = 3,750

     

    Lets put it in perspective though, the context is, Romney still has 212M left, and Joe only has 21,250 left. This is why we have a progressive system.

     

    However, for a very long time, it was the states responsibility to provide for its citizens from roads to schools.

     

    Its not so cut and dry.
    22 Jul 2012, 06:41 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2229) | Send Message
     
    Why doesn't your heroine, Nancy Pelosi provide her tax returns?
    22 Jul 2012, 06:43 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    But you see that would expose the hipocrits in the democrat party who want to tax the scrap out of it. But if they instead let all the money back for free with an advantaged rate, that would be opposite of what they claim to believe in!
    22 Jul 2012, 06:46 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (11225) | Send Message
     
    The democrat party is the party of Detroit and California.

     

    Do you want your whole country to be fiscally managed like Detroit or California has been "managed"?
    22 Jul 2012, 07:13 PM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    Your article doesn't mean anything to me. I was a supporter of McCain...mostly on his military record. I am no friend of Obama but I am also no friend to someone who advocates zero taxes and claims anyone paying taxes is un-american.

     

    That smacks to me of anti-military, a stance I will not accept in any circumstance.
    22 Jul 2012, 07:19 PM Reply Like
  • Cincinnatus
    , contributor
    Comments (6187) | Send Message
     
    Armistead, has Obama shown you 10 years of his tax returns? All that Romney's would show is that he's a capitalist, and being the fascist that you are you'd attack him for it.

     

    It doesn't bother you at all that 30% of Obama's income comes from overseas assets. Nor does it bother you that his grades were so low in university that he's afraid to release his transcripts and prove that he's an imbecile, which as he can't speak without reading from a teleprompter we already have evidence of.
    22 Jul 2012, 08:01 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    867

     

    OK so if the US is going to enter into a Weimar style inflation spiral it is not OK with you to move money into other currencies? We should all be stupid and go down with the ship? Do you think John Kennedy had no money outside of the US or his family?

     

    The movement of capital is for real reasons and there should be a lot of self reflection on why US citizens move money out. Some or even a lot maybe very rationale. On the other side it is worth noting there is a lot of money flowing in right now from Greece, etc.

     

    Being irrational and emotional is not a strategy.
    22 Jul 2012, 08:05 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    TA

     

    Who gives a crap about MR's returns? Personally I hope he made a killing doing all kinds of things because we need a creative mind like that to get us out of the financial jam we are in now.

     

    Obviously he business acumen is great enough that he is rich so move along. Better than making money off writing self indulgent books and living off peoples' taxes. What value has that added?
    22 Jul 2012, 08:08 PM Reply Like
  • Tom Armistead
    , contributor
    Comments (6216) | Send Message
     
    Cincinnatus,

     

    Barak offered me the opportunity to look at 20 years worth, but I told him no thanks, I trust you.

     

    Obama is bright enough to figure out that two expensive unfunded wars, a wildly extravagant prescription drug benefit, and massive tax cuts for the rich don't add up. It's a pity Bush couldn't figure that out.

     

    Obama also has noticed that lack of regulation in financial markets gave us a financial crisis that very nearly morphed into a Depression. He rescued us from that plight, against the vehement oppostion of the Republican lunatic fringe, who were so blinded by their own nut case ideology they couldn't think straight.

     

    Romney's sole experience in public office was a Governor of Massachusetts, and his biggest achievement was mandatory health insurance, a program that served as a model for Obamacare. As soon as Obama brought in his reform, Romney tried to forget and hide his role in soving the healthcare problems in Massachusetts.

     

    Romney flip flops on issues, trying to align himself with the lunatic fringe of the Republican party.

     

    Romney himself is a walking, talking advertisement for taxing the rich. Listen to him sing the national anthem, it inspires you to confiscate the $30 trillion of secret assets hidden in all these offshore tax haven accounts.
    22 Jul 2012, 08:19 PM Reply Like
  • TGC004
    , contributor
    Comments (457) | Send Message
     
    I bet libs would think investing in an MLP is tax avoidance, they are pathetic.
    22 Jul 2012, 08:26 PM Reply Like
  • TGC004
    , contributor
    Comments (457) | Send Message
     
    At least where I live, federal taxes pay for the military, State and local taxes pay for schools (mostly local property taxes), fire and EMS are all local taxes, trash is a personal bill not paid for by taxes, space exploration is no longer something the US government is involved in, we pay Russia to do that now with federal tax dollars and other peoples money (borrowed).
    22 Jul 2012, 08:30 PM Reply Like
  • Tom Armistead
    , contributor
    Comments (6216) | Send Message
     
    Tomas,

     

    Inquiring minds want to know, what is in those returns?

     

    Romney is secretive, opaque, evasive. We had a Republican president once, who answered that description, his name was Nixon.

     

    We need transparency in financial markets, not obscurity and obfuscation. Romney is the last person on earth you want as President, with a country that is still trying to shake free of domination by TBTF banks, hedge funds, and private equity.

     

    Romney's experience and expertise lies in screwing the middle class, and redistributing their life savings to those who already have too much.
    22 Jul 2012, 08:37 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    30 trillion, buahahahahah lol I am pissing myself. I won't vote for a guy who can't sing. Oh America the beautiful is not the national anthem dumb ass. So Romney has more money in off shore accounts than double our nations GDP. Buahahahahababababab I can't stop laughing at the pitiful ignorance this this jack ass, another elementary school drop out they just keep showing up and embarrassing themselves!

     

    So you personally know the president and is his advisor? Bababahahaha
    22 Jul 2012, 08:55 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Romney is EXACTLY what we need. We have never had a man so qualified for the current situation at hand its as if God placed him here for this reason. You cannot dispute his over qualification to be president based on past presidents who do not hold a twig in comparison to his qualifications. Obama will get run over by a freight train come the debates and all we will see is a studdering blabber mouth idiot with no answers to the hard questions.
    22 Jul 2012, 09:02 PM Reply Like
  • Tom Armistead
    , contributor
    Comments (6216) | Send Message
     
    madav1138,

     

    It appears you have a little difficulty dealing with humor.

     

    A sense of humor helps.
    22 Jul 2012, 09:08 PM Reply Like
  • Hendershott
    , contributor
    Comments (1784) | Send Message
     
    God put him there?
    22 Jul 2012, 09:09 PM Reply Like
  • dcl3500
    , contributor
    Comments (23) | Send Message
     
    I agree and have to wonder, additionally, what was in the returns he provided to McCain that made McCain turn away from him?

     

    If we get the answer to that question, we will understand why we don't want him in the Oval Office.
    22 Jul 2012, 09:14 PM Reply Like
  • dcl3500
    , contributor
    Comments (23) | Send Message
     
    Umm, you say taxes were not introduced until the 20th century, then in the next breath you say we existed on, wait for it, taxes and duties, so which was it, no taxes or taxes. Just because they were trade taxes and duties does not take away from the fact that they were indeed taxes, taxes that our ancestors paid in one fashion or another.

     

    As a further aside, the Revolution was not about religious freedom, that issue was why so many came to the "New World" starting a couple centuries earlier, long before we had a tea party in Boston and a declaration because of taxation without any representation in the House of Commons or Lords.
    22 Jul 2012, 09:23 PM Reply Like
  • ColdLogic
    , contributor
    Comments (81) | Send Message
     
    If the mafia had only built roads and provided their victims with schools and bridges, these people would be defending the mafia.
    22 Jul 2012, 09:23 PM Reply Like
  • ColdLogic
    , contributor
    Comments (81) | Send Message
     
    Ok, from another perspective, Romney was forced to pay $37,500,000 to government officials to spend. He received that money through voluntary transactions and contracts with other consenting payers who received more value in exchange for their money or else they wouldn't have done the trade... so why is the other side of the transaction not forced to give a portion of their wealth to govt officials? If someone trades 5 ducks for $20, why does only the person who gets stuck with the money have to pay up? Why doesn't the person who received 5 ducks pay govt a duck or the equivalent value of a duck in money?
    22 Jul 2012, 09:26 PM Reply Like
  • dcl3500
    , contributor
    Comments (23) | Send Message
     
    The Silk Road was a path, for the most part unimproved and traversable by mule and horse. Folks like you are the first to complain when the road is closed, when the watermain breaks, or when the stoplight is off, but you also complain the loudest that you have to pay taxes to maintain the same.
    22 Jul 2012, 09:27 PM Reply Like
  • dcl3500
    , contributor
    Comments (23) | Send Message
     
    Not entirely off the grid, I see you are posting here via the internet. Isn't that sponsored and created through government funding?
    22 Jul 2012, 09:29 PM Reply Like
  • Tom Armistead
    , contributor
    Comments (6216) | Send Message
     
    Hendershott,

     

    The God of madav1138's understanding, perhaps.

     

    It's always hazardous to introduce metaphysical conceptions into a political discussion.

     

    Maybe madav's God can answer the question, what is in those returns, that Romney is so eager to conceal them?
    22 Jul 2012, 09:34 PM Reply Like
  • Tom Armistead
    , contributor
    Comments (6216) | Send Message
     
    Cogent comment.
    22 Jul 2012, 09:35 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    I was talking about income taxes imbecile.
    22 Jul 2012, 09:46 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Just ask Al Gore.
    22 Jul 2012, 09:47 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    They do.

     

    Ask anyone in Medellin.
    22 Jul 2012, 09:47 PM Reply Like
  • bdarken
    , contributor
    Comments (649) | Send Message
     
    This straw-man debate is designed to fog the fact that it's not about the taxes...It's about the spending.
    22 Jul 2012, 10:40 PM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    That's a silly comment, why must people take things to the extreme in a minor debate. The government doesn't provide us with anything WE pay for it.

     

    Mafia is only dangerous to other mafioso, if you have the common sense to never get involved in things much bigger than you that shouldnt have your nose involved in, then you can live your entire life and not be the victim of a "hit"......of course this is all said in jest.
    22 Jul 2012, 11:02 PM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    I think that's the saddest thing. I'd be willing to pay another 100 a year if it ensured my government still did space exploration or even better stop funding the muslim brotherhood who doesn't have any respect for national borders and (mark my words) within the next 100 years will push to eliminate those borders in lieu of some sort of giant islamic state.
    22 Jul 2012, 11:05 PM Reply Like
  • WMARKW
    , contributor
    Comments (10798) | Send Message
     
    madav1138.
    Everyone of the detractors who spout about this issue of 15% tax will also take every available tax break offered on their tax returns. So this is hypocrisy in the highest form. If they don't like the tax code then have their congressional representatives change it.

     

    Ch_habs.....wow 14%.....you should be outraged then at the 47% of Americans who pay NO Federal Income Tax - are you?
    22 Jul 2012, 11:29 PM Reply Like
  • WMARKW
    , contributor
    Comments (10798) | Send Message
     
    Really.....something to hide? You are willing to make that comment with no evidence whatsoever? And yet you are willing to accept a patently fabricated birth certificate from "President Obama". Goodness?

     

    Have you seen Obama transcripts? Any indication of how he paid for his education? Are you a hypocrite too in the sense of what you are willing to except from one and not the other?
    22 Jul 2012, 11:31 PM Reply Like
  • WMARKW
    , contributor
    Comments (10798) | Send Message
     
    867046 Thanks for the information. Now let's get down to reality. My boss has a "offshore" bank account in China, because we have a business there. So....I guess he's not only disqualified, but also got something to hide? Perhaps he's trying to avoid paying taxes.

     

    How many people have companies that are "domiciled" in the BVI, or in Cayman Islands, or in other countries? Oops. There is a requirement for them to have an Offshore Bank Account.

     

    Frankly sir, I think you only scratch the surface with your analysis?

     

    Now, someone would be so kind as to provide all of us with an explanation of how an offshore bank account avoids taxes, that would be helpful. Please kindly do so.

     

    Several years ago while visiting New Zealand, I personally looked into opening a bank account at a NZ bank.....oops, because the interest rates they offered on savings accounts and CD were 3 - 4% higher than those being offered in the US. It was also a way to diversify currency holdings.
    22 Jul 2012, 11:35 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Like I said, ask the residents of Medellin Colombia if they have any control over it. Ask them if they refuse to cooperate, what will happen to them?

     

    Just because you cower and ignore what goes on in your own neighborhood doesn't mean its not going to affect you.
    22 Jul 2012, 11:37 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Space exploration will be worth the cost once we find something of value out there. Something to mine, or a resource.

     

    I find Mars fascinating, but we don't need to send a man to that planet, our robots are doing a fine job at it.
    22 Jul 2012, 11:38 PM Reply Like
  • WMARKW
    , contributor
    Comments (10798) | Send Message
     
    And goodnessTGC004....I haven't seen ANYONE on this issue threaten to do a tax audit on Romney because of a perception that he has cheated on his Taxes.......oops....there was that Timmy Geithner matter wasn't there. Hypocrisy?
    22 Jul 2012, 11:38 PM Reply Like
  • cn_habs
    , contributor
    Comments (562) | Send Message
     
    If he declared he was only worth 250M, how much hundreds of millions do you think has he put under his wife and kids's name in their off shore accounts?
    22 Jul 2012, 11:41 PM Reply Like
  • lhaeger
    , contributor
    Comment (1) | Send Message
     
    I think the term confiscate is not a word used in a democratic society, sounds more communist to me, or as your hero says, lets spread the wealth so we can all be equally poor and pathetic. Romney has broken no laws, except the ones in your mind.
    22 Jul 2012, 11:42 PM Reply Like
  • WMARKW
    , contributor
    Comments (10798) | Send Message
     
    How can you possibly consider McCain a character witness.....the man is a wife beater? His last attempt at running for President provided adequate testimony to his plethora of weaknesses.
    22 Jul 2012, 11:46 PM Reply Like
  • WMARKW
    , contributor
    Comments (10798) | Send Message
     
    Well, buy looking at the number of MLP's whose offices are based in NY and whose officers have distinctly "Jewish" names, I would find it hard not to believe that many are run by "liberals".
    22 Jul 2012, 11:48 PM Reply Like
  • WMARKW
    , contributor
    Comments (10798) | Send Message
     
    RSI - don't you mean to say "If the Rich don't want to pay their fair share to pay for those things?" since 47% of the filers pay no Federal Income Tax whatsoever???? I guess all those "poor" people are no better than the OWS crowd?
    22 Jul 2012, 11:51 PM Reply Like
  • WMARKW
    , contributor
    Comments (10798) | Send Message
     
    DVL....I wouldn't mind a repatriation holiday....Now convince the Chinese to let you take retained earnings our of China?
    22 Jul 2012, 11:55 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    TA

     

    I hope you are being paid by Obama because you are a good lap dog with all that populist garbage.

     

    Romney has likely saved and created more jobs in America that can actually be proven than Obama by a long shot and did not run up debt he dropped on the American taxpayer to do it. You are spouting political talking points not real business sense which is going to be hard to blow by people who deal with real jobs in a real economy both of which Obama has never seen.

     

    If Romney does not want to share his tax returns personally I don't care. I assume he made massive money and he brutally restructured companies to do it and try to keep them in business. Big risk and big return. And by the way if they companies he invested in were so great they would get a loan from a bank or go to the capital markets to solve their problems. They were sick puppies.

     

    Go ahead and sit in your lazy boy and carp about people you are really jealous about but you are forgetting that we actually need a President that can walk and chew gum at the same time. Someone who can solve a really screwed up country with financial problems and Obama is not that guy.

     

    Most of what you said is so much garbage it is not worth addressing point by point.
    23 Jul 2012, 12:15 AM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    He probably contributed $1.00 to the Sierra Club which has him embarrassed for life.
    23 Jul 2012, 12:16 AM Reply Like
  • Cincinnatus
    , contributor
    Comments (6187) | Send Message
     
    Armistead, you'd never ask Obama for even one year. You don't give a crap about how incompetent Obama is or how much his interests are aligned with foreign corporations. As long as he's piling on debt and weakening the US that's enough to give you a hard on.

     

    Obama has never had any experience as an executive and his pathetic attempt to play US President shows that. Romney has held executive positions in and out of government and been successful at them. Obama didn't even serve out his term in the US Senate and had a short career as a state legislator. Most of his time has been spent as a community aggitator and vacuous academic.

     

    The $30 trillion of secret assets hidden in offshore tax havens is just more of your fanatical, wacked out imagination. Like all fascists the first rule of propaganda is repeat the lie over and over. You'd have made a perfect snitch in the East German Stasi. You've got the paranoia of those around you combined with the need to have your nose in everybody else's business and the willingness to make up lies to further your attempt to smear those that won't play your political games.
    23 Jul 2012, 12:45 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    WHO CARES!!! Why do you care?
    23 Jul 2012, 12:50 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    What makes you believe that Romney wanted to be vice president?
    23 Jul 2012, 12:59 AM Reply Like
  • Cincinnatus
    , contributor
    Comments (6187) | Send Message
     
    Armistead, this isn't East Germany and you aren't a jack-booted member of the Stasi, all your dreaming aside. Romney isn't secretive, opaque, or evasive. The IRS has seen his returns, just as they've seen yours and mine. You have no right to invade other's privacy.

     

    If you don't want Wall Street running things then you certainly don't want Obama in office. Most of Wall Street is Democrat, and Wall Street heavily contributes to Democrat campaigns. When Obama took office only two other members of Congress had taken in more in lifetime campaign contributions from Wall Street - Dems Chris Dodd and Barney Frank, and both of them had decades in office. Obama had less than one term in the US Senate.

     

    As one would expect from the money flow Wall Street has a cozy relationship with Obama and they have easy access to the White House back-room dealings. Dimon and Blankfein have visited the White House so often they have their own revolving door.

     

    http://bit.ly/NqYQKd
    http://xfin.tv/MiiAva
    http://xfin.tv/NqYTpm

     

    Questions for you Armistead: why is Obama protecting Jon Corzine from prosecution? Why is the lamestream liberal media not going after Corzine, one of the more accomplished Democrat crooks that have come out of Wall Street and like most Dems has spent his whole life screwing the middle class?
    23 Jul 2012, 01:51 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Terrific response if Romney was hiding something in his tax returns, wouldn't he be under investigation by the IRS?

     

    What does the media think they will find that the IRS did not?
    23 Jul 2012, 01:58 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Yes, and for a small donation I will exercise your demons! 19.95 limited time offer!
    23 Jul 2012, 02:04 AM Reply Like
  • Cincinnatus
    , contributor
    Comments (6187) | Send Message
     
    "I see you are posting here via the internet. Isn't that sponsored and created through government funding?"

     

    a) Al Gore created the internet.
    b) The government created the internet.
    c) Private enterprise created the internet.

     

    Hint: if you're a fool choose (a) or (b).
    23 Jul 2012, 02:10 AM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    Now thats an interesting addition to the argument. Those that pay no taxes are no better than the OWS crowd, but if you read his previous arguments he advocates for no American paying any taxes....too which I find completely ridiculous. That's why I fully support the flat tax idea.
    23 Jul 2012, 08:03 AM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    Now you're just making personal attacks. My years in the military have filled out my resume in terms of not "cowering". I personally just don't care about an illegal casino down the street from my house. Thats minding my own buisness not "cowering".
    23 Jul 2012, 08:06 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Thats called complacency and you are then part of the problem.

     

    Hear no evil see no evil, so you make it ok by your inaction.
    23 Jul 2012, 08:12 AM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    Its not complacency.....get a dictionary. Hahahaha You're part of the problem...you're simply another person "offended" by everything going on around you thats not affecting you.

     

    Get your binoculars out of my front window peeping tom.

     

    Better yet get your fanny pack and reflective vest and get out on your neighborhood watch shift.
    23 Jul 2012, 08:20 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Then you don't know the meaning of complacency. You are being complacent by not taking action to improve your own community. Stay ignorant, crime begets crime especially since you are too chicken $hit to do anything about it, here come the robberies, ect.
    23 Jul 2012, 08:25 AM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    complacency [kəmˈpleɪsənsɪ], complacence
    n pl -cencies, -cences
    1. a feeling of satisfaction, esp extreme self-satisfaction; smugness
    2. an obsolete word for complaisance

     

    How's it feel to get educated by someone much younger than you.

     

    It's not ignorance when you are aware of a situation and choose not to get involved its called live and let live.

     

    Why are you on here posting super hero? I'm sure there's crime to fight in your community Batman!

     

    Oh just another with high ideals from their comfy couch but low action.
    23 Jul 2012, 08:30 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    com·pla·cen·cy (km-plsn-s)
    n.
    1. A feeling of contentment or self-satisfaction, especially when coupled with an unawareness of danger, trouble, or controversy.

     

    It's not ignorance when you are aware of a situation and choose not to get involved ...

     

    You are officially an idiot.

     

    That is exactly what ignorance is.
    23 Jul 2012, 08:39 AM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    ignorance [ˈɪgnərəns]
    n
    lack of knowledge, information, or education; the state of being ignorant

     

    YOU are officially an idiot x2

     

    But I suppose if I made up my own definition like you did I'd be wrong! Ha enjoy.

     

    It was great Batman but I've actually got work to do can't banter with you all day. I'm sure you've got prostitutes to bust and gangs to break up anyway!
    23 Jul 2012, 08:46 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    How's it feel to get educated by someone much younger than you.

     

    Do you know what grammar is genius?
    23 Jul 2012, 08:47 AM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    Hahahahaha so all we can do is devolve into grammar attacks? Just walk away it's all over.
    23 Jul 2012, 08:53 AM Reply Like
  • WMARKW
    , contributor
    Comments (10798) | Send Message
     
    Jealous, I guess.
    23 Jul 2012, 08:55 AM Reply Like
  • mustbepatient
    , contributor
    Comments (90) | Send Message
     
    cn_habs, you are probably right about Wen Jiabao, but I think the point of his post is that some corruption from a top China official would be expected/acceptable, which is true.
    23 Jul 2012, 08:59 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Actually I do, since you don't know I have a real mans job, you can go back to your data entry cubicle poindexter.
    23 Jul 2012, 09:00 AM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    HAHAHAHA that's right your a big tough man! Only someone who isn't would pound their chest to a random person on the internet about how manly they are. You really are making yourself much more pathetic just stop before you tell me next your gonna come "beat me up" Hahahaha
    23 Jul 2012, 09:03 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    You are potentially funny, but you aren't. Just the fact that you say its ok to have criminals on your street and you are ok with that, shows the lack of character you have. You are not getting anything over me buddy, sorry.
    23 Jul 2012, 09:04 AM Reply Like
  • RSI Raistlin
    , contributor
    Comments (476) | Send Message
     
    Character shmaracter character doesn't keep my family safe being street smart and not bringing unwarranted trouble down on my family keeps them safe.

     

    Your opinion on my character is, yet again, irrelevant.

     

    We all can't be Charles Bronson....even he learned the lesson of being a super hero bringing trouble down on his family, Death Wish 2 I believe.
    23 Jul 2012, 09:09 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Ok ok, you are not impressing anyone with your over bearing and inability to stay on subject. We are talking about money abroad and such. Care to add anything or not?
    23 Jul 2012, 09:21 AM Reply Like
  • BruceInKY
    , contributor
    Comments (445) | Send Message
     
    "it inspires you to confiscate the $30 trillion of secret assets"

     

    I was going to chide Cincinnatus for calling you a fascist, but seriously?
    23 Jul 2012, 10:11 AM Reply Like
  • Hendershott
    , contributor
    Comments (1784) | Send Message
     
    Fanatical whacked out imagination?....you need to read the study quoted in the original story. We did have a CEO for President recently and onother one for VP. Things didn't work out so well.
    24 Jul 2012, 01:03 PM Reply Like
  • Hendershott
    , contributor
    Comments (1784) | Send Message
     
    So, if there's nothing there then just put the info out. What's the problem?
    24 Jul 2012, 03:13 PM Reply Like
  • Hendershott
    , contributor
    Comments (1784) | Send Message
     
    Wyatt, why don't you just move to a country with a small, ineffective government? Like Yemen, for example or Ethiopia or maybe Pakistan, or even Afghanistan. You are a bright guy, look around the world. You can figure this stuff out, You're really not as dumb as you act. I don't know about your buddy Madav though.
    24 Jul 2012, 03:20 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    Hen

     

    So small = ineffective thus I presume you think big = effective?

     

    Can't we have small and effective?
    24 Jul 2012, 03:25 PM Reply Like
  • Hendershott
    , contributor
    Comments (1784) | Send Message
     
    Just look around the world and see what has evolved and how well it works. Anything is possible in theory, the question is what has happened in the real world.
    24 Jul 2012, 03:37 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    OK. Here is your real-world proof.

     

    Pervasive legacy centralized governments like the USSR and PRC have shown total collapse. Mega large centralized governments like in Europe are teetering and trying not to collapse. We are right behind them.

     

    So let's go back in history. Centralized large kingdoms like GB and the Roman Empire collapsed as they could not manage the scale and issues of so many people and they were more interested in their togas then whatever was happening in the provinces. And all they wanted from the people is more taxes. Let's go further to Biblical times. The nation of Israel split in two and a lot due to heavy tax burdens on the people.

     

    Government always expands and becomes disconnected from the citizens until collapse unless there is discipline and the ability to take on less. Government naturally destroys its environment for many reasons not the least of which is that they believe everything they do is good and nobody connects all the taxes and government self interest with total destruction.
    24 Jul 2012, 04:47 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    The problem is that people like you and Obama are chomping at the bit to sift through it and paint a picture of criminal fallacy. As if he did something wrong, like making big money. They will attempt to paint him a rich white man who can never relate to you, and have nothing to do with any wrong doing. It is not in Romney's interests to go above and beyond what the law requires. He is following the requirement yet you still act as if he has done something wrong by not releasing it. He released them to the IRS, and the McCain campaign and no one has found anything wrong.

     

    Get over it birther!
    24 Jul 2012, 05:03 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Look around the world? LOL how it works is bankruptcy dumb ass.

     

    You think you are being smart and witty, but your comments fall flat of logic or reason. TVP below just demonstrated the error in your point of view, even though you will not see it that way and continue to drink your own Kool aid.
    24 Jul 2012, 05:04 PM Reply Like
  • WMARKW
    , contributor
    Comments (10798) | Send Message
     
    Is Switzerland an example? They seem to have been able to say out of most of the frey's?
    24 Jul 2012, 05:44 PM Reply Like
  • Hendershott
    , contributor
    Comments (1784) | Send Message
     
    So which countries, with small, unobtrusive governments, are successful?
    25 Jul 2012, 12:31 AM Reply Like
  • Hendershott
    , contributor
    Comments (1784) | Send Message
     
    They're about as intrusive as a government can get as far as what people can and cannot do.
    25 Jul 2012, 12:34 AM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    Marinate for a while in the evidence that I have already presented that big centralized governments dominating the economy fail and have done so for 1000's of years. Absorb it into you thinking because it is consistently true.

     

    Hard to believe isn't it that the real axiom is that piggish government fall? How can it be that be centralized government can fail? Don't alot of people carry the common wisdom that the more government does the better? We are all in this together? Common wisdom is really a reflection more of common greed and government confiscation and the extreme conclusion of it is failure.

     

    Then think about Singapore for a while. Reasonable sized government just clicking along. Government does not have to go to zero but there are burdens and insensitivity that people will just not tolerate and it is historical across countries, nationalities and boundaries.
    25 Jul 2012, 12:44 AM Reply Like
  • Hendershott
    , contributor
    Comments (1784) | Send Message
     
    No disagreement about the fate of centralized governments in the past, the fate of the PRC is not settled yet. The fate of decentralized federalist systems hasn't been as stark as that of the USSR but some are clearly failing now. What about Germany? Huge economy that seems to function, at least for now. You have to notice that the countries that appear to function reasonably well are countries with trade a trade surplus, which is problematic because everyone can't have a surplus.
    25 Jul 2012, 12:45 AM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    The fate of the PRC has been settled. They have opened up as much as they can to avoid starvation. If that dramatic turn about is not rejecting a failed vision of Mao then I don't know what is.

     

    Germany is unique to itself as they have not carried a military since WWII and they are likely the best engineers in the world as related to cars and other industries. They have been hyper focused on it for many decades and they also seem to have a natural talent or culture that supports their industry and engineering efforts. Or another version is that they built an incredible industry to support their WWII efforts and the remnants of that build the country for the next 60 years plus.

     

    You are right on that not eveyone can have a trade surplus. Call Obama and tell him that because he entertains the idea we can export our way out of financial trouble. He does not understand our relative competetiveness in the world. We have areas where we are very competetive and other areas we have no chance.
    25 Jul 2012, 12:55 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    check the CIA world fact book,

     

    they have all kinds of useful information about every country in the world.
    25 Jul 2012, 01:28 AM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    It is not a free for all for sure but they are efficient. I guess your next theorem is that freedom and large size go together. That cannot be true.
    25 Jul 2012, 09:42 AM Reply Like
  • Hendershott
    , contributor
    Comments (1784) | Send Message
     
    No "theorem" except that extremes don't work. Too much government stifles economics and too little fails to support it. A basic conclusion is that a trade surplus makes up for a lot of other problems up to a point. Ireland continues to run positive balances but that hasn't overcome the real estate/bank problems. Each country is obviously unique.
    25 Jul 2012, 10:45 AM Reply Like
  • markcc
    , contributor
    Comments (3073) | Send Message
     
    yomas and Hendershott...

     

    It is clear that classic economics.. Where governments are acting rationally does not work when the governments are so far in debt that payments are jeopardized.. The likelihood of tax increases is extreme and business is reacting to the likelihood of government confiscating the value of their labors through the tax mechanism. This just points out the need for focusing on reducing government expenditures.

     

    I have a real hard time telling my son to invest in an education if the government is only going to take the benefits of his work away. The current middle class thinking wants push him down into the middle class after he works so hard to get ahead.
    25 Jul 2012, 11:44 AM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    Hen

     

    Agree. The argument is then what is government's scope and how much do they take before people opt out. I think we are there now unfortunately.
    25 Jul 2012, 03:53 PM Reply Like
  • Jesse99
    , contributor
    Comments (130) | Send Message
     
    Where would you rather live Wyatt, Sweden or Somalia?
    /thread.
    31 Aug 2012, 12:47 AM Reply Like
  • chopchop0
    , contributor
    Comments (5218) | Send Message
     
    What about Singapore?
    31 Aug 2012, 01:31 AM Reply Like
  • bbro
    , contributor
    Comments (11227) | Send Message
     
    "Individuals and their families have squirreled away $21T-$32T of financial assets in offshore tax havens"

     

    The article started with the word " Rich" why did you decide to leave
    that off??
    22 Jul 2012, 07:55 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Why does it matter?

     

    People don't like to have money confiscated from them for being successful.
    22 Jul 2012, 07:56 AM Reply Like
  • Terry330
    , contributor
    Comments (881) | Send Message
     
    Hardline Conservativies have borrowed trillions in war debt,with trillions more needed to care for disabled over 65+ years, and now they tell the american people they will not pay any taxes. Federal taxes are at a 58 year low.
    22 Jul 2012, 09:10 AM Reply Like
  • chopchop0
    , contributor
    Comments (5218) | Send Message
     
    If you are so worried about the "federal tax burden" at a 58 year low.....

     

    How about we start to agree to raise taxes on EVERYONE, not just the "rich" which is a silly definition anyways (if you consider >$200K individual "rich", which is what Obama does), and use that money to pay off the national debt, not sit there and give out more government benefits
    22 Jul 2012, 11:05 AM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4498) | Send Message
     
    Hardly trillions in war debt. Hardly.

     

    If you want to talk in the plural using the word 'trillions' then we need to be honest and say that a plurality of trillions has been spent instead on social programs, transfer payments, welfare and the lies of broken promises of guaranteed entitlements. Then, and only then can you use the word 'trillion' in the plural.

     

    As it stands, war spending has remained static as a percentage of overall government spending, yes, even in the last two 'wars'.

     

    You are very simply, uneducated.
    22 Jul 2012, 01:38 PM Reply Like
  • ColdLogic
    , contributor
    Comments (81) | Send Message
     
    Because nobody is indebted except the individual politicians who created the debt, and those individuals who empowered them by voting them into office. Nobody else holds any liability for the national debt.
    22 Jul 2012, 09:29 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Notice how comfortable with the word Trillions the liberals are at just throwing it around like monopoly money.
    22 Jul 2012, 09:49 PM Reply Like
  • WMARKW
    , contributor
    Comments (10798) | Send Message
     
    In the first place I totally disbelieve the $30 Trillion number. NO way?

     

    "According to an extensive study by auditing and financial advisory firm Deloitte, US millionaire households now have $38.6 trillion in wealth. On top of the $38.6 trillion that this study reveals, they have an estimated $6.3 trillion hidden in offshore accounts."

     

    http://bit.ly/OaaAir

     

    In order for the this SA post to be true, which is contradicted by the Deloitte report, the average person would have to have about 75% of their wealth held offshore. IMHO, the vast majority don't hold that much liquid wealth. It's tied up in closely held business, stock, etc. NOT CASH!
    23 Jul 2012, 12:03 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Deloitte

     

    Another quality business run and founded by a mormon. Go figure...starting to see a pattern about mormons here.
    23 Jul 2012, 01:03 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    @ Terry330

     

    So what has changed in the last 4 years?

     

    ...nothing...
    4 Sep 2012, 12:46 PM Reply Like
  • bbro
    , contributor
    Comments (11227) | Send Message
     
    Not sure that resonates with the undecided voter in Ohio.....but I understand what you are saying...
    22 Jul 2012, 08:03 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    It's easy to paint the "rich" as evil doers that only want to screw everyone over for their own benefit, but lets take a look at our two candidates. One of them donated 16% of his income to charity, the other only 1%. Which one is which?
    22 Jul 2012, 08:04 AM Reply Like
  • bbro
    , contributor
    Comments (11227) | Send Message
     
    Again what we think doesn't matter this election will decided by the 3%
    who are truly undecided...they are white, a women,moderate in viewpoint,
    independent in affiliation,under 45 years old,make under 50,000 a year.
    and say they are a non tea party member...
    22 Jul 2012, 08:08 AM Reply Like
  • robgra
    , contributor
    Comments (1083) | Send Message
     
    If a private "pressure group" (no agenda there...) can determine that there is that much money avoiding taxation offshore, why have governments not done the same studies, nor prosecuted?

     

    I am not supporting the idea of tax havens nor their use in tax avoidance, but I find it deeply disturbing that our government (like many others) mostly chooses to avoid doing anything substantive about them. I would far prefer to see a fair, uniformly enforced tax policy here that was intolerant of avoidance schemes and facilitators, than the unfair crony system we have today.
    22 Jul 2012, 08:28 AM Reply Like
  • diadochi
    , contributor
    Comments (334) | Send Message
     
    Easy to fix, too. Just cut all banking links with tax havens. Problem solved. If we can do it with a major oil producer like Iran, there should be no problem with pretty little islands with no exports to speak of. The rich will, of course, not allow it. Globalization can only be allowed to benefit them, not hurt them. The rest of us on the other hand....
    22 Jul 2012, 11:33 AM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4498) | Send Message
     
    Anyone who doesn't have a tax haven is unAmerican. It is your social responsibility to communicate to your government that you don't agree with their unConstitutional powergrab.

     

    I would rather my taxes(let's be real here, my money, my time and my life) once taken by force, was doused in lighter fluid and burnt in public in protest. I would have more peace about the confiscation knowing that I wasn't also contributing to a society that is training its citizens to be layabouts in order to buy a vote from them via DC.

     

    We are now officially Food Stamp Nation and we have a very first Food Stamp President. He is proud of this legacy. 99 weeks of UI is also welfare at this point. And SDI is turning into a pit of fraud with the highest ever claims of disability ever in the history of the nation.

     

    All of it because my money is stolen to fund it all.

     

    Burn it.

     

    Teach the people that 'free' isn't free. Either a brave politician does it or the bond market will.
    22 Jul 2012, 01:44 PM Reply Like
  • Tommy the Cork
    , contributor
    Comments (80) | Send Message
     
    Phony stats from a statist interest group. What do they want? Tighter capital controls? The removal of any remaining checks on fiscal idiocy? This is the "fascism with a smiley face" George Carlin spoke about a long time ago. Fascism American Style..
    22 Jul 2012, 08:59 AM Reply Like
  • Ben Bernankes friend
    , contributor
    Comments (475) | Send Message
     
    Well you have to viable options that I see here. 1, Make the tax code more favorable so hard working folks who make some good coin do not have it eroded by tax. 2, If Obama is really that mad about Mitt having his bread laying around in other countries, set up a new regulation (which he likes doing) to make sure people can not move all their dollars offshore.
    22 Jul 2012, 09:24 AM Reply Like
  • moneyTalksBSWalks
    , contributor
    Comments (194) | Send Message
     
    Well said. As long as Mitt has played by the rules, more power to him I say. The Dems will use any topic they can to create smoke and mirrors and distract the sheeple.
    22 Jul 2012, 06:35 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    So people who make million trading in foreign currency are traitors then? Because they have swiss bank accounts? Who gives a rats ass? Only those who practice the politics of envy.
    22 Jul 2012, 09:43 AM Reply Like
  • BruceInKY
    , contributor
    Comments (445) | Send Message
     
    George Soros, for example. Your post unintentionally sums him up. Every sentence.
    22 Jul 2012, 10:31 AM Reply Like
  • WMARKW
    , contributor
    Comments (10798) | Send Message
     
    George Soros has an Off Shore Bank Account?????????? I don't believe it !
    23 Jul 2012, 12:11 AM Reply Like
  • Eighthman
    , contributor
    Comments (383) | Send Message
     
    In Romney's case, at least we have some idea who or what he is - his record is mostly moderate, even liberal, given RomneyCare in MA.

     

    Obama? Who the heck is this guy? His collective past reads like a CIA "legend" - from his sketchy birth, upbringing, lack of managerical experience, lack of legislative accomplishment, drug use, fictional ex-girlfriends, shaky marriage, public sex joke about his wife, strange public remark about his "sons", Executive Orders that prepare for some sort of martial law ......where does this weirdness end?
    22 Jul 2012, 09:56 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    More comfortable with a mormon than a communist.
    22 Jul 2012, 10:02 AM Reply Like
  • Rico59
    , contributor
    Comments (429) | Send Message
     
    Not a bad way to put it...
    22 Jul 2012, 10:33 AM Reply Like
  • thb007
    , contributor
    Comments (9) | Send Message
     
    Hum, could it be that people are squirrelling their hard earned money away from the present US Government's idea of social welfare? Well many who think this social injustice is just that....wait for your turn to jump that fiscal cliff, either your gonna splatt or just make a thud!
    22 Jul 2012, 11:09 AM Reply Like
  • thb007
    , contributor
    Comments (9) | Send Message
     
    Being a libertarian who's tea party leanings and European residency questions anyone who agrees with the direction of the present US administration. They ought to experience living here to really understand what would happen as the US wanders into an Academia leader's Socialist belief to take what you have built, and give it to the poor guy on his cell phone.
    22 Jul 2012, 11:17 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Wait a minute though...according to Obama "you didn't build that! Someone else did that!"
    22 Jul 2012, 07:06 PM Reply Like
  • rick flair
    , contributor
    Comments (369) | Send Message
     
    who pays for the Tax Fairness people 's NGO.?
    22 Jul 2012, 11:34 AM Reply Like
  • Tom Armistead
    , contributor
    Comments (6216) | Send Message
     
    Existing tax laws should be enforced on all citizens. It is entirely possible that if everyone paid what is legally required the budget would balance.

     

    Disputes about fairness don't make any sense when the laws are not enforced.

     

    In most countries, to include the US, tax evasion (breaking the law) is winked at. "Everybody does it." Regretfully, a person whose income consists of wages on a W2, and whose wealth consists of a house, can't evade taxes. Most of them do what they can by exaggerating charitable donations, or fighting with their ex over who gets to deduct the kid at tax time. There are some kids, the only time anyone wants them, is tax time, for the deduction, or to claim EIC.

     

    For the self-employed, those who own cash businesses, or those with substantial financial assets, there is usually some combination of ingenuity, studied carelessness, tax shelters, concealed assets, etc that will do the trick. As an example, I once knew a storekeeper who paid all his bills with cashier's checks or postal money orders. The reason: not to leave tracks so the IRS could check his income.

     

    Or the owner of a pizza parlor, who owned a lot of jewelry. Offered the chance to insure it, on a jewelry floater, she declined. The main reason: it would leave tracks for the taxman.

     

    Or the businessowner who furnished cars to all his relatives, and deducted them as a business expense. He gladly paid the business use rate (on his insurance), as opposed to the lower pleasure use rate, so the IRS wouldn't have something to point to and disallow the expense.

     

    Why is it that the IRS has to phase in the amount of information provided by brokers? Why wasn't it possible to require those who pay independent contractors to report the payments to the IRS? The answer is, many taxpayers cheat, as much as they can get away with. So our lawmakers, in their wisdom, give us what we want: a system that enables cheating.

     

    Of course those with sufficient income, legal and accounting advisers, and political connnections have brought legal tax avoidance to an extraordinarily advanced level. Your friendly politician, if approached with a little envelope at a propitious time, will get an obscure clause buried somewhere that will benefit your special situation.

     

    Greece, Spain and Italy have a culture of tax evasion. The tax collectors in Greece refuse to collect the taxes. Doctors in exclusive suburbs make 25,000 euros a year. Nobody owns a swimming pool. Paupers drive around in expensive late model German made automobiles. Everything is under the table. The unseen, untaxed economy is as big as the reported GDP.

     

    The house two doors down was totally renovated for an accountant, by his contractor clients. No money changed hands. The barter profits will be included in the price when it is sold. Is the house rented, or owner-occupied? We'll find out at tax time, my best guess is, he lives there, or wil claim to live there, for tax purposes.

     

    It's pervasive. To get back to my original point: there is very little reason to waste a lot of breath arguing about fairness when the laws aren't enforced, and the system is designed to be porus and ineffective.
    22 Jul 2012, 02:46 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4498) | Send Message
     
    Tommy, 'evasion' is also welfare. Even if welfare is *ahem* 'legal', it is still evasion from your responsibility as an American citizen. We either end all transfer payments or we make them pay co-pays for medicaid. The poor need to get some skin in the game or it will never become an ownership society. The poor need 'to own' the government they vote for. Right now, they get to skate, tax free. They are evaders.
    22 Jul 2012, 02:58 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
     
    Simple theorem. Taxes influence behavior. If payers do not see benefit or think they are robbed they opt out.

     

    Government needs to be responsible. Greece has never had a responsible government in my memory.
    23 Jul 2012, 12:35 AM Reply Like
  • Chambord
    , contributor
    Comments (78) | Send Message
     
    Tom, I hear you, but paying taxes is like immigration. The system is such that gaming the system is the way to play. What separates the US from other countries around the world is that we legislate all these loopholes, so most of it is legal!
    22 Jul 2012, 03:02 PM Reply Like
  • Tom Armistead
    , contributor
    Comments (6216) | Send Message
     
    The endgame, when gaming the system is the way to play, is where Greece is.

     

    Why would a Greek pay taxes? The government isn't going to make it anyway, it's a complete waste of money.

     

    Once you get there, the government makes extravagant promises of social benefits, and grants extraordinary considerations to the wealthy and politically connnected. Nobody pays in any more than they have to, and everybody loots it until it goes under.

     

    I'm 65, I don't think we'll get there in my lifetime, for which I am grateful.
    22 Jul 2012, 03:39 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4498) | Send Message
     
    heh

     

    Time to educate yourself Tommy.

     

    http://bit.ly/Oem4h7
    22 Jul 2012, 03:42 PM Reply Like
  • Chambord
    , contributor
    Comments (78) | Send Message
     
    Offshore Foundations. Does anyone here have some links or recommendations about creating and using these?
    22 Jul 2012, 03:03 PM Reply Like
  • Van Hyder
    , contributor
    Comments (172) | Send Message
     
    I forget which week it was but about 6 months ago the Economist had a pretty good article with details for contacting the best international lawyers to set up a legal offshore entity, names of firms and countries and all the supporting info. Could probably search their website and find it easy enough.
    22 Jul 2012, 08:02 PM Reply Like
  • Boxed Merlot
    , contributor
    Comments (1600) | Send Message
     
    Kinda like a "Deleware Corporation" (per Mr. Biden), or a ship of Liberian registry?
    22 Jul 2012, 10:34 PM Reply Like
  • jjonnewman
    , contributor
    Comments (131) | Send Message
     
    Best Campaign commercial I ever saw , I laughed for 15 minutes . Watch Mitt singing America America
    22 Jul 2012, 03:45 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4498) | Send Message
     
    This is much better.

     

    http://bit.ly/MCYSPp
    22 Jul 2012, 05:50 PM Reply Like
  • markcc
    , contributor
    Comments (3073) | Send Message
     
    Let me understand, all I have to do is put money in a foreign bank and I don't have to pay taxes?

     

    If anybody commenting on here believes that a wealthy person would do that and possibly face prison time for tax evasion, is so far out of touch with reality that it impossible to believe their comments. Why would a wealthy person substitute personal freedom at a high class resort for IRS penalties and prison. Remember that IRS accountants do carry guns.

     

    As for Romney, why would a man of that wealth even slightly jeopardize his freedom by making an illegal deposit to a foreign bank? I think not. As for the politics of the deposit, that was just stupid considering that he should have known it would come out in full disclosure.
    22 Jul 2012, 04:33 PM Reply Like
  • TGC004
    , contributor
    Comments (457) | Send Message
     
    Americans are allowed to open bank / investment accounts in almost any country they want (ex places like Iran) as long as they declare the account to the IRS annually and pay tax on income generated by such accounts. There is nothing immoral or illegal about it.

     

    I have a close relative who is married to a Swedish woman (yes she is a Swedish national) and she has accounts in Sweden - big deal. They list those accounts on the right form each year with the IRS and declare the income.

     

    This whole issue is another smoke screen to keep people focused on small issues they don't understand and that don't matter. Look at Obama's record, he should run on that, but he can't. I wonder why???
    22 Jul 2012, 06:05 PM Reply Like
  • markcc
    , contributor
    Comments (3073) | Send Message
     
    TGC, I agree. This is just a smoke screen issue. The Obama reelection committee has dozens of these perceptual jabs all lined up for the election. Unless Romney learns how to quickly deflect these kinds of attacks, he is going to lose. With a deteriorating economy, the need for such distracting issues for the Obama campaign increases. One thing I will give the Dems is that they are great at working the press. The GOP needs to take lessons from them.
    23 Jul 2012, 08:47 AM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4498) | Send Message
     
    The Obama Tax Cheats:

     

    "While President Obama exhorts Americans to support tax hikes on high income individuals, families and businesses, he could stand to look inside the halls of the White House for some extra revenue.

     

    Andrew Malcolm over at Investor's Business Daily points us to the hard numbers: three dozen Obama executive advisers and aides owe hundreds of thousands of dollars in back taxes - and federal workers as a whole owe the IRS $3.4 billion in unpaid taxes. "

     

    http://bit.ly/MCZBQv

     

    HAHAHAHAHAHA

     

    Looks like Mr. Fair Share has some serious problems.

     

    The last line takes the cake.

     

    "Meanwhile, President Obama's IRS is busy auditing top Mitt Romney donors. "
    22 Jul 2012, 06:01 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    If you go onto USAjobs.gov in the last 2 years, there were endless announcements for the hiring of IRS Agents as well as Criminal Investigators for OIG for TARP fraud. Thousands, for years. This is akin to the Border Patrol hiring under Bush where they doubled in size in 5 years. However I think a few thousand BP Agents are more mission critical than IRS Agents who have to harass the American public to pay their fair share.
    22 Jul 2012, 07:15 PM Reply Like
  • moneyTalksBSWalks
    , contributor
    Comments (194) | Send Message
     
    Why should Mitt's offshore accounts matter as long as he is paying all taxes due? I think offshore gets equated to tax free to many when there is no such provision in the tax code. US citizens have to pay tax on worldwide income. I am far from a Mitt or Reptard lover but I am surprised at the heat that this topic generates. Mitt has taken advantage of the tax code as will everybody else. I don't think there's anything wrong as long as it is not illegal.

     

    As a side note, if there was anything the slightest bit illegal in about his activities you can bet that Dems would have figured out how to leak it. By this point, a small army of folks within the IRS have likely pored over every single letter in Mitt's returns that IRS has on record.
    22 Jul 2012, 06:35 PM Reply Like
  • Eighthman
    , contributor
    Comments (383) | Send Message
     
    So, lemme get this straight: Romney was accused of some baseless "felony" - while President "Choom" admits to illegal drug use? Really? Did he do coke, too?

     

    I wish this wasn't a choice between the lesser of two evils. As long as it, I will avoid the guy who appears to be a lead in the "Manchurian Candidate".

     

    And frankly, I'd rather have a Republican President to protect our Civil Liberities (because the liberal media won't ever trust him!) than this Hyped Messiah who keeps tossing out Executive Orders that Establish Control Over Everything.
    22 Jul 2012, 07:06 PM Reply Like
  • bbro
    , contributor
    Comments (11227) | Send Message
     
    All of this discourse is fun but unless you talking to an undecided voter in Ohio...you have just wasted a couple of hours...
    22 Jul 2012, 07:19 PM Reply Like
  • Spin
    , contributor
    Comments (244) | Send Message
     
    It is okay. Most of the individuals and their families that have squirreled away assets in offshore tax havens are friends of Washington elites and one-percenters.
    22 Jul 2012, 07:37 PM Reply Like
  • NIRP
    , contributor
    Comments (574) | Send Message
     
    Reading all the comments on this article proves not much good will come out of America until it bottoms. A bunch of emotional people reacting to an article that may not even be true. This on an investment site. As usual SA throws out the bait and they hook them....... what no Kruggman articles this week.
    22 Jul 2012, 09:08 PM Reply Like
  • Tom Armistead
    , contributor
    Comments (6216) | Send Message
     
    It's troll wars, they hand out the bait, Wyatt comes out and starts ranting, and we take it from there. Pretty soon Terry330 appears, somebody mentions Obama, and we're off to the races.

     

    Great fun, and good stress relief if you had a bad day on the market.
    22 Jul 2012, 09:14 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    A comment I can agree with you on. This is entertainment, even better than watching Glen Beck cry on tv.
    22 Jul 2012, 09:54 PM Reply Like
  • bdarken
    , contributor
    Comments (649) | Send Message
     
    Krugman spent the week on Injured Reserve, sitting in a whirlpool after the Spanish opened up a can of whup-ass on him.
    22 Jul 2012, 11:00 PM Reply Like
  • JeffreyLangBoyd
    , contributor
    Comments (663) | Send Message
     
    The U.S. taxes world-wide income so moving money offshore accomplishes nothing unless you are engaging in fraud. A few years back there were some rich folks who got caught evading taxes and even a few high-level accounting firms were involved in selling the planning ideas but they got in plenty of trouble.

     

    http://1.usa.gov/MV1XnR

     

    If one actually reads what is being reported one would note that it is foreign countries, not the U.S. that have significant problems. Maybe capital gains tax rates should be higher, maybe carried interest should be taxed differently, maybe estate tax rates should be higher but overall our individual tax system works reasonably well and I hope people don't think rich people are moving money offshore to evade taxes because that is pretty darn rare and illegal to boot.
    22 Jul 2012, 10:32 PM Reply Like
  • QuantRec
    , contributor
    Comments (404) | Send Message
     
    A Global Recession? The Warning Signs Are EVERYWHERE http://goo.gl/eNmWi
    22 Jul 2012, 10:48 PM Reply Like
  • QuantRec
    , contributor
    Comments (404) | Send Message
     
    Why should any politician need offshore accounts??

     

    If the standard over the years has been to reveal all sources of income does not Romney know he is to be expected to reveal it as all other candidates do? Why is he better than anybody else?

     

    The BALANCE SHEET RECESSION in the US (FT) http://goo.gl/9zUUQ
    22 Jul 2012, 10:50 PM Reply Like
  • markcc
    , contributor
    Comments (3073) | Send Message
     
    Quantrec,

     

    This is a good blog, but I don't like when people hijack the facts.

     

    Please don't give out misinformation.

     

    There is no standard. The constitution does not make personal finances a requirement for President. Most presidents only disclose their tax returns while in office. The fact that it is an issue now is that President Obama is choosing to create a non-controversy, and most voters listen to guys like you are not smart enough to truly understand the issue. Your contention that there is a standard shows that you are equally misinformed.

     

    Here are the actual presidential tax returns, dispute the facts... oh yeah, you can't! :

     

    http://bit.ly/NYRyNh
    23 Jul 2012, 08:56 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    There is a requirement, Romney satisfied this requirement, end of story.
    24 Jul 2012, 08:29 PM Reply Like
  • WMARKW
    , contributor
    Comments (10798) | Send Message
     
    "So let it be written.... So let it be done...."
    25 Jul 2012, 04:24 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (11225) | Send Message
     
    Ron Paul should be president next year.
    27 Jul 2012, 10:36 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    For all the agreement I've had with you, that has to be the most ridiculous thing you've said so far.
    27 Jul 2012, 11:40 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (11225) | Send Message
     
    Since you can't say why you disagree I'll just have to assume that you don't have a good reason to say so.
    27 Jul 2012, 01:24 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    Foreign Policy.

     

    Don't try to suck my into an exhaustive debate where we won't agree.
    30 Jul 2012, 07:54 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (11225) | Send Message
     
    You started this debate...not me.

     

    His foreign policy is perfect.
    30 Jul 2012, 08:27 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    *Sigh*

     

    walking away now.
    30 Jul 2012, 11:25 PM Reply Like
  • TGC004
    , contributor
    Comments (457) | Send Message
     
    anything to distract from Barry's record of epic failure
    2 Aug 2012, 04:37 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    The tax argument against Romney is the left's birther movement...its going to be laughed at.

     

    Also, if there is any indication what will happen in November...look at the 2010 tea party movement...tea party members are still making head way into the electorate, and then look at the Chik-fil-a day! Holy cow that was amazing, those people will vote Romney in November, its going to be a land slide.

     

    You have to stand in the booth and look at the roster and ask yourself:

     

    Do I really want 4 more years of this?
    2 Aug 2012, 05:54 PM Reply Like
  • Gatsbe
    , contributor
    Comments (2) | Send Message
     
    I read on inurg that without tax funding, many tech programs that advance medicine and computer tech would be in trouble. So I am always in favor of taxes.
    1 Oct 2012, 01:03 AM Reply Like
  • Gatsbe
    , contributor
    Comments (2) | Send Message
     
    Hate to break it, but taxes are essential for the stability of the country. Government is essential for improvement of quality of life and technology. I read an article on inurg, that allot of new experimental tech. that progresses medicine and so on is government funded.
    1 Oct 2012, 01:03 AM Reply Like
  • Matthew Davis
    , contributor
    Comments (4746) | Send Message
     
    People still counting out the Tea Party as if they are going to stay home, when they have demonstrated time and again that we have all had enough. Just look at Chik-fil-a day, do you think those people were Democrats?
    1 Oct 2012, 01:27 PM Reply Like
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