RE: $21 trillion hoard hidden from taxman by global elite
July 24, 2012 at 5:20 am
(This post was last modified: July 24, 2012 at 5:35 am by Darth.)
Secretive banking has both benefits and downsides in my mind. On the downside, downright rotters have an easier time keeping their ill-gotten gains. On the plus side however, oppressive regimes have a harder time taking material stuff away from oppressed minorities and dissidents.
Why shouldn't countries be able to compete in tax policy? One country offers a 10,000 page tax code, 30% and instability, whilst another offers 100 pages, 20% and stability, who are you going to want to bank with or start a business in? And also compete in banking policy, privacy isn't just for criminals, not everybody likes the idea of a particular government watching every move they make.
Also, when you have that much, isn't most of the money you earn from capital gains, which I believe is taxed at like 15% in the US. And isn't/wasn't the US considered something of a tax-haven for foreigners (not residents)?
Why shouldn't countries be able to compete in tax policy? One country offers a 10,000 page tax code, 30% and instability, whilst another offers 100 pages, 20% and stability, who are you going to want to bank with or start a business in? And also compete in banking policy, privacy isn't just for criminals, not everybody likes the idea of a particular government watching every move they make.
Also, when you have that much, isn't most of the money you earn from capital gains, which I believe is taxed at like 15% in the US. And isn't/wasn't the US considered something of a tax-haven for foreigners (not residents)?
