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$21 trillion hoard hidden from taxman by global elite
#1
$21 trillion hoard hidden from taxman by global elite
Quote:A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network.

According to Henry's calculations, £6.3tn of assets is owned by only 92,000 people, or 0.001% of the world's population – a tiny class of the mega-rich who have more in common with each other than those at the bottom of the income scale in their own societies.

Assuming the £13tn mountain of assets earned an average 3% a year for its owners, and governments were able to tax that income at 30%, it would generate a bumper £121bn in revenues – more than rich countries spend on aid to the developing world each year.

Leaders of G20 countries have repeatedly pledged to close down tax havens since the financial crisis of 2008, when the secrecy shrouding parts of the banking system was widely seen as exacerbating instability. But many countries still refuse to make details of individuals' financial worth available to the tax authorities in their home countries as a matter of course. Tax Justice Network would like to see this kind of exchange of information become standard practice, to prevent rich individuals playing off one jurisdiction against another.

http://www.guardian.co.uk/business/2012/...re-economy
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#2
RE: $21 trillion hoard hidden from taxman by global elite
Hmmm..... I got this in an email from a guy just today.

Interesting.


Angel
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#3
RE: $21 trillion hoard hidden from taxman by global elite
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)?
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#4
RE: $21 trillion hoard hidden from taxman by global elite
(July 24, 2012 at 5:20 am)Stue Denim Wrote: 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)?

Ask yourself this. I walk into your store, and takes from your selves a stash of items that your had paid for and placed in your inventory. You aks me to pay the price you list, but I tell you to fuck off because I ought to take from you the item I needs, and then go shop around for whoever will charge me the least for YOUR stuff.

And that someone happen to be Joe and not you. It's a small wonder that it is not you because Joe didn't pay for the inventory in the first place, and he is happy to charge me almost nothing because almost nothing is still more than the actual nothing he paid for things there were never his.

As a result I can always take from you a dollar's worth of your stuff and give Joe a pennie for them.

How does that sound to you?

If you want to shop around for the best tax policy, then give up the fortune you earned in my country, taking advantage of financial, demographic, political, legal and physical infrastructure made possible by my tax policy, and see if you can earn another in the country that charges no tax because it provides no service.

You shop around for the tax policy that suits you BEFORE you made any fortune to hide, NOT AFTER.
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#5
RE: $21 trillion hoard hidden from taxman by global elite
Sounds like theft. What's actually happening is you are paying somebody 1$ for their product, they pay the tax on it, and then they are deciding to store and invest the remanding profit elsewhere.

Also, financial policies are not static, and politicians are not elected forever.

Say a politician promises not to do a tax, but 7 years down the track (after a fortune has been earned), reneges on their promise and creates that tax they promised they wouldn't, can a person move their money now? Say you were born in a country, you like the country and it's people, but recently a warmongering nut job was elected and is starting war after war, do you not have a moral duty to get your money out of there so as to deprive the bloodthirsty politician of war funds? Say you earn your money, get taxed fairly highly, and now want to move, you don't get to keep it? Say you earn your money, and want a stable banking system and tax system which your country doesn't currently provide, banking with anyone but your own country is wrong? Say that historically you've been taxed at 30% which you're ok with, so that's where you've earned your stuff, but there is talk of raising the rate to 99%, are you going to keep your stuff there?

You want a near 100% expatriation tax? Ewww.

Quote: If you want to shop around for the best tax policy, then give up the fortune you earned in my country ...
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#6
RE: $21 trillion hoard hidden from taxman by global elite
(July 24, 2012 at 11:44 pm)Stue Denim Wrote: Sounds like theft. What's actually happening is you are paying somebody 1$ for their product, they pay the tax on it, and then they are deciding to store and invest the remanding profit elsewhere.

Also, financial policies are not static, and politicians are not elected forever.

Say a politician promises not to do a tax, but 7 years down the track (after a fortune has been earned), reneges on their promise and creates that tax they promised they wouldn't, can a person move their money now? Say you were born in a country, you like the country and it's people, but recently a warmongering nut job was elected and is starting war after war, do you not have a moral duty to get your money out of there so as to deprive the bloodthirsty politician of war funds? Say you earn your money, get taxed fairly highly, and now want to move, you don't get to keep it? Say you earn your money, and want a stable banking system and tax system which your country doesn't currently provide, banking with anyone but your own country is wrong? Say that historically you've been taxed at 30% which you're ok with, so that's where you've earned your stuff, but there is talk of raising the rate to 99%, are you going to keep your stuff there?

You want a near 100% expatriation tax? Ewww.

Quote: If you want to shop around for the best tax policy, then give up the fortune you earned in my country ...

The article even states that if the $21 trillion..... EARNED 3% income per year.... and we taxed that at 30% it would equal all the money the wealthy nations give to the third world. SO if even a tax on the income of that wealth, assuming it makes just 3% per year (which is the bare minimum % of income they would earn) that too you is the same as a 99% tax on all income?

FINE!!! SO I suggest we bomb the cayman's (the banks specifically) and anyother country like switzerland or whoever, then take 101% of their money and jail the 92,000 who hoarded their wealth......Not to mention the fact that this article is about the world's elite, which includes "dictators" like Qadaffi
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