Monday July 23, 2012, 11:55 am
I knew that there was a ton of money squirreled away in tax havens by the super rich, but I had absolutely no idea just how much it is, or just how few own all that wealth. The bottom 40% od Americans own 0.2% of the wealth, but that does not count the wealth hidden in tax havens.
Noted ,,Tom ,,same in Ireland,,,and you won't ever get an idea, we live in the World,you have the under world
crooks crime bosses and all that, then you have the Overworld,these are the people who run Countries, fix the price of oil and the money markets ,,,,we will never have an idea ,because you must go too the right School , be a President or a Billionaire,and be invited into the club...By the way ,I'm not in it,,,,
Monday July 23, 2012, 7:56 pm
It's not enough that many of America's wealthiest citizens aren't paying taxes on trillions of dollars squirreled away in global tax havens --they go to great lengths to avoid paying taxes on what they choose to keep in this country! It's of little comfort to know that this is a global problem.
Very interesting article, Tom! Thanks for posting it!
Monday July 23, 2012, 11:12 pm
"$32 trillion of hidden financial assets in offshore tax havens represents up to to $280 billion in lost income tax revenues," … "These estimates reveal a staggering failure: inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people," said John Christensen of the Tax Justice Network. "People on the street have no illusions about how unfair the situation has become."
After reading this article and some of the comments beneath it, where I previously said it was about the greed and power, I don't think of it the same way now. It is all about the POWER! Nothing more. The money, the greed, is just a way to buy power and perpetuate the inequalities in life. These people, the ones that would use their greed to continually buy power, are soulless.
An excellent article but depressing in many ways. I need to think more to regain some perspective before commenting further.
Tuesday July 24, 2012, 12:01 am
Dotti --- "As they say money is power."
Is it Dotti? Or is power a commodity like oil ... available to be purchased? Just thinking out loud.
If money is power, then I think we can agree that Warren Buffett (est NW of $44 billion), Bill Gates (est NW $61 billion) and Rmoney (est NW $250 million) are all very powerful men. Yet Buffett has committed to leaving 99.99% of his wealth to the Gates Foundation for philanthropic work. Bill Gates is very much involved with his foundation as is wife. Neither of these men appears to purchase power. And then there is Rmoney who uses his fortune to purchase power, and he keeps accummulating more money with which there seems no end to his purchase of power.
I'm just thinking about the article and your comment caught me. As I said, just thinking out loud.
Tuesday July 24, 2012, 2:08 am
Just one more fact to make the mackerel-backed, tax-and-responsibility-dodging GOP even more repulsive! It shows how craven and/or greedy so many of our politicians are to let them get away with it - and every country will be the same - and how we have fallen down on the job too by not convincing enough of our fellow citizens that this behaviour is vile and should be stopped - vote them out and vote in people with a few morals!
Tuesday July 24, 2012, 5:38 am
OK, between Obama, Romney and their supporters there is enough money to reduce the debt to zero. Why waste it on a campaign. if these folks are the patriots they claim to be why not simply pay off the debt? This whole thing has become a waste and a sad commentary on the individuals involved as well as the sheep that follow them. How can one respect the office of the President when we have this non-choice!
Tuesday July 24, 2012, 10:45 am
When the world's 99% finally wakes up to the fact that all money is an ILLUSION, then will we reclaim the POWER that is RIGHTFULLY the PEOPLES. These men are not powerful, they only create the illusion that they are, merely because they can buy off lesser men and women and blind most lemmings to the truth of their own power. We are the power! A united population against a few craven soulless creatures is a thing to behold. We may or may not see it in our lifetimes... but it is coming.
Tuesday July 24, 2012, 7:12 pm
When are our citizens going to start comprehending, that the largest portion of WELFARE, goes to the weathy, in the form of tax shelters?
Our tax system, was written by our _wealthy legislators_, for our _wealthy legislators_, and their wealthy friends.
It does not, in any way, benefit the middle and/or lower classes.
I fear that Mitt Romney payed little or no taxes, and that's the reason he won't make them public. After viewing them, John McCain believed that Sarah Palin was a better choice for vice-president.
WHAT'S WRONG WITH THIS PICTURE?
Tuesday July 24, 2012, 7:46 pm
To Just Carole: Challenging other opinions, is a good thing. Don'y shy away from it. I don't take it as an insult.
I'm sorry if you don't get the connection, buy it is welfare, in that, it is your taxes and my taxes that help keep our country going and paying our legislators. It isn't coming from the ultra-rich.
It goes to the wealthy, not in the form of a 'welfare' check, but, in the form of tax shelters. They have the privilege of numerous deductions, until they pay nothing or almost nothing. They know how to invest their money, so it will not be taxed. The average person has no opportunity to do this.
When Mitt Romney, a multi-millionaire, pays 15% or under in taxes, how do you think that computes?
Surely, it is not far from the truth, that he paid much less than that in his other tax returns; hense, you see his reluctance to show them.
15% of a workers $50,000 yearly salary is $7,500. That 's a hugh chunk in today's world.
15% of 5 million is immaterial, when the remainder is extraordinary.