Skip to main content

View Diary: Leak of Identities & Emails of Rich Hiding *$32 Trillion* Offshore (240 comments)

Comment Preferences

  •  Proper taxation would haul out a bunch of cash (7+ / 0-)

    that could be used to solve poverty, RG.  You're acting disingenuous.  You know that on 20 or 30 trillion dollars, there's at least trillion in tax revenue that should have gone to various state coffers to handle social and infrastructure needs.  That's the point.

    That's one more thing to add to my long list of small problems. --my son, age 10

    by concernedamerican on Thu Apr 04, 2013 at 06:36:42 AM PDT

    [ Parent ]

    •  I agreed that tax evasion was a serious issue (3+ / 0-)
      Recommended by:
      Odysseus, Whatithink, kurt

      However, having said that, it would do next to nothing to alleviate poverty.

      Presumably, if an added trillion dollars in tax revenue accrued to the US treasury, the budget gap would be largely if not completely closed.  Which would be a good thing.

      However, with political realities being what they are, no more $$s would actually flow to the needy.

      An historical, but not ancient, example of this is Bill Clinton's administration, which actually did bring about a couple of balanced budgets but at the same time was big on "welfare reform" (aka kicking the down and out in the teeth).

      •  velocity of money (1+ / 0-)
        Recommended by:
        elwior

        It would get that money moving back in the economy, which would be more important than a one-shot windfall tax assessment.

        And if the money's moving in the economy, the recession ends.

        •  Again, I don't really get this (1+ / 0-)
          Recommended by:
          VClib

          Basically, in my understanding,  a taxable event only occurs if a private entity initiates a taxable transaction of some sort.

          So, if the taxation rates on the "taxable transaction" are really high, it would seem to me that  that alone would put a damper on the aforementioned activity from occurring.

          Basically, I don't have any real insight into this, except to observe that that "real life" occurs in various shades of gray, not the black and white scenarios that many like to rant about on internet web sites . ..

      •  The political realities as they are, and the money (0+ / 0-)

        squirreled away and permitted to be offshored tax-free, are part and parcel of the same equation.

        Any change in tax policy will be part of a larger change in budgeting priorities.  Voila!--- more money to the needy and infrastructure.

        That's one more thing to add to my long list of small problems. --my son, age 10

        by concernedamerican on Fri Apr 05, 2013 at 05:29:26 AM PDT

        [ Parent ]

        •  concernedamerican - it's not "permitted" (0+ / 0-)

          For US tax payers assets held anywhere in the world, including in tax havens, are subject to exactly the same income taxes as assets held in the US. There is nothing illegal about holding assets in the BVI, or any other tax haven, as long as those assets are disclosed to the IRS and taxes paid on the income. Holding assets in tax havens with the intent to escape taxation is a federal crime. It is not "permitted".

          "let's talk about that"

          by VClib on Fri Apr 05, 2013 at 08:11:22 AM PDT

          [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site