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From Mitt Romney sending his money on holiday to the Caribbean to other American one-percenters sending their money on ski trips in Switzerland, our US government -- and, correspondingly, pool of tax money for social policy and economic development -- loses billions and billions of dollars a year to tax evasion. This video from the European Commission powerfully highlights the consequences -- for the rest of us -- of such greedy and selfish behavior:

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Comment Preferences

  •  According to the book "How the Irish Saved... (7+ / 0-)

    ..."Civilization" (Thomas Cahill), the Roman Empire fell in part because the wealthiest and most powerful (primarily large landowners) were able to avoid paying taxes to Rome, forcing Rome to collect more from the less-powerful rich and the middle class, effectively destroying classes between the ultra-rich and serfs.  We're starting to head down that same path.

    The road to Hell is paved with pragmatism.

    by TheOrchid on Tue Sep 03, 2013 at 11:58:02 AM PDT

  •  Probably many times that (1+ / 0-)
    Recommended by:
    james321

    is lost through legal tax avoidance schemes, including those resulting from the single market rules withing the EU.

    One scheme involves "Hollanding" your money as the Netherlands has low corporate tax rates. The long planned sale of the UK company Vodafone of its stake in Verizon is just one such. The company will pay precisely NO tax in the UK on this $130 billion income because it is "located" in the Netherlands. The only tax acruable will be from individual shareholders' dividend income - and a lot of those will have arrange their tax affairs to avoid that too. See http://www.bbc.co.uk/...

    We will work, we will play, we will laugh, we will live. We will not waste one moment, nor sacrifice one bit of our freedom, because of fear.

    by Lib Dem FoP on Tue Sep 03, 2013 at 12:07:46 PM PDT

  •  Really, I don't think it's that the money is lost. (0+ / 0-)

    Rather, it doesn't circulate through the economy, but gets hoarded in people's stock speculation and hollow enrichment of the top one percent's accounts.
    Imagine if someone were to withdraw all the vowels from our use in the alphabet. Communications would still hobble along, but be significantly handicapped.
    The countries in the EU are in the unique position of having recently given up their sovereignty over the currency to a central bank. A single currency for all the states only happened after the Civil War and then in 1913, the banks were given a monopoly on vetting every dollar that's issued by the Treasury. That makes it look like the dollar originates at the banks. But it doesn't. The dollars originate at the Treasury, the Federal Reserve passes them out and then the banks lend them back to the Treasury for a premium and that's then the national debt -- our own money which we owe mostly to ourselves.
    Congress has set up this laundering system so they can pretend to be constrained and ration dollars when they don't see any advantage to them to the spending.
    The point of federal taxes is just to keep the currency recycling, back to the Treasury so it can be spent again, instead of always having to issue more. When more money has to be added all the time, it vitiates the ability to use it as a measure over time.
    There is more and more money in the economy, but it moves more and more slowly and through the hands of fewer people.

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