Tax havens, do you accept their use?

[nm+]

Originally Posted by Brasky

which they should, because they are still putting in much more cash into the system. that, and if you have ever heard of double taxation, which is taxing the same income twice. That's why they are taxed less on capital gains because they already paid the taxes on the money as income.
And if they were taxed heavily again, then there would be no incentive to continue investment and people would just sit on their cash.

http://usbudget.*************/2012/0...-taxation.html

http://www.pappasontaxes.com/index.p...-and-cynicism/

http://www.nationaljournal.com/2012-...cent--20120131

One more point- Socialists were elected in france, and poof-wealthy people leave. Apparently 70% is too much. So what's an appropriate number for the government to claim of your hard earned income? http://www.telegraph.co.uk/news/worl...f-wealthy.html

We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy. . . . Do you think the millionaire ought to pay more in taxes than the bus driver or less?

Ronald Reagan (who equalized capitol gains and income ta rates.)

First, I'm not just referring to capitol gains tax.
Second, capitol gains no longer reflect simple gains from personal investment. It is now used as new compensation structure used specifically to bypass income taxes.
Third, much capitol gains are not earned from investing in companies, but churning accounts for short term gain.

As for double taxation, I don't really care, especially based on the fact that many corporations are avoiding taxes just as much as anyone else.

Originally Posted by KCjoker

making $200k/$250k a year in New York or in San Francisco is MUCH different than someone that makes the same in Oklahoma or North Dakota.

And yet, the people calling for an increase in capitol gains and tax rates are on the coasts, not Oklahoma or North Dakota.

[Andrew LB]

Originally Posted by sykozis

Given the current economic state....I think the use of "tax havens" should be considered a criminal act.... We have a man running for president that has "off-shore" bank accounts in "tax haven" countries.....and personally, I doubt he's been paying his taxes as he claims since he refuses to turn over the same tax documents that other presidential candidates have.

Please do yourself a favor and actually educate yourself about the situation because it's quite clear you simply repeated the same lies being put forth by Obama and the left-wing media.

Like most wealthy people, Romney has investments both in the US and abroad. These investments are reported to the IRS as required by law, so they are NOT tax havens. The only reason why these investments are even known to the public is because they were all listed in the tax returns that Romney released.

All the manufactured uproar is based on some of this money, Romney has put into a Blind Trust and the people who manage that trust have some of it invested in switzerland and the cayman islands. I say this is manufactured outrage specificially because Romney has absolutely NO CONTROL over a blind trust, as the name implies. I know a lot about blind trusts because I myself have one. And i'm sure if I knew all the specifics, some of my money would be in places that don't return phone calls to the IRS. But the fact remains that it's 100% legal and you cannot make decisions on such a trust.

[Cyberdyne]

Andrew, I'm pretty sure sykozis is aware of everything you just said.
He said that doing so should be a crime, not that it is. And I agree with sykozis.
At the very least it's extremely unpatriotic.

As for your last paragraph though, a load of BS. Baseless crap that we just have to take Mitt's word for.

[JohnMaclane]

Originally Posted by Dustpuppy

Your post is factually wrong on several accounts. First you've bought into the myth of the high marginal rate. Even a cursory knowledge of the gilded age should give you a hint that you're buying into propaganda. I'm guessing you haven't even bothered to google check your source with "myth" typed after it. The top marginal rate used to be very high, but the top effective rate differed significantly from it.

Second, my post wasn't even concerning trickle down economics. As for the wealthy not creating jobs, Jobs don't magically exist. It is just as fallacious to say that wealthy people create all the jobs, as it is to say they create no jobs or that the government creates no jobs. I have no respect for either conservative or liberal claims one or the other.

Third, do you know what happens when a rich guy buys a govt bond? I would wager you do, so lets state it plainly: Bonds are issued when the government wants to SPEND MONEY. When a rich guy buys a treasury bond, that money gets SPENT by the government; it's not just sitting there.

The facts say you are wrong.

In the past 30 years we have seen the biggest concentration of wealth ever seen which has been directly linked to the neo-liberal economic theory which brought us 2008.

Since you have no sources please critique mine away; I still have the disastrous results of the 'trickle down' economics as proof of what I am saying.

I didn't say jobs magically exist, just that the rich are not necessary to create them and more often then not they choose not to. In the US the really rich have manged to isolate themselves from the rest of society and convince the rest that its in their best interest to leave things in their hands. Goldman Sachs in their internal reports describes the rising plutocracy in the US, so how could you even defend the system which is clearly unfair?

Part three, you know most bonds simply service external debts countries amass, however I was wrong in accusing the bond my apologies. There are however a multitude of financial tools the rich have been using to screw everybody else. Maybe they decide to invest in some CDS's or decide to ruin another generation of hopeful well to do people which get conned into buying a house. Whats for sure is that their longest period with low tax has not resulted in strong economic development.

They were given ample chance to do good in the US and instead decided to screw everyone.

[KCjoker]

Originally Posted by nm+

As for double taxation, I don't really care, especially based on the fact that many corporations are avoiding taxes just as much as anyone else.

And yet, the people calling for an increase in capitol gains and tax rates are on the coasts, not Oklahoma or North Dakota.

Why is it fair for anyone to pay double taxation...that's one of the reasons people/companies use off shore accounts because it's insane to be taxed twice on the same money. And those people calling for an increase in capital gains taxes are ONLY doing that...talking about it I bet they won't actually vote on it.

[elkosith]

Many many people and businesses in my country play some tricks to avoid paying tax, or paying the amount they should.

The corruption level here is very high, many people think why they must pay tax when their tax money mostly being stolen by corrupt government staffs.

In my opinion, income tax is ridiculous. We already pay tax for whatever things we buy. We buy toothpaste we pay tax, we eat in a restaurant we pay tax, and every year we pay tax for our houses and cars. Why the government still taking our hard earned money directly?