RE: "Most public debt is illegitimate"

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RE: "Most public debt is illegitimate" - 6/15/2014 10:02:23 AM

MrRodgers

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But places like the Caymen Islands are specifically tax avoidance havens.

Definition held by 'The Economist' What ... identifies an area as a tax haven is the existence of a composite tax structure established deliberately to take advantage of, and exploit, a worldwide demand for opportunities to engage in tax avoidance.

A study of 60 large US companies found that they deposited $166 billion in offshore accounts during 2012, sheltering over 40% of their profits from U.S. taxes.

The Tax Justice Network (an anti-tax haven pressure group) estimated more recently in 2012 that (total) capital held offshore amounted to between $21 trillion and $32 trillion (between 24-32% of total global investments)

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RE: "Most public debt is illegitimate" - 6/15/2014 11:02:00 AM

tweakabelle

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That is the real shame of tax avoidance by the rich. It's not just that their countries of residence miss out - the entire world misses out.

Imagine what could be achieved if the missing quarter- third of investment funds were invested productively across the globe ..... unemployment and poverty could be eliminated world wide in a generation or two. Instead it's wasting away in tax havens, a monument to the greed, irresponsibility and selfishness of the wealthy everywhere.

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RE: "Most public debt is illegitimate" - 6/15/2014 11:03:32 AM

Musicmystery

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...yet no one on the right is demanding we enforce those laws. . .

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RE: "Most public debt is illegitimate" - 6/16/2014 3:05:37 AM

tweakabelle

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Yes, the Right seems far more concerned with lowering the net tax paid by the wealthy. They advocate reducing the tax demands on the rich thus imposing greater burdens on the poor, and are obsessed with reducing government services everywhere, again to the detriment of those less well off.

I could be wrong but I can't recall a single instance of a major Right wing politician anywhere advocating intensive efforts to eliminate tax havens and using the trillions of $ hidden there for more productive uses. Cameron of the UK may have mentioned taking some action against tax havens but if he did, thus far it has been all words and no action. I note his opposition to an EU-wide FID tax to minimise money and stock market speculation, which would reduce the burden of debt that also obsesses the Right.

One is tempted to conclude that their top priority is vertical wealth redistribution ie. favouring the wealthy and squeezing the middle and lower classes.

< Message edited by tweakabelle -- 6/16/2014 3:07:00 AM >

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RE: "Most public debt is illegitimate" - 6/16/2014 7:24:04 AM

Musicmystery

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tweak, they've been successfully doing that since 1981. Where ya been?

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RE: "Most public debt is illegitimate" - 6/16/2014 4:22:17 PM

tj444

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quote:

ORIGINAL: MrRodgers

But places like the Caymen Islands are specifically tax avoidance havens.

Definition held by 'The Economist' What ... identifies an area as a tax haven is the existence of a composite tax structure established deliberately to take advantage of, and exploit, a worldwide demand for opportunities to engage in tax avoidance.

A study of 60 large US companies found that they deposited $166 billion in offshore accounts during 2012, sheltering over 40% of their profits from U.S. taxes.

The Tax Justice Network (an anti-tax haven pressure group) estimated more recently in 2012 that (total) capital held offshore amounted to between $21 trillion and $32 trillion (between 24-32% of total global investments)

again.. you are ignoring Puerto Rico, your very own home grown "tax haven".. Imo you cant simply sit there and point at other countries when your country itself has PR & various states that are also "tax havens".. why do ya'll stick yer heads in the sand when it comes to what your own country does? And too, corporations can negotiate with the IRS for lower taxes thru confidential Advanced Pricing Agreements (which can also include lower tax on previous years profits)... those that live in glass houses..

But imo most people wouldn't be so against paying their f'n taxes if the govt didn't squander & waste it as it does..

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