While new research suggests 10 percent of the world's GDP is held in offshore tax havens, a UN human rights expert says poorest are paying an enormous price.
“The hard fact is that the U.S. tax code incentivizes tax haven abuse by allowing companies to indefinitely defer taxes on offshore profits until they are ‘repatriated,’” Gardner said. “The only way to end this kind of tax avoidance is by closing the loopholes in the tax code that enable it.”
This is completely backwards. The US is one of the few countries that taxes income on a worldwide basis. Almost all other countries tax only the income generated in the country. For example, the UK, France and Germany only taxes income generated in their respective countries. The reason companies don’t bring their profits back to the US is that unlike almost all other countries, they’re going to pay a second set of taxes on it.
In a Greedopoly such as the
US Fourth Reich, about all We the People can hope for is that enough crumbs fall from the tables of the rich that we can provide food for another day or week for our families.
*Of course Thomas Jefferson and a number of others had both the awareness of this evil, and suggested ways to keep it from happening, such as watching and controlling the banks. However, I think Jefferson summed it up quite succinctly in a couple of his statements.
“The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first.”
“The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. It is its natural manure.”
*The Tree of Liberty is looking pretty wilted. I think it could use a good manuring.
Here’s a fun fact that most everyone doesn’t like to hear:
95% of the voting electorate in the 2016 presidential election, supported the two Duopoly candidates that support these tax havens.
What a stupid plan.
Great post, and isn’t that “nice?” It’s like lemmings heading off to the sea .
There is GREAT book on Tax Havens titled TREASURE ISLANDS by Nicholas Shaxson that thoroughly covers the topic. He spent years researching the book, which is very well written and full of vital information about how corporations and the wealthy hide their money in offshore accounts. Greed, ghoulish grasping greed! http://treasureislands.org/
Every once in a while I try to wrap my mind around why anyone would want to stash money away that they will never need or use. Is it all those zeros in their monthly statements that give them a thrill? Or is it knowing that they have ‘the most’ even at the expense of everyone else? Or maybe especially because it has been accumulated at the expense of others.
At one time, on an island in the Pacific, there was an indigenous group that labeled themselves ‘The Big Man Society’. They worked hard all year long, competing to be TBM. At the end of the year, TBM was known, not selected or elected, because he was the one who had the most to give away.
Then Civilization entered
And did he give it away, or did he just accumulate it to show that he could give it away? Big difference there.
He gave away everything he didn’t need for the following year. It was on the basis of what he actually gave away that he was determined The Big Man.
Pass HR 25 the fair tax and the money will come back because there will be no reason to hide it overseas.