Super Rich Hiding $21 Trillion

#76
#76
YorkVol said:
Can you imagine finally making it, you know, finally finishing that book, or selling that idea and getting handed a check for $1,000,000. What a great day! You make plans to pay off your mortgage and credit cards, maybe set up a small trust for the kids, and something for your later years. You tell your new accountant, after all, millionaires need accountants, to take the check and take care of the taxes (because you are honest and want to do your thing for the country) and start setting up the rest.

The next day you wake up with $300,000 in the bank. Can't pay off that mortgage yet, maybe you get your credit cards paid off, pick up a new car and bank the rest to cover you while you start writing again. Yeah, we all like that scenario.
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The number would be 650,000 in the bank after taxes. 35% x a million is 350,000 for taxes. I think an accountant could spread the income over three years if the million was a one shot lump sum, which would lower the rate. But yes, I can imagine how pee-owed I'd feel to have that much tax taken because of my success. Property taxes are also killers. If you buy a million dollar house, you better be prepared to pay some high taxes on it every year.
 
#77
#77
bamawriter said:
I read the entire report last nite. The report does not directly reference any statistics from the US, except when referencing cross-border national debt.

The report says it collected information from 139 countries, and breaks down the findings by geographic region: Latin and Central America (including Mexico), Europe, Asia-Oceania, Sub-Saharan Africa. When they could not gather information on certain countries within those regions they made note of those countries. They did not provide any breakdown for North America, either the US or Canada, but did not explicitly state that they were unable to gather information on either country.

I could not find a single, comprehensive list of the 139 countries, so I won't state definitively that the US is not on it. I would have to count up every country from the individual analysis for each region in order to figure out if all 139 are accounted for, and I don't feel like doing that. But they made it clear that the US is not even in the Top 20 when it comes to flight wealth.
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I have seen a list that included the U.S., and was surprised that it wasn't in the top ten. But it was in the top 20 on the list I saw.
 
#78
#78
Gramps said:
exactly.... I do not know anyone, including myself, that does not take advantage of everything possible in order to pay the least amount of taxes possible.

I posted on some thread earlier, I wouldn't care to pay a little more for a few years to get the debt paid down. The clowns in Washington on both sides of the isle would use any additional revenue any tax hikes would bring in to spend on their pet projects instead of using it wisely.
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That is indeed a problem. When was the last time you saw a Republican oppose a large government contract to one of his corporate constituents? It almost never happens. They are all for spending if it goes to someone giving them money. Do you know how much corporate income tax General Electric pays? That would be zero near zero in some years, and that would not happen without both parties.
 
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#79
#79
Vol Main said:
I have seen a list that included the U.S., and was surprised that it wasn't in the top ten. But it was in the top 20 on the list I saw.
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Then the list you saw was apparently unconnected to this particular study. As stated before, one of the authors of this report cited the US as a country with strong regulations and tax laws that curb flight wealth.

I don't think this particular report supports the point you're trying to make.
 
#80
#80
In regard to General Electric, you either are a habitual liar (which some of your other posts suggest) or just plain ignorant of the facts (also a strong possibility).

You need to research loss carryback/carryforward tax rules.
 
#81
#81
bamawriter said:
Then the list you saw was apparently unconnected to this particular study. As stated before, one of the authors of this report cited the US as a country with strong regulations and tax laws that curb flight wealth.

I don't think this particular report supports the point you're trying to make.
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The actual point I'd like people to get is that the amount of money in secret bank accounts is larger than the national debt. What's the point of that point? Perspective.
 
#82
#82
Vol Main said:
The actual point I'd like people to get is that the amount of money in secret bank accounts is larger than the national debt. What's the point of that point? Perspective.
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While that may be true, what good is it if the funds in question aren't owned by US citizens? Yes, 21 trillion could more than erase the US national debt. But the 21 trillion referenced in this study don't belong to people that can be taxed by the US. We could tax the "super-rich" in this country at a rate of 100%, and we'd still only be making a slight dent in the yearly deficit, let alone the staggering national debt.
 
#83
#83
KentheOrange said:
In regard to General Electric, you either are a habitual liar (which some of your other posts suggest) or just plain ignorant of the facts (also a strong possibility).

You need to research loss carryback/carryforward tax rules.
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http://www.nytimes.com/2011/03/25/business/economy/25tax.html?pagewanted=all

General Electric Paid No Federal Taxes in 2010 - ABC News

Guess What? General Electric Didn't Pay Any Income Taxes In 2010 Either - Business Insider

The truth about GE's tax bill - Fortune Features
 
#84
#84
Vol Main....this wouldn't be the first time the media misled you....remember zombie cannibals on bath salts?
 
#85
#85
bamawriter said:
While that may be true, what good is it if the funds in question aren't owned by US citizens? Yes, 21 trillion could more than erase the US national debt. But the 21 trillion referenced in this study don't belong to people that can be taxed by the US. We could tax the "super-rich" in this country at a rate of 100%, and we'd still only be making a slight dent in the yearly deficit, let alone the staggering national debt.
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You made a valid point, then I think you exagerrated. The revenue lost from lowering tax rates did significantly contribute to the deficit. The largest contributor was revenue lost from lower economic activity. The reality is that government revenues go down during a recession, while costs go up.
 
#89
#89
Vol Main said:
You made a valid point, then I think you exagerrated. The revenue lost from lowering tax rates did significantly contribute to the deficit. The largest contributor was revenue lost from lower economic activity. The reality is that government revenues go down during a recession, while costs go up.
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Raising taxes is but one way to lower the deficit. And it typically isn't the most effective, since revenues don't go up at the same rate as the tax rates themselves.

Again, the citizenry doesn't have enough money to tax in order to dig us out of the hole our spending has dug.
 
#90
#90
KentheOrange said:
In regard to General Electric, you either are a habitual liar (which some of your other posts suggest) or just plain ignorant of the facts (also a strong possibility).

You need to research loss carryback/carryforward tax rules.
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a little read on tax credits and tax credit transfers might help too, but it might be asking a lot from a hardcore media headline researcher with very limited ability to think.
 
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#91
#91
theFallGuy said:
Yes, it got the Bolsheviks lots of gov't jobs.
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The largest group of "ex-commies" ever working for the government were not Bolsheviks. They were Trotskyites. And they were not working for the Democrtats; they were working for George W. Bush.
 
#92
#92
bamawriter said:
Raising taxes is but one way to lower the deficit. And it typically isn't the most effective, since revenues don't go up at the same rate as the tax rates themselves.

Again, the citizenry doesn't have enough money to tax in order to dig us out of the hole our spending has dug.
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but the point he is making is that there is a secret vault of hidden money from Big Business and if we could just find a way to confiscate it, make them pay their "fair share" and divvy it out amongst all of us, the world would be a better place.
 
#93
#93
Vol Main said:
That is indeed a problem. When was the last time you saw a Republican oppose a large government contract to one of his corporate constituents? It almost never happens. They are all for spending if it goes to someone giving them money. Do you know how much corporate income tax General Electric pays? That would be zero, and that would not happen without both parties.
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Vol Main said:
http://www.nytimes.com/2011/03/25/business/economy/25tax.html?pagewanted=all

General Electric Paid No Federal Taxes in 2010 - ABC News

Guess What? General Electric Didn't Pay Any Income Taxes In 2010 Either - Business Insider

The truth about GE's tax bill - Fortune Features
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Makes you wonder why GE was one of Obama's biggest donors in 2008.
 
#94
#94
Vol Main said:
Now I suppose you're going to tell us that there were never any zombie cannibals.
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There was one attack where the assailant was on bath salts, and he had a history of mental illness...then two other attacks happened and there were no bath salts involved, but that is not how it was reported.

The media lies, braj.
 
#97
#97
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#99
#99
Vol Main said:
I get your point; mine was a stretch. But let's all face the reality that most of our large corporations don't pay the 35% face rate. Most pay about half that, and some pay nearly no taxes. And some of those write the Ds checks during election cycles no different than Rs.
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