The Global Elite Are Hiding 18 Trillion Dollars In Offshore Banks

The Economic Collapse ^ | 01/21/2012 | Michael Snyder

[Mouton]

$18 trillion in off shore accounts? Seems a tad high. The electrons which represent this kind of money would probably sink one or two of those off shore island nations. Maybe that dope dem Congressman from Ga was on to something when he was curious if stationing more military personnel on Guam might capsize it.

[Paladin2]

A $ Trillion is a lot less these days than it used to be.

[Paladin2]

It takes a pillage to raise a gov’t program.

[Greysard]

What is the operational distinction between a VAT and a retail sales tax?

The retail sales tax is collected only at the very end of a long chain. Manufacturers sell parts to assembly houses, assembly houses sell products to retailers, all tax-free. The tax is collected - and sent to the government - only when retailers sell to the customer. Sometimes - like when selling spare parts - that chain can be measured in years because stocked parts in a warehouse are not yet taxed.

The VAT shortens that chain by collecting a portion of the tax as soon as the taxable work is performed. In other words, sales to intermediaries are taxed. This makes it harder for small businesses to stock the shelves because each item costs more. Also everyone has to go through a complex accounting procedure and apply VAT to whatever they sell. If a VAT law is complex enough (as they invariably become) it is a serious challenge to classify your products (and your business customer) and apply the right amount of tax. Today in the USA as long as my business customer has a proper certificate I just sell to him tax-free.

The VAT also helps in taxation by reducing the chances of a product to slip through untaxed. Even if some bodega owner forgets to ring a cash purchase, that bottle of sugar water came into his hands already VAT taxed, so the government loses not 100% of the sales tax but maybe 10%.

In other words, VAT does not help anyone but the government. If only they could, they'd post a tax man behind every worker, so that the worker would be taxed for every minute, and the business would be taxed, and the product would be taxed... The VAT is close to that, with the only difference that you, the business, hire and pay that tax man, and you are responsible for accuracy of his calculations.

[SeekAndFind]

RE: Otherwise, tell me when Romney does something illegal. This guy’s like Eliot Spitzer — goes after people doing legal things because he doesn’t like what they’re doing.

_________________

We DO KNOW that unlike Newt, Romney has not (at least not yet ) divulged his tax returns.

We also now know from some intrepid source that Romney has an account in the Caymans with at least 8 Million dollars.

We DO NOT KNOW what currency that account is in.

If it is in Australian Dollars, he is probably earning about 4% on interest ( assuming it is a term deposit for say, a year ).

4% of 8 million is $320,000 (without even considering appreciation of the Aussie currency ).

Question -— Isn’t that INCOME of over $300,000 TAXABLE in the USA? If Romney did not declare that income in his 2011 tax returns, he is EVADING taxes and is liable for prosecution.

If he is not prosecuted, then where’s justice?

I know of a Korean immigrant whose father left him an inheritance of $500,000 3 years ago IN KOREA.

The money belonged to his family and was earned IN KOREA. It NEVER came to the USA. Yet, the IRS somehow got to know about it ( from the immigrant’s bitter ex wife ). Now he’s being given a hard time by the IRS who wants to lay claim on that money.

Compare this to Romney potentially getting away with his interest from $8 million, is this justice? Is this fair?

If the government can snoop on your private investments made overseas. In what sense are we still a free country?

[SeekAndFind]

RE: Hiding assets from the local government doesn’t sound like a bad thing. Keeping one’s assets in a number of countries and currencies sounds like embracing and celebrating diversity to me.

____________

Speaking of diversity... Congressman Charles Rangel of NY was discovered to own a VILLA in the Dominican Republic from which he makes money of RENTING to rich tourists and executives who visits the Island. He NEVER declared his income from that investment in his tax forms.

He was censured for this ( among the many other ethics violations he had ).

YET, I don’t read ANY news of the IRS going after him for failure to declare that income.

GO FIGURE.

Heck, I’d go for a verbal censure anytime over having to fork overseas income to the IRS.

[jaydee770]

>>...But it is what he said next that is troubling -
“And if there’s an opportunity to save taxes, we like anybody else in this country will follow that opportunity.” -
I certainly believe him when he says that too...<<

You find that *troubling*? I find it a near sacred duty to starve the federal leviathan of as much of the fruits of our labors a humanly and legally *possible*.

To make sure I understand you correctly, you are saying you find it “troubling” that someone would seek to legally minimize their tax-burden? If I follow the logic, do you also think the govt has too few of our confiscated dollars to spend?

As for the rest of your article, the only thing that comes to mind is, “So stinkin’ what? If the govt policy(s) encourages folks to manage their finances and investments this way — So what?” I’m not rich and I don’t have offshore anything, but neither do I envy or regret those who do.

Now, I’ve said before and I will say it again that defending Romeny is the *last* thing I want to do, but you class-warfare types keep putting us in that situation. There is NO controversy there, unless you have evidence of some *illegal* activity. So, please knock off the class-warfare stuff.

Honestly, with no offense intended, despite any assurance one may offer to the contrary, the only thing a class-warfare argument does is make you appear bitter, petty and envious over someone else’s success.

[DesertRhino]

I have a crazy idea,, why doesn’t OUR law allow our banking system do whatever the Caymans do? Wouldn’t it be fun to have 14 trillion washing through our banks?
I know that would ruin the NWO fun of ruining the USA and that the last thing the elite wants to see is a robust all powerful USA,,,
But unrestricted energy development,,and becoming the worlds tax haven. This country would explode at the seams with business,,,

God forgive me how i hate the evil bastards who have stolen our freedom,,

[Hoosier-Daddy]

Sounds like the problem is taxation, not the funds.

[SaraJohnson]

Conservatives came to power promising to close the elite’s corporatists tax loopholes in the past through instituting a flat tax.

We called it corporate welfare. We called for a flat tax so no one could buy power for tax breaks and anti-competition measures. The power to hand out tax loopholes gives Washington and their pals too much power and influence over small business and the middle class.

Perry has a great tax plan for us to adopt in the name of ending Romneylike tax loops.

McCain tried to curtail free speech in elections claiming donations from “special interests” buys power in DC. He did not like the conservative groups that went after him and other Rinos in elections. He was not really worried about corporate tax loophole and anti-competition purchaces of power. He sure was not worried about corporations passing their losses off to taxpayers through the purchasing of DC power.

Conservatives should stand up against “croney capitalism” and call for reforms in what is avialable to corporations and unions for purchase in DC.

[Mountain Troll]

I can’t condemn in others what I would do if I had the means and opportunity.

[jaydee770]

>>...I have a crazy idea,, why doesn’t OUR law allow our banking system do whatever the Caymans do?...<<

I’m sure the list of reasons that the statists might offer would approach encyclopedic in scale; however, it probably is all double-speak that boils down to:
Because we would have to severely alter our tax-code which would affect our ability to take money from one group and hand it out like halloween candy to another group in order to influence voting to our benefit.

Just a guess...