Don't blame the rich, blame yourself.

Discussion in 'Politics' started by shintao, Dec 12, 2010.

  1. shintao
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    shintao Take Down ~ Tap Out

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    Don't blame the rich, blame yourself.

    When you go to a foreign country, you learn to do as the citizens there do. You try the chop sticks, buy a kilt, take the trolley, etc. So the question is, why in your own country don't you do what it takes to become rich? How come you haven't learned how to hide your money and assets, avoid taxation, and invest in tax free incomes? If you want to be rich, you have to do what the Rich do to become successful. Here is a lesson in hiding your money in tax free havens, which is completely legal in America. We shouldn't blame the rich, we should blame ourselves.

    If you want all the tax breaks denied the individual, you incorporate yourself. You are still the same person, just the name changes of who you are. And once that is done you are ready to open up a tax free heavenly haven.

    This article is overly simplified, saying get a PO. Box in the Bahamas or the banking capital of the World, Belize. You may want to change your USDs into a foreign currency that offers more stability, better trading dollars and higher interest rates. Then as the World slides away, your money is protected somewhat from the fall. You might want a foreign lawyer to move your money there and hide your identity, but once you have the deposit account, you are just a bank number among millions of world depositors without ID. You use a debit card in the USA, which again is a number. And it becomes virtually impossible to id you or your business practices. http://www.asset-protection-international.com/offshore-jurisdictions/belize-companies.php

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    The middle class, by and large, plays by the rules, then watches as its jobs disappear -- and the Senate takes a break instead of extending unemployment benefits. The corporate class games the system -- making sure its license to break the rules is built into the rules themselves.

    One of the most glaring examples of this continues to be the ability of corporations to cheat the public out of tens of billions of dollars a year by using offshore tax havens. Indeed, it's estimated that companies and wealthy individuals funneling money through offshore tax havens are evading around $100 billion a year in taxes -- leaving the rest of us to pick up the tab. And with cash-strapped states all across the country cutting vital services to the bone, it's not like we don't need the money.

    You want Exhibit A of two sets of rules? According to the White House, in 2004, the last year data on this was compiled, U.S. multinational corporations paid roughly $16 billion in taxes on $700 billion in foreign active earnings -- putting their tax rate at around 2.3 percent. Know many middle class Americans getting off that easy at tax time?

    In December 2008, the Government Accounting Office reported that 83 of the 100 largest publicly-traded companies in the country -- including AT&T, Chevron, IBM, American Express, GE, Boeing, Dow, and AIG -- had subsidiaries in tax havens -- or, as the corporate class comically calls them, "financial privacy jurisdictions."

    And while it's as easy as opening up an island P.O. Box, not every big company uses the dodge. For instance, Boeing's competitor Lockheed Martin had no offshore subsidiaries. But far too many do -- another GAO study found that over 18,000 companies are registered at a single address in the Cayman Islands, a country with no corporate or capital gains taxes.

    "I'll still live in America, earn my living here, and enjoy the protection, technology, infrastructure, and all the other myriad benefits of the land of the free and the home of the brave. I'm just changing my business address. Because if I do that, I won't have to pay for those benefits -- I'll get them for free!"

    CorpWatch*:*Offshore Corporate Tax Havens: Why Are They Still Allowed?

    ==========

    So if reading the article leaves you a lil angery, just kick yourself, because you can do the same thing, just on a smaller scale.
     
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    Last edited: Dec 12, 2010
  2. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    First, you can't incorporate yourself. You are still an individual. You can only incorporate businesses

    Second, Corporation profits get taxed twice. Once by the corporation and once by the individuals recieving the funds. Not exactly the most profitable way of doing things.

    Third, if you want people to pay taxes, lower the taxes. provide a reason for them to be here rather than somewhere else.

    No wait, you cant possibly do that because that would mean youd actually have money and *gasp* might have to watch your spending habits
     
  3. The Infidel
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    The Infidel EVIL CONSERVATIVE

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    Interesting thoughts, but one problem.... most of the "rich" in America dont "hide their money and assets, avoid taxation, and invest in tax free incomes".... they for the most part create companies that in turn hire us to work for them. Which in turn puts more money in our pockets and allows us to pay our taxes and fund our over-bloated gov't.
    Which taxes the "rich" business owners and supplies more money to the over-bloated gov't.....

    Become rich and quit bitching...
     
  4. Madeline
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    Avatar is correct, shintao. If your source of revenue is wages there is no way to divorce yourself from them and thereby avoid taxation. Also, there are ginormous risks involved in using an offshore bank/lawyer/currency and most people cannot effectively guard against them.

    But the real flaw in your logic is, the middle class will not become rich merely by increasing their income to a pre-tax level. Even if you pay at a 25% effective rate, which is a rather high one, earnings of $125,000 as opposed to $100,000 will not make you rich.

    There is no way to become rich merely by controlling costs. A middle class miser may die with a $1 Million bank account, but it took him a lifetime to save and until it reached the max none of us would likely call him rich....mebbe not then, either.

    If you want to move from the middle class to the wealthy, you need an investment fairly early in life, of substantial size, that will reliably outperform the market by a factor of 10 or mebbe 100.

    You find one such, be sure to lemme know.
     
  5. Madeline
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    The Infidel, this is not accurate. Most American wealth is not held as an active investment in a business enterprise....it is held as a passive investment in such things as stocks, bonds, savings accounts, real estate, etc. Passive investments add value to our economy, true, but they are not direct creators of jobs.
     
  6. The Infidel
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    The Infidel EVIL CONSERVATIVE

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    But alot of it is... and thats what we need now. More incentive to invest in business ventures.

    Im an optimist tonight, let me have my fun.

    (maybe its the pain meds for my back) :lol:
     
  7. Madeline
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    You aren't wrong, The Infidel. If 100 wealthy people in my city all deposit an extra $1 Million at the local bank, it's reasonable to assume there will be some additional credit available in my area. Some will be lent to businesses looking to expand, and some of this lending will result in job creation.

    No one knows exactly how much of that cash will create jobs, though, and many factors can derail this process.

    Sorry to hear about your back. Hurt it shoveling snow, or something chronic?

    *Cuddles*
     
  8. The Infidel
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    The Infidel EVIL CONSERVATIVE

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    Bad snowboarding crash a few yeas back... trying to prove I still had it, and I didnt :redface:

    The mountain won... and I can never snowboard again :(

    So I took up rockcrawlers.... :confused: go figure. Guess I'm harnessed in so not much back trauma, unless it goes rubber up, and it has... and it hurts :eek:

    Anyway... sorry to sidetrack topic.


    I blame myself.... yeah, that's it. Taxes suck!:lol:
     
  9. Madeline
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    I dun get you extreme sports types. I knew a woman in Florida whose thing was cave diving. As if caving isn't already dangerous enough!

    I'm sorry, The Infidel.

    Yes, taxes suck. There, I agreed....feel any better? LOL.
     
  10. The Infidel
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    The Infidel EVIL CONSERVATIVE

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    Hugs and kisses.... :)
     

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