US loses $100 billion a year in offshore tax havens

Discussion in 'Economy' started by sealybobo, Apr 27, 2009.

  1. sealybobo
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    sealybobo Diamond Member

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    A Senate report estimated in 2008 that the United States loses up to $100 billion a year in tax revenue to offshore tax havens

    Shell companies and sham headquarters" in places like Switzerland and the Cayman Islands.

    The citizens of New York and Texas shoulder over $8 billion a year, and the good people of California are on the hook for an extra $11 billion.

    Large multi-billion dollar corporations who have used gimmicks to avoid paying their fair share

    80 percent of the hundred biggest U.S. companies took advantage of tax havens.

    Bailout beneficiaries Morgan Stanley, Citigroup, and Bank of America boast over 300 subsidiaries in the Cayman Islands.

    It has an effect on every taxpayer who has to take on this extra burden.

    http://www.huffingtonpost.com/2009/04/15/offshore-tax-havens-a-sta_n_186640.html
     
    Last edited: Apr 27, 2009
  2. del
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    del BANNED

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    i blame bush.
     
  3. xsited1
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    xsited1 Agent P

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    Simple fix: Lower the Corporate tax rate in the US.
     
  4. sealybobo
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    sealybobo Diamond Member

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    You should. They passed laws to make it easier for corporations to do this sort of thing.
     
  5. sealybobo
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    sealybobo Diamond Member

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    Moron.

    No. Close this loophole and make them pay their fair share. Then the CEO's will only make $10 million and not $20 million. Boo fucking hoo.

    Let me explain to you how corporate America works. They always want to increase profits. So if you lower corporate tax rates, it'll never be enough. So if we lower the corporate tax rates and lets say they have record profits this year. So what will they do next year to beat that? Oh??? They'll put their money back in these offshore tax havens.

    PS. Do you realize that back in the day, Corporations paid most of the taxes and we the people paid less. And over the years, people like Reagan and Bush put more of the burden on us?

    So don't be a fool. If you lower their taxes, expect yours to go up.
     
  6. xsited1
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    xsited1 Agent P

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    :lol: So explain to me again how ordinary taxpayers have had more of the tax burden pushed on them???
     
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  7. Iriemon
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    Iriemon VIP Member

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    I think offshore tax havens are utilized by individuals to shield income as well as corporations, but I don't know the breakdown.

    I agree with you on corporations.

    In fact eliminate corporate taxes.

    Tax the individuals who benefit from the corporation more instead.
     
  8. sealybobo
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    sealybobo Diamond Member

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    If the rich got tax breaks the last 8 years and corporations have evaded hundreds of billions of dollars in taxes and the fucking debt doubled, more of that is now on you buddy. You don't see that? :cuckoo:
     
  9. del
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    del BANNED

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    i blame bush
     
  10. sealybobo
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    sealybobo Diamond Member

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    You are wrong. Back in the day, corporations paid more of the taxes so we could pay less. For some strange reason they have conned you guys into thinking that they should get the breaks and YOU should pay more. WRONG!!! They should pay more.

    But oh god, they won't make as much in profits, and they'll raise the price of their products and they won't hire as many people.

    You guys are too easily manipulated.

    I was going to say they won't stop until they convince you that they shouldn't pay any taxes but I see you are already there. :cuckoo:

    Americans really need to wake up.
     

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