Americans stash away 1.5 trillion dollars in tax havens

AFP on Yahoo ^ | 7/17/08 | P. Parameswaran

[AU72]

If Obama wins look for a tsunami of dollar outflow before late January.

[54skylark]

let’s see the list, How many do you think have given to the DNC!!!!

[Wolfie]

I guess they don’t “Support Our Troops”.

[the anti-liberal]

Yes - not many folks are too enthusiastic about funding socialism.

Why did millions die in two world wars again?

[Paleo Conservative]

The offshore tax evasion problem faced by the United States is of "staggering proportions," said Republican Senator Norm Coleman, also a leading member in the Senate investigations panel.

Hey Norm! If you want to cut down on that, lower income tax rates.

[afortiori]

Lower tax rates, increase enforcement.

[what's up]

Dems going over all bank data with a fine-tooth comb to try to keep the bad economic news coming.

Won't work. Drop in oil means economy is turning the corner.

[HwyChile]

As tax rates go up, more and more of this will happen. The rich are way overtaxed in our current system (income tax and estate and gift tax). This is actually part of the Laffer curve. If the tax was fair, they would not resort to such measures.

[Little Ray]

I can’t say I blame ‘em.

Enact the Fair Tax and watch all that money come home, and more besides!

[Graybeard58]

Wealthy Americans are hiding about 1.5 trillion dollars in overseas tax havens

If they are avoiding taxes and not evading good for them.

[Yo-Yo]

Lower taxes to a reasonable level, and that money will be repatriated, along with the tax revenue. Gee, decrease tax rates, increase tax revenues. Sound familiar?

[Bobalu]

If taxes were set at a reasonable rate I’d say prosecute the bastards.

The rates are NOT reasonable and I hope every one of these people get away scott free!!!

God only suggested a 10% tax (tithes)
Doubling that to 20% and making it flat across all income groups seems more than adequate.

[OldNavyVet]

The ultimate tyranny: Government law allowing government to consider your possessions to be public property.

[TheWasteLand]

Maybe that helps explain Obama's $52 million in June. Not good.

[Lijahsbubbe]

This is the bank that Phil “stop your whining and hide your money with us” Gramm is Vice Chairman of.

[SpaceBar]

And yet nary a word about the billions in undeclared income paid under the table to illegal aliens that use our emergency rooms as their primary care givers.

[Oldexpat]

We are a nation of laws..and like them or not, we should enforce them. There are legal ways to avoid taxes and their illegal was to avoid them. The first step in clarifying this situation is a bit of light of day.
Who are these people? If they are breaking the law, then they should have their day in public court. If they never name names, then it is just hot air and unjustified.
Criminals deserve to be exposed.

[chickadee]

There are other ways for “the rich” to protect their assets, they can establish residency in a more tax-friendly environment, for one - if there is a such a thing.

Anyone committing tax fraud should be prosecuted to the fullest extent of the law . . . as any of us would be.

Also, it sounds like these people are bringing actual cash to Switzerland and Lictenstein - if so, how are they obtaining these huge amounts of cash? There are laws in place that require the reporting by banks of any cash transaction over $10,000. Which makes one wonder what Vegas does with its huge cash intake or the drug lords. Perhaps there are banks in the U.S. which are facilitating the outward flow of cash to these hidden foreign accounts for their preferred clients.

[padre35]

Good point, we already see Wall Street declining, better to sell now and receive the 15% Cap Gains rate on 2 year investments then wait and get whacked with 28%..

As for the offshore assets...AFAIK, tax avoidance is legal, tax evasion is not, IMO there is -0- wrong with avoiding paying taxes that one does not have to, and of Lichtenstein’s banking industry just got set on fire and kicked in the ballsack by that “employee who went into hiding..”