Posted on 04/06/2016 7:27:52 PM PDT by Rockitz
In his speech yesterday, following the Treasury's crack down on corporate tax inversions, Obama blamed "poorly designed" laws for allowing illicit money transfers worldwide. Since the speech came at a time when the entire world is still abuzz with the disclosure from the Panama Papers, Obama touched on that as well: "Tax avoidance is a big, global problem" he said on Tuesday, "a lot of it is legal, but that’s exactly the problem" because a lot of it is also illegal.
There is one major problem with that: of all the countries in the world, it is none other than the country of which Obama is president, the United States, that has become the world's favorite offshore "tax haven" destination.
As Bloomberg, which first broke the story about Nevada's use as a prominent tax haven early this year, writes, "Panama and the U.S. have at least one thing in common: Neither has agreed to new international standards to make it harder for tax evaders and money launderers to hide their money."
Over the past several years, amid increased scrutiny by journalists, regulators and law enforcers, the global tax-haven landscape has shifted. In an effort to catch tax dodgers, almost 100 countries and other jurisdictions have agreed since 2014 to impose new disclosure requirements for bank accounts, trusts and some other investments held by international customers -- standards issued by the Organization for Economic Cooperation and Development, a government-funded international policy group.
In short: while Obama is complaining about corporate tax avoidance and slamming Panama, he is encouraging it in the U.S.
...
For Obama, however, it is important to not let facts get in the way of a good speech, or welcoming the dirty, laundered money of the world's uber wealthy...
(Excerpt) Read more at zerohedge.com ...
Nothing illegal about tax avoidance, I avoid all of them I can. I consider it my duty as a patriotic American.
Title clipped should read...
Rothschild Humiliates Obama, Reveals That “America Is The Biggest Tax Haven In The World”
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Tax avoidance is the solution, not the problem.
Apparently Obama either failed that class in law school or paid someone else to take the test.
I, for one, do not believe that Obama can actually be humiliated.
“Nothing illegal about tax avoidance, I avoid all of them I can. I consider it my duty as a patriotic American.”
The problem is, the middle class can’t avoid them. If you are poor, you avoid them because taxes wind up as a net gain. If you are very wealthy, people can set up very clever (and often absolutely legal, even if ethically questionable) methods of tax avoidance.
It’s not your money Hussein, you communist pig.
Advoidance is illegal?
You don’t even have to be that wealthy, mainly knowledgeable. The ultra wealthy utilize trust structures to shield wealth.
I’m aware of that, I’m in the U.S. and own property. Texas and Nevada have methods of acquiring a quasi allodial title on property, being able to pay a sum and be out of property tax for a long time. Additionally, you’re supposed to be able to acquire that through proper titleing, but while I have done most of it for my NV property, I’m not in any hurry to press the issue since the property tax on my 643 acres there was low enough I could pay it spending a day picking up bottles and cans on the side of the road...
What do you do with 643 acres of desert? : )
Build camel lot?
High desert. Has trees and running water with trout. It’s freakin geologic paradise to boot.
I am so happy for you! It sounds wonderful!
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