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Showing Original Post only (View all)Let's Tax Offshore Wealth [View all]
We have the technology. We know who and we know where They have hidden the cash.
[font size="1"]"Conspiratorial Wink" (detail) by Michael Samuels[/font size]
On My Mind
Tax Offshore Wealth Sitting In First World Banks
James S. Henry
07.01.10, 09:00 AM EDT
Forbes Magazine dated July 19, 2010
Let's tax offshore private wealth.
How can we get the world's wealthiest scoundrels--arms dealers, dictators, drug barons, tax evaders--to help us pay for the soaring costs of deficits, disaster relief, climate change and development? Simple: Levy a modest withholding tax on untaxed private offshore loot.
Many aboveground economies around the world are struggling, but the economic underground is booming. By my estimate, there is $15 trillion to $20 trillion in private wealth sitting offshore in bank accounts, brokerage accounts and hedge fund portfolios, completely untaxed.
SNIP...
This wealth is concentrated. Nearly half of it is owned by 91,000 people--0.001% of the world's population. Ninety-five percent is owned by the planet's wealthiest 10 million people.
SNIP...
Is it feasible? Yes. The majority of offshore wealth is managed by 50 banks. As of September 2009 these banks accounted for $10.8 trillion of offshore assets--72% of the industry's total. The busiest 10 of them manage 40%.
CONTINUED....
http://www.forbes.com/forbes/2010/0719/opinions-taxation-tax-havens-banking-on-my-mind.html
This would beat the alternative. No, not austerity; the guillotine.
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We need a billionaire's nightmare inheritance law combined with a wealth tax on corporations.
Egalitarian Thug
May 2013
#4
And also fix the tax loopholes in inheritance laws that lets those estates escape capital gains tax
cascadiance
May 2013
#9
We should, and are completely free to do so, scrap the entire tax code and replace it with
Egalitarian Thug
May 2013
#11
If the money is offshore for the purposes of evading taxes, then there ought to be
Mr. David
May 2013
#35