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In reply to the discussion: How Detroit Benefits from NAFTA [View all]Octafish
(55,745 posts)37. Actually, you're proving yourself wrong, as that's not my ''argument.''
The point I made in the OP and, as far as I can see elsewhere in the thread, is NAFTA has hurt Detroit manufacturing workers and the people who depend on them making a fair wage.
As for NAFTA bringing jobs to Mexico, that's great, but they don't pay taxes in the United States, nor, increasingly, do their companies' owners, the billionaires who offshore their loot. From what I can tell, it's also where a lot of the money "lost" in the great Bankster Bailout has gone.
Check Out Who's Hiding $32 Trillion in Offshore Tax Haven Accounts
EXCERPT...
Some $32 trillion has been hidden in small island banking hubs which host a bevy of trust funds, shell corporations and other tax havens, the Tax Justice Network estimates.
SNIP...
The information is still being sifted through, even as it's being released to the public, but here's some of what's been found so far:
■American Denise Rich, ex-wife of pardoned tax cheat Marc Rich, has been uncovered as the settlor and beneficiary of two large trusts based in the tiny Cook Islands. The ICIJ found that Denise Rich gave up her American citizenship in 2012. Her citizenship was convenient enough when President Clinton had the authority to pardon her ex-husband.
■French President Francois Hollande, ardent socialist and tireless champion of the 75% marginal tax rate, appears in these documents, mostly by association. His campaign co-treasurer, Jean-Jacques Augier, has been forced to reveal the name of his Chinese business partner in a Caymans-based distribution company. Augier says he used his offshore company to make a large investment in China.
■Australian actor Paul Hogan, of "Crocodile Dundee" fame, has lost about $35.3 million from an account that he used to offshore his "bonza" film royalties. His once-trusted tax adviser Philip Egglishaw ran off with Hogan's sizeable hidden offshore stash.
■French banking scion Elie de Rothschild, of the famous banking family, has been named in the leaks. He was instrumental in setting up some 20 trusts and 10 holding companies in the Cook Islands, all extremely opaque in nature. His heirs have, not surprisingly, refused comment.
■Brigitte Bardot's third ex-husband, Gunter Sachs, a millionaire industrialist, has been revealed as the owner of a huge, obscure wealth-masking machine: trust upon shell company upon holding company, almost ad infinitum, mostly based in the Cook Islands. The ICIJ has constructed an interactive map of Sachs' extensive offshore holdings and business networks. The network is fairly representative of the steps that many on this list have taken to hide their wealth away. You can marvel at its imponderable complexity here.
And these names are barely the tip of the iceberg. The shockwaves have already begun to spread through the corridors of wealth and power all over the world.
How Much is $32 Trillion?
It bears repeating: $32 trillion has been stashed away, off the books, by corporations and wealthy individuals.
CONTINUED...
http://www.marketoracle.co.uk/Article40250.html
Offshore loot also represents money made from trafficking in drugs, guns and people. So...what can we do about it?
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--[font color="green"]0.001% of the world's population[/font color]. 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
Not only would that money balance the budget, erase the debt and fix the nation and world's problems from hunger and homeless to energy and education; it would free humanity to do better things than make war all the time. Thanks for the reminder, okaawhatever.
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+1 For calling out nationalist and zenophobic bigot dog whistles, here of all places.
appalachiablue
Apr 2015
#34
''What's good for General Motors is good for America*'' means something else these days.
Octafish
Apr 2015
#6
Well, I wouldn't put the "Rent's to High Guy" in charge of our complicated economic system.
Hoyt
Apr 2015
#10
b/c the only alternative to sane trade policy is having the "rent's too high" guy in charge.
nashville_brook
Apr 2015
#12
Larry Summers' ''End-Game'' Memo: Like repealing Glass-Steagall on a planetary scale.
Octafish
Apr 2015
#32
'Self-correcting' is the concept Alan Greenspan used I believe. That really worked out well-
appalachiablue
Apr 2015
#35
Mexican workers who are making $8/hour vs. 50 cents a day, are certainly better off.
Hoyt
Apr 2015
#13
Just like American dirt farmers did better when they got jobs with Ford, etc Mexicans will do better
Hoyt
Apr 2015
#31
Walmart is the world's largest company, owned by the world's richest family, thanks to NAFTA.
Octafish
Apr 2015
#16
The Tooth Fairy sprinkled sleepy dust on me, because I don't remember reopening NAFTA in 2009.
Octafish
Apr 2015
#21
I'm sure you're right. With Republican support in Congress we won't need the Tooth Fairy! nt
stillwaiting
Apr 2015
#25
The Myth of American Democracy – Money Talks and Those Without Money Have No Voice
Octafish
Apr 2015
#36
K & R Weep for Detroit, great American city & many other places & people in this strange,
appalachiablue
Apr 2015
#39