Tea Party Enraged! Taxes Avoided By Rich Could Pay Deficit!

[Phatscotty]

I could be wrong here, Because I don't understand it. But around a week ago I had read that there is an estimated $20-30 trillion dollars sits offshore to avoid paying American taxes. It was a Tax Justice Network Report.
I don't understand how it works, and I don't understand why it exists, because I've never been rich. I just don't like to see the people who do it call themselves Patriotic.

Maybe if Obama was not constantly attackeing the wealthy people and could check his greed for other peoples money once in a while, the business environment here would be more comfortable and less toxic. And why should someone bring their money into America, when no matter what they do with it, "They didn't build that"..... In short, there are consequences for Obama's class warfare rhetoric and tactics. Perhaps you are finally starting to see the damage Obama has done.

Keeping money out of Obama's hands is the most patriotic thing an American can do! Spreading greedy lies however is pretty unpatriotic.

btw, your 20-30 trillion is complete bullshit. There is barely even that much money in the world.

[comic boy]

I could be wrong here, Because I don't understand it. But around a week ago I had read that there is an estimated $20-30 trillion dollars sits offshore to avoid paying American taxes. It was a Tax Justice Network Report.
I don't understand how it works, and I don't understand why it exists, because I've never been rich. I just don't like to see the people who do it call themselves Patriotic.

Maybe if Obama was not constantly attackeing the wealthy people and could check his greed for other peoples money once in a while, the business environment here would be more comfortable and less toxic. And why should someone bring their money into America, when no matter what they do with it, "They didn't build that"..... In short, there are consequences for Obama's class warfare rhetoric and tactics. Perhaps you are finally starting to see the damage Obama has done.

Keeping money out of Obama's hands is the most patriotic thing an American can do! Spreading greedy lies however is pretty unpatriotic.

btw, your 20-30 trillion is complete bullshit. There is barely even that much money in the world.

So the tax avoidence is all Obamas fault !
Predictable enough nonsense from you but it fails to explain the money hidden away for decades before Obama came to power , perhaps you think that avoidence was also simple patriotism.

[notyou2]

How bout we stop dropping bombs, policing the world and we could get the deficit on track. We can have our Bastille day on another century.

I don't think the world can wait another 88 years.

[pimpdave]

[Phatscotty]

I could be wrong here, Because I don't understand it. But around a week ago I had read that there is an estimated $20-30 trillion dollars sits offshore to avoid paying American taxes. It was a Tax Justice Network Report.
I don't understand how it works, and I don't understand why it exists, because I've never been rich. I just don't like to see the people who do it call themselves Patriotic.

The vast majority of money that is stored overseas is money that was made overseas. If the money is made overseas and is never brought back to the US, then the US government does not have the authority to tax it. It's a perfectly legal option. And since we have some of the highest tax rates in the world, that money is going to stay overseas until the tax code changes. Any money that is made in the US and is then stored in another country is taxable (but any interest gained is not taxable b/c it's not US money).

Some of the highest tax rates in the world ?
Would you like to back that up with some stats because it doesn't ring true to me.

Wow. You did not know America has one of the highest corporate tax rates in the world? How and the hell can you hold the opinions you do without any of the information necessary to form those opinions?

[Phatscotty]

I could be wrong here, Because I don't understand it. But around a week ago I had read that there is an estimated $20-30 trillion dollars sits offshore to avoid paying American taxes. It was a Tax Justice Network Report.
I don't understand how it works, and I don't understand why it exists, because I've never been rich. I just don't like to see the people who do it call themselves Patriotic.

Maybe if Obama was not constantly attackeing the wealthy people and could check his greed for other peoples money once in a while, the business environment here would be more comfortable and less toxic. And why should someone bring their money into America, when no matter what they do with it, "They didn't build that"..... In short, there are consequences for Obama's class warfare rhetoric and tactics. Perhaps you are finally starting to see the damage Obama has done.

Keeping money out of Obama's hands is the most patriotic thing an American can do! Spreading greedy lies however is pretty unpatriotic.

btw, your 20-30 trillion is complete bullshit. There is barely even that much money in the world.

So the tax avoidence is all Obamas fault !
Predictable enough nonsense from you but it fails to explain the money hidden away for decades before Obama came to power , perhaps you think that avoidence was also simple patriotism.

By all means Comic, you are more than welcome to go right ahead and argue that Obama repeating daily "tax the rich!" makes rich people flock to America.... Oh, but you are unable to make an argument and can only insult and call names.

talk about nonsense

[notyou2]

I could be wrong here, Because I don't understand it. But around a week ago I had read that there is an estimated $20-30 trillion dollars sits offshore to avoid paying American taxes. It was a Tax Justice Network Report.
I don't understand how it works, and I don't understand why it exists, because I've never been rich. I just don't like to see the people who do it call themselves Patriotic.

The vast majority of money that is stored overseas is money that was made overseas. If the money is made overseas and is never brought back to the US, then the US government does not have the authority to tax it. It's a perfectly legal option. And since we have some of the highest tax rates in the world, that money is going to stay overseas until the tax code changes. Any money that is made in the US and is then stored in another country is taxable (but any interest gained is not taxable b/c it's not US money).

Some of the highest tax rates in the world ?
Would you like to back that up with some stats because it doesn't ring true to me.

Wow. You did not know America has one of the highest corporate tax rates in the world? How and the hell can you hold the opinions you do without any of the information necessary to form those opinions?

Do tell.

[Phatscotty]

I could be wrong here, Because I don't understand it. But around a week ago I had read that there is an estimated $20-30 trillion dollars sits offshore to avoid paying American taxes. It was a Tax Justice Network Report.
I don't understand how it works, and I don't understand why it exists, because I've never been rich. I just don't like to see the people who do it call themselves Patriotic.

The vast majority of money that is stored overseas is money that was made overseas. If the money is made overseas and is never brought back to the US, then the US government does not have the authority to tax it. It's a perfectly legal option. And since we have some of the highest tax rates in the world, that money is going to stay overseas until the tax code changes. Any money that is made in the US and is then stored in another country is taxable (but any interest gained is not taxable b/c it's not US money).

Some of the highest tax rates in the world ?
Would you like to back that up with some stats because it doesn't ring true to me.

Wow. You did not know America has one of the highest corporate tax rates in the world? How and the hell can you hold the opinions you do without any of the information necessary to form those opinions?

Do tell.

I would much rather everyone see that you guys are clueless for as long as possible

[jimboston]

I could be wrong here, Because I don't understand it. But around a week ago I had read that there is an estimated $20-30 trillion dollars sits offshore to avoid paying American taxes. It was a Tax Justice Network Report.
I don't understand how it works, and I don't understand why it exists, because I've never been rich. I just don't like to see the people who do it call themselves Patriotic.

If you earn it overseas... you hold it there unless you want to bring it back to the US and spend it (either by investing here or in dividends).

It's very possible you want to hold part of your overseas earnings outside the US because you may have debts or investments to make overseas in the bar future. If you bring it back here... it's taxed and then you would need to transfer it out again when you need it overseas.

[Juan_Bottom]

If you earn it overseas... you hold it there unless you want to bring it back to the US and spend it (either by investing here or in dividends).

It's very possible you want to hold part of your overseas earnings outside the US because you may have debts or investments to make overseas in the bar future. If you bring it back here... it's taxed and then you would need to transfer it out again when you need it overseas.

So is there any way we could conceivably get a hold of some of this sweet loot? I'm not talking about global communism.
I mean - not just Americans, but some of these no-pot-to-piss-in poor nations. Do we need more guns?

I would much rather everyone see that you guys are clueless for as long as possible

Another thing that I don't understand, is this argument that America has the most corporate taxes in the world. I don't think it's fair to use that as a shield when there are professional tax-loophole finders in the employment of every corporation. GE doesn't even pay taxes, and they're huge.

Government Spends More on Corporate Welfare Subsidies than Social Welfare Programs

[comic boy]

I could be wrong here, Because I don't understand it. But around a week ago I had read that there is an estimated $20-30 trillion dollars sits offshore to avoid paying American taxes. It was a Tax Justice Network Report.
I don't understand how it works, and I don't understand why it exists, because I've never been rich. I just don't like to see the people who do it call themselves Patriotic.

The vast majority of money that is stored overseas is money that was made overseas. If the money is made overseas and is never brought back to the US, then the US government does not have the authority to tax it. It's a perfectly legal option. And since we have some of the highest tax rates in the world, that money is going to stay overseas until the tax code changes. Any money that is made in the US and is then stored in another country is taxable (but any interest gained is not taxable b/c it's not US money).

Some of the highest tax rates in the world ?
Would you like to back that up with some stats because it doesn't ring true to me.

Wow. You did not know America has one of the highest corporate tax rates in the world? How and the hell can you hold the opinions you do without any of the information necessary to form those opinions?

Wow Phatty can't follow a thread without getting confused , oddly enough I am not surprised by this.

[notyou2]

I could be wrong here, Because I don't understand it. But around a week ago I had read that there is an estimated $20-30 trillion dollars sits offshore to avoid paying American taxes. It was a Tax Justice Network Report.
I don't understand how it works, and I don't understand why it exists, because I've never been rich. I just don't like to see the people who do it call themselves Patriotic.

The vast majority of money that is stored overseas is money that was made overseas. If the money is made overseas and is never brought back to the US, then the US government does not have the authority to tax it. It's a perfectly legal option. And since we have some of the highest tax rates in the world, that money is going to stay overseas until the tax code changes. Any money that is made in the US and is then stored in another country is taxable (but any interest gained is not taxable b/c it's not US money).

Some of the highest tax rates in the world ?
Would you like to back that up with some stats because it doesn't ring true to me.

Wow. You did not know America has one of the highest corporate tax rates in the world? How and the hell can you hold the opinions you do without any of the information necessary to form those opinions?

Do tell.

I would much rather everyone see that you guys are clueless for as long as possible

Wow, that went whoosh.

[jimboston]

If you earn it overseas... you hold it there unless you want to bring it back to the US and spend it (either by investing here or in dividends).

It's very possible you want to hold part of your overseas earnings outside the US because you may have debts or investments to make overseas in the bar future. If you bring it back here... it's taxed and then you would need to transfer it out again when you need it overseas.

So is there any way we could conceivably get a hold of some of this sweet loot? I'm not talking about global communism.
I mean - not just Americans, but some of these no-pot-to-piss-in poor nations. Do we need more guns?

Yes... create a safe and welcoming environment for these businesses.... such that they would want to invest their money in your country.

[patches70]

Yes, let's squeeze as many more people as possible so the government can expand on this-





Here is the source so one can look closer at the individual spending the government does, all infographic to help put into perspective-

http://demonocracy.info/infographics/us ... udget.html

[Juan_Bottom]

Yes... create a safe and welcoming environment for these businesses.... such that they would want to invest their money in your country.

Well obviously the best way to attract businesses is to have a low or non-existent corporate tax rate and to make up that difference with high taxes on individuals.
But I'm not talking about any of that, I'm talking about theoretical politics.

[pimpdave]

[Night Strike]

Do you realize that those "projections" all assume that there is no drop-off in taxable income when rates are raised and no increase in taxable income when rates are lowered? They assume that the tax rates are in a complete vacuum and that the only change that occurs when rates change is the amount of money the government takes in.

[Juan_Bottom]

"Unfunded wars and tax cuts don't cause debt."

[Night Strike]

I was specifically talking about tax rates.

[Juan_Bottom]

Interesting side note; Union declined linked to shitty wages.
http://www.rawstory.com/rs/2012/08/29/s ... w+Story%29

[Night Strike]

Are you going to add to Obama the $1.7 trillion of debt that has accumulated since that poster was made?

[Juan_Bottom]

You're welcome to post anything to corroborate your opinions, but you know that I'm probably ready for it. You've seen how quickly I pull this stuff out of thin air.

[Night Strike]

You're welcome to post anything to corroborate your opinions, but you know that I'm probably ready for it. You've seen how quickly I pull this stuff out of thin air.

What's an opinion? Our current federal debt is now $16 trillion dollars while your picture only goes up to $14.3 trillion.

And I'm pretty sure "thin air" is about the only place many of your posts come from.

[patches70]

Something to note. Yesterday was a big bond sale. Yesterday, because of that bond sale, the US just hit $16 trillion in debt.

It took 286 days to go from $15 trillion in debt to $16 trillion (US hit $15 trillion on November 16, 2011). $3.6 billion a day borrowed.

Let's all say it together-

$16,000,000,000,000BAMA!

Did you all know, that the interest payments to China on the US debt is enough to fund their entire defense budget? China gets $73.4 million dollars from the US a day in interest payments.
http://www.google.com/url?sa=t&rct=j&q= ... ZtkXfnVR7Q

In 2011, the US government collected $2.3 trillion tax revenue. During the same period, the US spent $2.9 trillion on social security, medicare/medicaid (both mandatory by law) and defense. So they started out $600 billion in the hole right from the get go.

15% of tax revenue goes to paying the interest on the debt alone, before anything else.


Oh, yeah, and the US debt limit at the moment is $16.394 trillion, which at current borrowing means we'll hit that limit in 96 days or so, in November-early December. We are on pace to break $17 trillion in just 277 days. It took 200 years to break $1 trillion.
Welcome to exponential growth of debt. And people still believe we can tax or grow our way out of this? That's so quaint.


So, guesses on how many days it'll take for the US to break $17 trillion?

[Juan_Bottom]

Then why would anyone buy our Bonds?