Wealthy hiding $21 trillion in tax havens

Good thing we keep giving them tax cuts so they can continue creating all those jobs rather than evade paying taxes and hoarding it all offshore.

http://www.cbc.ca/news/world/story/2012/07/22/tax-havens.html

There is nothing wrong with a person or a company taking advantage of any and all tax breaks. That is how Canada's tax system works. What seems unfair is when a company can make $500 million dollars and pay no minimun tax. If an oil company earns $500 million in profit, and gets a tax break of $500 million dollars because they have re-invested that money in research and development, and pays no taxes, there is nothing the matter with that.

What tax cuts are "they" being given? Who is "giving" the "them" the tax breaks?



But thank God that we pump massive tax $$ into the CBC to give us such comprehensive reporting.

I think the complaint is that there are tax credits for research and development that many profitable companies get for drilling for new oil, new coal, nw gas, digging for new gold, new silver, new copper deposits.

Many years ago , I believe, when these credits were taken away, the drilling rigs left Canada and went to th USA, where those credits still were in play.

If my little company wanted to spend a bunch of money on research, I would certainly check out the tax laws to take advantage of legal incentives.

Rosen, maybe you should check your reading comprehension level. Where in the link attached did they mention anything about tax credits for research and development?



I could have sworn it was about the TRILLIONS of dollars being sheltered in OFFSHORE TAX HAVENS. By conservative estimates an amount equal to the GDP of the USA and Japan, and likely more.



Just curious did you even bother to look at the link before commenting?

Freeman wrote:What tax cuts are "they" being given? Who is "giving" the "them" the tax breaks?



But thank God that we pump massive tax $$ into the CBC to give us such comprehensive reporting.

Sorry Freeman, I keep forgettin you really need those tax breaks. Must suck earning enough money that you can complain about your $250,000 tax bills. I'm sure if your tax burden was just a little lower you could create a few more jobs for us poor commie bastards.



BTW, I do thank God that the CBC exists to at least give a somewhat balanced news account unlike your (and GOM's) beloved Sun News which is little more than the media arm of the Harper Government. It's one of the better uses of my tax dollars.

I have a vry old computer that doesn't work with links! Also the e works only if you pound the lttr

Is there anything illegal in keeping money in an out of the country bank account? Or is this cash in a safety deposit account?

grumpyrom wrote:

Freeman wrote:What tax cuts are "they" being given? Who is "giving" the "them" the tax breaks?



But thank God that we pump massive tax $$ into the CBC to give us such comprehensive reporting.

Sorry Freeman, I keep forgettin you really need those tax breaks. Must suck earning enough money that you can complain about your $250,000 tax bills. I'm sure if your tax burden was just a little lower you could create a few more jobs for us poor commie bastards.



BTW, I do thank God that the CBC exists to at least give a somewhat balanced news account unlike your (and GOM's) beloved Sun News which is little more than the media arm of the Harper Government. It's one of the better uses of my tax dollars.

Thought you weren't posting here anymore?



Must be tough being a card carrying, make everyone else pay so I can be a lazy slug socialist. Have to remember all the rhetoric all the time.



And since you can't back anything up, just go on a personal attack.



And, for the record, Sun News Media doesn't belong to me, it belongs to someone else. Not sure how you could come up with that idea. Oh yeah, you're a commie, so everything you say has to be right, er make that correct.



I wish I had to pay a quarter of a million in taxes, but nonetheless, whatever I want to do with my money is really my business. Afterall, I am the one that worked for it.

Funny Freeman, I remember very clearly your bragging (complaining) about your $200,000+ tax bill a few years ago and how you were sick of supporting all the useless commie bastards. I dunno, maybe you were making that sh1t up.



BTW, just cause I'm a card carrying socialist bastard doesn't make me a lazy slug. I work and earn a decent wage, the difference between you and I is that I actually give a crap about people who have less than me. The personal attack was just for you, I knew you and Rosie would be the first to fall for the troll bait as usual. This board is dead, I only come back here to get on your nerves every now and then and to laugh as you guys stand up for a system that is completely broken.



I don't get who could look at an article about the uber wealthy hiding trillions in offshore accounts to avoid paying taxes (tax evasion) in their home countries and think this is either morally or legally ok. Instead of being offended that this is occuring and realising that maybe if these rich frickers would pay there fair share like the rest of us, maybe we wouldn't have the economic crisis' that are plaguing the western world, and just maybe we wouldn't have to ram austerity budgets down the backs of the working poor.

Perhaps these people who are "hoarding" money offshore are protesting because they do not agree with how their government representatives are spending the tax money they collect now.

By the same logic, can those of us regular peons who don't agree with how the Harper government is spending our tax money choose to move our money offshore without paying taxes? Fat chance.



Yet someone like the Bronfman family gets an emption from Revenue Canada to move over $2 Billion dollars offshore depriving the Federal Government of $800 million in much needed revenues. This was just one of the few instances of this type of BS that actually made the news. These seems fair to some people? The little people have to pay their taxes or risk fines and/or imprisonment but the elite can just get an exemption? Why? If it hadn't been for a lowly Revenue Canada manager seeing these documents and suing Revenue Canada we would have never even known about this incidenet. It would be naive to think that Billions of dollars in lost tax revenue doesn't occur annually both legally and ilegally.



I don't buy the Randian argument that I don't agree with the government so I can just withdraw much wealth to Galt's Gulch.

simple solution would be to get rid of current tax laws that allow this crap, the laws are so convoluted and became that way simply to allow richer people to twist them

Flat tax. done.

you make $1 million... you pay X. no discounts for kids, no nothing.

grumpyrom wrote:Funny Freeman, I remember very clearly your bragging (complaining) about your $200,000+ tax bill a few years ago and how you were sick of supporting all the useless commie bastards. I dunno, maybe you were making that sh1t up.



BTW, just cause I'm a card carrying socialist bastard doesn't make me a lazy slug. I work and earn a decent wage, the difference between you and I is that I actually give a crap about people who have less than me. The personal attack was just for you, I knew you and Rosie would be the first to fall for the troll bait as usual. This board is dead, I only come back here to get on your nerves every now and then and to laugh as you guys stand up for a system that is completely broken.



I don't get who could look at an article about the uber wealthy hiding trillions in offshore accounts to avoid paying taxes (tax evasion) in their home countries and think this is either morally or legally ok. Instead of being offended that this is occuring and realising that maybe if these rich frickers would pay there fair share like the rest of us, maybe we wouldn't have the economic crisis' that are plaguing the western world, and just maybe we wouldn't have to ram austerity budgets down the backs of the working poor.

Just for the record, you're full of sh1t. Have never posted here on how much I make, or how much tax I have ever paid. But, if you feel that helps your cause, then keep bullshitting.



Why is it, because I disagree with you and your types, how does that translate into not caring? I actually work at a charity in the inner city which provides a safe place for kids. In my spare time, I am involved at the local community centre and even though my "children" have long grown out of the program, I volunteer much of my time with youth soccer, but I guess those facts would not be in keeping with your "unless you're a socialist bastard, then you don't care about anyone else."



Sorry to burst your commie bubble.

Well there's no way to prove it considering that I can't search your posts before 2010 for some reason. But I did find one of my posts where I brought it up previously and you didn't challenge me then on it:

https://kwdc.forumotion.com/t4825p50-flat-taxes-anyone

Maybe it wasn't here, but you definitely bitched about on the internet possibly at newwinnipeg before the sandbox.. I firmly remember it as what really stuck out was that someone who was clearly earning a huge income by any measure was whining about how badly they had it because of those evil socialists. It actually disgusted me, so ya it sticks out in my mind.



Guess all your volunteering makes up for the fact that you support the types of ideologies which will only ensure those kids have less opportunities than you did. Pat yourself on the back.

Did any one print that this money is illegal? I didn't read that anywhere in the article.

Is there a law that prevents a person from earning better interest in another country?

Grumpyron- I don't understand what you mean by th troll bait, can you explain?

grumpyrom wrote:Well there's no way to prove it considering that I can't search your posts before 2010 for some reason. But I did find one of my posts where I brought it up previously and you didn't challenge me then on it:

https://kwdc.forumotion.com/t4825p50-flat-taxes-anyone

Maybe it wasn't here, but you definitely bitched about on the internet possibly at newwinnipeg before the sandbox.. I firmly remember it as what really stuck out was that someone who was clearly earning a huge income by any measure was whining about how badly they had it because of those evil socialists. It actually disgusted me, so ya it sticks out in my mind.



Guess all your volunteering makes up for the fact that you support the types of ideologies which will only ensure those kids have less opportunities than you did. Pat yourself on the back.

As I said, you're full of sh1t. Make an outright lie, but can't back it up. Not a word in that thread about how much I make or how much I pay in taxes.



I guess that union card doesn't mean you can read.



Feel free not to post here...oh right, just more bullshit on your part.

$27.5 trillion

http://earthlinggb.wordpress.com/2010/02/07/the-wanta-plan-the-global-security-fund/