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In reply to the discussion: Wealth of richest 400 Americans surges to $2.29 trillion! Yowsa! Yowsa! Yowsa! [View all]Octafish
(55,745 posts)57. Let's put them in the 99-percent tax bracket. It's a fate worse than death for the greedhead.
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
If they don't like getting a bad haircut, they can move to China -- without the dough.
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
If they don't like getting a bad haircut, they can move to China -- without the dough.
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Wealth of richest 400 Americans surges to $2.29 trillion! Yowsa! Yowsa! Yowsa! [View all]
Octafish
Oct 2014
OP
Let them live on their libertarian castles, they'll end up like the kids in Animal Farm.
Dont call me Shirley
Oct 2014
#27
So "trickle down" should kick in real soon now. Just be patient. 20-30 more years, tops. Trust us.
Scuba
Oct 2014
#7
You deserve a big thank you for all the great data and articles you post. THANK YOU!!
rhett o rick
Oct 2014
#48
Let's put them in the 99-percent tax bracket. It's a fate worse than death for the greedhead.
Octafish
Oct 2014
#57
When is the ship of state going to capsize and will the captains of industry go down with the ship?
xocet
Oct 2014
#14
K&R. We must hold both parties accountable for this, and we need a revitalized union.
liberal_at_heart
Oct 2014
#20
These billionaires all suffer from severe mental and emotional illness, Sociopathy/Psychopathy.
Dont call me Shirley
Oct 2014
#26
Sociopaths are highly functioning people often charming and able to delegate authority.
Dont call me Shirley
Oct 2014
#41