A community of 30,000 US Transcriptionist serving Medical Transcription Industry

Opinions? I think anyone hiding assets overseas

Posted: Jun 14, 2012

to avoid paying taxes, no matter what party or whether local, state or federal govt, should not be elected to an office where they are paid by the very tax dollars they go out of their way to avoid paying. What say you?

;

Frankly, I'm for it! - nm

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I agree - AND...

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I think anyone hiring workers overseas to avoid paying taxes on them, all the while collecting TAX BREAKS for shipping the work overseas in the first place, is even more insane.

shipping work overseas - sm

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I think there should be economic sanctions for this. I do not believe anyone gets tax breaks for offshoring work. (I could be wrong, though.)

If no laws are broken, and you disagree, - then work to change the law.

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The tax laws we have are oppressive, so I don't blame people for their creative financal practices, as long as they are obeying the law as it exists. Do you not know that 47 percent of Americans pay NO taxes? That's surely a law that needs to change. No, I have no money in offshore accounts, I am not rich, I'm right there in the middle.

You missed the point. - nm

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.

Therefore, to stay on point, - having an offshore account

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is legal and should not disqualify someone runnnig for office.

Not illegal, just icky. - nm

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.

(I appreciate your point) - nm

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-

Myth alert. That 47% thing is yet another - Fox News hoax

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Truncated Tax Policy Center statement, lifted out of context and inflated into full-blown falsehood. The more accurate statistic is that only 14% of ALL Americans do not owe taxes under the current tax code. That's because they don't have any money to tax. The 47% applies to single filers. More than half of the elderly, many of whom have paid into the system all their working lives, do not owe tax.

However, 2009 was an EXCEPTIONAL year, when 47% to 51% of all Americans paid no tax, an anomaly created by a recession-driven increase in low income filers and TEMPORARY ARRA tax credits that have since expired, including the Making Work Pay credit, that provided relief for low and middle income taxpayers.

There is no way a productive dialog can be had on tax code reform without inspecting realtime income distribution patterns. While middle class workers have TRIPLED their production since 1980, the top 1% have TRIPLED their share of income in the same amount of time. The reality is that middle class wages and salaries flatlined as the top 10% took almost all of the productvity gains over the past 30 years. 20% of all Americans are either unemployed or underemployed while those large corp "job creators" hoard $2 trillion (93% of all post recession income). Where are the jobs?

Tuition and student loans have gone through the ceiling as CEOs take unprecedented increases in bonus pay and continue to lay off workers. Those top 10 percenters own 80% of the stock market that generates billions in "unearned" income, taxed at less than half the rate paid on income generated from REAL work. Romney is an expert on playing the tax-free deferred profits hedge fund games. In fact, top bracket tax rates for the ubers have gone from 34% in 1980 to 23% today. Some falsely claim they pay "most" of the taxes Not so when viewed as a percentage of their overall incomes. State and local taxes, social security taxes, and excise taxes on gasoline, alcohol, tobacco consume 22% of total annual incomes of the poorest 20% but less than 10% of the top 1% incomes. The first $5 million in inheritance proceeds is tax-free, and beyond that amount, there is only a 3% tax rate.

The OMB reports Corporate Income Tax as a Share of GDP has dropped from 4% in the 1960s to 1.3% in 2010. Between 2008 and 2010, the top 100 U.S. corporations paid 12.2% of their income in taxes, and 30 of them paid nothing at all....nearly one third. An annual average of $337 billion in US corporation profits is "sheltered" offshore due to lax regulations. For every dollar of payroll tax paid in the 1950s, corporations paid three dollars. Now it’s 16 cents.

Those same lax regulations have rendered fraud in the financial mgmt and economic securities markets both lucrative and profitable as witnessed by an array of insider trading, pension funds/toxic derivatives, and big bank robosigning of mortgage foreclosures scandals, just to name a few. No less profitable are corporate standard operating procedures, such as exploitation of overseas child labor camps and adult worker sweatshops, pollution and environmental chaos.

Yep. I'd say some pretty hefty tax reform is in order, all right. I say we take the ever popular "trickle down" approach by starting reform at the top and working our way down through the tax brackets. It makes sense that if tax breaks to the ubers have produced this picture, reversal of those measures is way long overdue.

http://www.politicususa.com/half-americans-taxes.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%253A+politicususa%252FfJAl+(Politicus+USA+)

http://www.cagle.com/2012/04/five-reasons-why-the-very-rich-have-not-earned-their-money/

It depends on what you mean by "hiding". - CC

[ In Reply To ..]
The proposition, as you put it, is very front-loaded - in other words, phrased in such a way as to guarantee that you'll get a certain response.

The Supreme Court said many years ago, and has often reaffirmed, that no US citizen is obliged to pay one cent more in taxes than the law requires.

If there are certain tax provisions that favor a particular posture when it comes to the manner in which earning assets are held (where or how), then no US citizen who uses those provisions legally should be in any form or manner criticized or "punished" (e.g., made ineligible to hold office) for doing so.

Now - if you wish to ask whether these provisions in the law should be changed, that's another question altogether.

On the other hand, if a US citizen is "hiding" money overseas in any manner that is illegal, there's no point in asking whether they should hold office or not. They should be prosecuted, and in most political jurisdictions such a criminal conviction would automatically make them ineligible to hold office, so the question is moot.

legality aside, if someone is "gaming" the system - azmt

[ In Reply To ..]
to avoid paying taxes, I would still question their ethics.

"Legality aside"??!! You can't simply shove legality aside for crying out loud. - Stunning lack of logic.

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No one who is complying with the duly authorized provisions of the tax code is "gaming" the system.

Millions of people "take advantage" of the tax code to write off their mortgage interest, their business expenses, and reduce their tax obligation QUITE LEGALLY in numerous other ways.

It doesn't matter in the slightest whether those provisions involve offshore holding of certain assets or John Q. Public's writeoff for mortgage interest payments. It's exactly the same thing.

I think it's pretty obvious that your position is class-based, meaning that you're simply not in an asset class that you yourself cannot use these tax provisions. But you know what? I'll bet you use at least one or more tax code provisions that permit you to reduce your tax liability.

Anyone who doesn't use every deduction or allowance available to them is paying more than the law requires them to pay, which is simply foolish.

On the other hand, anyone who does take advantage of these provisions (you do, don't you?) for themselves and then criticizes others for doing exactly the same thing in a perfectly legal manner (or who says that the other guy is "gaming" the system) is, to be perfectly frank, a hypocrite.

So, a fool who doesn't reduce your own tax burden every way you can, or a hypocrite for criticizing others who do the same thing - which is it?

legality aside because I was not questioning - azmt

[ In Reply To ..]
the legality of it because I know it is legal (that is a whole other discussion), I was questioning the ethics of it... taking a paycheck of tax dollars but avoiding paying taxes. As you said,we all have deductions available, but for some that is not enough so they put their money where it cannot be taxed. Yes, that is legal. But when it is someone running for an office that may very well be making decisions that could very well affect my life, I will tend to hold them to a higher standard than my next door neighbor.

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