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Massive document leak on elite tax havens

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  • #31
    Originally posted by SteveDaPirate View Post
    To collect taxes on non-US financial accounts owned by U.S. citizens. When passed, it was assumed that the cost to go after these accounts would be more than offset by the taxes collected. In practice it hasn't lost money, but it hasn't produced as much of a return as anticipated either.
    It means it will continue and the experience will be replicated by others. Fear is a strong deterrent.

    Much of the world has signed on to it however, and I think there is an argument to be made that the US is the only country with the clout to really start clamping down on the global trend of the wealthy hiding assets offshore. Afterall, FIFA was running roughshod over laws and countries until the US stepped in and slapped them down.
    After Dok's post i'm a bit sceptical about that. Though there are many that will welcome this stance.

    I'd argue that the U.S. doesn't actually want a stronger dollar as all the foreign investment following the sluggish growth in Europe and Asia is boosting the dollar and hurting U.S. manufacturing competitiveness for exports. The Federal Reserve has said that they want to see about 2% inflation, but it hasn't happened in almost a decade now despite 0% interest rates. The foreign investment isn't going into U.S. companies, but treasury bonds and (often vacant) housing. Foreign investors have been looking for safe rather than profitable.
    True, this argument is made by exporters in many countries.

    Taxes go up for everyone else when the wealthiest members of society get out of paying what they owe.
    I have a feeling that recovery is taking longer than expected and tax revenue quotas are not being met. There is also a certain unease going around. Xi going on a corruption drive back in 2013, more talk about corruption in India shortly before are all good indicators of an economy that might look good on paper but isn't actually delivering. Its a global problem.But do people realise that it does not stop there. Everybody gets looked at more suspiciously than before.

    So it is politically safe to go after the rich or rather make the right noises to the effect.. then the next elections come up and donations are requested and with that promises are made.

    This is all just circus during lean times. When the economy improves nobody cares.

    I still wonder what motivates this ICIJ. Are they former tax collectors turned journalists ? or are these the stories that people in 75 countries want to read about. I'm afraid our economies will take longer to recover than expected.
    Last edited by Double Edge; 10 Apr 16,, 00:26.


    • #32
      Panama Papers: Saudi Arabia King Sponsored Netanyahu’s Campaign

      "Isaac Herzog, member of the Knesset and Chairman of the Israeli Labor party, revealed that Saudi king Salman bin Abdulaziz financed the election campaign of Israeli Prime Minister, Benjamin Netanyahu."

      I'll be interested to see if a more reputable source confirms this.
      Last edited by SteveDaPirate; 09 May 16,, 18:05.


      • #33
        Herzog's office has denied he said anything of the sort. be interesting to see if the allegations themselves have any substance.

        mark this down as something that will be treated as 'fact' in a good many parts of the internet from now on, no matter what actually comes out. It ticks boxes for too many people to let the facts spoil it.

        Win nervously lose tragically - Reds C C


        • #34
          Online database of these papers now available here;