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  1. #26
    W4A1 143 43CK? Nbadan's Avatar
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    So how much are the ultra rich hiding?

    Super-Rich Hold Up To $32 Trillion In Offshore Havens: Report
    07/22/2012 05:00 am ET | Updated Sep 20, 2012


    LONDON, July 22 (Reuters) - Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday.

    The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion.

    The research was carried out for pressure group Tax Justice Network, which campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co.

    He used data from the World Bank, International Monetary Fund, United Nations and central banks.

    The report also highlights the impact on the balance sheets of 139 developing countries of money held in tax havens by private elites, putting wealth beyond the reach of local tax authorities...
    http://www.huffingtonpost.com/2012/0...n_1692608.html

  2. #27
    W4A1 143 43CK? Nbadan's Avatar
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    t’s just the tip of a much bigger iceberg. “The size of the leak is unprecedented, but the tricks Mossack Fonseca has allegedly used for its clients are neither new nor surprising. Anonymous s companies and the failure of governments to require lawyers, corporate service companies, or banks to collect beneficial ownership information on clients leave the door wide open for dirty money to flow around the globe virtually unhindered,” says Heather Lowe, the Director of Government Affairs for Global Financial Integrity, a Washington DC-based consultancy.

    To me, this is one of the key issues at work in the U.S. presidential election. Voters know at a gut level that our system of global capitalism is working mainly for the 1 %, not the 99 %. That’s a large part of why both Sanders and Trump have done well, because they tap into that truth, albeit in different ways. The Panama Papers illuminate a key aspect of why the system isn’t working–because globalization has allowed the capital and assets of the 1 % (be they individuals or corporations) to travel freely, while those of the 99 % cannot. Globalization is supposed to be about the free movement of people, goods, and capital. But in fact, the system is set up to enable that mobility mainly for the rich (or for large corporations). The result is global tax evasion, the offshoring of labor, and an elite that flies 35,000 feet over the problems of nation states and the tax payers within them.

    Where do we go from here? I think we’re heading towards a root to branch re-evaluation of how our market system works–and doesn’t work. The debate over free trade is part of that re-evaluation. The calls for a global campaign against tax evasion are, too. I think there will also be intense scrutiny about the ease with which financial capital can move around the world – we’ve already seen that with the hoopla over tax inversions, but we’ll see a lot more backlash, in new areas.


    More:
    http://time.com/4280864/panama-papers-capitalism/

    but yet....the two current leaders in the presidential contest for each party are both solid members and backers of the 1%......

  3. #28
    W4A1 143 43CK? Nbadan's Avatar
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    Iceland's leader resigns, first casualty of Panama Papers
    Source: REUTERS


    Iceland's Prime Minister Sigmundur David Gunnlaugsson resigned on Tuesday, becoming the first casualty of leaked do ents from a Panamanian law firm which have shone a spotlight on the offshore wealth of politicians and public figures worldwide.

    The Panama Papers showed the premier's wife owned an offshore company with big claims on Iceland's banks, a undeclared conflict of interest for Gunnlaugsson, infuriating many who hurled eggs and bananas in street protests calling for him to step down.

    The banks collapsed as the global financial crisis hit in 2008 and many Icelanders blame politicians for not reining in their debt-fueled binge and averting a deep recession.

    The more than 11.5 million do ents, leaked from the Panamanian law firm Mossack Fonseca, have caused public outrage over how the world's rich and powerful are able to stash their wealth and avoid taxes while many people suffer austerity and hardship.
    Read more: http://www.reuters.com/article/us-pa...-idUSKCN0X10C2

    Could the use of tax dodges like Panama reverberate? ..Bloomberg News reported in 2014 on the Clintons’ use of a prime tax dodge: They put their Chappaqua home into a “residence trust” in 2010. Such trusts can save hundreds of thousands of dollars in estate taxes. Meanwhile, the Clintons’ family wealth has grown big-time thanks to firms with significant holdings in places like . . . the Caymans. As The Daily Caller notes, Bill Clinton spent years as a partner in his (now-ex-) buddy Ron Burkle’s investment fund Yucaipa Global — registered in the Cayman Islands. In five years, Bill pocketed at least $10 million.

  4. #29
    my unders, my frgn whites pgardn's Avatar
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    [/B]

    More:
    http://time.com/4280864/panama-papers-capitalism/

    but yet....the two current leaders in the presidential contest for each party are both solid members and backers of the 1%......
    I don't know why people keep beating the 1% line?

    1 out of every 100 people in the US or World DO NOT use "offshore" methods.

    Its its clearly closer to 0.1% and that might be high. Is 0.1% too low a number too worry about? I don't think so. The 90% of the 1% mentioned also have to make up for cheaters with their own tax money as well.

    The 90% of the 1% the Democrats and the media are lumping in with crooks are probably pissed. That's not a high enough number of voters? So burn them at the stake as well? 90 out of every 100 of the 1% fart in your general direction.

  5. #30
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    "Its its clearly closer to 0.1%"

    evidence?

  6. #31
    my unders, my frgn whites pgardn's Avatar
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    "Its its clearly closer to 0.1%"

    evidence?
    By the numbers just mentioned in the Panama papers. It's not even close to 0.1%. It's much lower.

    Evidence that 1 out of every 100 people in the world hide their money in offshore s companies? Since Democrats keep using that number with impunity.

  7. #32
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    By the numbers just mentioned in the Panama papers. It's not even close to 0.1%.

    Evidence that 1 out of every 100 people in the world hide their money in offshore s companies?
    nobody's saying 1% of people, it's the 1% in WEALTH. like a few 100 people have as much wealth as a few 100M people.

  8. #33
    my unders, my frgn whites pgardn's Avatar
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    nobody's saying 1% of people, it's the 1% in WEALTH. like a few 100 people have as much wealth as a few 100M people.
    The wealth is not distributed that evenly either. Among the wealthiest 1% You are still netting large numbers of people not involved. Especially in the US and Western Europe.

  9. #34
    dangerous floater Winehole23's Avatar
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    While we force foreign financial ins utions to give up information on accounts held by U.S. taxpayers through the Foreign Account Tax Compliance Act of 2010, we don’t reciprocate by complying with international disclosure requirements standardized by the Organization for Economic Co-Operation and Development (OECD) and agreed to by 97 other nations. As a result, the U.S. is becoming one of the world’s foremost tax havens.

    Several states – Delaware, Nevada, South Dakota, Wyoming – specialize in incorporating anonymous s corporations. Delaware earns between one-quarter and one-third of their budget from incorporation fees, according to Clark Gascoigne of the FACT Coalition. The appeal of this revenue has emboldened small states, and now Wyoming bank accounts are the new Swiss bank accounts.
    http://www.salon.com/2016/04/05/this...tax_avoidance/

  10. #35
    dangerous floater Winehole23's Avatar
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     Gabriel Zucman, author of The Hidden Wealth of Nations: The Scourge of Tax Havens and assistant professor at UC Berkeley, estimates that $7.6 trillion in individual assets are in tax havens, about 8 percent of the world’s financial wealth. He believes the use of tax havens has grown 25 percent from 2009 to 2015. Zucman estimates that US citizens have at least $1.2 trillion stashed offshore, costing $200 billion a year worldwide in lost tax revenue from wealthy individuals. US multinational corporations underpay their taxes worldwide by $130 billion by engaging in corporate tax avoidance.
    http://www.thenation.com/article/pan...ds-super-rich/

  11. #36
    The Wemby Assembly z0sa's Avatar
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    So how much are the ultra rich hiding?

    Super-Rich Hold Up To $32 Trillion In Offshore Havens: Report
    07/22/2012 05:00 am ET | Updated Sep 20, 2012




    http://www.huffingtonpost.com/2012/0...n_1692608.html
    32 ing trillion? And you have fools voting for Hillary and Ted Cruz.

  12. #37
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  13. #38
    Damns (Given): 0 Blake's Avatar
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    This all has some illuminati feel to it

  14. #39
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    This is much worse than the Panama Papers: How America became a world leader in tax avoidance

    While several developed countries are already moving to reduce the anonymity behind s companies, including a public registry of “beneficial ownership” information in the United Kingdom and a directive to collect similar information throughout the European Union, the United States has resisted such transparency.

    According to recent research, the United States is the second-easiest country in the world to obtain an anonymous s corporation account. (The first is Kenya.) You can create one in Delaware for your cat.



    While we force foreign financial ins utions to give up information on accounts held by U.S. taxpayers through the Foreign Account Tax Compliance Act of 2010, we don’t reciprocate by complying with international disclosure requirements standardized by the Organization for Economic Co-Operation and Development (OECD) and agreed to by 97 other nations. As a result, the U.S. is becoming one of the world’s foremost tax havens.

    Several states – Delaware, Nevada, South Dakota, Wyoming – specialize in incorporating anonymous s corporations. Delaware earns between one-quarter and one-third of their budget from incorporation fees, according to Clark Gascoigne of the FACT Coalition. The appeal of this revenue has emboldened small states, and now Wyoming bank accounts are the new Swiss bank accounts.

    America has become a lure, not only for foreign elites looking to seal money away from their own governments, but to launder their money through the purchase of U.S. real estate.

    In addition, if the United States really wanted to stop Panama or the Cayman Islands or other offshore tax havens from allowing the wealthy to avoid hundreds of billions in payments, they could do so in about 15 minutes. Our recent free trade deal with Panama allegedly prevents Americans from creating offshore tax havens there, but in general, such tax information exchanges are insufferably weak. And the little America does abroad to police tax evasion dwarfs the next to nothing we do at home.

    The intertwining of global and political elites makes tax avoidance, whether legal or illegal, a secondary concern for the country, regardless of how it robs the country of resources and promotes the conception of a two-tiered economic and justice system where the upper class need not follow the same rules as the rest of us. Our politicians made a consistent choice that this rampant tax avoidance doesn’t bother them.


    “Anonymous s companies have been used to rip off Medicare,” said Gascoigne. “They’ve been used to evade U.S. sanctions. Arms dealers like Viktor Bout, the so-called Merchant of Death, used U.S. s companies to launder money.” Indeed, Mossack Fonseca has affiliated offices in Wyoming, Nevada, and Florida. America is up to its eyeballs in this style of corruption.

    It’s a fixable situation. The U.S. could sign on to the OECD standards tomorrow. In addition, the Incorporation Transparency and Law Enforcement Assistance Act would require data collection on the beneficial ownership of s companies and limited liability corporations. But opposition from the states benefiting from foreign tax havens, as well as the National Association of Secretaries of State, has stalled progress. Secretaries of State typically have the authority to register corporations, and they prosper from registration fees. Delaware and its companion states that offer corporate secrecy convinced the Secretaries of State organization to oppose the bill.

    http://www.salon.com/2016/04/05/this...tax_avoidance/


  15. #40
    my unders, my frgn whites pgardn's Avatar
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    Why Do You Envy Them? -- WC
    To WC:

    No. I just have to pay higher taxes to make up for their cheating you damn fruit bat.

  16. #41
    W4A1 143 43CK? Nbadan's Avatar
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    Here we go....

    A pair of the U.S. banking industry’s biggest Senate critics demanded a Treasury Department investigation into offshore banking revelations contained in leaked do ents from a Panama-based law firm.

    Democratic Senators Elizabeth Warren of Massachusetts and Sherrod Brown of Ohio sent a letter to Treasury Secretary Jack Lew on Thursday asking the department to investigate whether U.S. banks, companies and individuals had ties to Mossack Fonseca, the law firm whose leaked records have already prompted the resignation of Iceland’s prime minister and reverberated around the globe.

    "While we recognize that some of this information may be decades old, we are particularly concerned about whether companies or individuals involved with or utilizing the services of this firm may have facilitated money laundering or terrorist financing with sanctioned persons or en ies," they wrote.

    They said Treasury, and not just the Justice Department, should investigate, given Treasury’s role in the financial markets. "These disturbing revelations and others reveal activity that may threaten our national security and our financial system by undermining U.S. and international laws promoting financial transparency and combating money laundering and terrorist financing," they wrote.
    Read more: http://www.bloomberg.com/politics/ar...s-senators-say

    God bless Elizabeth Warren...

  17. #42
    W4A1 143 43CK? Nbadan's Avatar
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    US players are coming in a week or two per Thom Hartmann. Should be interesting..

    ‘ o. This is John Doe’: The mysterious message that launched the Panama Papers
    https://www.washingtonpost.com/lifes...01_story.html?

  18. #43
    W4A1 143 43CK? Nbadan's Avatar
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    "Panama Papers firm linked to over 1,000 U.S. companies"

    The majority of U.S.-based companies linked to Mossack Fonseca were formed in Nevada by M.F. Corporate Services (Nevada) Limited, a one-employee company based out of a low-slung tile-roofed office building 20 miles from the Las Vegas strip. MF Nevada has served as the registered agent for 1,026 business en ies since 2001, according to USA TODAY's review of Nevada business do ents.

    Publicly available information about many of the Nevada corporations is limited to the fact that MF Nevada is the registered agent and a listing of the officers. Many of the officers are businesses themselves — meaning no individuals are listed in corporate records — and typically have addresses in Anguilla, the Seyc es, Panama or another foreign country.
    http://www.usatoday.com/story/news/2...nies/82670334/

    Nearly all of those companies were incorporated in Nevada and Wyoming, two states with permissive corporate secrecy laws.

  19. #44
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    Need to Hide Some Income? You Don’t Have to Go to Panama



    This far-from-flashy site in Wilmington, Del., is the legal address of 285,000 businesses.


    For wealthy Americans looking to veil their assets and shield some of their income from taxation, there is no need to go to Panama or any other offshore tax haven. It’s easy to establish a s corporation right here at home.

    “In Wyoming, Nevada and Delaware, it’s possible to create these s corporations with virtually no questions asked,” said Matthew Gardner, executive director of the Ins ute on Taxation and Economic Policy, a nonprofit research organization in Washington.

    In some places, it can be more difficult to get a fishing license than to register a s company. And it doesn’t cost much more.


    The Panama Papers — the cache of leaked do ents from a Panama law firm, Mossack Fonseca — have revealed how thousands of the firm’s clients, including an array of powerful figures around the world, stashed billions of dollars in tax havens. So far only a tiny number of American names have surfaced (although that could change as more of the do ents are reviewed).


    That in no way means that Americans citizens are refraining from such practices, experts emphasized.


    “This is just one firm in one place,” said Gabriel Zucman, an economist and the author of “The Hidden Wealth of Nations: The Scourge of Tax Havens,” “So it cannot be representative of what’s happening as a whole in the world.”


    But Mr. Zucman, who estimates that about 8 percent of the world’s financial wealth — more than $7.6 trillion — is hidden in offshore accounts, said another reason was that it is so simple to create anonymous s companies within the United States.

    Wealthy individuals and businesses that want to mask their ownership can conveniently do so in the United States, and then stash those assets abroad.

    Yet while the United States demands that financial ins utions in other countries share information about Americans with accounts overseas, its reciprocation efforts fall short, critics say.


    “You see a ton of wealth in tax havens in Switzerland and the Cayman Islands that is owned by s companies that are incorporated in Panama or in Delaware,” he said. “The bulk of this wealth does not seem to be duly declared on tax returns.”


    A recent report by the Ins ute on Taxation and Economic Policy called “Delaware: An Onshore Tax Haven” noted that the state’s lack of transparency combined with an enticing loophole in its tax code “makes it a magnet for people looking to create anonymous s companies, which individuals and corporations can use to evade an inestimable amount in federal and foreign taxes.”


    Delaware allows companies to shift royalties and similar revenues where they actually do business to holding companies in Delaware, where they are not taxed.


    Heather A. Lowe, the legal counsel and director of government affairs for Global Financial Integrity, a research and advocacy group in Washington, warned that the problem was much more widespread than just a handful of states.


    “You can create anonymous companies anywhere in the United States,” Ms. Lowe said. “The reason people know about Delaware, Nevada and Wyoming is because these states market themselves internationally.”


    http://mobile.nytimes.com/2016/04/08/business/need-to-hide-some-income-you-dont-have-to-go-to-panama.html



  20. #45
    I am that guy RandomGuy's Avatar
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    1%? 3,500,000 people in this country alone?
    That's not that elite.

    Most probably can't find Panama on a bet.

    Probably closer to .01%, or even .001%; but I do think bankers should pretty much be strung up. Lawyers should be drawn and quartered.
    Eek.. I hope accountants get to skate...

  21. #46
    Spur-taaaa TDMVPDPOY's Avatar
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    why is s companies are allowed to be registered when everybody knows its just a shop front to shift money

    you have these countries who have the lowest company rates and practice law that actually protects the operators, yet they go open s companies and everything is outsource to these s companies who are registered in tax haven offschores which has no legal system, so in other words, whats the chances of s companies going welching on a deal...

  22. #47
    Winner in a losers circle 140's Avatar
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    why is s companies are allowed to be registered when everybody knows its just a shop front to shift money

    you have these countries who have the lowest company rates and practice law that actually protects the operators, yet they go open s companies and everything is outsource to these s companies who are registered in tax haven offschores which has no legal system, so in other words, whats the chances of s companies going welching on a deal...
    I bet POS porker has a s company on his name. Fukn POS

  23. #48
    Displaced 101A's Avatar
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    Eek.. I hope accountants get to skate...
    Might as well. Accountants are weak-minded. Just do what they're told.

  24. #49
    I am that guy RandomGuy's Avatar
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    Might as well. Accountants are weak-minded. Just do what they're told.
    Heh, if it means not getting lined up against the wall...


    Somebody does have to make payroll, and who will you get to reconcile the bank accounts when all the bankers are gone?

  25. #50
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    Federal official says gov't eager to use 'Panama Papers' to nab crooks, but hurdles abound

    An unnamed senior federal law enforcement official told NBC News Sunday that prosecutors and agents are “champing at the bit” to go after criminals by using the leaked “Panama Papers” that reveal tax evasion and money-laundering by highly prominent people in several nations. But it won’t be easy. There are legal barriers to simply sifting through those 11.5 million do ents—few of which have been publicly released so far—looking for scofflaws and outlaws. Care must be taken in how the do ents are used to keep from tainting the cases prosecutors would want to make in court.

    Josh Meyer reports:

    "It is a bonanza," the official said in reference to the cache of 11 million financial do ents about s companies that a Panamanian law firm set up for some of the world's shadiest and most powerful people.


    "It will keep a lot of agents very busy for a very long time," the official told NBC News. "They will be following the leads and figuring out who is trying to hide stuff illegally -- money and also illegal activities."

    The official said numerous federal agencies—the FBI, the DEA, the IRS and the CIA, for example—hope what’s in the leak will strengthen existing cases and give life to new ones against everything from drug lords and corrupt governments to terrorists.


    But there are ethical issues. Attorney-client privilege shields those who hired the law firm of Mossack-Fonseca, the Panamanian company whose do ents were provided to journalists. Improperly acquired information, no matter how true, can stop an investigation or prosecution.

    If the Mossack-Fonseca do ents about forming s companies and other sketchy (though legal) arrangements were hacked or otherwise illegally obtained—and one or the other seems almost certain—it could make prosecution very difficult.


    http://www.dailykos.com/story/2016/0...28Daily+Kos%29



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