News How The Super Rich Avoid Taxes Even As They Demand That The Rest Of Us Pay More

Discussion in 'The Howard Stern Show' started by rory, Dec 23, 2015.

  1. rory

    rory Well-Known Member

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    [​IMG]
    Just look at Massachusetts Senator John Kerry. He has avoided approximately$500,000 in taxes by docking his yacht in Rhode Island rather than in Massachusetts.

    Yet Kerry sure does love to call for more taxes on the rest of us, doesn’t he?

    Now let’s talk about the “super rich” and the “ultra-wealthy”. For many people that are worth billions of dollars, tax avoidance has become an art from.

    Facebook co-founder Eduardo Saverin made national headlines recently when he gave up his U.S. citizenship, but the truth is that his case is small potatoes compared to the global elite and the shadow banking system that supports them.

    According to the IMF, the global elite are holding a total of 18 trillion dollars in offshore banks.

    That amount is more than the GDP of the United States for an entire year.

    So what do I mean by “offshore banks”? I defined the term in a previous article….

    Well, the term originally developed because the banks on the Channel Islands were “offshore” from the United Kingdom. Most “offshore banks” are still located on islands today. The Cayman Islands, Bermuda, the Bahamas, and the Isle of Man are examples of this. Other “offshore banking centers” such as Monaco are actually not “offshore” at all, but the term applies to them anyway.

    Traditionally, these offshore banking centers have been very attractive to both criminals and to the global elite because they would not tell anyone (including governments) about the money that anyone had parked there.

    It has been reported that 80 percent of all international banking transactions involve offshore banks. A whopping 1.4 trillion dollars is being held in offshore banks in the Cayman Islands alone.
     
  2. binhphuocngu

    binhphuocngu Well-Known Member

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    What is the source for this article?
     
  3. rory

    rory Well-Known Member

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  4. rory

    rory Well-Known Member

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  5. Penelope

    Penelope VIP Extreme Gold

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    Kerry's such a fraud. And a world-class gold-digger.

    He also demanded that the city of Boston remove a fire hydrant from in front of his lavish Beacon Hill condo because it didn't look good there. He's an elitist, out-of-touch asshole.
     
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  6. rory

    rory Well-Known Member

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    Penelope likes this.
  7. Calloused Shins

    Calloused Shins Well-Known Member

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    Fuck... They didn't know this before you told em....
     
  8. Rupert Pupkin

    Rupert Pupkin That Ass is Attached to Daniela Lopez Gold

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    The yacht story is nearly 6 years old. While Kerry dindu nuffin wrong, he did agree to pay the taxes.

    http://www.foxnews.com/politics/201...sachusetts-tax-yacht-docked-rhode-island.html

    Kerry Agrees to Pay Massachusetts Tax on Yacht Docked in Rhode Island
    Published July 27, 2010

    Sen. John Kerry tried to sail, but he couldn't hide.

    The Massachusetts senator, after an uproar in his home state over the decision to dock his new $7 million yacht in tax-free Rhode Island, told his state's tax collector Tuesday that he would "promptly" pay all Massachusetts taxes on the yacht.

    "As we've said from the beginning, we have always complied with tax laws and we always will," the senator said in a written statement. "The payment is being made promptly."

    The 2004 Democratic presidential nominee has been dogged by charges of tax evasion since last week, when the Boston Herald first reported about his decision to dock the 76-foot sloop Isabel in Newport, R.I.

    Doing so spared Kerry a $437,500 one-time sales tax charge in Massachusetts, as well as about $70,000 in annual excise taxes. Rhode Island repealed those taxes in 1993, making the state something of a nautical tax haven.

    Massachusetts officials said Kerry was within his rights to base the vessel in Rhode Island, despite owning homes in Nantucket and Boston, but they also said he would be liable for taxes if he brought the yacht to Massachusetts within six months of taking ownership.
     
    Last edited: Dec 24, 2015
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  9. AmishGirl

    AmishGirl Well-Known Member VIP

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    Man, I should have gone into banking! :hersh:
     
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  10. shitba

    shitba Shot Dead VIP

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    .....
     
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  11. Penelope

    Penelope VIP Extreme Gold

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    He agreed to pay the taxes when he got caught trying to avoid them; true. Shady move to dock the thing in RI in the first place--you're filthy rich, pay the damn tax.

    Not saying he's evil but I've never liked or trusted the guy.
     
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  12. Penelope

    Penelope VIP Extreme Gold

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    Yeah, I hear that. Still can't stand him.
     
  13. Rupert Pupkin

    Rupert Pupkin That Ass is Attached to Daniela Lopez Gold

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    Most yachts owners here in South Florida do something even sneakier. The yachts are registered in the Cayman Islands or Bahamas, then the owners secure Federal Cruising Permits from Dept. of Homeland Security (used to be Customs) to avoid sales taxes when the vessel is docked in FL. All the owner needs to do is return the yacht to the home port for a few weeks per year to keep the license valid.

    A few years ago, the legislature capped sales tax on boats at $18k to encourage boat owners to register the vessels in FL.
     
    Last edited: Dec 24, 2015
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  14. Stew Nod

    Stew Nod Hello VIP

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    Can we quit fucking around and VOTE FOR BERNIE!!!!!????

    He will end all of this bullshit
     
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  15. Getoninja

    Getoninja Well-Known Member

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    every wealthy person, company does it regardless what their politics are but its very hypocritical when the right and left are screaming for more/less taxes, when thier side find loopholes.
    I'm sure Bill O'riely and Michael Moore find ways to avoid paying high taxes.
    Tech companies in the middle of liberal silicon valley have off shore accounts to avoid paying more taxes
     
  16. potroast

    potroast Well-Known Member

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    Assuming he uses the yacht as a vacation home, Newport sounds a lot better than Buzzards Bay.
     
  17. Abner Devereaux

    Abner Devereaux Well-Known Member

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    it's no secret tax increases on the rich actually impact average people and reasonably successful types. The very wealthy have plenty of options.

    The house I once "worked" in for a day had all gold plumbing....the house sold for a couple of million years ago. I suspect an offshore transaction occurred to cover the difference...


    there are plenty of tricks regular people can play too though...

    Rent a cow is actually a thing in Florida...
     
  18. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    1. To be fair, it's his wife's boat. He couldn't afford its dingy.

    2. How do "global elites" holdi "$18 trillion" in "offshore banks". If they're from all over the globe wouldn't their banks also be? Or does there just have to be a body of water nearby for it to count? Lake Geneva maybe?

    3. So now holding money in a foreign bank is quasi criminal?

    4. The author doesn't even know what "shadow banking system" means, obviously. Because it ain't banks. By definition it is non-bank institutions that can carry out many banking type functions such as transfers of funds, they may have vaults, etc. https://en.wikipedia.org/wiki/Shadow_banking_system

    4b. Real banks, on the other hand, are the far more insidious and potentially criminal enterprises via the creation of fiat money through the fractional reserve system. Wouldn't you like a charter to create money out of thin air, lend it out, collect interest on it, then as they repay simply write the money back out of existence? Well, you'd better have government connected friends, or you will never get one. https://en.wikipedia.org/wiki/Fractional-reserve_banking#How_it_works

    5. There are legitimate reasons they hold money in "offshore" banks. (many are not on islands).
    a More privacy.
    b. Diversification: A wise person does not put all his fish in one nation's basket, where if that currency or banking system fails they lose it all.
    c. Protection from confiscation: When the Jews wanted to flee Germany in the 1930's the Nazis made them fork over all their money first. .
    d. Lower transaction costs, ability to do business with countries banned by the US (like Cuba till recently) or who through custom only deal with certain institutions.
    e. Low or no taxes. I can live in Florida and pay 0% income tax or Georgia and pay 6%. Should Georgia confiscate my wealth at the border if I want to move? Florida simply values having my money there more than they do the extra taxes Georgia collects. Because it means more jobs, more money working there(theoretically), and if I live and work there, more productive economic activity in general. Nations compete this way as well. Florida prefers to tax tourists and real estate transactions more heavily.

    6. Tax competition is good for people. Money flows where it is treated best and this works to keep taxes lower and government spending in line (in theory).

    7. Places like East Germany have to put up walls to keep the people in. Government attempts to create virtual walls of taxation and confiscation when they see money fleeing their policies. These people are smart and are trying to avoid having that happen to them.

    8. Shadow banking has only a little to do with the Kerrys of the world who talk high taxes then attempt to pay fewer taxes themselves. Most of the money there that I know about is held by people who would prefer lower taxes and more financial liberty back home.
     
    Last edited: Dec 24, 2015
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  19. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    My 80 y/o retired union factory worker neighbor has about 60 acres with a small house on it. He kept a small herd of 8-12 head for years just for the hell of it and a little extra cash. He has to keep at least one cow on it at all times so it qualfies for a lower property tax rate. So many times of year there will be one cow standing out there alone. I have more animals on my property (4 dogs) but since they're not cattle I can't claim the lower tax rate.
     
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  20. teehee

    teehee Friend Of The Friendless VIP

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