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Tue Jan 24, 2012, 03:09 PM

It is DISGUSTING that the rich get to hide $ in the Caymans while saying the poor don't pay enough

Romney has said he was unemployed. He's right. He actually does nothing to earn most of his income. He's just in possession of a giant pile of cash. He pays some people to do stuff with that giant pile of cash so it earns a rate of return. And because we are ruled by horrible people who think the lives of the 1% are more important than everyone else, the tax rate on any money that pile of cash earns is much lower than it is on the money earned by people who actually work.
http://www.eschatonblog.com/2012/01/unemployed.html

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It is DISGUSTING that the rich get to hide $ in the Caymans while saying the poor don't pay enough
byMinistryOfTruthFollow

..................It is a disgusting outrage that the people who made wealth in the America we all worked together to build can hide that wealth in the Cayman Island to avoid taxes while demanding that the poor and working class pay more.

*******************

So here is a New Rule: You are not a patriot if you hide money you made in America in the Cayman Islands to avoid taxes, and you're not allowed to call yourself a patriot until you put your money where your mouth is and take it out of the Cayman Islands and bring it all back to America where it came from.

Rant off

Screw these whiny multi-millionaire tax cheats.


MORE:
http://www.dailykos.com/story/2012/01/24/1057984/-It-is-DISGUSTING-that-the-rich-get-to-hide-$-in-the-Caymans-while-saying-the-poor-dont-pay-enough?via=siderec

14 replies, 1580 views

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Arrow 14 replies Author Time Post
Reply It is DISGUSTING that the rich get to hide $ in the Caymans while saying the poor don't pay enough (Original post)
kpete Jan 2012 OP
Blue_Tires Jan 2012 #1
HillWilliam Jan 2012 #2
FarLeftFist Jan 2012 #3
Proud Liberal Dem Jan 2012 #9
PA Democrat Jan 2012 #4
AnotherMcIntosh Jan 2012 #5
stufl Jan 2012 #6
Ship of Fools Jan 2012 #8
redqueen Jan 2012 #10
stufl Jan 2012 #12
redqueen Jan 2012 #13
stufl Jan 2012 #14
redqueen Jan 2012 #7
AtomicKitten Jan 2012 #11

Response to kpete (Original post)

Tue Jan 24, 2012, 03:12 PM

1. true, i've been saying that since the 90s...

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Response to kpete (Original post)

Tue Jan 24, 2012, 03:15 PM

2. Let a poor man try it

and the IRS will be pulling bloody chunks off his ass for the rest of his life. I know someone that happened to.

The difference is the big guys can pay snakes-in-suits high-dollar lawyers to make sweet deals, then keep on doing what they're doing. IIRC Congress gave itself immunity some years back on this very tax-evasion scam. I remember being furious about it during the B*sh years.

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Response to kpete (Original post)

Tue Jan 24, 2012, 03:18 PM

3. They still cry class warfare even after they've won.

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Response to FarLeftFist (Reply #3)

Tue Jan 24, 2012, 05:00 PM

9. It seems like every rightie has a persecution complex

It seems to be part of their genetic makeup.

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Response to kpete (Original post)

Tue Jan 24, 2012, 03:34 PM

4. I'm not sure if this still holds true, but thanks to Newt Gingrich

the poor were more likely to be audited in the year 2000 than the rich. Newt Gingrich that self-proclaimed champion of the poor was incensed to think that some poor working person might be misusing the earned income tax credit.

The intensified focus on low-income taxpayers resulted from pressure on the I.R.S. beginning in 1995. Newt Gingrich, who was then House speaker, and other Republican Congressional leaders were concerned about misuse of the earned income tax credit, a program that allows the working poor, especially those with children, to receive money from the government through a form of negative income tax. They proposed to sharply reduce the credit, prompting President Clinton to counter with a plan to bolster audits to reduce fraud and mistakes.


http://www.nytimes.com/2000/04/16/business/irs-more-likely-to-audit-the-poor-and-not-the-rich.html?pagewanted=all&src=pm

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Response to kpete (Original post)

Tue Jan 24, 2012, 03:40 PM

5. It is also ironic that some will claim to know that Rmoney's Caymen tax avoidance scheme is legal

 

without having the opportunity to review the particular details and without being in a position to hold themselves out as having an expertise in tax law.

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Response to kpete (Original post)

Tue Jan 24, 2012, 04:48 PM

6. Large corporations hold $2 trillion of profits in overseas accounts.

They paid foreign taxes and were negotiating for taxes of about 5% or less to bring the money into the country. I don't know how much they really owed but the 5% was a significdant discount. I do not know how the issue ended. It probably is still unresolved.

Corporate taxes used to constitute 30% of the US income. Today it has fallen to 6%.

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Response to stufl (Reply #6)

Tue Jan 24, 2012, 04:54 PM

8. Isn't this a yearly dance?

I think they're lured back with a *tax holiday.* It seems to me it's happened more
than once before. Someone please inform me.

Thanks.

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Response to stufl (Reply #6)

Tue Jan 24, 2012, 05:02 PM

10. "Corporate taxes used to constitute 30% of the US income. Today it has fallen to 6%."

That really deserves a lot more exposure.

These parasites are bleeding us dry.

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Response to redqueen (Reply #10)

Tue Jan 24, 2012, 05:42 PM

12. I agree.

Please advise on the method to make this known generally. I read it on the internet (no source available now) but have never heard it on the news. Should I have expected anything different?

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Response to stufl (Reply #12)

Tue Jan 24, 2012, 05:45 PM

13. Here you go!

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Response to redqueen (Reply #13)

Tue Jan 24, 2012, 07:58 PM

14. Thanks.

That shows corporate taxes as a % of GDP. It tells the story; however, as a % of taxes collected, the story becomes more dramatic.

You did corroborate the general direction of tax flows.

GE paid no taxes in 2010 but Obama seems to trust their CEO.

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Response to kpete (Original post)

Tue Jan 24, 2012, 04:51 PM

7. It's disgusting, but it's been something people seem to think of in a positive light since reagan.

He seemed to communicate a whole new set of values. That greed is good, that cheating is cool, that caring for your fellow man was passe...

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Response to kpete (Original post)

Tue Jan 24, 2012, 05:05 PM

11. It's mondo disgusting, and I'm glad he didn't wait til April to release this.

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