patrick.net

BFD, 122,000 accounts, so what? What "real action" should be taken? It's legal to have an offshore account. I don't see anything in the story documenting illegal actions. I'm sure there is some, but far from all.

Bankrupt governments all over the globe desperately want every cent of their citizens money directly under their control and spend a huge amount of time demonizing offshore accounts. I wonder who funds ICIJ?

bob2356 says

BFD, 122,000 accounts, so what? What "real action" should be taken? It's legal to have an offshore account. I don't see anything in the story documenting illegal actions. I'm sure there is some, but far from all.

Bankrupt governments all over the globe desperately want every cent of their citizens money directly under their control and spend a huge amount of time demonizing offshore accounts. I wonder who funds ICIJ?

Offshore accounts may be legal, but who writes the laws? GE and other corporate entities make use of these laws they wrote themselves paying nothing or close to it while the smaller business owner pays 35% or close to it. This is not about an out of control, overly mighty government trying to squeeze oridinary citizens. This is the wealthiest corporations gaming the global system to impoverish the rest of the world at the same time they make record profits. If these accounts were raided and taxed appropriately with interest and penalties, a good percentage of our national debt and those of other developed nations could be dealt with in ways that doesn't require elderly or disabled people having to self diagnose as to avoid a costly medicare co-pay if they go to the hospital and their pain turns out to be a minor issue. Offshore tax evasion and tax havenry has costs to those at home.

futuresmc says

Offshore accounts may be legal, but who writes the laws? GE and other corporate entities make use of these laws they wrote themselves paying nothing or close to it while the smaller business owner pays 35% or close to it.

Of course GE has accounts in other countries, they are a multinational operating in other countries. The article doesn't say anything about multinationals. Tax avoidance by corporations is an entirely different subject.

futuresmc says

. If these accounts were raided and taxed appropriately with interest and penalties, a good percentage of our national debt and those of other developed nations could be dealt wit

You are very confused about the difference between tax avoidance and tax evasion. If you actually believe there is 16 trillion dollars in American offshore tax evasion then there is no point whatsoever in talking to you since obviously you have bought the bullshit from the government hook, line, and sinker. There isn't 16 trillion in American offshore money total, much less in tax evasion. You are aware that only the gains are taxed, not the principle aren't you? Read the article, it estimates 32 trillion total in offshore accounts. Even if all the bankrupt developed countries around the world simply seized it all principle and profits it wouldn't make a dent in their debt.

futuresmc says

GE and other corporate entities make use of these laws they wrote themselves paying nothing or close to it while the smaller business owner pays 35% or close to it. This is not about an out of control, overly mighty government trying to squeeze oridinary citizens. This is the wealthiest corporations gaming the global system to impoverish the rest of the world at the same time they make record profits.

your going overboard here. and rather foolishly..

first off, yes US companies do business globally including having overseas operations like many foreign companies do business in the USA employing local staff, renting facilities and incurring expenses including paying host nations taxes.. income, sales, property, etc etc etc.

How many foreign corporations have operations in the USA and pay US employees.. thats in the Trillions as well.

To do all this requires you set up legal taxable entities and bank accounts.

Stupidity is a poor excuse.

There are a number of Foreign bank branches in the USA.. Swiss, British, Japanese, and others operating just like BofA, Wells Fargo and others.. There also US bank branches in foreign countries. Wells Fargo/BoA/Citi in Paris, London, Tokyo, etc etc. Each of them abide to the local govt regulations. You walk into a Swiss Bank branch in the USA, the IRS will be aware of it just as if was any other bank. They all issue 1099 for dividends/interest and Capital gains at year end to both IRSs and depositors..

Who are the depositors? everyday people and businesses. whats so shocking about this?