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84 Comments
- Senturion, on 09/12/2008, -3/+35Wait, this is news?
Avoiding taxes is a Wall Street tradition. - inactive, on 09/12/2008, -3/+30This why banks should have to stand or fall on their own with out the American taxpayer having to bail them out all the time for their bad management policy's. If I screw up my bank account no one comes to my rescue!
- dejanigma, on 09/11/2008, -4/+29Oh it looks like they finally opened their eyes to whats been obvious to everyone else since the robber barons.... jackasses...
- inactive, on 09/12/2008, -4/+22If you have a good accountant, they'll help you do the same.
- jptech, on 09/11/2008, -4/+19The only thing missing here is the delorean they're driving.
- inactive, on 09/12/2008, -5/+17Sorry to interrupt the "I Hate Foreigners" meeting but foreign banks help americans escape taxes in foreign countrys too.
The rich helping the rich. It sucks yeah but its the way the world works - ProjectGSX, on 09/12/2008, -1/+8And that is how the rich get richer. Which makes you wonder why there is so much resistance to more heavy taxation on the rich. If they dont pay taxes to begin with, who cares?
- lulzitsadigg, on 09/12/2008, -0/+7The one's that pay their taxes at least
- GetItBuilt, on 09/12/2008, -9/+15The banks should be treated as traitors to this country and hung. I hate bureaucracy and I hate banking loopholes. The full force of the Dept. of Justice should come down these banks and the individuals involved. Along with some way to fix this type of *insert four letter word here* from ever happening again.
Nuff Said. - reuscel, on 09/12/2008, -2/+7Rich guys help other rich guys stay rich. What's the news here?
- SadMartigan, on 11/25/2008, -1/+6Alan, you assumed what people were going to say about this article, but there hasn't been a single anti-foreigner nor xenophobic comment made here yet.
I think that helping people that don't benefit from U.S. infrastructure, police protection, military force, highways, food inspection, etc. etc. shouldn't necessarily be asked to pay the same taxes that residents in this country have to pay. Giving them tax loopholes sounds like an excellent way to get some more of those Euros into the U.S. stock exchange, and out of the other world markets, especially Asia.
When U.S. companies have more money invested in them, especially if it is money that would not have been available to them otherwise, it increases the probability of a strengthened future for the U.S. economy as a whole. It leads to lessened 'misery indices' and fewer layoffs, and brings back outsourced positions.
When the government makes it more expensive for investors to make money, (taxation,) it slows the process, deepens the ruts, and drags towards recessions. - thescimitar, on 09/12/2008, -0/+5Our goal shouldn't be to evade taxes, that's a) unethical and b) intellectually dishonest.
Our goal should be to reduce or eliminate as many taxes as we can, while implementing a tax system that can support our infrastructure (both physical and social) while ensuring everyone pays an equal share.
I realize there is a technical difference between avoidance and evasion, but it seems like a pretty fine and grey line. - yourmanstan, on 09/12/2008, -0/+4you're right. all the world should pay US taxes.
- pintomp3, on 09/12/2008, -1/+5the top 10% pay 65% of all taxes and have 72% of all the wealth. i'll save my tears for someone else.
- tkstock, on 09/12/2008, -0/+4Since the top 50% of wage-earners pay 97% of all taxes, I would say that Income level has little to do with being able to AVOID paying taxes, either.
- inactive, on 09/12/2008, -0/+4@floorman56
Glad to see somebody point this out. When I was bartending in college, I can't think of a single person I worked with who declared more than 10% of their sales as tips. Nights that people would walk with $300+ in tips, they'd usually declare $125-ish.
Income level has nothing to do with the desire to avoid taxes. - doktorrocket, on 09/12/2008, -1/+5FTA: "Major financial institutions have devised complex financial structures to enable their offshore clients to dodge U.S. dividend taxes," Sen. Carl Levin, D-Mich., the subcommittee's chairman, said in a statement Wednesday. "We need legislation to take these abusive tax-avoidance gimmicks off the market, and we need to end the silence and inaction of the Treasury (Department) and IRS in the face of rampant dividend tax dodging."
Reading between the lines, if you need new legislation to address this, that probably means it's legal under the current law, regardless of what labels you want to throw at it. (evasion, scheme, loophole, dodging, gimmick, etc.)
As a side note to the good senator, it'd probably be easier to prevent these kinds of tactics if the tax code wasn't 17,612 pages long. - Moonkeeper, on 09/12/2008, -1/+4This is what happens when we need a large complex tax code to fund an obese government.
- Vokrus, on 09/12/2008, -0/+3Equal protection under the law. Yes. If the government steals from me, they must steal from you too.
- pintomp3, on 09/12/2008, -2/+5"We don't pay taxes. Only the little people pay taxes."
- Leona Helmsley - inactive, on 09/12/2008, -3/+6and now US taxpayers are bailing out these same banks.
Bush will be remembered for creating true socialism in America. - NJank, on 09/12/2008, -2/+5quick... cut their taxes. it's not like they're paying them anyway!
- PhantomRogue, on 09/12/2008, -0/+3Well, the point of this, is that Foreigners are making money without paying taxes. Whats good for the goose is good for the gander. While Taxes in effect ARE theft, but if the Gov't is stealing from MY profit, they should steal from others' profit too.
- austinwpetersen, on 09/12/2008, -1/+4Rich people create jobs. Taxes suck and if we all could evade them we would. Why would you want to support the government that spies on you, and sends your sons and daughters to die in sand pits for foreign resources?
Money is the root of all good. Taxes are the root of all evil. - serpentor, on 09/12/2008, -0/+3It's actually over 66,500 pages long.
- floorman56, on 09/12/2008, -0/+3I'm sure ever one here who gets tips reports them all to the IRS
- simpleid, on 09/12/2008, -2/+5Here we go with the "super-elite mature" people jerking themselves off telling people to stop voicing opinions/concerns/ideas since they are not 'experts.'
Thinking is not allowed! - Taiyoryu, on 09/12/2008, -0/+3ray,
Foreign companies already benefit from tax incentives. Some of these companies are going one step further and dodging paying the taxes the U.S. does apply to them. I'm sure some U.S. companies do the same when investing in foreign markets as well, and I think that's wrong too.
FTA: Foreigners who invest in the United States are exempt from many U.S. taxes. If they invest in a U.S. company that pays a dividend to shareholders, however, U.S. law requires foreign investors to pay taxes on the dividends they receive. Dividends sent abroad are meant to be taxed at a 30 percent rate in most countries and at 15 percent in countries that have a tax treaty with the United States. - inactive, on 09/12/2008, -0/+2In my opinion.... over 80k a year.
- inactive, on 09/12/2008, -4/+6yes, it's designed to avoid or pay less taxes than honest work. America does not believe in honest work anymore. too much financial mumbo jumbo, trying to get rich without working.
- inactive, on 09/12/2008, -1/+3The IRONY here is that these large financial institutions are begging for government bailouts with OUR tax money.
/makes fist slowly turning imaginary crank raising middle finger. - revisrev, on 09/12/2008, -0/+2I keep trying different four letter words, but there are only a few that have worked. So far I'm on breakfast foods and I was able to rule out bran, tart, buns, and milk. I'm thinking the correct answer will end up being love. My wife has been coming up with ways to stop love from happening for a while.
- Taiyoryu, on 09/12/2008, -0/+2At what income level does hiring an accountant become worth the expense?
- doubledoh, on 09/12/2008, -5/+7I don't think THIS is why banks should stand or fall on their own. Banks should stand or fall on their own because we hopefully believe in the tenets of a free market without government intervention. That said, I don't think there's anything wrong with people trying to avoid paying income taxes. Taxes are after all, theft. And look what the government uses with our stolen money. Politicians and their criminal corporate buddies don't deserve a goddamned penny.
- ArmchairEcon, on 09/12/2008, -2/+4I can't help feeling screwed over by the banks and by the government.
Wall street tries its best to screw the government by scheming to not pay taxes (which will fall on my shoulder) yet the government keeps a blind eye towards risky practices by the same banks that 'put our economy in danger'.. and even come to bail them out when they are 'too big to fail'... again the responsibility falls on my (and other taxpayer's shoulder).
(bending over) i'm ready for more... - SadMartigan, on 11/25/2008, -1/+3We all care.
We don't get to decide where that money is actually going to go, but we always ask ourselves, where we think the money is more likely to benefit us?...
When that money is on the books of an American company that makes stuff you like, invents things that make you happy, pays your salary, gives you a raise??...
Or, in the coffers of some general government fund, just waiting to be spent on some pork-barrel politicians' projects, or even worse, sent to some war machine, or no bid government contract like Halliburton? - yourmanstan, on 09/12/2008, -0/+2given the choice between paying more taxes or less taxes, what is the answer that 100% of people choose? the wealthy have the means and ability to avoid even more taxes. ground breaking news!
- SadMartigan, on 11/25/2008, -0/+2I guess I'm just bitter about paying double taxes since I moved over here to Europe.
Anyway, Alan, I shouldn't have hijacked your comment like that, sorry. However, I don't see how spending more money on education is going to make anybody smarter.
You other guys: I learn something everyday, thanks. - tkstock, on 09/12/2008, -0/+2Forgive my stupidity, but what can an accountant do for you other than your tax statements? What is the difference between what an accountant might do versus a financial planner?
- revisrev, on 09/12/2008, -0/+2I think that you're right in a way, and that it would discourage investing in U.S. companies, I disagree with you saying that they don't benefit from U.S. infrastructure, etc. Capital gains is money from a company that is benefiting from all of these things. The owners (stockholders) of that company should be taxed on that money, as they are indirect beneficiaries. Foreign investors should be held to the same tax standards as the domestic investors. The merits of capital gains tax is another matter.
- analogkid01, on 09/12/2008, -0/+2@PhantomRogue: Because the thief broke into my house, he should break into my neighbor's house as well.
- inactive, on 09/12/2008, -2/+4All tax cheats should be prosecuted to the fullest extent of the law. If they don't want to pay US taxes they should stay completely out of the US.
- s0nicfreak, on 09/12/2008, -1/+2Thanks for the google map, visualizing where Washington DC is totally helped me understand the story
- lynxha, on 10/09/2008, -0/+1I'm not surprised that the IRS in also part of this scheme, Wall street for many years has afforded the wealthy the opportunity to scam the American people out of tax money due to the U.S. goverment just by buying the politicians that are supposed to set the rules. So what will be done about this injustice. I think major prosecutions are mandatory and the confiscation of moneys due should happen. It shouldn't be a problem to bankrupt wall street they seem to be doing that on their own.
- yourmanstan, on 09/15/2008, -0/+1an you wonder why jobs are moving abroad
- khyberkitsune, on 09/12/2008, -1/+2Well, duh. The banks were responsible for the Great Depression. You expect they'd be responsible for more dirty nonsense.
- inactive, on 09/12/2008, -0/+1"I realize there is a technical difference between avoidance and evasion, but it seems like a pretty fine and grey line."
Yeah, the only thing changing the color of that line is how good your lawyer is when you get caught. - frozen1, on 09/12/2008, -0/+1The truth is capitalism would be in jeapordy of failing badly because men are too greedy, that's why "pure capitalism" doesn't work. The rich and everyone who's uncritical of capitalism are afraid of the re-emergence of anti-capitalist ideologies, and alternative methods of social organization that would reduce the lifestyle and power of the already rich/well to do. Hence socialism for the rich/wealthy, and capitalism for everyone else.
- bman1984, on 09/12/2008, -1/+2Taxes are not theft, go suck ron pauls dick somewhere else. Please tell me how to sustain a government without taxes. Nationalize an industry? Nope, thats theft too. I agree with small government ideas, but some amount of taxes are necessary. Why isnt it theft you ask? You have the right to get the ***** out. These people want all of the profit they are able to make in America, due to the excess wealth, but they don't want to pay taxes. Don't want to pay taxes? Get the ***** out.
- sparsely, on 09/12/2008, -0/+1what? it's just a question...
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