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The average household income of the 1% was $1.2m in 2008, according to federal tax data. The ultra-rich skew that average upwards: admission to the 1% began at $380,000 in 2008. The Congressional Budget Office puts the cut-off lower, at $347,000 in 2007, or $252,000 after subtracting federal taxes and adding back transfers. Measured by net worth, rather than income, the top 1% started at $6.9m in 2009, according to the Federal Reserve, down 23% from 2007.
Cayman Bank Accounts
With no direct taxation, the Cayman Islands are a thriving offshore banking and finance centre. The Cayman Islands financial services industry has developed along a path similar to that in other offshore centers, on the strength of private banking and company registration. While meeting the needs of high net worth individuals is still an important aspect of the industry, recently the focus has moved very much towards institutional business. The Cayman Islands...
The growth of the country’s financial golden goose started, so legend has it, in 1794. In the swashbuckling days of pirates...
Cayman Islands Banking
originally posted by: onequestion
a reply to: neo96
No let's be more logical here now shall we?
Some rich people really are a problem but so is the government.
If your estate is more then 10 million, then put a sliding scale death tax on it. Above 100 million.... 90% tax
originally posted by: kosmicjack
a reply to: pl3bscheese
That's all pie in the sky.
The State does not have a track record for spending even reasonable taxes in effective ways..much less should they be able to tax money that has already been taxed more than they already do.
You want a level playing field? Stop spending current tax dollars on foreign aid and foreign wars and use it to fix the educational system instead.
There are a dozen ways to make things more "fair" but it dang sure shouldn't start by stealing money from fellow citizens who have already paid up.