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originally posted by: Eilasvaleleyn
I wonder what would happen if all that wealth was shunted down to the poor and middle class? What effect would it have upon the world?
originally posted by: Eilasvaleleyn
Inflation is a result of printing money. This is wealth that already exists.
originally posted by: MystikMushroom
I keep harping over the fact that we're entering a new age of feudalism...
The difference between us and serfs of the dark ages? We've been given a fancy illusion of freedom and ownership over things.
originally posted by: woodwardjnr
Ti don't envy these people in the slightest, just, find it sad that they don't have more altruistic plans for their enourmous wealth. Personal wealth must get boring once you can't even buy anything with it. Once you have 2 or 3 of everything you could possibly need, it's just bits of paper or digits on a screen, meaningless
Imagine being able to go wherever you want, whenever you want
What is never said in these sorts of oversimplifications is that these figures are certainly net worth, not cash under the mattress.
Apple Avoids $60 Billion in Taxes by Keeping Money Overseas, Report Says
October 7, 2015 // 06:00 AM EST
Apple, Microsoft, Google and other corporate giants avoid paying hundreds of billions in US taxes every year by stashing mountains of cash in offshore tax shelters, according to the latest study to document widespread tax avoidance by corporate America.
The 500 largest US companies are sitting on more than $2.1 trillion in overseas cash hoards, allowing them to avoid paying an estimated $620 billion in US taxes if the funds were repatriated, according to a new report by the progressive Center for Tax Justice and the US Public Interest Research Group Education Fund.
“US-based multinational corporations are allowed to play by a different set of rules than small and domestic businesses or individuals when it comes to the tax code,” wrote the study’s authors, Robert S. McIntyre, Richard Phillips, and Phineas Baxandall.
The use of legal offshore tax havens by the largest US companies has been a source of controversy and debate for years, but the new study, which relies on Securities and Exchange Commission filings, is one of the most detailed accounts yet of the systematic effort by corporate America to avoid paying US taxes.
Apple, an iconic American firm, has the dubious honor of holding more money overseas—$181.1 billion—than any other US company, and would owe $59.2 billion in US taxes if those funds were brought back, according to the study. Microsoft has parked $108.3 billion offshore, while Google is holding $47.4 billion overseas, the study found.
Bill Gates Philanthropy!
But like those other aid apostles Bono and Bob Geldof, he risks being perceived as a rank hypocrite. For he sees nothing wrong in complex tax avoidance schemes while telling nations how to spend their revenues, notwithstanding the growing body of opinion that aid undermines development and democracy by propping up poorly run regimes. The latest expert to highlight this "aid illusion" is Professor Angus Deaton, the leading expert on measuring global poverty and a former true believer, in his fine book The Great Escape.
Gates says he pays his personal taxes. Great. But he made all that money from Microsoft which, like other tax-avoiding technology giants such as Amazon, Facebook and Google, uses sophisticated systems to shift paper profits around the planet and evade the designs of governments. Indeed, so extreme are its methods the company was used as a case study in a Senate investigation into US corporate tax avoidance, which found one example of offshoring profits through a tiny Puerto Rico office alone saved it $4m a day in taxes.
Moving earnings through low corporation tax countries such as Ireland, Luxembourg and Singapore means the company saved itself, according to one estimate, almost £3bn annually in tax. A Harvard law professor pointed out that Microsoft's divisions in three low-tax nations employed fewer than 2,000 people, but supposedly recorded about £9.4bn of pre-tax profit in 2011 – more than the 88,000 employees working in all its other global divisions.
In Britain, Microsoft reported revenues of £1.7bn in a single year for online sales on which it paid no corporation tax. This is why if you look at the small print when buying software through its British website, you find you are dealing with a Luxembourg offshoot. A newspaper investigation found a small office there with just six staff handling online sales from around Europe.
originally posted by: theantediluvian
CNN Money - The 62 richest people have as much wealth as half the world
Wealth doesn't trickle down – it just floods offshore, research reveals A far-reaching new study suggests a staggering $21tn in assets has been lost to global tax havens. If taxed, that could have been enough to put parts of Africa back on its feet – and even solve the euro crisis