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How offshore is offshore?

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posted on Jan, 31 2014 @ 01:00 PM
The wealthy be they private persons or aritifcial persons (corporations and the like) took a lot of flack for hiding their taxheavens in offshore accounts, 32 Trillions, which amounts to about 280 Billions in lost tax revenue. A hole somebody has to fill, average joe, whom cant hide his meager check, or services just end up being cut.

But how offshore is offshore? Are those 32 Trillion subtracted for good from the world economy, or is it just temporary until in one way or the other that money is being reintroduced, so that the offshore wealth is more parked until its decided what to do with it, rather than subtracted from the people whom are part of the economy to accumulate it in the first place?

posted on Jan, 31 2014 @ 01:38 PM
Correct me if I'm wrong, but I thought offshore accounts only able you to avoid the tax on your bank account or interest gained through the bank(?) So anybody who has a offshore account is merely looking for investment opportunities and doesn't want to be taxed on the money that's already been taxed(?)

The majority of people who have offshore bank accounts are middle class people and of course the super rich. But if these people live in the country they work, then they are been taxed already, offshore account doesnt allow them to avoid tax on their salaries/bonus' - Putting the money into the offshore account is only stopping the extra taxation on the interest gained(?) Again, please correct me if I'm wrong.

If I was a wealthy individual, then I'd also put my taxed money into an account where they can't get their dirty hands on it (again)

I think the problem we have is these huge profits companies are making. I'm all for people earning a few hundred grand a year or self made millionaires - That's all fine & dandy. But when you have corporations earning 20/30/40 billion a year and avoiding tax...That there is the real problem.

I kind of see this offshore account commotion as a bit of a distraction. You'd be surprised to find out who actually uses offshore bank accounts. Allot of people have the misconception that offshore bank accounts are in some palm tree lined, coconut filled beach haven somewhere is the Mediterranean. But offshore bank accounts are merely banks outside where one is living, so for me living in England, I could use one relatively close to me which is the Isle of Man. The offshore bank just offers better interest rates & no taxation - Which to me is something that would appeal to me given the current economical climate.

We need to stop letting huge corporations get away with not paying tax, stop spending money on # we don't need & on funding disturbances in some foreign land. That way we can bring down the tax & people would actually start to trust their own #ing banks & government.

posted on Feb, 1 2014 @ 02:12 AM
Offshore accounts are useful to avoid being double and triple taxed on the same funds. However, corporations use the venue to avoid all taxation via tax loopholes. This is were the governments lose tax revenue. The ultra wealthy do not keep the funds locked up in an offshore account as that is of no use. The capital must be flowing in order to gain more and the offshore account provides protection from over taxation by greedy governments that merely squander it and have zero clue how to manage money. For the wealthy this is not a problem and the reason why they are wealthy.

One of the reasons the governments are pushing for a total electronic single currency is that it will be traceable. Once the monies are fully traceable, it wont matter where you place the funds, they will tax it. Before the have not's start jumping up and down demanding such it would be wise to consider, you will be the first they go after as you are the easiest to steel from. You will not be able to purchase anything without them knowing what it was and who did the buying. Plus they can deny access at any time. Those that think it would be good to do this will find that by doing so they will have opened Pandora's Box and you won't be able to close it.
edit on 2/1/2014 by pstrron because: minor correction

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