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View Diary: World's elite loots at least $21 trillion and stashes it in tax-avoiding hideaways (211 comments)

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  •  I'm really rooting (0+ / 0-)

    for, say, 5 years of 10% inflation. That oughta take a chunk out of the ol' stash.

    Iuris praecepta sunt haec: Honeste vivere, alterum non laedere, suum cuique tribuere. - Ulpian, Digestae 1, 3

    by Dauphin on Mon Jul 23, 2012 at 09:36:53 AM PDT

    •  Problem is inflation hurts everyone (8+ / 0-)

      Pretty much all working Americans will be severely hurt by it, because you know their salaries will keep growing at an anemic 0-2% instead of keeping pace with inflation.

      Plus the ultrawealthy will just transfer their wealth into other currencies or investments that are hedges against inflation, and will still be ultrawealthy afterwards.

      Personally I think we just need draconian tax laws that remove pretty much ALL of the tax dodges the rich and corporations abuse to avoid paying their fair share.  If they still avoid their taxes, fine them 1000x the amount they avoided.

      Atheism is a religion like Abstinence is a sexual position. - Bill Maher, 2/3/2012

      by sleipner on Mon Jul 23, 2012 at 10:13:06 AM PDT

      [ Parent ]

      •  But don't forget the REAL problem -- (11+ / 0-)

        "HALF of Americans don’t pay ANY income tax despite crippling government debt!  Those poor people need to pay their fair share, damnit!" /snark

        The word "entitlement" should NEVER AGAIN be used against the American middle class.

        "I think in America, the opposite of poverty is justice." Bryan Stevenson

        by gfre on Mon Jul 23, 2012 at 10:28:08 AM PDT

        [ Parent ]

        •  All Americans Pay Taxes the Poorest 20% pay 17.4% (3+ / 0-)
          Recommended by:
          indie17, JesseCW, Book of Hearts

          ... of their income in taxes.  The richest 1% pay 29.0% of their income in taxes.  These numbers come from a study done by Citizen for Tax Justice and are for 2011.

          Also of note from this study, is the fact that the richest 1% take in 21% of the total income in the US while paying 21.6% of all the taxes.  Basically a  1:1 ratio of total income:total taxes which is the same for all income groups except the lowest two quintiles which pay slightly less than a 1:1 ratio.

          Of course the average cash income for the Lowest 20% is $13,000 while the average for the top 1% is 100x that at $1,371,000.  Thus, after the local, state and federal governments take their share of people's income the poorest 20% have on average $10,738 to live on while the top 1% have $973,410 to scrap by on.  

          So the next time someone tells you 50% of American don't pay ANY income tax, just remind them that there are other taxes besides income tax and the poorest people in this country pay 17.4% of their income in taxes while the richest 1% only pay 29%.

          Poor man wants to be rich. Rich man wants to king. And the king ain't satisifed until he rules everything. B.Springsteen

          by howd on Mon Jul 23, 2012 at 11:42:35 AM PDT

          [ Parent ]

          •  Oh, I know (hence the snark tag)... (1+ / 0-)
            Recommended by:
            howd

            and I live and work in a pretty blue bubble in the metro DC area, so no one is saying that to ME.

            But it floats out there and FOX viewers will take it on "faith."

            They are not going to be inconvenienced by facts that don't fit their preconceived ideas.

            "I think in America, the opposite of poverty is justice." Bryan Stevenson

            by gfre on Mon Jul 23, 2012 at 12:37:25 PM PDT

            [ Parent ]

            •  Agree That It Will Most Likely Have Zero Effect .. (0+ / 0-)

              ... on the Fox masses.  But I do like that moment of hesitation and the slightly confused look in their eyes after I tell them that the poorest people in this country pay 17.4% of their meager income in taxes before their Fox talking points kick in and they start blathering on about "those people".

              Poor man wants to be rich. Rich man wants to king. And the king ain't satisifed until he rules everything. B.Springsteen

              by howd on Mon Jul 23, 2012 at 01:36:21 PM PDT

              [ Parent ]

      •  Well managed inflation at 3-5% doesn't hurt (0+ / 0-)

        workers, and particularly won't now that a few tens of millions have re-financed at home interest rates below 5%.

        Thinking the "food stamp challenge" teaches you about being poor is like thinking a camping trip will give you insight into being homeless.

        by JesseCW on Mon Jul 23, 2012 at 11:58:22 AM PDT

        [ Parent ]

    •  I used to think a few years of inflation (6+ / 0-)

      would be enough to solve some of the US ecomomic problems.

      But after seeing these stats, I think the whole global monetary system is FUBAR. All this money supposedly should represent the power to make people work (labor) and the physical control of resources (guarded mines and oil wells, etc.) These secret offshore trillions make a mockery of the whole concept of money, as we know it, in the middle class. We need a medium of exchange that can be controlled by our governments, and apparently we do not have one anymore.

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