Comment · Mon, July 23, 2012
Super rich hiding up to $32 trillion offshore, which amounts to roughly the US and Japanese GDP combined. Up to $280bn is lost in tax revenues. Some of the world's biggest banks are involved: HSBC, Citigroup, Bank of America, UBS, Credit Suisse
What they were answering
[deleted] · 1 points
They may funnel profits through other places, but they don't just pick up and go.
They're essentially tax dodgers. They may be legal tax dodgers operating through a loophole, but they're tax dodgers. Find a way to close the loopholes that allow them to funnel their money around.
u/MisterYouAreSoDumb
Nobody is suggesting that they are just going to leave! They are suggesting they will incorporate in other countries, and they have. This is the same concept as my business. I live in Arizona, but my company is incorporated in Colorado. I regularly do business in tons of other countries, like Egypt. I pay corporate taxes in Colorado and US income taxes. I am not a tax evader, that is just how I have setup my business. Am I evading Arizona and Egyptian taxes? No I am not. These are not loopholes, they are how business works. If Colorado suddenly raised corporate taxes, I would be out of there and incorporated somewhere else very quickly. If I was big enough, and the US also raised taxes enough, I would also incorporate in another country. It's business, and governments need to start making sound decisions that businesses will agree with.