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
leftinthedark · 2 points
The risk goes down. I get that. But we're talking about large companies – like banks – that play by different rules when it comes to risk. We should be clear, the super rich described in this post aren't subject to the same risk as the not super-rich.
u/MisterYouAreSoDumb
Right, that is my point. The small companies cannot take the risk, so they get screwed. The large companies can, so they get around the taxes. Then the small companies cannot compete with the large ones because they are not on a level playing field, so they fail or get bought out. Then the large companies get bigger and more power, so they take more advantage of the system and the cycle gets worse. This is what is happening in the US. Simplify the tax system, lower the rate, level the playing field out, then we can stop this! Or we can keep do what we are doing, increasing regulation and penalties. It's been working out so well for us...