Comment · Tue, July 24, 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 · 1 points
I still wonder if we'll just continue to want it lowered for the same reason. "We still need lower taxes because the rich companies pay nothing". No simple answer.
u/MisterYouAreSoDumb
People and companies are reasonable when given the chance. I see the failure of our government's tax policy as a more fundamental one, people either don't know, or don't agree with what the money is being spent on. We need a complete overhaul that not only simplifies the tax code, but also directly ties tax revenues to spending programs. No more secret pools of money that are spent on god knows what, and no more taking funds from one area to "temporarily" fund another area. People are more than willing to pay taxes when they can see what it's being spent on, and agree with that spending. That's not to say that every person will agree with every single program. However, if they know exactly what each dollar of their taxes go to, they will be more willing to compromise for beneficial programs. Would I like to pay $0 in tax? Well yes. Would I even consider that if I knew exactly what programs would stop and why? No way! We need more transparency for our system to work. Politicians do not want that transparency though.