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2016 Postmortem
Related: About this forumGoing Offshore in the 2016 Election Campaign: Disappearing Money and Opportunistic Candidates
Donald Trump and Hillary Clinton have both taken advantage of numerous tax efficiency strategies that make money evaporate.
Theres a pile of money hiding offshore. Its true that jobs are also leaving the United States because American companies find it convenient to cut labor costs by moving manufacturing abroad, the economic issue youre hearing most about in this election season. But the stunning amount of money that continues to flow across American borders (and those of other countries), and eventually disappears into the pockets of the corporate and political elite, ultimately causes even more damage to our finances and our lives.
While the two leading candidates for the presidency, Donald Trump and Hillary Clinton, have indeed suggested cosmetic fixes for a situation that only grows more extreme with the passage of time, they have themselves taken advantage of numerous tax efficiency strategies that make money evaporate. Of course, you shouldnt doubt for a second that theyll change their ways once in the Oval Office.
As with so much in our American heritage, theres a history to the offshore world, too. Finding places to shield money from tax collection first became commonplace among upper-crust industrialists, bankers and even public servants back in the 1920s. Treasury Secretary Andrew Mellon, a millionaire mogul who served presidents Calvin Coolidge, Warren Harding and Herbert Hoover (and had a knack for cutting taxes on the wealthy), left office under mounting congressional probes into his tax-evasion strategies.
Theres a pile of money hiding offshore. Its true that jobs are also leaving the United States because American companies find it convenient to cut labor costs by moving manufacturing abroad, the economic issue youre hearing most about in this election season. But the stunning amount of money that continues to flow across American borders (and those of other countries), and eventually disappears into the pockets of the corporate and political elite, ultimately causes even more damage to our finances and our lives.
While the two leading candidates for the presidency, Donald Trump and Hillary Clinton, have indeed suggested cosmetic fixes for a situation that only grows more extreme with the passage of time, they have themselves taken advantage of numerous tax efficiency strategies that make money evaporate. Of course, you shouldnt doubt for a second that theyll change their ways once in the Oval Office.
The top 50 US companies are hoarding more than $1.4 trillion in cash offshore.
As with so much in our American heritage, theres a history to the offshore world, too. Finding places to shield money from tax collection first became commonplace among upper-crust industrialists, bankers and even public servants back in the 1920s. Treasury Secretary Andrew Mellon, a millionaire mogul who served presidents Calvin Coolidge, Warren Harding and Herbert Hoover (and had a knack for cutting taxes on the wealthy), left office under mounting congressional probes into his tax-evasion strategies.
THE REST:
http://billmoyers.com/story/going-offshore-2016-election-campaign-disappearing-money-opportunistic-candidates/
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Going Offshore in the 2016 Election Campaign: Disappearing Money and Opportunistic Candidates (Original Post)
Triana
Jun 2016
OP
cui bono
(19,926 posts)1. Bill Moyers... spot on as usual.
.
Live and Learn
(12,769 posts)2. K&R nt
libdem4life
(13,877 posts)3. That's why they are terrified of Bernie. He's only worth about $300,000
and mostly in his house. Embarrassing. No wonder he likes the unwashed masses so much and they like him.
It's really a Class War.
Cheese Sandwich
(9,086 posts)4. +1
$300k is still a ton of money but his policies show he's on the right side.