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Politics : Formerly About Advanced Micro Devices

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To: i-node who wrote (762380)	1/8/2014 6:09:46 PM
From: Wharf Rat	Read Replies (2) of 1574470

"How is it cheating to "hide your money offshore"? How is it not? Tax Cheats Need A New Place To Hide Their Money Posted: 08/29/2013 3:21 pm EDT \| Updated: 08/29/2013 3:25 pm EDT All told, the nonprofit estimates that wealthy individuals are hiding between $21 trillion and $32 trillion in offshore accounts. This means that governments worldwide are deprived of hundreds of billions of dollars in tax revenue in an era of increasing austerity. The issue became fodder for debate during last year's presidential campaign, when then-Republican presidential nominee Mitt Romney's tax returns revealed investments through a blind trust in entities established in the Cayman Islands. The Huffington Post recently reported that 82 of the top 100 U.S. companies, including banks like Citigroup, have stashed $1.2 trillion offshore to avoid paying taxes on it. These entities benefit from a friendly tax code, written in some instances by their own lobbyists, that allows money to be parked offshore indefinitely. huffingtonpost.com

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