Brussels - They are a large and diverse group that includes a Spanish heiress; the daughter of the former Philippine dictator Ferdinand Marcos; and Denise Rich, the former wife of the disgraced trader Marc Rich, who was pardoned by President Bill Clinton. (Snip) But the enormous size of the data dump obtained by the International Consortium of Investigative Journalists, a Washington-based group that, along with affiliated news media organizations, announced its coup on Thursday, has punched a big hole in the secrecy that surrounds what the Tax Justice Network estimates are assets
Comments: BTW, the assets are worth at least $21T held in these offshore accounts...
Wonder where our money goes when slated for "humanitarian aid" to some third world country, or bribes to petty government officials [like Bill Clinton mentioned]? Or, stolen oil profits and drug laundering? Now, this is a data dump the Internet was made for to see the light of day.
I hope the governments get hold of this PRIVATELY HELD wealth. Screw those richies but good! Government knows best what to do with money, espcially the government run by Zerobama.
Heard there is a big run at Lowes and Home Depot on pitchforks and torches. Better hurry, won´t last long.
When it finally hits the fan, I´d hate to be a politician or long-time government layabout, which is most of them. Eventually, even the "poor", who are anything but here in America, are going to figure out the government is screwing them to line their own pockets.
This sounds as if the information was obtained through questionable actions (perhaps illegal). And in this country, the way the information was obtained may preclude its use in a court of law. Thus, embarrassment would be the only damage. I don´t begrudge those with wealth that shield their money from socialist goobernments. I wish I had enough to join them! In a way they are the crest of the wave rebels. They clearly are rebelling against taxes and the use of their money by goobernments. It’s a form of protest and thus in this country should be considered political speech and protected (wishful thinking to be sure). Bottom line, I salute those that hide their money from ravenous goobernments.
One company (http://www.offshorehavens.net/) offers assistance to clients, including even those with modest incomes, in taking advantage of over 100 offshore venues that offer "asset protection." I wonder how many of these venues are covered by the information obtained by ICIJ. In any case, this lovely cache of data is certain to provide for a lot of fun reading in the months to come. Recommended background music for the revelations to come: Tennessee Ernie Ford singing, "In the Middle of an Island."
Here we go again with the conflating of words. Tax avoidance is legal, tax evasion is illegal. I suspect many of these cases will involve tax evasion but many are not. Then it is likely a number will be for reasons other than tax saving, like getting money another level removed from grasping tax/political entities.
Taxing entities need ever increasing sums of "revenue" but as the US is one of the few that tax on worldwide income it will be easy for the IRS to sift evaders and avoiders. But I suspect an additional objective is to manipulate public opinion against any offshore strategies. After all, if all money is onshore it is easier to get at.
Just think IRA and 401K versus the offshore versions of these in self directed trust accounts.
I guess I tend to be more of a privacy advocate. Tax avoidance, tax evasion? It´s all the same to a regressive, progressive taxing governmental agency which I believe is totally illegal in the way they approach confiscatory taxation. Tax court? It´s all stacked against you. If you have no place to hide, then you "belong" to the ones with the biggest stick.
This leak of illegally obtained information is just the latest manifestation of Occupy Wall Street, which is just the lastest manifestation of the Bolsheviks. Shame the rich, then kill them, then burn their money, then starve and blame the rich people. Yippee! Revolution, ain´t it grand? If you rejoice over this theft of private information, you are rejoicing over the victory of Marxism and the death of capitalism. Enjoy.
I´m not so sure digging into people´s private lives is a good thing. Is this just world governments´ out to grab as much of our savings they can? Oh wait, since this is the NYT I´m sure its a bad thing.
Bill Clinton, one of many, comes to mind. He is always bragging how he has helped Haiti. Haiti does not appear to have been helped one little bit. Could this be one of the ways the Clintons have become wealthy? It´s out and out thievery and they should be punished. I am sure Obama is doing the same thing. All with our tax money.
Although I´m an impecunious individual with (as yet) nothing worth hiding, I´m in complete sympathy with those, whether conservative or liberal, who want to keep their assets sheltered and hidden. The "Tax Justice Network" thinks it´s justice when people who´ve been successful are separated from their money. The TJN are actually totalitarians, and they´d steal every cent if they could. Justice, my eye. Just another thief to shoot.
To start with, why can´t a wealthy person keep their money where they feel it is secure. The fact that they have money in a bank, no matter where it is located, isn´t against the law as far as I can see. What is against the law or should be is divulging personal and private information. Surely this data can´t be obtained without breaking multiple laws, yet I hardly ever read about arrests and prosecutions for stealing this type of information.
Entrepreneurs and others who create jobs and growth are leaving this country in droves because they are targeted by know nothings in the US government who are pure socialists and Marxists. They complain because they can´t get their hands on one hundred percent of your money. They are mad because people with substantial wealth can just leave and live somewhere else. That doesn´t set too well with Obama voters who are on the dole and want to stay there at someone else´s expense. The truth is, the Socialists are running out of other peoples money.
If I had any money, I certainly would want to put it in a safe place away from bloated government. Who in their right mind would sit and do nothing and wait for this gov´t to act like Cyprus? It is our obligation to survive. Unfortunately I don´t, so I won´t.
Rest assured that if or when any names come out of this, you won´t see any Dims in there. Only Republicans. Remember, they are the greedy rich. Dims are sooooo nice. And as Leona Helmsly said "only the little people pay taxes".
And count me as one of those not willing to rip the wealthy. A great many of them achieved it by hard work and long hours. And they paid their taxes. And I like most of us here, would like to join them. I know that I wont, so I´m happy with what I have.
Reply 31 - Posted by:
Donna M, 4/5/2013 1:20:58 PM (No. 9261255)
I´m sure the MSM will find a Romney or two in this listing. Then it will be headlines. If not, ho hum. Move on, nothing to see here. But a whole lot of doctors, dentists and entrepreneurs trying to keep a few bucks or pounds out of the grasp of the IRS, Inland Revenue or the EU, will be raped.
FYI, Denise Rich renounced her US citizenship a while ago--for Austria.
#24: exactly. The only thing I care about is how much of this money is from American taxes. How many despots have used our tax-payer funded aid to enrich themselves and squirrel away billions?
Otherwise, if it´s tax avoidance, I expect it to happen. What chaps my hide is the same people hiding their $$ in these accounts are the same ones who support Occupy Wall Street and the notion of a 1% that needs to pay more in taxes. What a load.
the ultimate "on-shore" accournt is the 401K accounts to the tune or $19 trillion. ow that would do a lot to cure the shortage, and allow Obama to runuo the tote again. There havebeen hearingand Requests for Information. the Profat the New School-Theresa Ghirducci (sp) is the creator. she alos said that the tax deduction shuld cease too, as it is $80 billion. Better start taking the money out now ou ofyr 401K, penalties or not. Look what happened to Cyprus, they can just take it!
Offshore data leak - those damned data companies! Now they are going to spew data dispersants into the gulf to cover it up. Taxpayers are going to have to fund a decade of PSA advertising to deal with the financial and mental depression. Think of all the baby chicks covered in gooey sulfurous data. All of the internet cafes that will never recover. I bet the data was fracked.
#27, butch59, I´m with you. What other people have is their business, not mine. If they obtained wealth wrongfully, they will pay a penalty either here or hereafter. I don´t have enough time during the day to worry about what other people have that I don´t. For that reason, I´d make a terrible Democrat.
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