A new report finds that states are actually being denied billions of due to rich individuals and large corporations using offshore tax havens.
The report by the U.S. Public Interest Research Group concludes that tax havens cost state governments $39.8 billion in lost revenues in 2011. Corporations were responsible for $26 billion of this revenue loss.
Here are the states that faced the most revenue loss:
- California: $7.14 billion in lost revenue
- New York: $4.27 billion in lost revenue
- New Jersey: $2.8 billion in lost revenue
Since the recession began, states haveAi??laid off over 130,000 teachersAi??because they lack the funds to keep them hired. Cracking down on these tax havens would be one way to re-hire those teachers and to spend money on badly-needed infrastructure.
With that much money the government could run for a week!
I hightly doubt that money would have done much to help people to REGAIN jobs which were lost….. nor would that money be used in any way besides for the “GOOD OF THE EVIL” meaning the governments may have been ROBBED, but in reality there is much that is spent and lost which has nothing to do with OFFSHORE anything….. Look at the losses ONSHORE —– OIL PRODUCERS SHOULD BE MADE TO PAY TONS OF TAX — but the governments make BILLIONS every year in revenues, so really the OIL COMPANIES are the “CUSTOMERS” of the governments?? HMMM … anyone who is in CAHOOTS with each other in such ways — who cares if a few bucks are lost?? It would find its way selfishly into the wrong coffers and pockets of those who already are wealthy and rich.
Your incoherent babbling fails to amuse me, also tldr with bad formatting~
I think your assessment is flawed. It’s not the government who’s making bucks off the oil companies, it is rather some of the individual politicians who are receiving money from them and their lobbyists..
This excuse falls in the same bin as “If we can’t fix it all we might as well not try” nonsense.
I’m sorry but every penny counts and not paying taxes on income due to a loophole is STEALING from the people. WE the people mandate that taxes are paid by everyone, not just the people without expensive accountants.
You seem confused. Not much of your argument is coherent. By subjecting us to this, you have made us collectively dumber. I award you no points, and may god have mercy on your soul.
isnt this why the wiki leaks guy was jailed? he has the names of the account holders!
something like that — but i think hes been jailed moreso for providing proof that the world governments are sly, slanderish, and secretive — they are not much different than the chinese government or north korean, as they control what the media says still to a point … they control what we hear and see still, whatever they want to do they will do or spend with no one questioning them as THEY are in POWER over us!!!!! …. like Michael Moore said, ” DEMOCRACY IS ABOUT GOVERNMENT BEING SCARED OF THE PEOPLE, HOWEVER IN THIS DAY AND AGE, THE PEOPLE ARE SCARED OF THE GOVERNMENT!” – such bull crap
plus, Imagine — 40 billion to the deficit?!?!? …. yeah hardly worth mentioning when its in the TRILLIONS in DEBT —– Wont take that deficit down at all as the spending is still EXTRAPOLATING somehow?? 40 billion here…. o we can spend 120 billion over here now!!! …… Thats the mentality…. makes no sense…. so how is this fact a fact…. do they not realize that giving tax breaks may make the government more money but it also makes the HIGH UP companies loaded and just gives more power to the companies. In fact the Gov’t is run mainly by the rich “OIL CLASS” who hardly care much to think about anyone in the ” LOWER CLASS – dare i say “MIDDLE CLASS” citizen?? The gap between the rich and poor has never been greater and will only continue to rise. If they took a look at things ….. I think the saying they should be going by should be ” Take the LOG out of your own eye before removing a SPECK from another”….. Cant control anything in their own country so they have to try to CONTROL other countries wasting tons of tax dollars …. creating JOBS?? HAHAHHA… yes yes…. this is the economy as we know it! We have jobs!! if you work for the military……or government….Yet will WASTE and SPEND literally TRILLIONS of DOLLARS robbing the tax payers of their hard earned money!?!?!?!?!?! Cant even feed their own people, yet trying to feed those in ” INPOVERISH” nations…. WOW
The article is talking about state taxes. In most states a few billion is a lot of money. Your premise is way off. Kinda makes the rest of your argument irrelevant and it makes you look illiterate.
Oh god! Why is he shouting at me!
So if I become a “public” teacher then I can use the agency I work for to forcefully take money that isn’t mine away from other people so I can keep my job?? That’s cool!….Wait when I was a kid my mom said if I did that then it was stealing?..Oh! It’s for the “greater” good of everyone? Okay now it makes sense….But what about the people we take the money from??…..Seriously though, why don’t we just make government WAY smaller? Tax everyone the same? Not make any laws favoring one group of people over the other? Stop FORCING groups of people to help other groups of people?
More of this “throw the hands up” all is lost, mentality. No wonder logic is “elitism”, knowledge is “evil” and nearly half the country needs someone to “think” for them (*ahem*, “Faux Noise”….they’re calling you). What purpose does it make to include in OUR tax system, ways to “exclude” money, when our tax system PAYS for what we use? You don’t use “roads”? You don’t use “bridges”? You ever treat your own water? How is your “personal sewerage and storm water system” doing? Oh those, “poor” millionaires! Why, they made the money, all by their lonesome…except for the roads, bridges, water, sewerage…and yes TEACHERS….who educated their workforce, so that close to half of them can mock that same education. Built in loopholes, even if it were a “red nickel”, to “exclude” money made here from being used here, to continue to support those “poor billionaires” ability to get subsidies from the slobs who are underwater on their mortgage due to, more loopholes, in regulation (no paid workers to enforce the laws). Next time a bridge falls into the MIssissippi River, just think to yourself “I deserve that, because I allowed it to happen”.
In my imagination you’re wringing your hands while you say that.
Did anyone that is making comments about the Federal Government’s National Debt realize they were talking about how much individual states lost because of these traitors to our country? Those billions would have greatly helped our individual states pay their bills.
“A new report finds that states are actually being denied billions of due to rich individuals…”
>being denied billions of due to rich individuals
>billions of due to rich individuals
>of due to rich
>of due
“950,000 bold progressives,” and no one points this out.
Join you? No, I’d rather not.
Well you pointed it out. It’s a mistakes, they happen. I think the message was still understood by most people.
Your preposition should be “from” not “to”. See? An “education” allows one to remember “Schoolhouse Rock”, and learn how to use a p-r-e-p-o-s-i-t-i-o-n correctly. The article says “being denied billions in taxes due FROM rich individuals”, not “to”. The “reason” (uh oh, logic coming…run an hide!), the taxes due FROM rich individuals isn’t coming is because the same congressional prostitutes you keep sending to Washington, wrote IN (another preposition) to law “Loopholes”. Loopholes don’t make fabric “stronger” (adjective), they make it “weaker” (adjective). These loopholes make our economy “weaker”. See? I try to make the teachers who gave me a good education proud of me long past school. I went to public school in Detroit, and now you see why “education” (a noun) is important.
He was talking about the “of due” part. You look foolish now.
And I don’t feel like making a second post, but to glm: mistake* Yes, they sure do happen, don’t they.
We are in America, you don’t make sending your money to Switzerland illegal, you compete. None of you can tell me that if you personally had millions of dollars that you would want to give half of it to the government, if you say otherwise you are a liar.
It doesn’t matter whether or not you want to, you do it because it’s the right thing to do. If someone made $12,000 dollars a year then yes giving up that much money is going to be too much, if someone had $12,000,000 they would still have six million dollars, they are not struggling by any stretch of the imagination. It’s Goddamn greed plain and simple, if I had half a million dollars to live on a year that would still be a lot more than I needed to be happy. Taking a nice trip once or twice year would be great, who really needs millions of dollars to live a fufilling life, and if they do, then I would thing that is a very sad person, money can’t buy happiness, talent, creativity, love, none of that, and all of those are far more valuable than money ever has been or will be. If I have necessities then that’s all I really need.
You talk of greed while asking for someone else’s checkbook. Silence.
Don’t you see? Both you and Kelsey are arguing issues outside the article. The question isn’t in “you personally had millions” or “how much do you need to live the life you live”. The article is about “the cost of doing business” is not being paid by business entirely. Half the folks here are arguing that “clever millionaires” took advantage of “gaps” allowed by the lawmakers, and the other half are arguing “they make too much”. Neither point is in this article. The real question is underlined by Kelsey’s FIRST premise: “we don’t make money hiding it in Switzerland”, but we ALLOW IT! And the article is saying, by ALLOWING IT, we don’t make business pay the full cost of doing business, instead we cheat the public of services they NEED (LORD KNOWS the public needs education, which is provided by the states!!) in order to not make business pay the cost of doing business. Why is this ok with everyone?
Well said, thank you.
This is the problem with the left (progressives)..They bring up tiny facts that mean nothing and expect to win a argument with it. I agree that tax shelters are bad, but, if a company that employs thousands of Americans and brings billions in revenue in to a state or community wants to use a tax shelter, let em! What, we miss out on maybe a million in tax money? We are better off letting them do that than we are pissing them off and them moving their company elsewhere. I am all for tax the rich and let the middle class keep their piece, but this argument is a bad argument.
As opposed to conservatives who bring up big lie that mean a lot? First, they are not job creators. the job creation comes from the source, consumers. They are responding to demand. Increase in demand always creates suppliers. Increase in suppliers does not create demand. Trickle down died in the 80’s when it brought us the highest unemployment since the depression. It hit over 10%. Get over it. They already pay a smaller percentage in taxes than the working class, less than they have in many decades. You guys keep trying to give the wealthy all your money with the hope that they will through you a few crumbs. But their nature is one of greed, they hoard it and put it, illegally in many cases, into off shore accounts to evade taxes. But go ahead, let ’em.
You sir are a lapdog. But I still love you baby.
Most expats are normal working people who pay taxes (often more than US taxes) in the jurisdictions in which they live. I live in Canada, and it is NOT a tax haven.
The problem is that that US, along with Eritrea, is the only country that practices citizenship-based taxation. With FATCA coming into play, it will become really difficult to do business with the US or its citizens.
Stop FACTA and keep business flowing.
Sales tax means you pay where you live. that being true you no longer have to worry about immigration simply sign in at the border or port or airport. if you don’t sign in you get no services protection from the law. however if you signed in welcome aboard as when you buy things you are contributing. those that didn’t are probably here for no good reason and can be accosted or killed by anyone ass they didn’t feel it was relevant to walk in the front freakin door.