Massive leak of tax haven documents

Discussion in 'Politics, Religion, Social Issues' started by mcrain, Apr 4, 2013.

  1. mcrain macrumors 68000

    mcrain

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    Illinois
    #1
    I keep waiting for "anonymous" or some other hacker to start getting into the records of the wealthy and the big corporations. It is only a matter of time before the secrets of those who are raping our financial system are laid bare for all to see.
     
  2. NT1440 macrumors G4

    NT1440

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    #2
    I've been trying to find a dump somewhere of the actual files. I always think analysis is good, but I like to see documents myself to get a better perspective.
     
  3. juanm macrumors 65816

    juanm

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    #3
    From the article:
    That's some serious trickle out economics !
     
  4. quagmire macrumors 603

    quagmire

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    #4
    That can pay off our debt! The US should seize all that money! ;) :p
     
  5. malman89 macrumors 68000

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    Michigan
    #5
    I am very interested as well. The President/founder of my company owns a couple local businesses and is probably a two-bit millionaire and he has offshore accounts in the Caymans. I can only imagine what these wealthier people have and to what extent.
     
  6. vvswarup macrumors 6502a

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    #6
    Put down the pitchforks!

    Let's talk after they've done something illegal. IMO, there is absolutely nothing wrong with arranging one's affairs to pay as little tax as possible and not a penny more.
     
  7. Peterkro, Apr 7, 2013
    Last edited: Apr 8, 2013

    Peterkro macrumors 68020

    Peterkro

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    #7
    I'd be interested to know who released them,it was an Australian journalist who received a Hard drive in the mail anonymously.Last year Assange was going on about the next big leak being banking details from a major bank,it's possible this is it though why Wikileaks haven't released it themselves seems a bit odd.

    P.S. I see Wikileaks has released another tranche of U.S. diplomatic cables.
     
  8. mcrain thread starter macrumors 68000

    mcrain

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    #8
    Actually, pick up the pitchforks. The avoidance of taxes is illegal. (edit - not paying the least amount possible, that is legal and encouraged. The use of offshore corporations and the subsequent fraudulent disclosures is illegal)
     
  9. 0dev macrumors 68040

    0dev

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    #9
    Tax evasion is illegal, not tax avoidance. There's a big difference. If you use fancy accounting to exploit loopholes in the law, that is 100% legal.
     
  10. mcrain thread starter macrumors 68000

    mcrain

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    #10
    Really? Then can you explain why the US government pursues the criminal activity that I'm trying to describe? If it were so "legal" then it wouldn't be actually "illegal."

    (edit) Sorry, yes, avoidance is legal, but avoidance ONLY through legal methods. The use of offshore corporations and then the exploitation of those loopholes to shield otherwise taxable income is illegal and crosses from avoidance to criminal activity.
     
  11. 0dev macrumors 68040

    0dev

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    #11
    Like you said, the exact methods use is what matters. Plenty of big companies use offshore accounting legally to reduce their tax bill, including Apple and Google.
     
  12. mcrain thread starter macrumors 68000

    mcrain

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    #12
    The problem is that the only reason it is legal is because those same corporations have given massive amounts of money to lobby congress, mainly the republicans, so that they could do exactly what they are doing.

    The better question is should it be legal?
     
  13. 0dev macrumors 68040

    0dev

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    #13
    In an ideal world it'd be impossible to avoid taxes everywhere, but in the real world, if tax avoidance was made illegal the big companies would move overseas entirely and countries like the US wouldn't get any tax revenue from them at all, plus unemployment would of course rise as a result too.

    As it stands, while the US may theoretically benefit from collecting more income and corporation tax, there are countries which have large incentives to keep themselves as tax havens. Just look at Monaco, they basically advertise themselves to the superrich and they make lots of money by having no income tax and very low corporation tax because it enables them to have a country full of rich people with a large sales tax on everything. So if taxes shot up for big businesses elsewhere, they'd all flock to places like that, and all it'd mean is smaller businesses would have to put up with higher taxes in the US and they would be disadvantaged. You'd be helping monopolies get an upper hand and damaging your own economy by taking such action.

    So yes, unless some universal agreement across the whole of the world can be made (never going to happen), it should be legal.
     
  14. VulchR macrumors 68020

    VulchR

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    #14
    These little tax havens should be crushed like overripe mangoes unless they agree to complete and verifiable bank disclosure. A few laser guided bombs should do the trick.
     
  15. 0dev macrumors 68040

    0dev

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    #15
    Which would achieve absolutely nothing :)

    People like their secret banking, even if you did theoretically nuke the tax havens businesses would just use Bitcoin or something.
     
  16. VulchR macrumors 68020

    VulchR

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    #16
    Perhaps, but it would be cathartic to try. :p
     

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