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How many tax laws are there?
60,000 pages and counting.
Most of it is tax breaks and loopholes for the very rich and the businesses they own.
The billionaires that have incredible control over the politicians.
Who writes the tax laws? Not the politicians.
They are written by tax lawyers that work for the rich, and taken to politicians by lobbyists who work for the rich.
Trust funds are a favorite way for billionaires to protect their money from taxes.
Some trust funds are over a hundred years old, and have been growing every year, tax free.
Taxes are only paid on what is taken out and spent.
A one billion dollar trust fund, earning 8%, would make 80 million a year.
If you took 10 million out and spent it, you would pay taxes on that 10 million.
The other 70 million stays in the fund and is tax free, it is used to buy more stocks or property.
Another favorite tax dodge of the very rich is the offshore corporate headquarters.
A U. S. company that builds and sells all its' products in the U. S., but has a headquarters in some other country, such as the Bahamas or the Cayman Islands (two favorite tax havens), is considered to be a foreign company.
It pays no U. S. taxes on its' profits.
It pays a tiny 1% tax to the island government.
The rest is sent back to the American owners as salaries or stock dividends.
They pay no U. S. taxes on it because it comes from a foreign country.
The politicians passed the laws that that let these things happen.
Remember, the government needs money to operate.
If they won't take it from the billionaires, they will have to take more from the rest of us.
What the next president should do:
1- A one-time tax on all trust funds, 5% for each year it has been in existance, with a limit of 95%.
2- Eliminate all trust funds, so money can never again be hidden in this way.
3- All transfers of money into and out of the country should be made through the Federal Reserve Bank, and be charged a fee 0f 25%. |
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Posted by GaryR on 2008-05-17 19:26:35 | Rating: | Views: 32
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