America going broke, I say flat tax

hip hop bunny hop · 04-30-2011, 01:14 PM

Quote:

So basically you don't need secret bank accounts or smuggled gold bars because you can avoid paying 2 lots of tax perfectly legally.

You're forgetting that the USA is unique in that we tax overseas profits of individuals and corporations. So, even if you did have it generating a nice profits overseas, bringing the money (or goods purchased with the money) back to the USA will result in your ass getting nailed with fees and/or federal penitentiary time.

This is why, during the most recent Tax season, the IRS was offering mitigated penalties to people who were not-disclosing funds they had stashed overseas.

Quote:

As for the annonymous accounts, I do believe they exist. I do believe there is a concept of hiding money away undetected. Anybody who doesn't is naive. I mean, drug lords have to keep their money somewhere.

The money gets laundered so they can actually put it to use and prevent repossession of their ****.

I'm not sure if you're aware, but when you get busted for dealing any appreciable amount, you don't just have to deal with the drug charges. They estimate how much your drugs were worth, how much income you didn't disclose to Uncle Sam, and then proceed to - basically - take all your (valuable) **** you can't account for having paid for with clean funds.

...hence why they launder the money, so they can provide a proper paper trail that can be used in their defense.

Urban Hat€monger ? · 04-30-2011, 01:29 PM

Quote:

Originally Posted by hip hop bunny hop

You're forgetting that the USA is unique in that we tax overseas profits of individuals and corporations. So, even if you did have it generating a nice profits overseas, bringing the money (or goods purchased with the money) back to the USA will result in your ass getting nailed with fees and/or federal penitentiary time.

This is why, during the most recent Tax season, the IRS was offering mitigated penalties to people who were not-disclosing funds they had stashed overseas.

I believe I already covered that.
You want to get out of paying that you base yourself in one of those places and become a tax exile.
Something I hear is becoming more & more predominant in American business. Hell even the UK offers better tax breaks than the U.S. currently and it seems that U.S. businessmen have not been slow to notice this.

Astronomer · 05-01-2011, 04:41 AM

I'm pretty much loving the fact that the US dollar is worth less than the Australian dollar at the moment, been buying loads of stuff from America for tres cheap!

But in seriousness, I don't really know much about the US economy but why is the US dollar plummeting so low? Is it because of debt? Or has it got more to do with interest rates?

Dotoar · 05-01-2011, 06:58 AM

Quote:

Originally Posted by Lateralus

But in seriousness, I don't really know much about the US economy but why is the US dollar plummeting so low? Is it because of debt? Or has it got more to do with interest rates?

One reason, if not the reason:

YouTube - Overdose: The Next Financial Crisis

Burning Down · 05-01-2011, 09:07 AM

Quote:

Originally Posted by Lateralus

I'm pretty much loving the fact that the US dollar is worth less than the Australian dollar at the moment, been buying loads of stuff from America for tres cheap!

The U.S. dollar is currently worth ~95 cents for one Canadian dollar, so American products are slightly cheaper than they would be if sold here. But I think I'm going to wait until it drops a little more so I can get a real good discount!

**Scarlett O'Hara** · 05-01-2011, 09:10 AM

I'm impressed with the New Zealand dollar right now, it's a good time for me to shop online. But we are in the shitter in regards to our economy so don't feel bad America it's not just you.

hip hop bunny hop · 05-01-2011, 06:41 PM

The devaluation of the dollar is a good thing; amongst other items, it devalues America's debt & reduces the trade deficit.

Dotoar; could you please post a link to text or kindly summarize your position? I don't feel like sitting through 40+ minutes of half ass video when I've a suspicion it's just going to dole out Libertarian idiocy.

TheBig3 · 05-01-2011, 09:58 PM

Quote:

Originally Posted by Lateralus

I'm pretty much loving the fact that the US dollar is worth less than the Australian dollar at the moment, been buying loads of stuff from America for tres cheap!

But in seriousness, I don't really know much about the US economy but why is the US dollar plummeting so low? Is it because of debt? Or has it got more to do with interest rates?

Its because they're printing a ****load out. Look up quantitative easing.

If I had 100, $1 bills out in circulation yesterday. And tomorrow I have 200, $1 bills in circulation, those bills are about .50 cents.

Dotoar · 05-02-2011, 05:52 AM

Quote:

Originally Posted by hip hop bunny hop

Dotoar; could you please post a link to text or kindly summarize your position? I don't feel like sitting through 40+ minutes of half ass video when I've a suspicion it's just going to dole out Libertarian idiocy.

I could, but it still would be libertarian idiocy. You're welcome to discuss the subject seriously and without invectives the next time around.

hip hop bunny hop · 05-02-2011, 10:21 PM

Debating Libertarians has the same pitfalls as debating Marxists; most important of which is that both groups absolutely refuse to acknowledge historical precedent (as is relevant to each ideology), usually by claiming something along the lines of (A) that system as put in place wasn't sufficiently ideologically pure and (B) the persons implementing the ideology lacked the courage to fully implement it. This is when they even accept the validity of such methods; god knows Libertarians love their axioms.

Libertarianism is a sham; it's a crackpot ideology that has been thoroughly disgraced. It's not by accident that fewer than 10% of economists self describe as libertarian. I could go on and on but....

...let's be succinct and say Libertarianism is the last remnant of the cult of Modernism. Mises, Rand - they will take their place next to Le Corbusier, Marx, and the rest of that oh so boorish crowd.

05-01-2011, 09:10 AM	#36 (permalink)
Scarlett O'Hara Make it so Join Date: Oct 2005 Posts: 6,181	I'm impressed with the New Zealand dollar right now, it's a good time for me to shop online. But we are in the shitter in regards to our economy so don't feel bad America it's not just you. __________________ "Elph is truly an enfant terrible of the forum, bless and curse him" - Marie, Queen of Thots

05-01-2011, 04:41 AM	#33 (permalink)
Astronomer we are stardust Join Date: Oct 2008 Location: Australia Posts: 2,894	I'm pretty much loving the fact that the US dollar is worth less than the Australian dollar at the moment, been buying loads of stuff from America for tres cheap! But in seriousness, I don't really know much about the US economy but why is the US dollar plummeting so low? Is it because of debt? Or has it got more to do with interest rates?

05-01-2011, 06:41 PM	#37 (permalink)
hip hop bunny hop Music Addict Join Date: Oct 2009 Posts: 1,381	The devaluation of the dollar is a good thing; amongst other items, it devalues America's debt & reduces the trade deficit. Dotoar; could you please post a link to text or kindly summarize your position? I don't feel like sitting through 40+ minutes of half ass video when I've a suspicion it's just going to dole out Libertarian idiocy.

05-02-2011, 10:21 PM	#40 (permalink)
hip hop bunny hop Music Addict Join Date: Oct 2009 Posts: 1,381	Debating Libertarians has the same pitfalls as debating Marxists; most important of which is that both groups absolutely refuse to acknowledge historical precedent (as is relevant to each ideology), usually by claiming something along the lines of (A) that system as put in place wasn't sufficiently ideologically pure and (B) the persons implementing the ideology lacked the courage to fully implement it. This is when they even accept the validity of such methods; god knows Libertarians love their axioms. Libertarianism is a sham; it's a crackpot ideology that has been thoroughly disgraced. It's not by accident that fewer than 10% of economists self describe as libertarian. I could go on and on but.... ...let's be succinct and say Libertarianism is the last remnant of the cult of Modernism. Mises, Rand - they will take their place next to Le Corbusier, Marx, and the rest of that oh so boorish crowd.