Are we rich?

[Marc]

Interesting article on ZeroHedge which talks about Obama's camp imposing a wealth tax on retirement savings. The first salvo(?) from the USA government in taxing the "rich" who, from what it appears to me, is anyone with enough brain cells to save for their retirement instead of buying the next iPhone/iPad/iWhatever.

Consider also the growing fear that governments will not help the banks when their greed finally catches up with them but instead rape and pillage the unsecured creditors accounts for bailout money (thats the normal mum and dad savers) - so what is stopping the banks from doing CDO's or a variant all over again?

Here in NZ who believes that at some stage capital controls and wealth "capping" tax will not come to our shores?

Who sees an increase in buying art, coins, watches or anything that could increase in value over the years instead of banking it for the government or the bank to grab when they want?

Article here: http://www.zerohedge.com/news/2013-0...alth-tax-salvo

[speights boy]

The USA's tax system is so skewed for the benefit of the wealthy, with loopholes so large that even congress are becoming unable to splutter their indignation without foaming spittle covering their microphones.

That zerohedge rant simply shows how scared they have become about how to protect their mates' enormous wealth.

[speights boy]

Marc
I found these two article a lot more interesting than that zerohedge rant.

Money trail leads home to New Zealand

www.stuff.co.nz/business/money/8515361/Money-trail-leads-home-to-New-Zealand


Lawyers and Accountants Help Rich Manage Their Money

www.icij.org/offshore/trusted-service-provider-blends-invisible-offshore-world

[Damap]

The USA's tax system is so skewed for the benefit of the wealthy, with loopholes so large that even congress are becoming unable to splutter their indignation without foaming spittle covering their microphones.

Don't know where you get that idea from but it is absolute baloney. It is the entitlements and bizarre and excessive support for the poor and lower middle class that is amazing in the USA.

The wealthy pay the highest corporate tax rates on the entire planet. I couldn't believe how anti rich the Us system was when I was there.

[speights boy]

Someone earning $13.7m in a year is reported as paying $1.94m in Federal income taxes, meaning an effective tax rate of 14.2% .

Having one of the highest corporate tax rates on the entire planet; is NOT the same as

The wealthy pay the highest corporate tax rates on the entire planet.

[jimO]

i light my cigars with $50 notes that i start burning with $20 notes

[Damap]

Wow one person paying low tax, that's a crime for sure. What about the millions of high earners who pay 39.6% income tax. Not to mention sales tax, franchise and excise tax.

[speights boy]

Wow one person paying low tax, that's a crime for sure.

Well, as his tax return was probably the most scrutinised in the whole country, I think it would be a safe bet he is not alone.

[speights boy]

[drelly]

Wow one person paying low tax, that's a crime for sure. What about the millions of high earners who pay 39.6% income tax. Not to mention sales tax, franchise and excise tax.

Ok... so this guy pays $2m in tax at a rate of around 14%, whereas someone on the benefit is paying tax at around the same rate using money that they didn't earn in the first place and you think the FIRST guy is committing a crime? LOL

[Damap]

Crime? I was pointing out the flaw in Speights post. The US tax system is super punitive compared with many countries including NZ. That's all I was saying.

[Marc]

What I am concerned about is not the rich getting away with not paying tax - you should not even worry about that - nothing will change. Most governments have policy that actually encourages the use of tax havens for wealthy businesses and people.

What upsets me is the governments getting the money back from the middle class.

[speights boy]

Well Marc
How do you think the Govts are going to make up their revenue shortfalls that are aggravated by the rich tax havens ?
Those that you say we should not even worry about.

Of course they will get it from the middle class....they will pay for both the benefits to the poor AND the rich.

[Damap]

Well that makes sense doesn't it? In most Western style economies around what 70-90% of the population are middle class? So who else is going to fund the running of the country? That is what should happen. Most people pay most of the taxes, isn't that basic economics????

[speights boy]

Most people pay most of the taxes, isn't that basic economics????

I can understand why you felt the need to place so many question marks after your question.
No.
It is not the numbers in each class that is important at all.
You appear misinformed about wealth distribution.