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Thread: Are we rich?

  1. #1
    Join Date
    Jul 2003
    Location
    Kapiti in New Zealand
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    4,031

    Default Are we rich?

    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
    Free business resources - www.BusinessBlogsHub.com

  2. #2

    Default

    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.

  3. #3

    Default

    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

  4. #4
    Join Date
    Jul 2012
    Location
    Tavua, Fiji
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    3,347

    Default

    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.

  5. #5

    Default

    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.
    Last edited by speights boy; 07-04-2013 at 04:08 PM.

  6. #6
    Join Date
    Sep 2011
    Location
    Dunedin
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    1,682

    Default

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

  7. #7
    Join Date
    Jul 2012
    Location
    Tavua, Fiji
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    Default

    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.

  8. #8

    Default

    Quote Originally Posted by Damap View Post
    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.

  9. #9

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  10. #10
    Join Date
    Jan 2004
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    Whangarei
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    Default

    Quote Originally Posted by Damap View Post
    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


 

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