What Is Wealth Doing?

The Left wants you to believe that the best place to put wealth is into the hands of government. I disagree. Better to let people decide where they want their wealth to go. Local charities instead of foreign despots. Local small businesses instead of buying more weapons that fall into the hands of the Taliban. Investing in today's young people instead of creating more bureaucrats.

www.newspapers.com/article/the-st-louis-...rickle-do/105123031/

It doesn't trickle down, Fred, it trickles up.

Look at this, Fred. 100 business leaders endorsing Harris.

thehill.com/homenews/4865573-business-leaders-endorse-harris/

“Her election is the best way to support the continued strength, security, and reliability of our democracy and economy,” the business leaders wrote in a joint letter obtained by The Hill on Friday and first reported by CNBC. “With Kamala Harris in the White House, the business community can be confident that it will have a President who wants American industries to thrive.”

The list includes former Treasury Secretaries W. Michael Blumenthal, Robert Rubin and Larry Summers; the founders of Essence magazine, Zillow, LinkedIn and Napster; and former and current CEOs of Ford, Xerox, Starbucks and 21st Century Fox.

(see how I included a link? it's so easy!)

FredHayek wrote:

The Left wants you to believe that the best place to put wealth is into the hands of government. I disagree. Better to let people decide where they want their wealth to go. Local charities instead of foreign despots. Local small businesses instead of buying more weapons that fall into the hands of the Taliban. Investing in today's young people instead of creating more bureaucrats.

What do they do with it? You can't possibly believe that the obscenely rich put their wealth where the U.S. Government can SEE it? (and therefore tax it)??? Even YOU aren't that dumb.

Yes, some wealthy people hoard their wealth offshore to avoid taxes and protect it from seizure by their own government:

Tax havens
Wealthy people can set up corporations or trusts in tax havens to avoid US taxes. These countries have low local tax rates and often don't withhold US taxes on investment income.

Unrealized capital gains
Wealthy people can accumulate untaxed unrealized capital gains on investments like stocks, real estate, and bonds.

Offshore bank accounts
Offshore bank accounts make it harder for governments to seize money and offer opportunities to invest internationally.

Currency hedge
Offshore bank accounts can act as a currency hedge against a possible collapse in the home currency.

Shell companies
Wealthy people can form fake companies and open accounts in their name to move money in and out of the country without reporting it to the IRS.

The federal government is the biggest spender in the world and corporations love when they hand out no-bid contracts. Of course those corporations don't want to piss off Uncle Sugar. Why do you think lobbyists have all the nicest homes in DC and host all the best parties for your representatives. They want to keep that gravy train flowing.

Being a one percenter Fred, where do you hide your money?

koobookie wrote: Being a one percenter Fred, where do you hide your money?

Every year I actually donate more money to charities than I pay in taxes. I feel much better about my money helping local charities than my tax money being sent to foreign autocrats like Yelensky and foreign terrorists like Hamas and the Palestinians.

And you will find that billionaires like Buffet and Gates do voluntarily give much of their money to charity. But also pay for teams of accountants and lawyers to defend themselves from incompetent IRS agents.

The government wastes your money. And they are no different than the Mob. Threatening you with prison and fines if you don't cut them in.

So you give what,a few hundred dollars or so, to charities? Good to know that you're able to dodge taxes and charity.

www.cnbc.com/2024/02/22/tax-evasion-by-w...lion-a-year-irs.html

The nation’s millionaires and billionaires are evading more than $150 billion a year in taxes, according to the head of the Internal Revenue Service.

About 100K. They seem to appreciate it.

My father told me 15 years ago that as Americans started to save real amounts of money for their retirements that DC would eventually become envious of all that money on Wall Street. So envious that Harris now wants to bill you on the stocks you own before you even liquidate them.

Democrats are a very greedy party.

You know, Fred, the 2017 Trump cuts reduced the most taxes on rich.

Look, here's the source:
www.cbpp.org/research/federal-tax/the-20...nd-failed-to-deliver

Here's a graph from that source:


Here's a quote from that source:

Like the Bush tax cuts that came before it,[9] the 2017 tax law benefited high-income households far more than households with low and moderate incomes. Extending the Trump tax cuts that expire at the end of 2025 — namely, the law’s individual income and estate tax provisions — would provide further windfall benefits to high-income households. These cuts would come on top of the large benefits they would continue to receive from the 2017 tax law’s permanent provisions.

You know what, there are other sources, too. Use google or duckduck. Whatever.

www.americanprogressaction.org/article/t...affordable-care-act/

The Middle Class Will Pay the Price for Trump’s Tax Cuts for the Wealthy

www.americanprogress.org/article/tcja-2-...workers-big-winners/

The TCJA 2 Years Later: Corporations, Not Workers, Are the Big Winners

www.cbpp.org/research/federal-tax/after-...cuts-a-new-course-is

After Decades of Costly, Regressive, and Ineffective Tax Cuts, a New Course Is Needed