Why do the rich use offshore bank accounts?I know many do and no one seems to mind. Is it against the law? Can we really trust the banking system in America? What are the cons of moving money this way. Is Romney the only guilty one? Is he breaking any laws? I never realized offshore banking was so bad. I have heard about it but never gave it a second thought. | |
If your trying to drive a stake in Mitt Romneys heart on this issue. Would you like to
include the following right along with him.
1. John Kerry and Wife.
2. Bill Gates and Wife.
3. Warren Buffett
4, Rockefeller
5. Duponts
6. Chuck Schumer and Wife.
7. Charles Rangle
8. Nancy Pelosi and Husband
9. Darrell Issa,
10. And over 50 of the fortune 500 companies in the United States.
Just to name a few.
Is this a surprise to you? Did you realize it all of the sudden because a big deal has been made about Romney having offshore money? This is not new and this is not something only Romney or Republicans do, not be a very long shot. It is legal and it is common for those who are very wealthy and it means absolutely NOTHING. It is a tactic to deflect people from real issues and sadly it seems to work, lol.
It is not against the law, many people do it (from all political parties). there are loopholes and tax advantages for doing such things - legal. It is business, not personal. That is a non-issue given all the problems that need attention in this country. Just someone trying to change the subject from jobs, the economy and what the role of government should be.
it's to hide money so they don't have to pay taxes to the us government. it's not against the law. and it's to the bank's credit that people trust putting billions of dollars there. romney isn't in trouble for doing it, he's only hesitant because he values his privacy as a citizen and a businessman...however, presidents are supposed to disclose those facts as a matter of public trust. so he's stuck between a rock and a hard place.
No, it's NOT against the law...Ask Debbie Wasserman Schultz which "offshore" bank she keeps her money in...
Capitalist philosophers refer to such things as rent seeking.
Basically efforts to actively protect wealth from market pressures, rather than spending real economically productive effort to create wealth.
I'm sure if you or I were rich, we'd probably do the same thing. The money isn't as rewarded in the US. Or is penalized more.
.
Ask Mitt Romney.
For extra curricular activities I suppose.
Off shore accounts is a means for the wealthy to not pay their fair share for living in American society.
They want to reap the benefits of being an American without paying for it.
