View Poll Results: 1% of the world's richest control most of the wealth, politics, media. Is it moral?

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  • yes, it is moraly correct to let the 1% rule the world

    3 15.00%
  • no, it is not morally correct to let 1% rule the world

    17 85.00%
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  1. #1
    King Kai North Kai's Avatar
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    Global super-rich hide $21 trillion in tax havens

    The world's super-rich had between $21 trillion and $32 trillion of wealth hidden in tax havens by the end of 2010, a new study says.
    The size of these unreported financial assets is equivalent to, or even larger than, the combined GDPs of the United States and Japan, representing up to $280 billion in lost tax revenues.
    The study, titled "The Price of Offshore Revisited," was released Sunday by the advocacy group Tax Justice Network.
    Written by James Henry, former chief economist at McKinsey & Co., the study drew data from the World Bank, the International Monetary Fund, the United Nations and central banks.
    The number of the global elite who parked their fortune overseas is fewer than 10 million people, or 0.14% of the global population, the report says. It also shows that major private banks such as UBS, Credit Suisse, Goldman Sachs, Bank of America and HSBC handled the most assets on behalf of the super-rich.
    According to the group's 2011 Financial Security Index, which ranks nations and territories providing tax havens, Switzerland, the Cayman Islands, Luxembourg, Hong Kong and Singapore are among the biggest destinations.
    In a statement, Henry, senior adviser of the Tax Justice Network, said that "it turns out that this offshore sector --- which specializes in tax dodging -- is basically designed and operated, not by shady no-name banks ... but by the world's largest private banks, law firms and accounting firms, headquartered in First World capitals like London, New York and Geneva."
    The report also calculates capital flight from 139 developing countries between 1970s and 2010. Of the top 20 developing countries that lost tax revenue overseas, China ranks first, with nearly $1.2 trillion siphoned offshore by 2010. Russia and South Korea follow, with $798 billion and $779 billion missing respectively.
    "Since most of missing financial wealth belongs to a tiny elite, the impact is staggering," Henry said. "For most countries, global financial inequality is not only much greater than we suspected, but it has been growing much faster."
    The Tax Justice Network says its estimated offshore fortune is conservative, adding it excludes non-financial assets such as real estate, yachts and artworks.
    ______________________
    trickle down indeed
     
         
    Last edited by North Kai; 07-24-2012 at 09:02 AM.

  2. #2
    Senior Member REX Lex's Avatar
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    Re: Global super-rich hide $21 trillion in tax havens

    Quote Originally Posted by Akothari94 View Post
    ***** this website is for naruto fans not for your sthit things
    that'a why this theme is in the general discussion
     
         

  3. #3
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    Re: Global super-rich hide $21 trillion in tax havens

    Quote Originally Posted by Akothari94 View Post
    ***** this website is for naruto fans not for your sthit things
    Dont open the thread if you are not interested you idiot

    and its GENERAL DISCUSSION, READ BEFORE YOU POST IDIOTIC THINGS
     
         

  4. #4
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    Re: Global super-rich hide $21 trillion in tax havens

    Quote Originally Posted by akothari94 View Post
    ***** this website is for naruto fans not for your sthit things
    If you can't take the heat, gtfo the kitchen.
     
         

  5. #5
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    Re: Global super-rich hide $21 trillion in tax havens

    So much money. Greedy people this days. Why is Trillion a number for money. -SMH-
     
         

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    Re: Global super-rich hide $21 trillion in tax havens

    Honestly... If i had the money, you think i would i invest it in America or even Store it in America? You really think i would let me money be taxed?

    It is only natural for people to want to safe-guard their riches...
     
         

  7. #7
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    Re: Global super-rich hide $21 trillion in tax havens

    just another reminder how the form of capitalism we have doesnt work

    if you look at the numbers: to bail out (whole) countries even as big as Spain (population around 45m ... I think ) you talk billions
    but here we have the number of ppl you could stuff into a city and we talk 21+ TRILLIONS
     
         
    Last edited by North Kai; 07-24-2012 at 03:19 PM.

  8. #8
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    Re: Global super-rich hide $21 trillion in tax havens

    ...and what's wrong with that? Honestly, we want the rich to have as much money as they can. They might not be paying taxes, but every time someone makes money by working for them, that person pays the tax. Problem solved.
     
         

  9. #9
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    Re: Global super-rich hide $21 trillion in tax havens

    Quote Originally Posted by Shinobi Train View Post
    ...and what's wrong with that? Honestly, we want the rich to have as much money as they can. They might not be paying taxes, but every time someone makes money by working for them, that person pays the tax. Problem solved.
    are you stupid? yes lets have democracy but lets let 0.1% of ppl control pretty much everything, let them have more money that is realistically possible to spend and the rest will be happy with 15k a year, yes lets put all the taxation onto those who struggle to survive with the money they have even if taxation on the mega wealthy would bring just as much money, ...

    countries dont have that much money yet a small number of ppl DOES, if countries would have the same amount of money instead of individuals it would be better

    my family isnt exactly poor, my dad being a lawyer and my mom a neurologist in germany, but such differences arent normal and have never existed before
     
         
    Last edited by North Kai; 07-24-2012 at 03:19 PM.

  10. #10
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    Re: Global super-rich hide $21 trillion in tax havens

    Quote Originally Posted by North Kai View Post
    are you stupid? yes lets have democracy but lets let 0.1% of ppl control pretty much everything, let them have more money that is realistically possible to spend and the rest will be happy with 15k a year, yes lets put all the taxation onto those who struggle to survive with the money they have even if taxation on the mega wealthy would bring just as much money, ...

    countries dont have that much money yet a small number of ppl DOES, if countries would have the same amount of money instead of individuals it would be better

    my family isnt exactly poor, my dad being a lawyer and my mom a neurologist in germany, but such differences arent normal and have never existed before
    First of all, I never insulted you, so why do so to me simply because you disagree? Second, yes, there's alway been the rich and the poor...middle class is what's new, that's a more modern idea. Third, there's a reason people are shoved to the bottom so that the ones on the top can breathe easy. By putting everyone else down, they actually save us from ourselves. If everyone had money, the whole thing would collapse because there wouldn't be any slaves...*ahem* "paid employees"...to do the work.
     
         

  11. #11
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    Re: Global super-rich hide $21 trillion in tax havens

    Quote Originally Posted by Shinobi Train View Post
    First of all, I never insulted you, so why do so to me simply because you disagree? Second, yes, there's alway been the rich and the poor...middle class is what's new, that's a more modern idea. Third, there's a reason people are shoved to the bottom so that the ones on the top can breathe easy. By putting everyone else down, they actually save us from ourselves. If everyone had money, the whole thing would collapse because there wouldn't be any slaves...*ahem* "paid employees"...to do the work.
    ok dont know if your trolling or just weird

    but cheers
     
         

  12. #12
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    Re: Global super-rich hide $21 trillion in tax havens

    I think that is immoral, they have an obligation to help people with others out that have less. I can understand it though, the world doesn't work on fairness and I see why they would want to keep their money
     
         

  13. #13
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    Re: Global super-rich hide $21 trillion in tax havens

    Quote Originally Posted by North Kai View Post
    ok dont know if your trolling or just weird

    but cheers
    I never troll...it's a waste of my time. Is there something I said that wasn't true? Or is this just your way of backing out of a debate? :ice:
     
         

  14. #14
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    Re: Global super-rich hide $21 trillion in tax havens

    Quote Originally Posted by Shinobi Train View Post
    I never troll...it's a waste of my time. Is there something I said that wasn't true? Or is this just your way of backing out of a debate? :ice:
    well, its not a matter truth. its a matter of moral right or wrong
     
         

  15. #15
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    Re: Global super-rich hide $21 trillion in tax havens

    Quote Originally Posted by North Kai View Post
    well, its not a matter truth. its a matter of moral right or wrong
    Whats moral about hating on the people with wealth?

    Its not like these people went out there and robbed the poor...

    If they've earn it; It is theirs to keep...

    Say for instance you get rich, and you want to save some of it and invest it so that your riches can increase; Should i write a article about how much of a horrible person you are, because your rich?How does that seem morally correct?

    The poor and the middle class evade taxes too...
     
         

  16. #16
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    A Q about morality

    ok a poll for one of my threads on which i have been kinda flamed.

    Is it moral that 1% of the worlds super rich control most of the most wealth, that they control politics, law, media, ...?

    is it right?
     
         

  17. #17
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    Re: A Q about morality

    If they're good people, or if the people approve of them.
     
         

  18. #18
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    Re: A Q about morality

    Lmaoo...How is it wrong to let people who have earned their wealth keep their wealth?

    If more people were educated, the "1%"(Which is actually specific to America, IDK why your putting it on a worldly scale, but ok...)would be bigger...

    Also stop underestimating the power of the other "99%" Those "1%" of people NEED THEM...

    The "99%" need to stop scavenging for Wealth and Educate themselves...
     
         
    Last edited by ShishaMastah420; 07-24-2012 at 09:00 PM.

  19. #19
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    Re: A Q about morality

    Most money was earned at some point or another. That's like asking is it moral that colleges like Harvard only accept certain students based on qualifications and not at random.
     
         

  20. #20
    King Kai North Kai's Avatar
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    Re: A Q about morality

    Quote Originally Posted by ShishaMastah420 View Post
    Lmaoo...How is it wrong to let people who have earned their wealth keep their wealth?

    If more people were educated, the "1%"(Which is actually specific to America, IDK why your putting it on a worldly scale, but ok...)would be bigger...
    yes because all the mega rich are geniuses, Trump should be professor of mathematics at Caltech
     
         

  21. #21
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    Re: A Q about morality

    perhaps it is not right. however, is it right to take away their wealth and power that they worked hard to get? i think this is also not right. it is a fine line between right and wrong. at most, all people can do is hope that that 1% use their wealth and power for the good of mankind
     
         

  22. #22
    King Kai North Kai's Avatar
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    Re: A Q about morality

    democracy does not work if you have 1% vs 99% no matter which country you are in
     
         

  23. #23
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    Re: A Q about morality

    Quote Originally Posted by North Kai View Post
    yes because all the mega rich are geniuses, Trump should be professor of mathematics at Caltech
    DaFuQ? Why are you saying nonsense?

    I did not say the "1%" are super genius nor did i say they are Educated...


    Quote Originally Posted by North Kai View Post
    democracy does not work if you have 1% vs 99% no matter which country you are in
    Well them maybe the form of government needs to be re-evaluated...Don't try to rob people of their riches
     
         

  24. #24
    King Kai North Kai's Avatar
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    Re: A Q about morality

    Quote Originally Posted by ShishaMastah420 View Post
    DaFuQ? Why are you saying nonsense?

    I did not say the "1%" are super genius nor did i say they are Educated...
    you said if more ppl were educated they a larger % of ppl would be wealthy

    so why are many who are not rich smarter than many who are rich?
     
         

  25. #25
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    Re: A Q about morality

    Quote Originally Posted by North Kai View Post
    you said if more ppl were educated they a larger % of ppl would be wealthy

    so why are many who are not rich smarter than many who are rich?
    Who says many who are not rich are smarter than the rich?

    Maybe they know something the poor do not know or maybe they have something the poor do not have...Duuurrrr

    Part of having wealth is being privileged to certain opportunities that many do not have...

    Yes the "99%" needs to educate themselves... Only then will they learn...
     
         

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