4 ms·

Unfortunately, your case is not the majority. I believe free market would work if it was the case, but it is an utopia, like communism.

• adventured 10y ago
  His case is in fact the majority, the radical majority. You couldn't be more wrong about how US investors store their wealth, it's almost entirely located within the United States, which is proven by estimates on domestic held wealth by the major banks, the Fed, and the Treasury. If you have something to dispute them with, let's hear it. Americans almost never use off-shore tax havens, because the IRS has no boundaries on chasing them down. US income is taxed globally, and the IRS will destroy you if you attempt to hide it from them and they find out, which they almost always do (they have direct or indirect access to nearly all global banking, financial transactions, stock transactions, bond purchases; they can also directly or indirectly get access to nearly all banks accounts in first world nations through treaties). There are very few countries where you can even attempt to hide your money from the IRS now, and most of those you'd be a fool to park money in.
  • brianwawok 10y ago
    Indeed. I think the % of Americans doing the off-shore thing is very very low. Now from a raw $$$ standpoint, perhaps it is a problem. Is 10% of wealth hidden offshore by the .1% of abusers? Or is it only 5% I doubt anyone knows for sure. I suspect it is less than the "legally" held offshore money using the double irish and other such accounting tricks.