Tax havens & currency speculation

[TaxMaverick]

- Continued from previous comment -

It is illegal to set up an offshore account and fail to report investment income, like he is suggesting people do all the time.

I also disagree with his general theme of taxing the economy to death.

[TaxMaverick]

Sony Kapoor is wrong about people avoiding taxes by setting up financial accounts in tax havens. U.S. citizens and residents are taxable on their worldwide income. There is tax deferral for active business income until the money is brought back into the U.S. -- i.e., income from active business operations in a foreign country. But, there is no tax deferral on the types of passive investment income about which he speaks.

[aaa10247]

My favorite part of the interview was the last line where paul jay says "it all seems rather obvious so now lets talk about why its not being done."

[ttj1776]

Paper money has the effect to ruin commerce,oppress the honest, and open the door to every species of fraud and injustice ~GEORGE WASHINGTON

[wealthmentor]

Isn't the FTC supposed to regulate abuse of financial transactions?

I had respect for TRNN with some other videos that I saw, but this seems like a bleeding heart agenda.  Why do we want to burden honest people because of the crooks?

Do you guys realize that taxes are revenue for the govt which is a business model in itself?

They should be penalized for running the govt like they do. More bureaucrats mean more problems. More taxes hurts our economy.

[DAV93]

GOLD & SILVER COINTS BETTER THAN RATES

[blackiron60]

In a global economy where everyone is competing against everyone else for limited resources, a limited number of jobs, and a limited amount of prestige, influence, and status abuses will be the norm, not the exception. Frankly if you examine much of the ethnic conflict that exists around the world you will find that the majority of these clashes are rooted in economic inequality between groups of people. Global capitalism doesn't just lead to abuse, it can lead to barbarism.

[PersianPaladin]

You cannot regulate fraud.

[martinaoe2]

I think american regulators giving toxic assets AAA ratings proves regulation doesnt always work you know.

[CollateralSandwich]

I've been to a rodeo, a picnic and a world fair and that is the stupidest thing I have ever heard.

You need to go back to your high school and demand that you be better prepared to go out into the world.

[martinaoe2]

By believing regulation always works? Yea look how the fed regulated the money supply to their advantage and there cronies only devaluing the money of everyone who is saving and living within their means...!

Now imagine a congressman in control of this money supply. Do you not think he would use it to get re-elected?

I am not saying all regulation is bad, there is no absolute in any argument.

Look up the history of larry summers and president clintons relationship.

[greyflcn]

@martinaeoe2

Except that th reason those AAA ratings happened is because of TOTAL DEREGULATION of credit default swaps. (aka Loan Failure Insurance)

greyfalcon. net/ cds3

greyfalcon. net/ cds

And those Ratings were issued by entirely private ratings agencies.

greyfalcon. net/ cds2

If anything, that's evidence that regulation is required.

Especially when it comes to insurance markets.

[martinaoe2]

@grey

I didnt know that, I thought they were a gov agency, honestly.

Could you give me a name of one of those private agencies you speak of as I would like to know alittle more.

Thanks, I like your movie. I wish they could punish these people for fraud to send out a clear signal to people who do this.

What is your view on the federal reserve? do you think there inflating of the economy perpetuated this bubble and are the root cause?

[greyflcn]

@martinaoe2

Well there's lots of rating agencies.

But some of the more well known ones in the US are Standard&Poor, and Moody's

wikipedia. org/ wiki/Credit_rating_agency

As for the Federal Reserve.

I agree that it's bad.

But I take the Kucinich approach, rather than the Paul approach.

The Federal Reserve should be a federal program.

As is implied by Article 1, Section 8 of the US Constitution.

Congress shouldn't be outsourcing it's control of money to a secretive private entity.

[hiphopsocnroc]

Yup, and these rating companies just say it was their OPINION (and nothing more) that these toxic assets were AAA.

[greyflcn]

@hiphopsocnroc

Well if the Credit Default Swaps were REAL.

i.e. "If this loan fails, we agree to give you money, AND we are charging enough money for this insurance to actually pay it out"

Then giving them a AAA rating would be appropriate.

Unfortunately, credit default swaps, unlike all other forms of insurance, were completely unregulated. Especially on the issue of being required to hold enough reserve capital to actually pay out claims.

[hiphopsocnroc]

Exactly, but those CDO's would have, without the AAA rating, failed to attract prospective buyers, thus the rating agencies played a fundamental role in the credit crunch of 08-? Peace

[zayadnay]

wow .. what this guy summed up up to 2:49 is exactly what i've been thinking but no one has put it into exact words till now... i guess everyone that can think can expect that to happen.. very sad shit

[topthickproducer]

Globalization is hurting everyone, and I mean here in the USA and elsewhere.

In a fantasy world, all countries should prohibit borrowing for what I call 'Money for Money' transactions. Only those borrowing transactions that generate products or services should be allowed.

However, we live in the real world and Nationalism is a joke to the Financial Moguls.

They don't want to own one country, they want them all and have the resources to do it.

[agentj001]

The answer is to move away from banks creating their own fiat currency.

[agentj001]

US makes about $1.4 trilllion in tax revenue. The federal budget is $2.5 trillion. Most of the budget goes to paying interest on US treasuries 75% held by the FED. All our taxes goes to the FED.

[agentj001]

Taxing markets is not a way to recover anything, because the revenue doesn't go back to the people. In a fractional banking system goverments use taxes to borrow money from cetnral banks. How about we get rid of fractional banking where banks have to lend out maoney they actually have.

[asperin]

National boundaries are a barrier to free trade.

Who, but a criminal, a thief or an ignorant slave wants more taxes and more regulation.

Like someone here said, if spending is not addressed, then talking about taxes is futile.

Like talking in favor of socialized medicine(healthcare) and ignore the importance of war.

First things first.

[bbburton]

Just get rid of personal income tax. The more money gov gets the more havoc it causes. Small gov means small taxes. The progressive mindset is that those who earn are obliged to support those who don't. And the only way they justify this ignorance is some skewed sense of morality. It's wrong now, and has always been wrong.

[sirellyn]

I agree, that would essentially eliminate tax havens.

People talk about getting more taxes, or we need more money, but they rarely talk about decreasing spending. With the perpetual spending increases. There's little point in talking about taxes (as they will have to go up indefinitely) unless you talk about spending.

[greyflcn]

@bbburton

Well the "progressive mindset" is that money gained from speculative banking (i.e. Gambling) is not as worthy of compensation as money gained through providing goods and services.

greyfalcon. net/ teddy

[bbburton]

The progressive mindset is that what others earn should not be theirs to spend or save as they see fit. Banking is the red herring. Banking is not the free market.

[psychoholicmike]

No, the "progressive mindset" is that if you're a leeching middleman, then you're not actually EARNING a DAMNED THING.

Investment and raising capital are important and valid parts of a functional market, but without tight regulations, speculators and other scum will suck money out without contributing to the productive economy.

[rickbar123]

Fuck you asshole

[bbburton]

You must have heard that from your father as he was ramming his penis up your ass.

[rickbar123]

ps-  your fucking stupid

[bbburton]

You must have heard that from your mother as she was watching your father ram his penis up your ass.

[rickbar123]

hahahaha

big talk over yt

[0PsycoDad0]

Must have been a bitter pill for US citizens to learn that the prime tax haven globally is neither Monaco, the Bermuda or Virgin Islands nor the dreaded Swiss vaults. It´s Delaware, USA.

XD!

[mrzack888]

Kapoor looks good with this non-corporate unshaven look. i'm straight.

[GetMeThere1]

Yes, it is "good for the majority of people" to take money from the minority.

Is it fair?

[evacuationplanb]

If the majority has money taken from them and the minority doesn't it is.

[GetMeThere1]

There's no question that the tax code is filled with bullshit that allows those (who can bribe congress) to avoid taxes.

The solution isn't taking it out on those of us who invest/trade, and pay our fair share. The solution is simplification of the tax code so that a) an ARMY of intelligent people (lawyers/acctnts) don't spend LIFETIMES scheming to avoid taxes (a waste of productivity), b) everyone REALLY DOES pay their fair share.

[0PsycoDad0]

It´s legal and THAT´s an issue to be dealt with

[flimflamman]

Ramonet was not the first to notice the problem of international finance .....

"The fight against international finance and loan capital became the most important point in the program of the German nation's struggle for its economic independence and freedom."

Adolf Hitler, Mein Kampf, Ch. 8

[evacuationplanb]

Godwin's law!

[laurasIs2c]

Having the ability to punish those who caused the crisis would take getting passsed the hordes of people who enjoyed the party and their employees...The truth to tell, liars can say it all just as well and are very well rewarded for their lies... They honestly know that they work much harder a do more for the world than anyone else...who else would build the monuments to their achievements

[ubuibiok]

*****

[bfq3000]

The Tobin tax would be extremely counterproductive because it would kill the trading volume in the products where it's implemented. This would eliminate intraday trading, which does NOT have a significant impact on the magnitude of bubbles. In fact, sometimes it can reduce intraday volatility. Destroying trading volume decreases value because investors prefer investments they can dispose of quickly. This is why private corporations trade at a significant discount to public corporations.

[MarquisdeBarrabas]

I like Sony, he's a good addition to the RealNews.

[btigtime2]

There is no place for statesmen any more. People are too busy to think, too destracted to care and too fat and lasy to act.. Inorder for anyone to do something about this corporate Government is first to care and then stop eating the Garbage its producing. We are not obese because we are worried about who.