Interesting headline recently in a British newspaper: "Wealth Doesn't Trickle Down - It Just Floods Offshore, Research Reveals." The article goes on to state that "$21 trillion in assets have been lost to global tax havens." 21 trillion. That's the number 21 followed by 12 zeroes.
Later in the story, it goes on to state that $21 trillion is probably an under-estimation, that the real figure is probably closer to $32 trillion. But, when you're successfully hiding your money from the tax man in places like Bermuda or the Cayman Islands, what's a trillion or so, more or less?
The Republicans keep saying that the loopholes in the tax code lead to job creation, but this article makes clear that the money is slipping through the loopholes and into tax havens.
Ask Mitt Romney. He's apparently got a lot of money in Bermuda and the Caymans. You know, maybe that's the one way the trickle down theory could actually work. Just once. Romney could share his secret with us. He could tell us how to get away with hiding our money from the tax man. That seems to be a very important part of Romney's skill set.
There used to be a stigma attached to tax dodging, to hiding your money in so-called tax havens. People thought that it was unpatriotic. Now, however, I think there's an attitude that says only suckers and the middle class pay all their taxes.
I still think it's unpatriotic. I pay all my taxes that are due and couldn't avoid them if I wanted to. Why shouldn't Mitt Romney?
Only the very rich could get away with this ... and run for president as well. Unbelievable!
The original story from The Guardian of July 21 is available at www.moveon.org/r?r=277919&id=47127-9648663-ve3QCUx&t=10
L. P. McGovern