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A look at offshore accounts used to hide wealth, avoid taxes

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  • A look at offshore accounts used to hide wealth, avoid taxes

    TOKYO (AP) — An investigation published by an international coalition of more than 100 media outlets, based on 11.5 million records of offshore holdings, details how politicians, celebrities and other famous people use banks, law firms and offshore shell companies to hide their assets.

    The International Consortium of Investigative Journalism, a nonprofit organization based in Washington, said an anonymous source provided internal documents from the Panama-based law firm Mossack Fonseca, one of the world's biggest creators of shell companies. Ramon Fonseca, a co-founder of Mossack Fonseca, said the documents were obtained illegally by hacking but confirmed that many of them were real. He denied his firm has engaged in any wrongdoing.

    This is a look at offshore accounts and how they are used:
    AP - Full Article

  • #2
    Non profit organization based in Washington ???

    Leeeeftieeeeesss!!!!
    So ,biased enquiry.

    Be reassured you the wealthiest ,you can keep on escaping taxes in order to be the richest of the cemetery at the end of the game.
    Scumbags! Bande de pourris!
    That rug really tied the room together

    Comment


    • #3
      And I was just debating with someone on whether the rich actively try to avoid paying the rather low taxes currently placed on them...
      First Counsul Maleketh of Jonov

      Comment


      • #4
        Originally posted by sebfrench76 View Post
        Non profit organization based in Washington ???

        Leeeeftieeeeesss!!!!
        So ,biased enquiry.

        Be reassured you the wealthiest ,you can keep on escaping taxes in order to be the richest of the cemetery at the end of the game.
        Scumbags! Bande de pourris!


        Marxist jealousy

        Comment


        • #5
          Originally posted by Delenda estRoma View Post
          And I was just debating with someone on whether the rich actively try to avoid paying the rather low taxes currently placed on them...
          The rich, like everyone else, avoids paying any taxes at any rate if they can. Raising the rate on them only encourages them to make a greater effort to avoid being taxed. The poor and middle class have fewer options so they can't as easily avoid taxation as the rich can.

          That's why short of robbing the rich at gunpoint, so-to-speak, it's a waste of time thinking you can soak them for the money to pay for a social-welfare state. They will simply take their money elsewhere and the state ends up with nothing.

          Comment


          • #6
            Originally posted by sebfrench76 View Post
            Non profit organization based in Washington ???

            Leeeeftieeeeesss!!!!
            So ,biased enquiry.

            Be reassured you the wealthiest ,you can keep on escaping taxes in order to be the richest of the cemetery at the end of the game.
            Scumbags! Bande de pourris!
            My personal experience does not indicate that the rich are any less moral than the underclasses. When we say it is more difficult for a rich man to pass through the eye of the camel we are only acknowledging that the rich suffer greater temptations in many ways.

            The world is not immoral because of unequal distribution of wealth but because it is not in our nature to be "moral". Almost every social experiment in egalitarianism has failed in one way or the other nor have such institutions produced happy individuals.

            I keep bring up this book because while it is definitely the product of a conservative mind it highlights the real problem.

            Coming Apart: The State of White America by Charles Murray

            It is not so much that there is no room in a society for unequal distribution of wealth but it is the isolation of strict class societies that is disharmonious. When the rich and poor live, work, and play together the distribution of wealth is not as great a concern.

            Certainly for reasons that are not well understood income inequity results in economic instability but that is a correlative not a causative relationship.
            We hunt the hunters

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            • #7
              Is it legal or not to have money in Panama ? Yes or no ?

              Comment


              • #8
                Originally posted by ljadw View Post
                Is it legal or not to have money in Panama ? Yes or no ?
                Depends on what country is your home.

                The key point in the info release is when you see politicians that have NO source of income other than their government salary suddenly moving millions and millions of dollars into and out of secret accounts. Does not matter if the account is 'legal'. What is the SOURCE of the money? That is the most pertinent point that needs to be examined.

                You could also ask the same question for many others, look at the CEO and their salary, stock holdings etc and then at the amount of money in the secret accounts. Did they siphon it off? Needs to be looked at.
                “The time has come,” the Walrus said,
                “To talk of many things:
                Of shoes—and ships—and sealing-wax—
                Of cabbages—and kings—
                And why the sea is boiling hot—
                And whether pigs have wings.”
                ― Lewis Carroll

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                • #9
                  Years ago while vacationing in the Bahamas, I was reading the local newspaper when a legal notice caught my eye. It was a petition by the Bahamas government to anyone who might have an objection to a certain person named ****** ******* becoming a citizen of the Bahamas. I recognized the name as a guy from my part of the short seacoast who owned a very large worldwide corporation and who was worth millions if not billions.
                  I was tempted at the time to raise a hue and cry that this guy was changing allegiance for the sake of money. Then I realized that the US was better off without him...
                  Last edited by Jose50; 04 Apr 16, 08:05.
                  ARRRR! International Talk Like A Pirate Day - September 19th
                  IN MARE IN COELO

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                  • #10
                    Originally posted by ljadw View Post
                    Is it legal or not to have money in Panama ? Yes or no ?
                    It's legal, on the condition that a tax declaration is made - it's just not very smart.

                    The banking crisis showed quite clearly what private banks are worth without government guarantees, and the state of Panama, presumably does not guarantee much.
                    Lambert of Montaigu - Crusader.

                    Bolgios - Mercenary Game.

                    Comment


                    • #11
                      Originally posted by Snowygerry
                      It's legal - it's just not very smart.

                      The banking crisis showed quite clearly what private banks are worth without government guarantees, and the state of Panama, presumably does not guarantee much.
                      You'd be correct. Just take a look at what happened to the oversized banking sectors in both Iceland and Cyprus.
                      ´
                      “You need to help people. I know it's not very Republican to say but you need to help people.” DONALD TRUMP, 2016

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                      • #12
                        Ayad Allawi former PM of Iraq, shadow companies set up by the firm in question own millions in London prime property, owns the same in other countries. His spokesman stated the the money came from personal savings....

                        Yup, I'm sure it had nothing to do with Iraqi petro dollars and the contracts the Iraqi government signed while he was PM. I'm sure US dollars from Iraqi re-construction kickbacks are in there also.
                        “The time has come,” the Walrus said,
                        “To talk of many things:
                        Of shoes—and ships—and sealing-wax—
                        Of cabbages—and kings—
                        And why the sea is boiling hot—
                        And whether pigs have wings.”
                        ― Lewis Carroll

                        Comment


                        • #13
                          Originally posted by Jonathanrex1 View Post
                          You'd be correct. Just take a look at what happened to the oversized banking sectors in both Iceland and Cyprus.
                          To be fair, the panama papers deal with off shore "front" companies rather than off shore bank accounts strictly speaking - which is a notable difference.

                          Without looking at the details - I suspect "profits" are moved overseas rather than funds or cash.
                          Lambert of Montaigu - Crusader.

                          Bolgios - Mercenary Game.

                          Comment


                          • #14
                            Originally posted by sebfrench76 View Post
                            Non profit organization based in Washington ???
                            !
                            Most governments are non profit making - loss making now that's a different matter
                            Human history becomes more and more a race between education and catastrophe (H G Wells)
                            Mit der Dummheit kaempfen Goetter selbst vergebens (Friedrich von Schiller)

                            Comment


                            • #15
                              Originally posted by Snowygerry View Post
                              To be fair, the panama papers deal with off shore "front" companies rather than off shore bank accounts strictly speaking - which is a notable difference.
                              It would appear that the off shore companies were in Panama but their bank accounts were somewhere else. Ireland has been mentioned several times.
                              Human history becomes more and more a race between education and catastrophe (H G Wells)
                              Mit der Dummheit kaempfen Goetter selbst vergebens (Friedrich von Schiller)

                              Comment

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