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Old 12-08-2012, 12:26 PM   #30
NFRs2000nyc
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Join Date: Feb 2004
Location: NYC/NJ
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Quote:
Originally Posted by evolved View Post
I think your scenario is an extreme example of what could happen. Without a doubt it will be the case for some, but I would venture to say definitely NOT the majority.

If they hide it, they'll be found and will have to deal with the consequences (as they should).

If they move it to offshore accounts, they still have to pay taxes on it.

The ones that have the wealth to go out and buy a few islands are the extreme minority of the rich.

The bottom line, for me at least, is that revenues need to go up and spending needs to go down.
Obviously I meant legally. You and I know that the truly wealthy are not in business to give their money away. It is not an extreme example but rather reality. The rich will dodge these taxes. The government forecasts 80bn a year (enough for 8 days) but the reality will probably be closer to 20, at the expense of hundreds of thousands of jobs as well as the additional tax burden on the middle class to make up the difference.
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