Monday, June 4, 2007

Evading taxes ...

We need taxes to make this country work, regardless of what the Rethugs say. Now, my accountant finds me every legal deduction I can take. I have investments in tax-deferred accounts and I do my best to invest where the tax burden is a minimum. That said, my money stays here, in America. I pay whatever taxes I owe (a lot) and don't try to 'hide' assets. Sarah at the Wire has been saying the same thing I have for years, that those who hide their net worth in offshore accounts should be encouraged to move those assets onshore:

...

So when the super-rich use offshore tax havens to avoid paying what they owe in taxes, they’re reneging on their duties as citizens. It seems only fair to me that the consequence of that kind of tax avoidance ought to be loss of citizenship. If it’s more important to someone to avoid paying what they owe in taxes than to continue being an American, then let them keep their money. They can become a citizen of the Cayman Islands or Bermuda or wherever else they store their wealth, and come here on a visitor’s visa – if they can get one. [em in original]

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