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04 June, 2012

How The Super Rich Avoid Taxes Even As They Demand That The Rest Of Us Pay More

In all the "tax the rich" fervor swirling around, the author of the article linked below is one of the precious few I've seen who has it right. It isn't that there needs to be higher taxes on the rich; it would be grossly unfair to penalize success by upping the percentage the wealthy are taxed. That is, quite simply, radical collectivist nonsense. After all, they have to drive on the same roads and bridges and tunnels you and I do. What is fair and justified, however, is getting rid of the myriad loopholes, so they do, at least, have to pay their fair share.

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How The Super Rich Avoid Taxes Even As They Demand That The Rest Of Us Pay More: The way that we tax people in the United States is fundamentally broken and should be completely discarded. The U.S. tax code is absolutely riddled with loopholes that allow the super rich to legally avoid taxes while many of the rest of us are being taxed into oblivion. In our system of taxation, middle class families that work hard and try to play by the rules are deeply penalized while those that are willing to abuse the system make out like bandits. There is something fundamentally wrong with a system that enables wealthy politicians such as Barack Obama and Mitt Romney to pay a smaller percentage of their incomes in taxes than millions of middle class families. Mitt Romney has millions of dollars parked down in the Cayman Islands and in other tax havens. He does this to avoid taxes.  Unfortunately, most Americans do not have the resources to funnel money through offshore tax havens. Most Americans just automatically have their paychecks shredded by taxes and then try to live on whatever is left over.  Most Americans are just trying to survive financially from one month to the next.  But the super rich have options.  Thanks to technology, they can live almost anywhere they want and they can run their companies and manage their investments from anywhere in the world.  The truth is that the wealthier you are the easier it is to avoid taxes.  But even as the ultra-wealthy do their best to avoid taxes, many of them still feel free to demand that the rest of us be taxed more...

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