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YOUR BALANCE
y'all are constantly picking the wrong fights
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y'all are constantly picking the wrong fights


Oct 4, 2021, 5:34 PM

it is almost as if they want you to be obsessed with the meaningless drivel that passes for daily outrage, the kayfabe, pro-wrestling stories that get everyone high on their horse for months and months.

While y'all are out hear fussing about Hunter Biden, missing emails, corrupt politicians and CRT, they continue to move very large piles of money around and obscuring it so that you poor shlubs have to pick up a larger and larger share of the taxation tab to keep the lights on in this place.

You can count on one thing, these stories will never air on Tucker Carlson's show, or Clay Matthews, or Glen Beck. Why is that?

https://www.icij.org/investigations/pandora-papers/baker-mckenzie-global-law-firm-offshore-tax-dodging/?utm_campaign=Sprout&utm_content=&utm_medium=social&utm_source=twitter

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Most rich people don't even own their assets***


Oct 4, 2021, 5:57 PM



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Re: Most rich people don't even own their assets***


Oct 4, 2021, 11:12 PM

Why would they bother to put their actual name on anything when they have plenty of well-paid registered agents there at Baker Mckenzie.

$3.2 Billion in revenues, what a racket.

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Yep. I once had to locate a "homeowner"


Oct 5, 2021, 8:21 AM

Guy's HOUSE was a freaking LLC, registered to an attorney. LLC/Attorney paid the taxes.

I found him anyway. His attorney was not impressed when I did.

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Re: Yep. I once had to locate a "homeowner"


Oct 5, 2021, 8:24 AM

pretty sure Barry Hussein Obama's home is in an LLC

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Well, this guy was a big GOP donor


Oct 5, 2021, 8:51 AM

Rich people are smarter than politics. If this same dude moved to New Jersey, I promise he'd be a big dem donor. And his house would still be an LLC, NJ law permitting. If not, he'd take advantage of whatever works in NJ.

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Re: y'all are constantly picking the wrong fights


Oct 4, 2021, 6:51 PM

Yea, I’m sure when they catch all the tax dodgers, double corporate taxes, and instantly make 20 million illegals…tax paying Americans; my taxes will get slashed!!!!

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Did you say illegals? You will LOVE the EB-5 Visa program


Oct 4, 2021, 11:03 PM

which is supposed to give visas to immigrants who invest anywhere from $500,000 to $1 million in run-down neighborhoods. The idea is that it would create jobs in these neighborhoods.

Fun fact: the most expensive real estate development in American history, ever, is called Hudson Yards on the west side of mid-town Manhattan. For eight years I worked exactly two blocks north of the site. Even though practically no one lived in this neighborhood, they rigged it so that this development qualified as a Targeted Employment Area. Through this program they gave the developer $1.2 Billion Dollars......and yet no one........ actually lived in the neighborhood.

The developer, Related Properties, shook all this taxpayer money out of our pockets, solely to line their own.

https://hyperallergic.com/494907/the-financing-of-hudson-yards-is-worse-than-its-architecture/


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Re: y'all are constantly picking the wrong fights


Oct 4, 2021, 6:55 PM

The fascinating thing those papers revealed isn't that Putin is utterly bent or that even his mistress and baby mama has $100+ million stashed in banks in Monaco, or that the likes of Monaco and of course Cayman Islands were of course tax havens and money laundries...but the extent to which the likes of South Dakota and Alaska were.

Leaves you shaking your head. Build banks in the middle of nowhere a million miles from Washington oversight. Legislate away any sort of oversight because of course your yokel politicians can get bought for chump change...and there's nobody to even notice they were bought.

And then of course, profit.

Increasingly, I'm of the opinion corporate taxes and even income tax is a complete waste of time. The rich never pay...and of course, the poor never pay either...the entire tax burden is increasingly on an ever-dwindling middle class.

Flat sales tax is the way to go. A Guatamalan guy wetbacks across the border, stops to get a Coke? Hey, welcome, brother. You just paid your taxes. Register as a guest worker on the way in so we know you're here and can extend you some minimum benefits. Or that gazillionaire just has to buy a $115 million super-yacht complete with gilded toilets because his precious buttocks do not touch mere porcelain? Have at it. And guess what: you are getting taxed on your conspicuous consumption too...enjoy paying taxes for the first time in your life too, O Blue-Blooded Trust Fund Baby You.

And the IRS can go $uck eggs.

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Re: y'all are constantly picking the wrong fights


Oct 4, 2021, 7:33 PM

The flat tax captures everyone, but would be tougher on the poor. However, DC will never ever go there because without the tax “system” we have now behaviors can’t be influenced.

Personally, I would love a flat tax.

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Re: y'all are constantly picking the wrong fights


Oct 4, 2021, 7:34 PM

Flat sales tax

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Re: y'all are constantly picking the wrong fights


Oct 5, 2021, 8:30 AM

Flat sales tax is a dream come true. Don’t tax food or medicine. Fine, whatever. Just get rid of this ridiculous system we have. I hate to see December come every year. Time to sit with the accountant and “figure it out”.

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Re: y'all are constantly picking the wrong fights


Oct 5, 2021, 6:00 AM [ in reply to Re: y'all are constantly picking the wrong fights ]

A progressive sales tax makes far more sense. If you want a third home, your property tax doubles on it. If you want a Rolex, you are paying 40% for the "privilege" of owning a new one, same goes for yachts, new cars over 80k etc... If it is a flat tax across the board, then taxes on pampers, food, clothes, etc..., would have to go up dramatically to cover the loss of revenue from the eliminated income tax, burdening low-income earners. This could also disincentivize consumer spending where even minor fluctuations could trigger a recession.

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the worst part of this deal is all these pathetic reactions


Oct 4, 2021, 8:03 PM [ in reply to Re: y'all are constantly picking the wrong fights ]

We should be able to agree that 99% of our population is being actively exploited, treated like indentured servants by corporate vampire squids, whose tentacles reach into every orifice of the political and governmental matrix.

But a lot of people don't seem to have any clue about it. It isn't deep state. It isn't a cabal of wealthy families.

The people who organized Occupy Wall Street back in the mid-2000s had a clue, and we saw what happened to them. They were treated like pathetic dweebs, laughed at, called overzealous radicals, whatever, especially by all the suits who saw them as sad losers.

What is interesting is what came out of Occupy Wall Street. The movement seemed to coalesce and fuse with the cyberpunks and what came out of it.....Bitcoin. The crypto-anarchists. I laughed at it too, back then. But now, it is actually making more sense every day.

If we can't count on our government to level the field, we have to change the way the game is played.

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Nuke the Cayman Islands***


Oct 5, 2021, 9:08 AM



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Ahh, the fruits of "globalism"


Oct 5, 2021, 9:58 AM

In a global economy, with global wealth, offshore factories, imports, exports, etc. there's an infinite amount of room to play around with money and all of the planet's tax laws.

Here's the kicker. All this "wealth" is where the rich (in the US) hold their actual valuable assets, the ones with real value. Money, Gold, real estate, yachts, whatever else. You take your profits from leveraged cheap debt, and then launder it in another country. Buy a yacht in Belgium, or from China somewhere. Make it an LLC based out of whatever country has a nice tax shelter law for the yacht. And here you are in the US, a US citizen, and you have a yacht parked in Palm Beach built in the UAE, registered as an entity in Singapore.

Oh, and the best trick with shell companies isn't even holding assets. Nope. The article mentions tons of examples of that. BUT, companies can also use shell companies to farm off toxic debt, and losses. You have a company. You have shareholders to placate, and you want your stock to climb, you need big profits. You're the CEO and you're mostly paid in stock options anyway. Ok, so what do you do when your company loses money? Well, create a shell company to farm off your losses. That way the shell company looks like crap, but Enron, or AIG/BOA/Wells Fargo/etc. look rosy on paper. I mention those last three financial institutions/banks (there were 100 more probably) because those companies, too, used shell companies to farm off toxic debt to remain solvent. Yep. The FEDERAL RESERVE used a loophole, once made famous by Ken Lay at Enron, to "fix" our housing/financial crisis in 2008-10. Three shell companies were set up. Debt was farmed off to them, toxic sub-prime mortgage debt and mortgage backed securities, and derivatives created from those too...all farmed off to THREE shell companies, who were underwritten by the federal reserve. As a result, those companies "too big to fail", banks, financial institutions, etc. remained solvent. Trillions in debt were erased from the books. It became the debt of Maiden Lane I, II, and III. Those three companies then held the debt, underwritten by the Federal Reserve, until the companies too big to fail could repay the debt. And guess what? We know exactly how the debt was farmed off (took literally an Act of Congress), but the Fed basically said, ok, it's been repaid now. In 2-3 years. ;) Sure. And then the whole mess is over with. And guess what the Fed has been doing for years now? Yep, they're buying billions monthly of MORTGAGE BACKED SECURITIES, to "stimulate" the economy, to this day.

Anyway, I lost all faith in the system in the housing crisis. Actually I saw the housing crisis coming. Should have shorted the market like they did in the movie. Wife and I were given the opportunity to become "victims" of "predatory" lending back in 2003 when we bought our first house. Luckily, the only victim was my college buddy who was trying to sell us a Libor-based 5-year ARM at deflated initial rates. He lost his job in the crisis. We never came close to losing our house. But fresh out of college, with less than a $40K household income, we "qualified" for a $400,000 mortgage. That was off the wall stupid, and I told my friend that. But he was smart. He said it's a great scheme. Buy as much house as you can. We could afford the $400K mortgage at the libor rate for the first five years. It was right in our sweet spot we wanted to pay monthly. They made the mortgage huge, with the 5-year teaser set to equal what you SHOULD be able to afford. $800 a month for a $400K house. Awesome. Oh, and in 5 years it goes up to over $2K a month, at CURRENT rates (yikes). Friend said we could then just sell in 5 years, and rinse and repeat. Then asked my friend what happens when EVERYONE sells in 5 years? Lol, that's EXACTLY what happened. We took a 30 year fixed. The key in the movie the big short, was knowing WHEN those sub-prime 5 year ARMS started being issued, and then the volume over time. That way you could time your short to cost as little as possible to finance before the returns rolled in.

There's nothing new in any of this. And honestly, it's all part of a much larger fundamental problem. We run on debt. Cheaper, the better. Cheap debt enabled the housing crisis to happen. Cheap debt allows us to have a $30 trillion national debt. Cheap debt gives us bigger houses, and trucks with large grills and fancy tires and rims. It gives us so much. And here we are arguing about the debt ceiling, and raising it. As if the problem is (insert political party) won't raise it. NO, that's not the problem. The problem is we hit it, again. And we will hit it again and again and again and again. And at some point, with inflation, our $300 billion to $400 billion we pay annually to service our debt, at some point with 5-10% inflation, that debt payment becomes our biggest expense. And guess what? We have to take on more debt to pay our debt. An inflation crisis will make the housing crisis seem like a blip. Way I see it, there have been about 6 or 7 times in the past 100 years where we had inflation that could cause a collapse today, in our situation. 1990, 1980, 1974, 1949, 1946, and 1940....1990 is marginal. But if we hit the rates of inflation hit 6 times in the last century, we are in big trouble. And it's the pandemic, and its impact on global trade, that will force the issue, or at least has a good potential to do that. And the trillions in stimulus only add fuel to a dangerous fire. And this is global, as was the housing crisis. Other highly debt leveraged economies are facing inflation as well. It's a global trend.

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holy wall of text batman***


Oct 5, 2021, 10:30 AM



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privatized gains, socialized losses


Oct 5, 2021, 11:49 AM [ in reply to Ahh, the fruits of "globalism" ]

and we are guilty of enabling it.

Offshoring money to avoid taxes, leveraging risk across our backs for their own private gain, they get away with it because we are constantly bombarded by a constant stream of moral panics, minor outrages, petty rivalries, and squabbles that are paraded every night across the airwaves.

They want us constantly distracted so we never actually face the true devils in our midst.

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we're just ants in a jar, man***


Oct 5, 2021, 10:40 AM



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