Going Offshore in the 2016 Election Campaign: Disappearing Money and Opportunistic Candidates
Donald Trump and Hillary Clinton have both taken advantage of numerous tax “efficiency” strategies that make money evaporate.
There’s a pile of money hiding offshore. It’s true that jobs are also leaving the United States because American companies find it convenient to cut labor costs by moving manufacturing abroad, the economic issue you’re hearing most about in this election season. But the stunning amount of money that continues to flow across American borders (and those of other countries), and eventually disappears into the pockets of the corporate and political elite, ultimately causes even more damage to our finances and our lives.
While the two leading candidates for the presidency, Donald Trump and Hillary Clinton, have indeed suggested cosmetic fixes for a situation that only grows more extreme with the passage of time, they have themselves taken advantage of numerous tax “efficiency” strategies that make money evaporate. Of course, you shouldn’t doubt for a second that they’ll change their ways once in the Oval Office.
The top 50 US companies are hoarding more than $1.4 trillion in cash offshore.
As with so much in our American heritage, there’s a history to the “offshore” world, too. Finding places to shield money from tax collection first became commonplace among upper-crust industrialists, bankers and even public servants back in the 1920s. Treasury Secretary Andrew Mellon, a millionaire mogul who served presidents Calvin Coolidge, Warren Harding and Herbert Hoover (and had a knack for cutting taxes on the wealthy), left office under mounting congressional probes into his tax-evasion strategies.
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http://billmoyers.com/story/going-offshore-2016-election-campaign-disappearing-money-opportunistic-candidates/
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