How The Wealthy Hide Billions Using Tax Havens

"Secrecy World" author Jake Bernstein explains how the super-wealthy hide billions using tax havens and shell companies.

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[patu]

"70 billion US could be spending on infrastructure, law enforcement, healthcare oreducation is lost"
Yea like US wouldn't spend that money on a bigger aircraftcarrier.

[RMuliaina]

Not going to lie... but if I were rich and getting taxed more than half my income... I’d look into this as well.

[edward.abraham]

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[aryanpendharkar]

“The 70 billion dollars that could be utilized for healthcare, education etc..” If thats the case then cut down that 700 billion dollar of unneccessary “defence” budget which is paid for by the taxpayers

[IndomitablegamingYT]

So the upper middle class is kinda fucked with taxes because they aren’t rich enough to evade taxes but they aren’t low enough to have lower rates and returns.

[Sean-exii]

well since they're taxed at 50% and the fact you act as tho their money is yours to spend it's no wonder they hide it.

[cleetus]

if you are really in need of money for infrastructure, law enforcement, healthcare and so on why not cut down on the ludicrous obsolete military budget ?

[leodi]

If I was making like 800k a year, and nearly 400k of that was being taxed to the government, I would do the same too, our government takes way too much, that’s not fair, you work this hard in life and nearly half you hard earned money goes to the government.

[aucifer]

Not a very helpful video - it just throws around some buzzwords and goes straight into what could be said generally about tax avoidance.
Right, so people set up “shell companies” - you or I could do it too. The video still doesn’t answer how people use them to avoid tax.

[nanxingluo]

That's why tax increase doesn't work as intended. The rich have trillions of ways to avoid taxation while the average people have none.

[JacobMireles]

Don’t hate the player, hate the game.

[LBVuitton]

I work at Walmart why am I watching this?

[agme]

I love how this video tries to make shell companies and tax evasion seem like something bad, while most of us would do the same. Specially those of us who live in extremely corrupt and inefficient countries, I would never pay them 50% in taxes so it goes all straight to their pockets.

[Y_Canada]

We need to understand there's a difference between tax avoidance and tax evasion. Government allows its citizens to LEGALLY avoid taxes using means like getting credits for donations, offering us tax shelter investment options, and others (we have that in Canada, I think USA's tax system is fairly similar). Tax evasion is different. The government needs to properly REGULATE this process and say: okay, here's what you can do, and here's what you can't do. Using shell companies, running money through Ireland and Netherlands, and utilizing other methods is LEGAL. But if the government doesn't want to allow that anymore, they need to adjust the laws accordingly. Otherwise, this will keep happening.

[HDY]

I am a trusts lawyer and all these shell companies are completely legal guys! You dont have to be uber wealthy to create shell companies. Yes, there is money laundered illegally, however for the most part its completely legit

[justwrapapi]

Government: We don't have money for infrastructure !

Also Government: $700 billion military spending

[beaviswealth]

Companies that collect & sell shells from the beach... no? Kidding

[Pfyzer]

Doesnt the goverment think that near 50% is waaay to big to take anyone's money? I'd say near 25% is the borderline for anything if they want to tax em.

[Camz]

Sounds like a great idea to me! It isn’t like our government deserves extra tax money as if they actually budgeted well and we’re good stewards!

[tonytins]

Politicians: we don't have the money to afford this!
Also Politicians:*stores billions that could be used to afford it in an off-shore accounts*