Quote: Originally Posted by gopher
''The many loopholes and tax shelters available under what ever disguised name is disgusting but required to keep the economy going. ''
I cannot speak for the Canadian system but as a former IRS agent and tax accountant, I can say with certainty that tax shelters do not work here nor have they ever worked.
Limited domestic tax sheltering can be used to promote growth. In fact, I worked on a case from Tennessee a long time ago which resulted in the creation of a large restaurant and put many people to work. This, in turn, resulted in large tax revenues for that community. Shelters of that nature can and do work.
But putting money in Swiss or Cayman accounts generate untaxed revenues and do not put people to work. Under Reagan/Bush the wealthy have sheltered TRILLIONS of dollars and not one domestic job was created as a consequence. Again, I cannot answer for Canada. But if you can show me how sheltering money for the wealthy benefits the avearge working man in Canada, I'll gladly believe it.
gopher, I am not talking in trillions as not many have that kind of money outside corporations..
I was more inline with individuals that have more of their fair share of wealth and way below the Buffets and Gates of the world.. More into the Millions that can shuffle and hide the few millions here and there.
Perhaps it is less possible in the US but from my understanding of you tax laws, you can write off your Houses and so many other expenses that we cannot in Canada that millions disappear quickly.
We may have medicare here but it is at a cost. You can write off medical care that can be a benefit to the rich.
Tax all the individual millionaires and you get a whole much more then a few corporations that will keep running to lobbyist to get their cash hidden. Or worse move their investment to another jurisdiction and lose all benefits the US enjoys..