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You sound like someone who didn't graduate from high school and is angry at the world.

Well, OK. I’m a college graduate and studied Economics at what is sometimes called a “second tier” Ivy League school (Lehigh). Here we go.

What do you think those with names like Buffett, Bloomberg, Musk, Soros, Bezos and Gates...to name a few..

You pick the most obvious, and we hope ethical names from the list. You miss the thousands of others farther down who don’t get the kind of public scrutiny that your selected list gets. Reuters (I assume you’ve heard of them) estimates the amount held in offshore accounts at 32 Trillion dollars, or roughly double the annual GDP of the biggest economy in the history of the planet - the US.
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&...

Forbes (It’s a magazine, largely conservative) thinks 10% of world GDP is stashed in offshore accounts and tax havens. The IMF puts the number at $7 Trillion, just for individuals. These are some seriously big numbers, aren’t they?

not by hiding your money overseas and then lying on your tax return where ALL earnings from anywhere must be reported.

Your naïveté, or perhaps unwillingness to face facts, would be amusing if it wasn’t so distressing. The Panama Papers, a leak from just a midsize tax haven law firm specializing in holding offshore monies, revealed over 200,000 Offshore entities, many secretive and used for holding embezzled funds, illicit activity proceeds, and other monies the holders didn’t want the government to see. Many resignations, including high government officials and corporate executives followed the revelations. But wait! Most of the money was NOT illicit, it was just “wealth” that was hiding from the tax man. Only about $1.2 billion of those funds has been recovered so far. Still, $1.2 billion is not chicken feed. Here is one (just one!) example, to help bring you up to speed: https://www.nytimes.com/2016/06/06/us/panama-papers.html

And if a corporation has excess capital for which the board cannot find a return exceeding their dividend yield, then buying back stock makes perfect sense.

Here’s an idea: how about if they give their employees raises, so they don’t have to depend on food stamps to make ends meet? Suppose those that don’t provide health insurance started doing that? What if corporate CEOs cared as much about the front line people who have all the customer contact as they do with those at the top who clip coupons and stay at the Ritz? Yeah, stock buybacks make sense, as it narrows the base of ownership even further, while penny pinching the lifeblood of the system.

I seem to remember that the economy did best when the middle class thrived. That was during the great Union heyday, but unions are not the only way to get there. Maybe corporate managers could find something to do with the monies besides give themselves raises? Maybe they could lift people out of poverty by focusing on their workers’ paychecks.

And giving a poor person anything other than basic subsistence will do that person more harm than good. They have no idea where that money came from nor what was done to originally earn it. If you continue giving it, it will be viewed as an inalienable right. None of these individuals will contribute anything to the economy....only take from it.


More people making more money is better for the economy - and even for the rich, too - than keeping the lower class growing and subservient and dependent on charity and largesse. This has been demonstrated time and again through history and not doing so always ends badly, except for pitchfork makers.
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