And yes, I am being somewhat tongue-in-cheek throughout:

Category: Taxes and Policy, Video

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

2 Responses to “How High Rollers Stash Their Cash Overseas”

  1. constantnormal says:

    So what devices did Madoff use? Surely the “private foundation” gambit was too widely known … how did he leave no money trail? And please don’t tell me that he spent ~$70B … that story just won’t fly …

    Being a naive simpleton, I first learned of the “private foundation” gambit in Damages, season 3. It made me look at charitable foundations in a whole new light.

    I’m sure that the best scams for evading taxes and stealing money from a nation are closely-held secrets, just like the best back doors into systems and software in the malware world. Not things that one will see in the mass media.

  2. Herman Frank says:

    Do not go there, do not fantasize about it, do not entertain the thought, do not feel anything about it except that it is “the apple”. And you know what happened after the apple was taken! The journalists know the routes and schemes, the tax authorities know the scheme.

    Rule nr. 1: ALWAYS, ALWAYS (!) take advantage of the rules of the bureaucrats themselves to make the system work to your advantage. Their rules are monolithic, the brains which you buy/hire/engage with your money are nimble on their feet and know all the little alleys and tricks to comply with the rules and still have an advantage. The $3mln tax advantage which BR mentioned in the video can become a $1.5mln / $2mln clean profit. You run “a tax-optimizing business”, the $ 1mln you pay to the Feds, the State, the Municipality, your adviser is a cost to run your business.

    Rule nr. 2: money which is hidden can never be flaunted. With all movements traceable in giant databases anyone can find out when and where you went. Surveillance camera tapes in all ports of entry and departure are kept for up to 6 months. Same or more for telephone data. Your tax returns are compared to your life-style. If the tax man doesn’t see it at first your friendly neighbor will tell.

    Rule nr. 3: You can never tell your wife, your children, your friends. You have no bragging rights, because anything you say can and will be used against you. By your wife to get the bigger divorce settlement, by your kids comparing their father to “their friends father”, by your friends in their gossip to their friends.

    Rule nr. 4: When you’re behind bars you’ll have these flashbacks thinking “why was I so stupidly greedy?” …. and you will not have the answer to that except to think “I was stupid to do that!”

    Rule nr. 5: Don’t believe the movies, the books, the magazines, the braggadoo of “the Web”. Illegal activities are harder to continue than you think, and there’s never an end to it. One year has to fit meticulously on the next year.You can’t just quit, you can’t ever, ever talk too much, show too much, do too much. (Stop drinking, stop bragging, stop socializing. Nothing can be the same as before.)

    But of course you knew all of this already. You just like to watch and dream about “the life”. My advise is “look around and cherish the good things you have”. Think of what you want your friends, family and community to say about you in 15 years.