CPCFTW

You mean my post about buying a caribbean island from the US is proposterous? Thanks for pointing that out for us. You've made us all a little wiser today. Good work!

And what makes you think I want Canada to buy the asset for less than the predicted discounted future cash flows? You're just arguing for the sake of arguing. I specifically asked in my first post how much it would cost to acquire a Caribbean island and how we could go about making it a productive asset (by making it a tax haven for wealthy Americans). You're going in circles trying to justify why you're arguing. Go away.

Have you ever read any of my other posts? I'm constantly complaining about debt and overspending on social programs. I don't see how you can say I'm complacent about it. The thing about a caribbean island is that it is an actualy physical asset, unlike borrowing to write welfare cheques and give everyone free flu shots and visits to the clinic for a headache. It would also increase Canada's population and tax base by 10%. People and land are the real assets that can actually pay off this ridiculous debt load.. Not socialist dreams like a strong middle class and an over-educated and unemployed workforce.

I don't understand how I'm being an "a$$hole". There are two parties to the sale of an asset. I'm just suggesting that when the US is on the brink of default, it might be a good time to look at something like this. For example, if you were on the brink of bankruptcy, you might be a little more inclined to sell your car to pay back your creditors. You're really taking it a little too personally for some reason.

Transfer payments and being given the right to vote might minimize those issues.

I'm not trying to be smug. I do think that our economies and policies are going in opposite directions though. I'm aware that Canada isn't in a much better situation in terms of debt to GDP. Correct me if I'm wrong though, but isn't the US's budget deficit WAY worse? Pretty sure the US deficit is like 10% of GDP, while Canada's is like 2%. Many Canadians are buying up US properties in Florida, why not make a collective property investment in a tourist destination / tax haven if the price is right?

This isn't about personally profiting from it, I already know how to do that. I want Canada to profit from it.

What are some ways the Canadian federal government could capitalize on US debt and Obama's hatred for the wealthy? I was thinking Canada could look at buying a Caribbean island from the US, like Puerto Rico or the Virgin Islands. Obama could use the proceeds to give his supporters an extra few bucks on their welfare cheques. Then Canada could reduce investment income taxes on wealthy Canadians, so that the Canadian Caribbean island becomes a de facto tax haven and tropical resort for retired American "1%ers" seeking to avoid the "Buffet" tax. How much would a Caribbean island cost and how much would it raise Canada's public debt to acquire? How much would we have to lower investment income taxes on the top income bracket to become a tax haven for Americans? Any other suggestions for Canada take advantage of the US's current economic and political situation!?

The very first link in the thread says the IRS is going after Canadian citizens who didn't renounce their US citizenship. I have worked for a brokerage and anyone who put a SSN in their account application had to have 30% taxes withheld on dividends to be remitted the IRS. This includes Canadians who went to university in the US and got a SSN while in school in the US. These clients were advised to contact the IRS and Department of Homeland security to renounce their American citizenship. I don't doubt the article for a second.

I don't believe that study for a second. We all know that everyone who didn't vote in the last election hates Harper, wishes the NDP was in power, and wants an Arab Spring in Canada. At least that's what you've all been telling us since the election.

Only the left can read and understand the laws, and follow the news, and understand the corporate machine we are all slaves to. The rest of the world is blind/ignorant.

I'm only getting ones from the Liberals. And the last one came in at 3AM Monday morning. And I could hear Dalton McGuinty stomping on baby seals and poor African children in the background. Vote Hudak!

Is this another thinly veiled "everyone who voted didn't vote PC, or who didn't bother to vote, are capitalism-hating anarchists who plan on revolting and beheading Harper" argument?

I couldn't open the link because I'm on my phone, but I'm pretty sure that this new law is an attempt to circumvent those mechanisms. Keep in mind that there is also a free trade agreement that is supposed to make sure Canadian exporters are immune to "buy American" protectionist provisions. That hasn't stopped Obama. Populists like Obama don't care about free trade agreements and tax treaties. It would be unpopular to make the necessary cuts to social services, so Obama is instead trying to place the costs of these unsustainable services on citizens of other countries and the wealthy 1% of Americans who don't use social services and don't vote for him.

Well it isn't quite 20,000... but 150 people did show up! http://www.reuters.com/article/2011/09/19/us-wall-street-protests-idUSTRE78I51D20110919 http://www.abc.net.au/news/2011-09-19/wall-street-protest-dwindles/2905300/?site=widebay how cute. These 150 people claim to speak for the "99%"... How's the bay street equivalent doing?

Actually it's aimed at Americans who emigrated and never renounced their American citizenship.

Why are you stunned? The US is on the verge of bankruptcy and the Dems control the White House. Raise taxes on the wealthiest 1% who contribute more than 20% of tax revenue, circumvent NAFTA with "Buy America" provisions, chase after retired Canadians who immigrated from America and didn't renounce their citizenship. Obama and his socialist advisors will do anything to minimize cutbacks to the entitled welfare class.

"Cheat on your taxes"? If you don't want the IRS to chase you down for taxes, you have to contact the IRS and Department of Homeland Security to renounce your American citizenship. The IRS is chasing after retired Canadians who immigrated here 20+ years ago and didn't bother jumping through the IRS's hoops for renouncing your citizenship when they did.

You have no idea what you're talking about... When you are one of the superrich, you are not paying down the debt.. You are the provider of loans. These people don't have 40% of Canada's wealth stored under their mattresses. The wealth is invested in stocks and bonds, including government bonds, to pay for your beloived welfare. You want to seize the wealth from the holders of Canada t-bills, etc, to pay off the very same t-bills. Are you retarded? Why not just default on the loans? Your suggestion is akin to saying you want to seize mastercard's wealth to pay off everyone's mastercard bill. Can you be more circuituous? Nevermind that you keep ignoring the fact that these people are not bound by borders. They control 40% of the world's wealth and you think our nearly bankrupt governments can go after them? Come on, how delusional are you? Other than China, these people are the government's creditors. And Canadian banks have nothing to do with swiss bank accounts, wtf are you even bringing them up for?

Wtf are you going on about? You honestly think you have as much claim to gold mined in the Yukon or lumber harvested in BC as you do your own car that you purchased? The only "claim" you have to those resources is the social services provided by the taxes paid by the company who purchased the rights to search for AND SELL any resources on the land. Stakeholders: Canada govt - sells right to the land to highest bidder. Taxes any profits generated by the bidder through the exploitation of the land and also taxes any employees who work the land. Company - invest capital to explore the land and extract any valuable resources. Anticipates earning a return on capital which is enough to entice them to accept the risk of not profiting. Employee - gets paid wages for their labour in extracting the resource. You - gets whatever the fuck the government decides to spend the land sale and tax revenue on. Likely sweet pensions for the secretaries and other 9 to 430ers of obscure federal departments, plus some bribes to Quebec. You are absolutely delusional if you think you should have any more claim to natural resources then that, or that your fantasy is in any way a more efficient way to extract resources. I'm sorry Jacee, but no one is going to buy land, dig a new well of water for you, and let you drink from it for free. You don't have some sort of noble right to resources for being born.. Talk about parasitic.

You can't actually believe this.. Nationalize what? These people mainly hold diversified investments in thousands of companies, what are you going to nationalize? Their shares of multinational companies? I'm sure the superrich couldn't handle leaving a country that wants to nationalize all their assets... "They want to seize 100 billion from me?! Well I could buy an island in the caribbean and live like a king, but what about pine trees and maple syrup?!? I guess I'll have to let them take all my money! " You people are delusional.

You have a rather simplistic view of the economy. All that "hidden" wealth is invested in stocks and bonds which provides capital to companies to create jobs. I'm sorry but I trust the market to allocate capital more efficiently and productively than governments. The solution isn't to tax the source of this capital more (hidden or not), the solution is to cut back on government spending. The superrich shouldn't have to hide their capital, it is government's fault for making it prudent for them to do so. If there really is that much hidden wealth, the the obvious solution is to REDUCE taxes to a level where the costs of offshoring are more than the taxes. It's better to tax some of that investment income than tax none of it and spend even more borrowed money from China trying to track down the hidden wealth. The solution IS NOT to try to out-regulate the superrich. Do you honestly think governments can compensate regulators enough for them to be immune to coersion by the people who control 40% of the world's wealth? How naïve.. :lol

It's still retarded. I love how they act as if this tax will easily solve all our problems then they point to japan and europe. Can they get any more retarded?

Fractional reserve banking actually makes our society much richer.

Seems retarded. 0.5% is a huge fee for transactions. Many transactions are arbitrage trades that may only result in a 0.5% profit, but that's $5 million on a $1bil trade. This tax would make markets less efficient, and those transactions would never occur. I doubt that these exist in Japan and Europe, but it wouldn't surprise me given how poorly their economies are doing. Their debt to GDP ratios aren't exactly something we should be aspiring to.