Quote:
Originally Posted by wdmso
Wants? is that your bases on facts what people want? Not what actually exists…. You seem focused on feeling not actually Facts it’s not all that surprising
The great American tax haven: why the super-rich love South Dakota
last year, as the Chinese government prepared to enact tough new tax rules, the billionaire Sun Hongbin quietly transferred $4.5bn worth of shares in his Chinese real estate firm to a company on a street corner in Sioux Falls, South Dakota, one of the least populated and least known states in the US. Sioux Falls is a pleasant city of 180,000 people, situated where the Big Sioux River tumbles off a red granite cliff. It has some decent bars downtown, and a charming array of sculptures dotting the streets, but there doesn’t seem to be much to attract a Chinese multi-billionaire. It’s a town that even few Americans have been to.
The money of the world’s mega-wealthy, though, is heading there in ever-larger volumes. In the past decade, hundreds of billions of dollars have poured out of traditional offshore jurisdictions such as Switzerland and Jersey, and into a small number of American states: Delaware, Nevada, Wyoming – and, above all, South Dakota. “To some, South Dakota is a ‘fly-over’ state,” the chief justice of the state’s supreme court said in a speech to the legislature in January. “While many people may find a way to ‘fly over’ South Dakota, somehow their dollars find a way to land here.”
But spending 3.5 bill over 10 years is suddenly outrageous
the Department of Defense's discretionary budget authority is approximately $705.39 billion ($705,390,000,000). Mandatory spending of $10.77 billion, the Department of Energy and defense-related spending of $37.335 billion added up to the total FY2021 Defense budget of $753.5 billion.
Republicans love to say American 1st but only if that money goes to their donors .. not to helping actual Americans
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Please try to answer this question...
why should you care if a Chinese billionaire (unless he's a criminal) puts his money in a South Dakota bank?
See if you can follow...
In order for banks to make loans, they need to have deposits. Generally speaking, it's good for banks to have people deposit money with them.
Every post of yours is a direct assault on economic reality.