351–360 of 491 posts
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She!
This is not a hill that I am willing to die on, but when was gender decided? Everything I've read up until now has kept it ambiguous: https://mobile.twitter.com/DDoSecrets/status/119621668503812...
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Not who you replied to, however modern taxation requires lots of information to work. For instance income tax works, because every employer is reporting how much they paid you. Then you report how much money you got paid, then factor in deductions such as specific contributions to charities etc. All of which are reporting to the Government at the same time. Before the advent of computing and auditing it would be hard…
HK raises practically all of its revenue from land and (until China started screwing it up) it was one of the richest, most developed places on Earth.
I don't know what you mean. Hong Kong is a trading port, and any wealth it "creates" is done by refining imported materials. This option is only available someplace lots of trade naturally occurs, like Hong Kong's river basin.
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Nor could it, with the millions of rounds of taxes an average paper dollars will see.
> Nor could it, with the millions of rounds of taxes an average paper dollars will see. Somebody said a computer can't do something, somebody prove them wrong!
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> ...unfair, extra-legal competitive advantage. It is not unfair, and it is not extra-legal. Anyone can offshore their company and in some cases it can take less than an day (incorporating an LLP in the UK takes a couple of hours) with virtually zero barriers of entry, all fully compliant with the relevant legislation. If legal regulatory arbitrage (through tax havens) is unfair, then the corollary is that any kind o…
I thought most OECD countries have rules for companies being tax liable at their "effective place of management" and "arms length" etc principles to prevent funneling money to tax havens. Or is it just the correct loopholes you need to know about to ignore all of this?
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> forcing foreign financial institutions to tell the US government about any American-owned assets on their books This is another interesting part. How can the US "force" a sophisticated wealthy sovereign nation that culturally and morally values banking privacy (not only for the profits), like Switzerland? It cannot be understated how much power, control and ownership the US has of the world financial system. If Swi…
Fun fact: There is a commonly understood reference in India since as long as i've known. It is that all the corrupt businessmen and politicians stash their money in 'Swiss banks' and if this money could be repatriated a lot of Indian problems will be solved. I know this is exaggerated but this is what even the most average of Indian knows and the country does not have the leverage (at least so far till CRS) to do any…
I think it's also a Hollywood meme - since I remember, the villains always had Swiss bank accounts to store their ill-gotten money.
After watching The laundromat, I think it's big news. Although I will always be curious why countries are letting those small, insignificant islands and countries manage all this wealth, and why they're trusted to do it. This can't be secure or safe. I'm curious about the diplomacy and the political implications of this. What if their office get robbed? What if the island gets attacked? What if one of those shady ban…
https://news.ycombinator.com/item?id=21571339
And naturally, as others noted, the security is quite good.
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Anything and everything has a "dark side". That's why these, "Gasp! Oh my goodness, I can't believe there are such vile people in this world" comments piss me off. It's a clear sign of willful ignorance and naivety. The same goes with, "I can't believe people have offshore accounts. Those terrible rich people. Adam Neumann is so terrible for setting up in his contract to get a 1.7b bailout." Bitch, what would you do…
If I had $1.7b I would not give a shit about the taxes I had to pay because my family would be set for generations no matter what. That's what I don't get about the super rich that obsess over taxes, the insane greed when you could be doing absolutely anything else you wanted to.
A special tax firm approaches them and says, “yo, give us 10 million and we’ll save you $200 million in unnecessary taxes.”
The billionaire says, “sure, I’d like to use that money to build spaceships.”
That’s the amount of thought the billionaire has to put into it. The rest is attorneys and accountants doing the work.
Did you forget that billionaires can... pay people to do things for them?
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>Just a quick note that the US is equally powerful in the financial arena as they are militaristically, if not more so. This was the trade off Churchill was forced to agree to, as London was being bombed by the Nazis, if he wanted the US to join the war. Before the War the UK ran the World's finance, after the War it was the US. In short the US financial power was birth directly from its military power.
It was not the UK that ran/runs the world's finance, it's the tax haven of the City of London, with its overseas branches in UK territories that still runs the world's finances. Current CT: Brexit has to happen before 2020 because otherwise City of London will be subject to EU rules that will cause current anonymities to be revealed.
And half of finance in London is not even located in the City (West End and Canary Wharf).
The UK is certainly not a tax heaven.
After watching The laundromat, I think it's big news. Although I will always be curious why countries are letting those small, insignificant islands and countries manage all this wealth, and why they're trusted to do it. This can't be secure or safe. I'm curious about the diplomacy and the political implications of this. What if their office get robbed? What if the island gets attacked? What if one of those shady ban…
This is easy, after all hiding cash is needed by everybody. And when it comes to finance , there are no countries only financial interest. Of course nothing bad will happen to these financial heavens, because they are protected by the richest and most powerful people and organisations.
"The Spider's Web: Britain's Second Empire"[1] gives a good overview of how this started.
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It was not the UK that ran/runs the world's finance, it's the tax haven of the City of London, with its overseas branches in UK territories that still runs the world's finances. Current CT: Brexit has to happen before 2020 because otherwise City of London will be subject to EU rules that will cause current anonymities to be revealed.
I am not aware of any tax that is specific to the City of London. How is it a tax heaven? And half of finance in London is not even located in the City (West End and Canary Wharf). The UK is certainly not a tax heaven.
The city has had the deserved reputation for being a tax haven for well over a century.
https://www.newstatesman.com/economy/2011/02/london-corporat...