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Evidence from leaked account data on how elites use offshore banking [pdf]

brookings.edu

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Re: Evidence from leaked account data on how elites use offshore banking [pdf]

#41

Post by [deleted] »

incrudible wrote: post #30
vmception wrote: post #13

Earlier quoted context omitted.

Momentum trading is all you have. So last week that was Dogecoin and a few years ago it was value investing. The answer is “make money” and let it be taxed . The governments dont care about after-tax money which can then go anywhere unaccounted for. Thats when it can go in a tax deferred account in perpetuity.

How depressing that people on HN of all places think of Dogecoin trading before starting a business. If that is really your perspective, why live in the US?

[deleted]

Re: Evidence from leaked account data on how elites use offshore banking [pdf]

#42

Post by Trias11 »

AlexandrB wrote: post #7
Trias11 wrote: post #3

>> the customers of offshore banks are likely to be from the wealthiest segment of whichever society they come from. What a surprising discovery. Governments with the most abusive tax policies still cannot realize that they cannot tax their way to prosperity. Most creative and productive people, entities and businessed did, do and will use any tools at their disposal to escape barbaric tax racket and turn their atten…

Do you think there's any level of taxation where a wealthy individual wouldn't want to do some "tax avoidance" in another jurisdiction? I suspect there is not.

The lower the tax - the more money will stay and will be reinvested into the local economy.

That should be easy to understand.

Just as robbing productive people with taxes is not going to work.

Re: Evidence from leaked account data on how elites use offshore banking [pdf]

#43

Post by estaseuropano »

ajsnigrutin wrote: post #38

That's why i'm against high taxes. We get a bunch of random political parties, promising to "tax the rich" and stuff, we get new laws... and what happens? - The poor already pay very little tax - no change there - The rich avoid the tax by doing shady stuff (who remembers the panama papers.. or this.. or many other stories like these) - I, the middle class engineer get fucked by the taxes, and I get fucked hard, and…

That's not a result of high taxes but of either badly designed/balanced taxes or of lack of enforcement.

Re: Evidence from leaked account data on how elites use offshore banking [pdf]

#44

Post by turbinerneiter »

Trias11 wrote: post #42
AlexandrB wrote: post #7

Earlier quoted context omitted.

Do you think there's any level of taxation where a wealthy individual wouldn't want to do some "tax avoidance" in another jurisdiction? I suspect there is not.

The lower the tax - the more money will stay and will be reinvested into the local economy. That should be easy to understand. Just as robbing productive people with taxes is not going to work.

How do you pay for schools, police, firefighters in your tax-free world?

Re: Evidence from leaked account data on how elites use offshore banking [pdf]

#45

Post by Retric »

Trias11 wrote: post #10
AlexandrB wrote: post #7

Earlier quoted context omitted.

Do you think there's any level of taxation where a wealthy individual wouldn't want to do some "tax avoidance" in another jurisdiction? I suspect there is not.

"Other" jurisdictions are easily attracting capital from countries who are trigger happy to rob their citizens with taxes.

People very rarely actually leave countries over tax policies. Countries pretend ignorance because of who’s benefiting, but unless they renounce citizenship moving money off shore is effectively symbolic.

Loopholes for example aren’t some inherent element of tax codes their built and maintained for the express purpose of being used.

Re: Evidence from leaked account data on how elites use offshore banking [pdf]

#47

Post by cscurmudgeon »

estaseuropano wrote: post #43
ajsnigrutin wrote: post #38

That's why i'm against high taxes. We get a bunch of random political parties, promising to "tax the rich" and stuff, we get new laws... and what happens? - The poor already pay very little tax - no change there - The rich avoid the tax by doing shady stuff (who remembers the panama papers.. or this.. or many other stories like these) - I, the middle class engineer get fucked by the taxes, and I get fucked hard, and…

That's not a result of high taxes but of either badly designed/balanced taxes or of lack of enforcement.

But the conversation is always towards higher taxes rather than fixing enforcement, design, etc.

Edit: I think I hit a nerve.

Re: Evidence from leaked account data on how elites use offshore banking [pdf]

#48

Post by vmception »

joe_the_user wrote: post #29
vmception wrote: post #6

If you want more insight into this with less pejorative language, ditch the ICIJ and the Brookings study and look at KPMG, Deloitte and PwC annual reports on the offshore industry. The also know what they are doing instead of trying to reverse engineer it like these studies are.

Citations for any of this? I have noticed nothing "pejorative" in the language used in the document. I'd be more pejorative myself. The individuals with accounts are described clinically - "high net worth individuals". The ethics of using the leaked data is examined. The situation that individuals with these accounts may be committing crimes is also described dispassionately. It is a fact that these accounts are ofte…

> I have noticed nothing "pejorative" in the language used in the document.

First page after the abstract

"It is this information asymmetry that gives rise to a host of problems" as opposed to benefits?

This study is fairly balanced but chooses to only focus on illegal tax evasion by the wealthy and corrupt behavior of public officials. Instead of legal tax deferment or avoidance.

Re: Evidence from leaked account data on how elites use offshore banking [pdf]

#49

Post by ceejayoz »

Trias11 wrote: post #28
airstrike wrote: post #22

Earlier quoted context omitted.

I'll throw a range out there for the sake of argument, and I'm really low-balling it: 25-30%

So what would be a single reason for person with $100MM of wealth to give $25MM away to wasteful, corruptive government? What kind of benefits the person is gaining by buying $25MM worth of taxes? I thought so too. Give that person a chance to reinvest these money into local economy, growing productive businesses instead of slapping the "filthy rich" label and suddenly there is a lots of capital are used for everyone…

> What kind of benefits the person is gaining by buying $25MM worth of taxes?

Avoiding guillotines?

Re: Evidence from leaked account data on how elites use offshore banking [pdf]

#50

Post by okasaki »

Trias11 wrote: post #40
celticninja wrote: post #32

Earlier quoted context omitted.

Why does one person need $1bn? If we can ensure that no single individual has to live below the poverty line then I'm less worried about individuals who attain huge stores of wealth.

Instead of chasing the person with $1Bn, wouldn't it be more productive to learn from that person and educate others how to earn good money and live a good, productive lifestyle? Otherwise many are under the impression that looting and robbing is a way to go.

Educate them on what? How to be on top of a pyramid scheme?
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