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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]

#91

Post by ceejayoz »

Trias11 wrote: post #85
ceejayoz wrote: post #49

Earlier quoted context omitted.

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

I mean carrots, not sticks. People would be happy to pay 100% in tax to avoid guillotine but how much of a prosperous and productive society can be built with this approach?

To-may-to, to-mah-to.

The carrot is "you get to live in a prosperous, stable society made possible in part by your contributions via taxes".

The stick is what happens when you don't.

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

#92

Post by vmception »

walrus01 wrote: post #59
vmception wrote: post #52

Earlier quoted context omitted.

occasionally some people like to know what they are doing, while the academics and regulators play catch up. instruction manuals are better than studies and leaks decades after the fact.

Although that seems to presume they would put the most honest information on what we could call 'trade secrets' in tax minimization through offshoring in a public document published for the whole world to read.

Yes, that's a good assumption because there is nothing secret about it.

I'm telling you, and everyone, that the entire phrasing of "leaks" and "secret" and "loopholes" is either complete clickbait or the musing of the completely ignorant, and both of those outcomes means you should go to the actual source of truth instead of bothering with this wealth-porn.

And yet you want to argue that. Plato-esque.

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

#93

Post by tigershark »

trentnix wrote: post #64
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…

And the taxes they take from you get spent as poorly as possible. And the solution is always more taxes.

Better that spending them golfing in your golf courts while grifting tens of millions per year by forcing the secret service to stay there paying an exorbitant price...

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

#94

Post by codeecan »

gzer0 wrote: post #58
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…

Unless you are making more than $400,000, the new tax proposals would not affect you. What is your definition of "middle class"? Someone making $400k is most certainly in the top 1%. What tax changes have occurred so far in the past few decades that are significantly affecting you? I would genuinely like to know

This is the best lie ever told, "don't worry, these taxes wont affect YOU!". Every new tax inevitably falls onto the middle class, because they can't hire people to restructure their wealth and the poor pay no taxes.

Lower taxes makes it less expensive for the rich to pay the government.

Look at housing and food costs to see how the middle class are affected, they don't get welfare, social housing, or food stamps.

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

#95

Post by nostrebored »

_djo_ wrote: post #65
cscurmudgeon wrote: post #47

Earlier quoted context omitted.

But the conversation is always towards higher taxes rather than fixing enforcement, design, etc. Edit: I think I hit a nerve.

Not really. The Biden administration’s proposals include more funding and organisational reform for the IRS. Democrats have been talking for some time about how the steady defunding of the IRS has resulted in less tax collection from the rich and powerful.

Reforming the IRS as an organization doesn't work when it's tax law that's the problem.

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

#96

Post by galangalalgol »

Trias11 wrote: post #35
ficklepickle wrote: post #23

Earlier quoted context omitted.

Everyone is unlikely to agree, but I'm pretty sure we could find a range that the majority of people agree with.

When majority is agrees on something it doesn't make this automatically the right thing. Especially if this is a majority of non-productive, lazy individuals unwilling to get educated, work and prefer to live by selling their votes for printed money of government grants.

It's not the productive people who annoy me, its the people who live off investments they dont even have the skills to make themselves. They hire money managers and sip on trust funds while trying to combat the resultant boredom with drugged up sex parties. Their money is productive, not them.

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

#97

Post by [deleted] »

fighterpilot wrote: post #77
DSingularity wrote: post #12

Earlier quoted context omitted.

Come on. The ultra-rich don’t pay their fair share. You know this and everyone knows this. Wealth inequality is obscene. Full stop.

The top 1% pay 6x more tax than the bottom 50%! It's obscene how much they pay and how a small group of individuals is forced to carry the entire country. Much, much more should be expected from the bottom 50%.

[deleted]

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

#98

Post by insert_coin »

ceejayoz wrote: post #49
Trias11 wrote: post #28

Earlier quoted context omitted.

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?

There is that of course. That is also the reason why they leave and take their money with them.

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

#99

Post by Dah00n »

gogopuppygogo wrote: post #34
techbio wrote: post #18

Earlier quoted context omitted.

I suspect the more hands-on tools by which law and order is enforced such as asset seizure, 24/7 monitoring, discreditation, and prison time could be the motivation for otherwise tax averse entities to transparently contribute their exact tax proportion.

So enhancement of punishment and enforcement to allow government to redistribute wealth from some citizens to the government? I think we’ve seen this before… usually ends in democide… https://en.wikipedia.org/wiki/Democide

"enhancement of punishment and enforcement" is what the whole US justice system is built to do*, unlike systems in Northern Europe for example.

*Except for white-collar crime.

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

#100

Post by Supermancho »

ErikVandeWater wrote: post #31
DSingularity wrote: post #12

Earlier quoted context omitted.

Come on. The ultra-rich don’t pay their fair share. You know this and everyone knows this. Wealth inequality is obscene. Full stop.

> You know this and everyone knows this. False consensus fallacy

>> The sky is blue.

>> You know this and everyone knows this.

> False consensus fallacy

Absurd comment. The wealth inequality and regressive taxation has been inherent to capitalism since at least roman times - http://www.bbc.co.uk/history/ancient/romans/social_structure... https://foreignpolicy.com/2020/08/14/wealth-tax-zakat-islami...

Once your wealth is international, you don't have to pay on what you don't declare across tax regions. These havens arent really havens, as much as optimizations on where you declare assets based on asset class. etc

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