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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]

#201

Post by [deleted] »

trentnix wrote: post #175
Guest42 wrote: post #88

Earlier quoted context omitted.

My impression is that GWB and DJT delivered some very large tax breaks and that the “more” taxes would be more accurately described as a return to normal taxation levels, provided how much one agrees that post-Reagan establishes the level of normalcy. I do agree though that the spending could be improved. That position varies group by group.

“normal taxation levels” - a word salad without peer. Those tax breaks happened to catalyze massive tax receipts nonetheless, but taxes are politically justified by who they poleaxe, not by the consequences that result.

[deleted]

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

#202

Post by MilnerRoute »

"New estimates by Congress’s official forecasters show Democrats’ tax cuts — included in their March stimulus package — will drive down tax rates on low- and middle-income people so much this year that those earning less than $75,000, on average, will owe nothing in federal income taxes."

"Those making between $75,000 and $100,000 will pay a scant 1.8 percent average tax rate this year, the nonpartisan Joint Committee on Taxation predicts."

"That will shift the relative burden to the wealthy, at least temporarily, with those earning more than $500,000 expected to pay more than two-thirds of all income taxes this year... Those making between $500,000 and $1 million will pay 20.8 percent of their earnings in income taxes. People earning more than $1 million will pay 25.8 percent."

https://www.politico.com/news/2021/04/25/dems-tax-cuts-biden...

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

#203

Post by adflux »

aantix wrote: post #168
odiroot wrote: post #145

Earlier quoted context omitted.

Being a software engineer in a EU country, you're definitely not a classically rich person. In USA, maybe? In EU not so much. There's so many professions (quite common at that) that earn more, or even much more than us.

Why aren’t software engineers valued more in EU?

Matter of scale. A team of engineers working on building a Dutch marketplace has a potential customer base of 18 million. An American company doing the same can reach 300 million. Assuming equal complexity, the American engineer can deliver far more value because his target audience is much larger.

Scale can be like a force multiplier for engineers. Makes them deliver more value and employers are able to pay them more.

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

#204

Post by CPLX »

motohagiography wrote: post #135

These people figure they can't attract legitimate investment so instead they index on how to bar the exits. It is more conspicuous who doesn't get the scrutiny of Brookings, ICIJ, TJN, and organizations like them. (hint: you elected them) These places are just fronts for post-hoc policy justification, and papers like these are pseudo-intellectual activism masquerading as scholarship. I see a similar authoritarian ner…

It sounds like you have strong opinions which might be interesting but I found this comment incomprehensible. Who exactly are you talking about? What do you mean by domestic money laundering and “really harmful crimes”? Are you talking about drug dealing? White collar crime?

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

#205

Post by Shacklz »

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…

> I, the middle class engineer get fucked by the taxes, and I get fucked hard, and not in fun way.

You will be fine. Just like everyone else in pretty much the entirety of the rest of the civilized world.

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

#206

Post by fighterpilot »

coldcode wrote: post #177
fighterpilot wrote: post #127

Earlier quoted context omitted.

Primarily because their unique value add to society has been growing (due to technology), and the unique value add of the bottom 50 percent has been decreasing (due to technology and globalization). Take JK Rowling as an example. Her work added significant value to the lives of hundreds of millions, and she got a slice of all that value creation (say, 30 percent of it). Nobody is worse off. Everyone is better off. He…

Why not just kill all the poor people then, or let them starve to death. Leave the land for Gates and Bezos and Musk, clearly they are worth more than me because they have more money. The value of a human is not measured by how much money they "earned" or how cheaply they can be "worked". You could bring back slavery so that poor people work for free and the rich get more rich and thus more valuable.

I expect more from them - I think it's less than ideal that there are people who take from public goods and contribute nothing or very little. They're effectively leeching off the backs of others. That doesn't mean I want them dead, they're contributing what society has demanded from them (nothing) and that's the fault of society's low expectations.

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

#207

Post by dalbasal »

AnimalMuppet wrote: post #117
tfehring wrote: post #69

Earlier quoted context omitted.

More than 1% of US households (something like 1.5M households with a total of ~3M people) have >$10M in household net worth. The primary target is that class, irrespective of its members’ earned income, in part because they can reliably earn mid-six-figures per year in returns to capital alone. https://www.forbes.com/sites/jackkelly/2019/10/22/the-number...

Great, but there are many more mid-six-figure earners who don't have >$10M in household net worth. And if you tax mid-six-figure earners, you get them, too. If you want to target wealth over $10M, tax wealth over $10M .

IMO, the strategy is to tax the net worth itself. Salaries are sufficiently taxed. It's almost disingenuous, at this point, to think of salary taxes as indistinct from income taxes broadly. With a salary, people actually pay the tax rate.

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

#208

Post by pydry »

offsthroway wrote: post #128

Throwaway for obvious reasons Since the world is lacking in the department of opinion of wealthy men , let me add something to this discussion: I'm currently in the situation of becoming rich (from a global standpoint, unicorn early employees would laugh at my near future net worth) due to selling my company. I'm having conversations with both tax lawyers and private bankers who are interested in helping me manage my…

>Since the world is lacking in the department of opinion of wealthy men

You're serious aren't you?

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

#209

Post by Trias11 »

ceejayoz wrote: post #91
Trias11 wrote: post #85

Earlier quoted context omitted.

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.

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

The reality is that wealthy person can choose both (live where he wants and keep money safe from tax robbery) and poor can neither.

Inequality is brought by high taxation and not by filthy rich who refuses to obey government stupid policies.

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

#210

Post by [deleted] »

aantix wrote: post #168
odiroot wrote: post #145

Earlier quoted context omitted.

Being a software engineer in a EU country, you're definitely not a classically rich person. In USA, maybe? In EU not so much. There's so many professions (quite common at that) that earn more, or even much more than us.

Why aren’t software engineers valued more in EU?

[deleted]
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