51–60 of 60 posts
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How would the tax be enforced on cash, or is the elimination of paper money a second-order effect?
Inflation is the tax or negative interest rate on cash.
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There are companies in Russia that specialize in providing shell companies to businesses. You can get a "reused" local company, an unique one, a company represented by a real person (no idea if that person is literally a fall guy, or just a legal fiction), probably off-shores too. Sounds like this might become a great startup idea in the US too ;)
Shell companies don't change anything. You can buy an aged shell, appoint nominee directors, etc. and it doesn't change the law. If anything, these things will only go to prove your intent to launder money and avoid tax if and when you're caught. While that's not to say that aged shells, nominee directors, etc. don't serve a purpose for certain people in certain situations, a lot of this stuff is just designed to enr…
Big companies use complex international structures to dodge taxes and regulations legally. Currently, there are no reasons to do that for a random small business; if there is, there may be demand. Kinda like people register their companies in Delaware even though it doesn't make "logical" sense; just to (legally) get the regulatory advantages.
This is speculation, obviously, based on the direction this goes with the account surveillance.
The headline and article are misleading, the proposed requirement is to report annual inflows and outflows. Here is a better analysis... Biden Tax Plan Leans on Banks to Help Find Unreported Income https://www.wsj.com/articles/biden-tax-plan-leans-on-banks-t... >The proposal would require banks to report annual account inflows and outflows to the Internal Revenue Service. The requirement would also extend to peer-to-…
The headline and article are misleading, the proposed requirement is to report annual inflows and outflows. Here is a better analysis... Biden Tax Plan Leans on Banks to Help Find Unreported Income https://www.wsj.com/articles/biden-tax-plan-leans-on-banks-t... >The proposal would require banks to report annual account inflows and outflows to the Internal Revenue Service. The requirement would also extend to peer-to-…
Here's a statement by community banks: https://news.ycombinator.com/item?id=28562153
The fee.org website seems to be extremely biased.
Source document: https://news.ycombinator.com/item?id=28566846
Result will be like we see in Russia: deals between US businesses will become deals between their offshores, and just enough money to pay salaries, will be moved into the country.
There may eventually be a slowdown of small business activity as ever increasing Panopticon-type surveillance proves a drag on innovation and profitability.
I don’t think it’s possible to have a fair income tax. It’s also irrelevant.
Bond issuance almost entirely funds the government already, it requires zero enforcement, zero taxpayer burden, and it’s impossible to cheat. Income tax is mostly an excuse for legal surveillance of other matters. Some of those might be reasonable and good, but the voters should decide that.