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How the Richest People in America Avoid Paying Taxes

theatlantic.com

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Re: How the Richest People in America Avoid Paying Taxes

#11
post #10

Earlier quoted context omitted.

Spain’s wealth tax works fine. https://www.theguardian.com/politics/2025/aug/16/spain-put-u...

Spain GDP per capita 2008: $35,603 2024: $35,297 US GDP per capita 2008: $48,570 2024: $85,809 Seems to be working great!

Wealthy people continue to reside in Spain as a tax resident subject to a wealth tax on global assets. It clearly works to raise tax revenue versus “meaningless line goes up.”

Re: How the Richest People in America Avoid Paying Taxes

#12
post #10

Earlier quoted context omitted.

Spain’s wealth tax works fine. https://www.theguardian.com/politics/2025/aug/16/spain-put-u...

Spain GDP per capita 2008: $35,603 2024: $35,297 US GDP per capita 2008: $48,570 2024: $85,809 Seems to be working great!

Are you implying a wealth tax stunts GDP? I'd love to see some evidence and thought behind that implication rather than a cheeky quip.

Re: How the Richest People in America Avoid Paying Taxes

#13
post #10

Earlier quoted context omitted.

Spain’s wealth tax works fine. https://www.theguardian.com/politics/2025/aug/16/spain-put-u...

Spain GDP per capita 2008: $35,603 2024: $35,297 US GDP per capita 2008: $48,570 2024: $85,809 Seems to be working great!

There might be a little more going on with Spain's (and the US's) economy than just Wealth Tax.

Re: How the Richest People in America Avoid Paying Taxes

#15
post #3

The secret: they do pay taxes, enormous amounts. A small handful of people pay billions in taxes a year. A wealth tax is not only deeply immoral, but it's a bad idea, and every country that's tried it has watched it fail. If someone with billions in assets doesn't take home a salary, then they don't pay income tax on a salary that year. Get them when they sell stock, like they did when Elon paid ~12 billion in taxes,…

> A wealth tax is not only deeply immoral A wealth tax is deeply immoral?

Only if you forget that money is supposed to function as a lubricant for satisfying needs and think that it is somehow a good reflection of someone or something's worth to society.

Reducing accumulation of money (by means of for instance a wealth tax) is incredibly important to keep the economy as a whole going and to maximize the needs satisfied, but if you only think in terms of "but poor people don't deserve free money!", you miss this point and say dumb things like "a wealth tax is deeply immoral".

Re: How the Richest People in America Avoid Paying Taxes

#16
post #10

Earlier quoted context omitted.

Spain’s wealth tax works fine. https://www.theguardian.com/politics/2025/aug/16/spain-put-u...

Spain GDP per capita 2008: $35,603 2024: $35,297 US GDP per capita 2008: $48,570 2024: $85,809 Seems to be working great!

https://www.youtube.com/watch?v=eiymTzsZfoA

Re: How the Richest People in America Avoid Paying Taxes

#17
post #5

Donating to political parties seems to work well.

Well Actually I think you mean corporations exercising their right to free speech

This crazy notion that money = free speech is wild. If corporations are equated to real(TM) people that have a right to free speech, they can speak all they want, but buying politicians is not free speech.

Re: How the Richest People in America Avoid Paying Taxes

#18
post #12
post #10

Earlier quoted context omitted.

Spain GDP per capita 2008: $35,603 2024: $35,297 US GDP per capita 2008: $48,570 2024: $85,809 Seems to be working great!

Are you implying a wealth tax stunts GDP? I'd love to see some evidence and thought behind that implication rather than a cheeky quip.

There's tons of research showing that excessive taxation drives wealthy people out and shrinks the economy. France tried it and reversed course when it was a disaster economically.

The UK is currently experiencing an exodus of wealthy taxpayers due to high tax burdens.

If you want to kill your economy, the fastest way to do so is by ripping off those who employ most of the economy through their business ventures.

https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.34.2.119

Re: How the Richest People in America Avoid Paying Taxes

#19
Take a loan against your assets. No taxes (debt is untaxed), no interest (stock raises cancelling out the interest rate) and no money is lost. You get to feast on the tax contributions of your salaried folk (roads, educated workforce, public health agencies, law enforcement, etc)
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