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

Post by Trias11 » Sat, May 08, 2021, 9:23 PM UTC

dkarras wrote: post #78

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.

It still won't work unless the whole world agrees to do it simultaneously. A classic game theory problem, the more some countries agree on it, the more benefit to those countries that don't do it. Because worst case, the rich entity can flee, or renounce citizenship and buy citizenship where the tax climate is more favorable. With the amount of money we are speaking about, you can buy anything. Each and every country…

Post by walrus01 » Sat, May 08, 2021, 9:23 PM UTC

vmception wrote: post #92

walrus01 wrote: post #59

Earlier quoted context omitted.

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.

Post by gautamcgoel » Sat, May 08, 2021, 9:24 PM UTC

mattnewton wrote: post #73

gzer0 wrote: post #58

Earlier quoted context omitted.

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

Not OP, but the removal of the SALT deduction hurt.

Post by Retric » Sat, May 08, 2021, 9:24 PM UTC

Trias11 wrote: post #70

Retric wrote: post #45

Earlier quoted context omitted.

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.

Quite a few wealthy people do. Especially Canadians and non-americans who can. Why wouldn't person move outside of tax jurusdiction if it afford saving few extra $MM's and possibility to discover more beautiful, friendly countries? Of course US Citizenship essentially became IRS trap and renouncing it became very difficult thing to do for americans

Post by ClumsyPilot » Sat, May 08, 2021, 9:25 PM UTC

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…