> I conclude with recommendations on how reporting requirements need to change to improve the
ability of regulators and the research community to detect and counter illicit finance.
LOL
Evidence from leaked account data on how elites use offshore banking [pdf]
111–120 of 332 posts
Re: Evidence from leaked account data on how elites use offshore banking [pdf]
#112That'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…
Need to save at least 50% of take-home salary into a high-yield investment account. One-way street. Even during retirement, you'd be scraping out only the interest/DRIP. Further, always pay cash (ie, avoid debt). Even for a car. Even for an education. Even for a house.
Then you can see the truth.
Re: Evidence from leaked account data on how elites use offshore banking [pdf]
#113Hacker News: "People Deserve Privacy" Also Hacker News: "Look how outrageous it is that these other people want privacy!"
https://en.wikipedia.org/wiki/Panama_Papers#/media/File:Coun...
"Countries with politicians, public officials or close associates implicated in the leak on April 15, 2016"
Politicians, public officials...
A lot of the people using these schemes are either in the category mentioned above or in fairly highly regulated industries like finance. I don't know about you but the combination of politicians (a famously trustworthy bunch) and financial secrecy sounds less than optimal for everyone else.
Re: Evidence from leaked account data on how elites use offshore banking [pdf]
#114Earlier quoted context omitted.
This doesn't seem to make much sense: You're against a policy because someone lied and didn't implement it when they said they would? You can be for taxing the rich and against people who do otherwise simultaneously.
I think the point is that beyond total and complete global totalitarianism there isn't a great way for any government to truly tax the rich to the extent desired because there were always be another safe haven for it overseas.
It is harder and harder for US persons to put their money abroad. All foreign banks must declare US Persons to the US authorities.
I am sure some figure out ways, but you have to go in dodgier places.
This is a new development is the last 10-20 years, so there is progress. It should help people trust the system is getting fairer.
If one is against taxes, and uses lack of enforcement as a reason, I smell dishonesty.
Re: Evidence from leaked account data on how elites use offshore banking [pdf]
#115Earlier quoted context omitted.
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.
It’s part of a solution, not the entire solution. But even if you improved tax law you’re still going to need a well-resourced and highly skilled IRS capable of properly auditing multinationals and the very wealthy.
Re: Evidence from leaked account data on how elites use offshore banking [pdf]
#116Earlier quoted context omitted.
Instead of chasing the person with $1Bn, wouldn't it be more productive to learn from that person and educate others how to earn good money and live a good, productive lifestyle? Otherwise many are under the impression that looting and robbing is a way to go.
Because poor people don't have time to learn, they have to struggle staying alive. And very often the billionaires business's model is based on poor people making bad financial decisions, like pay day loans or buying products they don't need but are told that they do by the billionaires ad agency. Also, if the billionaires give a tiny amount of their money to fund schools, people will get educated, earn more money an…
Government has all the tools to make it worthwhile for billionaires to keep money within the economy.
And governments of course has a ways to convince them that doing that is not wise.
High taxes is the easiest way to deplete economy from productive individuals and their resources.
Re: Evidence from leaked account data on how elites use offshore banking [pdf]
#117Earlier quoted context omitted.
> I, the middle class engineer get fucked by the taxes Fwiw we feel like middle class but we’re really in the top 5% or higher. We’re the rich people these taxes and politicians talk about. The ultra rich/wealthy are a red herring, there’s only a few 10k of them of them. Only 614 people are billionaires. 7 figure income (salary) puts you in top 0.35% ... that’s 1,120,000 Americans. Not a whole lot. edit: top 10% star…
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.
Re: Evidence from leaked account data on how elites use offshore banking [pdf]
#118Earlier 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.
Yeah that was a good one; promise a tax cut for the rich, and give a slight tax cut to the rich in low tax states and screw people in high tax states (which happen to mostly be were the proposer of the tax cut didn't get votes anyway).
On the plus side, between the limit on SALT deduction and the increased standard deduction, the mortgage interest deduction is almost effectively dead; which is something that has needed to get removed, but nobody wanted to do it. Now it's technically there, but almost useless, so best of both worlds.
Re: Evidence from leaked account data on how elites use offshore banking [pdf]
#119This book argues actually its western countries like UK, US, and FR that benefit as rulers buy London, Paris or NYC flats in the names of offshore companies. https://www.amazon.com/Dictators-Without-Borders-Power-Centr... Personally I think the correct response is to tax things rich people like in those countries. Specifically housing, high end cars etc. Putting beneficial owners on real estate makes total sense.
Just bought the book, thanks for the suggestion!
Re: Evidence from leaked account data on how elites use offshore banking [pdf]
#120That'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
Those taxes will be passed onto the majority in the form of price hikes.
Further, with current inflation rates, $400k will be solidly middle-upper class in a few years from now.