The Big Escape: How the Ultra-Wealthy Avoid Paying Taxes and How to Fix It [pdf]

Post by X6S1x6Okd1st » Fri, Sep 17, 2021, 4:59 PM UTC

vonmoltke wrote: post #94

X6S1x6Okd1st wrote: post #56

Earlier quoted context omitted.

Germany: Discontinued Finland: Discontinued Luxembourg: Discontinued Sweden: Discontinued France: Discontinued* Spain: Current Netherlands: Current Norway: Current Switzerland: Current Italy: Current, but excludes assets held within the country Belgium: Current So 5 discontinued & 6 current? That doesn't seem like "Almost every single" https://en.wikipedia.org/wiki/Wealth_tax#Current_examples Do you have a better sou…

From the article you cited (just above the examples): > In 1990, about a dozen European countries had a wealth tax, but by 2019, all but four had eliminated the tax because of the difficulties and costs associated with both design and enforcement. Belgium, Norway, Spain, and Switzerland are the countries that raised revenue from net wealth taxes on individuals in 2019 with net wealth taxes accounting for 1.1% of over…

Post by avalys » Fri, Sep 17, 2021, 5:05 PM UTC

evilos wrote: post #102

avalys wrote: post #30

Most of the “ultra-wealthy” have their wealth in the form of stock in public companies. This is certainly true for the examples she lists. If they’re all going to have to sell 2% of their holdings each year to pay for this wealth tax, who are they going to sell to and where is the money going to come from? It seems like this is a recipe to generate some temporary funding for the US government by selling off our natio…

Couldn't the shares just be transferred instead of sold?

Post by bradlys » Fri, Sep 17, 2021, 5:12 PM UTC

useful wrote: post #89

In theory, a 3% wealth tax makes the life of a billionaire difficult. You have like a 60% tax rate for fed/state/local. You make maybe 8% by being safe in your investments. If you pay taxes on your income, get that 8% reduced to 6% by 2% inflation and then your left with a 3.6% YoY gain (6% * 60%) before a 3% wealth tax wipes you out down to 0.6%. But you still don't have to pay taxes on your gains with this bill. Yo…

Post by X6S1x6Okd1st » Fri, Sep 17, 2021, 5:39 PM UTC

bassman9000 wrote: post #116

X6S1x6Okd1st wrote: post #56

Earlier quoted context omitted.

Germany: Discontinued Finland: Discontinued Luxembourg: Discontinued Sweden: Discontinued France: Discontinued* Spain: Current Netherlands: Current Norway: Current Switzerland: Current Italy: Current, but excludes assets held within the country Belgium: Current So 5 discontinued & 6 current? That doesn't seem like "Almost every single" https://en.wikipedia.org/wiki/Wealth_tax#Current_examples Do you have a better sou…

In Spain The exact amount varies between regions. Wealthy regions like Madrid have abolished it. Non coincidentally, the regions that are economically doing better, and more contributing, per capita, to the central State. https://www.businessinsider.es/impuesto-patrimonio-son-difer...

Post by convivialdingo » Fri, Sep 17, 2021, 5:49 PM UTC

vnchr wrote: post #85

outlace wrote: post #63

What if we mandate that all workers must get part of their compensation in the form of company shares so that if the company explodes in value, it's not just the executives that become billionaires and the workers are just still going paycheck to paycheck? This seems common in the tech world but not so much in other companies.

So government-forced wealth redistribution? I wonder if that’s been tried before. Maybe there’s some point of reference for the outcomes of that approach. Maybe it could be tried on a local basis and then evaluated before a complete overhaul of the largest single nation economy? If I had to guess, I don’t think it would work out very well. Unless you imprison the wealthy. Then their wealth wouldn’t be mobile. This wo…