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

brookings.edu

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

#21

Post by WaxProlix »

vmception wrote: post #13
wait_a_minute wrote: post #5

Earlier quoted context omitted.

What do you recommend for people who want to increase their wealth but aren't rich yet? The people who have potential and a solid foundation but don't yet have the capital necessary to move around like that and find the most favorable place.

Momentum trading is all you have. So last week that was Dogecoin and a few years ago it was value investing. The answer is “make money” and let it be taxed . The governments dont care about after-tax money which can then go anywhere unaccounted for. Thats when it can go in a tax deferred account in perpetuity.

It'd be nice if there were some sort of 70+% reliable rule of thumb for this. I say this as someone who's made money on both value investing and dogecoin, but who's still anxious when taking on risk in new momentum-y ventures.

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

#22

Post by airstrike »

Trias11 wrote: post #14
DSingularity wrote: post #12

Earlier quoted context omitted.

Come on. The ultra-rich don’t pay their fair share. You know this and everyone knows this. Wealth inequality is obscene. Full stop.

Could you define "fair share" please in a way that everyone is agree with?

I'll throw a range out there for the sake of argument, and I'm really low-balling it: 25-30%

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

#23

Post by ficklepickle »

Trias11 wrote: post #14
DSingularity wrote: post #12

Earlier quoted context omitted.

Come on. The ultra-rich don’t pay their fair share. You know this and everyone knows this. Wealth inequality is obscene. Full stop.

Could you define "fair share" please in a way that everyone is agree with?

Everyone is unlikely to agree, but I'm pretty sure we could find a range that the majority of people agree with.

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

#24

Post by kwere »

airstrike wrote: post #22
Trias11 wrote: post #14

Earlier quoted context omitted.

Could you define "fair share" please in a way that everyone is agree with?

I'll throw a range out there for the sake of argument, and I'm really low-balling it: 25-30%

and its still a lot

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

#25

Post by wiz21c »

Trias11 wrote: post #14
DSingularity wrote: post #12

Earlier quoted context omitted.

Come on. The ultra-rich don’t pay their fair share. You know this and everyone knows this. Wealth inequality is obscene. Full stop.

Could you define "fair share" please in a way that everyone is agree with?

Tax avoidance should be punished, that's all.

Oh, and in my country, it is punished, it's just that the team which must find about the culprit are totally under staffed, what-a-surprise.

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

#26

Post by haolez »

DSingularity wrote: post #12
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…

Come on. The ultra-rich don’t pay their fair share. You know this and everyone knows this. Wealth inequality is obscene. Full stop.

Why do you want access to other people's riches?

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

#28

Post by Trias11 »

airstrike wrote: post #22
Trias11 wrote: post #14

Earlier quoted context omitted.

Could you define "fair share" please in a way that everyone is agree with?

I'll throw a range out there for the sake of argument, and I'm really low-balling it: 25-30%

So what would be a single reason for person with $100MM of wealth to give $25MM away to wasteful, corruptive government?

What kind of benefits the person is gaining by buying $25MM worth of taxes?

I thought so too.

Give that person a chance to reinvest these money into local economy, growing productive businesses instead of slapping the "filthy rich" label and suddenly there is a lots of capital are used for everyone's benefits instead of escaping.

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

#29

Post by joe_the_user »

vmception wrote: post #6

If you want more insight into this with less pejorative language, ditch the ICIJ and the Brookings study and look at KPMG, Deloitte and PwC annual reports on the offshore industry. The also know what they are doing instead of trying to reverse engineer it like these studies are.

Citations for any of this?

I have noticed nothing "pejorative" in the language used in the document. I'd be more pejorative myself. The individuals with accounts are described clinically - "high net worth individuals". The ethics of using the leaked data is examined.

The situation that individuals with these accounts may be committing crimes is also described dispassionately. It is a fact that these accounts are often used for the crime of tax evasion. Do you want to dispute this fact? Or do you want language that tries avoid any mention of this likelihood? That would be less "pejorative" I suppose.

Edit: OK, the Mel Brooks quote is an exception to the generally clinical language. But by that point the author has made their case and should get at least a little cookie.

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

#30

Post by incrudible »

vmception wrote: post #13
wait_a_minute wrote: post #5

Earlier quoted context omitted.

What do you recommend for people who want to increase their wealth but aren't rich yet? The people who have potential and a solid foundation but don't yet have the capital necessary to move around like that and find the most favorable place.

Momentum trading is all you have. So last week that was Dogecoin and a few years ago it was value investing. The answer is “make money” and let it be taxed . The governments dont care about after-tax money which can then go anywhere unaccounted for. Thats when it can go in a tax deferred account in perpetuity.

How depressing that people on HN of all places think of Dogecoin trading before starting a business.

If that is really your perspective, why live in the US?

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