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Structural studies of the global networks exposed in the Panama papers

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Re: Structural studies of the global networks exposed in the Panama papers

#91

Post by JacobAldridge »

K0balt wrote: post #54

It should be mentioned that there are lots of non tax avoidance reasons to go offshore. The biggest ones are asset protection and incontestable estate succession. IMHO, if your net worth is over about 250k (or lower if you have a high risk profile) your assets should probably be held in an offshore LLC, trust, or foundation. This makes them effectively untouchable by lawsuit, divorce proceedings, seizure, etc. If you…

Noting that transferring assets into Trust will often trigger a capital sales event (and tax), while potentially increasing asset holding costs (your home held by a Cook Islands trust may be subject to non-resident land taxes, for example, than many self-occupiers are exempt from) or life friction (I had a UK client who refused to work with me unless my main company was based in the UK, for example). Of course, these things are hugely jurisdictional - I would set the bar much higher than $250K net worth, but agree with your point.

Re: Structural studies of the global networks exposed in the Panama papers

#93

Post by adamsea »

milchek wrote: post #34
idclip wrote: post #21

Earlier quoted context omitted.

It means corruption is a basic human behavior. Its a self generating phenomena, and is „natural“. So there is no „illuminati“ to go after to solve this. Studies try and see how problems can be solved - if there was a single organizing entity like a mafia boss, it would be simpler to tackle the issue but there isn't, so its Marder than first expected. As to tax evasion, id posit the question „so why are these people e…

> Can they be otherwise somehow incentivized to invest in their Communities rather than evade? And how big is the contribution here? Is it worth pursuing I like this question. It makes me wonder what society would look like if we had micro community councils that operated this way, where residents “donated” parts of their wealth and those donations gave them some sort of stake, naming right, or voting power in commun…

> what society would look like if we had micro community councils that operated this way, where residents “donated” parts of their wealth and those donations gave them some sort of stake, naming right, or voting power in community projects.

... I think the challenge is if concrete power such as votes, etc, is given based on financial contribution, then, it's not a democratic process.

Re: Structural studies of the global networks exposed in the Panama papers

#94

Post by adamsea »

stevenjohns wrote: post #88
hestefisk wrote: post #63

Earlier quoted context omitted.

I’m Australian and my personal income tax rate is not 24%, but 40%. What tax rate are you referring to —- corporate, gross personal, effective personal? In terms of model healthcare, Australia is not the system you want. Our health system grossly underfunded and ineffective with lots of waste from years of private sector health insurance.

I specifically said average, because it’s important to note that the Swedish personal income tax rate starts at 32% with a tax free threshold of about AUD$3k. Re: healthcare, you won’t realise how good you have it until you try to go to a Swedish hospital with a torn ACL only for a nurse to diagnose you with a cramp, direct you to take paracetamol and refuse to let you see a doctor. Or when you try to have a blood te…

Yeah but we need more than a few instances to draw general conclusions. Is there like, a study?

Re: Structural studies of the global networks exposed in the Panama papers

#95

Post by adamsea »

eternalban wrote: post #62
idclip wrote: post #21

Earlier quoted context omitted.

It means corruption is a basic human behavior. Its a self generating phenomena, and is „natural“. So there is no „illuminati“ to go after to solve this. Studies try and see how problems can be solved - if there was a single organizing entity like a mafia boss, it would be simpler to tackle the issue but there isn't, so its Marder than first expected. As to tax evasion, id posit the question „so why are these people e…

Off shore safe havens exists because some sovereign authority has designated their domain as a "tax haven" and the usually very strict sovereigns of "big powers" are not sending their military to the said "off shore safe havens" to shut them down. Opaque segments of the global financial networks enable Black Ops . No need to drag in Weishaupt and his worshipful brethren here, correct? So let's just discuss the "secre…

I don't know who Weishaupt is but that's a good point; it's probably in the interest of most major powers to have opaque segments of the global economy.

Re: Structural studies of the global networks exposed in the Panama papers

#96

Post by powerapple »

jariel wrote: post #87
powerapple wrote: post #83

Earlier quoted context omitted.

I would expect people in Dubai, Moscow and China put their money in the WEST. How much money go to London every year? How much money go to Sydney? And Vancouver? Money will go to the so-called cities with transparency.

People in Russia and China put their money in the West for it to be safe from their own corrupt regime, otherwise, they don't want transparency. And Dubai, definitely, is the place to keep dirty money. If it can be cleaned, and someone has legit cover for their money, they can keep it in the West.

I will not be so certain about it. There are a lot (a lot) corrupt money in London, Vancouver and other cities.

Re: Structural studies of the global networks exposed in the Panama papers

#97

Post by powerapple »

jariel wrote: post #87
powerapple wrote: post #83

Earlier quoted context omitted.

I would expect people in Dubai, Moscow and China put their money in the WEST. How much money go to London every year? How much money go to Sydney? And Vancouver? Money will go to the so-called cities with transparency.

People in Russia and China put their money in the West for it to be safe from their own corrupt regime, otherwise, they don't want transparency. And Dubai, definitely, is the place to keep dirty money. If it can be cleaned, and someone has legit cover for their money, they can keep it in the West.

Actually I have to state what I believe: the only way to keep your corrupt money safe is to work with international institutes, bankers and layers in so called cities with transparency, such as London, Hong Kong, New York, Switzerland and so on. It is called money laundering. Keeping it in Dubai makes no sense. People may spend money in Dubai, but not keeping their wealth in Dubai.

Re: Structural studies of the global networks exposed in the Panama papers

#98

Post by mikorym »

nobody9999 wrote: post #68
mikorym wrote: post #67

Earlier quoted context omitted.

I think one answer is tax cuts for charity. If I can give my tax money to someone of my choosing, I think it may incentivise people to feel better about where the money is going. To be clear, not making your tax payments less, but rather choosing where it goes. Of course, if you have a network of nonprofits, this become a bit grey. In the USA I have gotten the impression that people do try to game the idea of nonprof…

>I think one answer is tax cuts for charity. >To be clear, not making your tax payments less, but rather choosing where it goes. Giving to charities reduces your tax burden, at least in the US. In fact, you can generally deduct up to half your income[0] based on charitable contributions. Does that meet your desire to better direct your tax dollars? [0] https://www.irs.gov/charities-non-profits/charitable-organiz...

This I think is pretty much exactly how I think it should be. Half sounds decent.

But... I don't live in the US. We pay tax and received no services in return.

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