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> New research suggests that the superrich are hiding their money at alarming rates. A study by economists Annette Alstadsaeter, Niels Johannesen and Gabriel Zu
by nugget 9y ago
> New research suggests that the superrich are hiding their money at alarming rates. A study by economists Annette Alstadsaeter, Niels Johannesen and Gabriel Zucman reports that households with wealth over $40 million evade 25 to 30 percent of personal income and wealth taxes.
From what I've read of Zucman's work about modern-day tax evasion, he talks mainly about European families, for whom many quasi-legal options exist to hide and/or shelter income from taxes. This is a real problem in Europe, not just because it deprives them of tax revenue, but because it threatens to expose a corrosive moral hypocrisy: do as I say, not as I do (the European upper class says to the European working class).
For Americans, there really aren't any remaining methods to avoid paying income tax. Unless you're willing to commit felony tax evasion. At that point, you'd be much better off simply expatriating to a no or low tax juridiction, as Eduardo Saverin famously did prior to Facebook's IPO.
- threatns22999 9y agoThreatens to expose is a bit generous a description. The hypocrisy is on full display every day. "Threatens to break through into the daily discourse" maybe. When you're rich due to inheritance, both financially and in network contacts, yet don't invent anything, buy whatever you want, and tell the poor to work for just a sliver of the luck you had, the hypocrisy on full display. And that's exactly who every mega-wealthy person is. Expropriated others work and property over the generations for their benefit. Often through violence. It's hereditary rule not based upon divine right, but because of dubious claims to the wealth of the collective. Socialism for the elite. Roman colosseum for the proles. I'll never believe the Koch brothers are so valuable to humanity they should have the power they do. The same with Buffet or Bill Gates. Their importance is due to celebrity worship of the accumulation of obscene levels of material wealth. None of them have accomplished much with their own two hands that is worth that amount of boot licking they are bestowed.