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With principles based legislation you can introduce rules that make it illegal to find "creative" ways only to circumvent restrictions. These rules already exis
by dx034 9y ago
With principles based legislation you can introduce rules that make it illegal to find "creative" ways only to circumvent restrictions. These rules already exist for anti money laundering and terrorism financing.
The problem is that changes also always affect some of the non-rich. You'll never manage to tailor laws so that everyone is hit exactly as desired.
- Karunamon 9y agoWith principles based legislation you can introduce rules that make it illegal to find "creative" ways only to circumvent restrictions. Read: Arbitrary and capricious legislation what will be abused in creative ways. I'd prefer laws remain as objective as possible, and I'm a lot more concerned about bad legislation than 1%ers moving their money around.
- charlesdm 9y agoYou can't define "creative ways" in an objective way in a law. It's black or white. What you want is a clear rulebook of what isn't allowed. Everything else is fair game, because that's the only logical way to approach things. You don't want the IRS dictating what they consider to be creative ways. The IRS can not agree with something you've done, but you don't want to end up in a situation where they effectively make the law. That makes no sense at all.