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Isn’t the underlying assumption when talking about (air quotes) “cheating” taxes is that taxes are supposed to be redistributive? If someone is following the l

by eksu 9y ago

Isn’t the underlying assumption when talking about (air quotes) “cheating” taxes is that taxes are supposed to be redistributive? If someone is following the letter of the law, how can they be cheating? Well, they can be cheating if they are violating the ‘spirit’ of the law or some unwritten but generally accepted notion about the law. In this case, that assumption is that taxes should always always be progressive and redistributive, right? That’s how it’s an alternate view point. (Personally, I’m in favor of negative income tax, but I think Yaron Brook is a talented thinker and speaker. I did not know this book of his existed, and am glad it was brought up.)

kennywinker 9y ago
Hiding money offshore is against the letter of the law.
- eksu 9y ago
  I am more familiar with American tax law than Norwegian but I have huge doubts it’s illegal to have money offshore. Having money in more than one country is a pretty good hedge. When the Greek banks shut down and imposed atm restrictions, only Greeks with foreign bank accounts were able to access their money for example. I’m searching but if you find anything on what constitutes ‘hiding’ in Norwegian tax law as it relates to offshore accounts it would be much appreciated. I have a feeling ‘hiding’ is another one of those spirit of the law / unwritten societal rules sort of thing in this context.
  - kennywinker 9y ago
    Having money offshore is ok. Hiding money offshore is not. I'm not a tax accountant, but my lay understanding is that's the letter of US tax law
    - eksu 9y ago
      Yes, I think you have it correct for the US. The US is also very unique in which it’s the only country that expects you to pay taxes on money earned overseas as well.
      - pedrocr 9y ago
        None of these people are earning money in Panama. They're moving their money there and not declaring it. There's nothing US specific about that being illegal.

by eksu 9y ago

kennywinker 9y ago

Hiding money offshore is against the letter of the law.

eksu 9y ago
I am more familiar with American tax law than Norwegian but I have huge doubts it’s illegal to have money offshore. Having money in more than one country is a pretty good hedge. When the Greek banks shut down and imposed atm restrictions, only Greeks with foreign bank accounts were able to access their money for example. I’m searching but if you find anything on what constitutes ‘hiding’ in Norwegian tax law as it relates to offshore accounts it would be much appreciated. I have a feeling ‘hiding’ is another one of those spirit of the law / unwritten societal rules sort of thing in this context.
- kennywinker 9y ago
  Having money offshore is ok. Hiding money offshore is not. I'm not a tax accountant, but my lay understanding is that's the letter of US tax law
  - eksu 9y ago
    Yes, I think you have it correct for the US. The US is also very unique in which it’s the only country that expects you to pay taxes on money earned overseas as well.
    - pedrocr 9y ago
      None of these people are earning money in Panama. They're moving their money there and not declaring it. There's nothing US specific about that being illegal.