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I think there's an argument to be made that the opposite is true - if the wealthy are spending their money then it's going to someone, after all. That someone i
by grahamburger 8y ago
I think there's an argument to be made that the opposite is true - if the wealthy are spending their money then it's going to someone, after all. That someone is likely home builders, artisans, restaurants, clothiers, etc rather than offshore tax havens.
- sokoloff 8y agoYes, the wealthy would presumably engage lawyers and business advisors to help their offspring and people they like create companies for the next generation. Maybe my son would like to open a travel agency. Maybe then I'd like to use that travel agency almost exclusively so that I could keep tabs on his progress and offer my advice. Oh look, his travel agency, despite being extraordinarily expensive, is very successful and now I don't have any money left to pay inheritance tax on...
- ericd 8y agoWell, that travel agency does end up paying corporate and then dividend taxes on the earnings... and anything paid out directly to the son as salary means income taxes.