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You give me a law, I'll give you a way to legally avoid it. It's difficult to legislate this stuff. Indeed, I would contend it is impossible. Unless -- like we
by lurquer 6y ago
You give me a law, I'll give you a way to legally avoid it. It's difficult to legislate this stuff. Indeed, I would contend it is impossible. Unless -- like we did with income -- we implement incredibly invasive procedures (such as withholding, W2s, 1099s, etc.) for ALL transactions.
It's not as simple as you think. For instance, Chelsea Clinton received a &600k salary from NBC along the following compensation from Barry Diller’s IAC/InteractiveCorp. Salary for Chelsea: $300,000. The board position also pays an annual retainer of $50,000 and a $250,000 grant of restricted stock.
This is how wealth is funneled from one generation to the next. Meanwhile, the Clinton foundation pays exorbitant fees or rents to the Dillers step-kids' charities and foundations. (As an example of how such arrangements work... I don't have any details.)
There is simply no way to keep track of who is paying whom. (Especially when you toss in the 'art' auction business... the greatest money-laundering scheme ever invented.... Rich Kid A gets $45mill for some crap painting from Rich Dad B, while Rich Kid B gets $45mill from Rich Dad A. Etc, etc. )