4 ms·

> while the truly rich simply find loopholes You'll have to walk through how exactly, otherwise this is just a hand-wavy and unfalsifiable assertion.

• marcinzm 6y ago
  Create a non-profit foundation that pays them, store assets outside the country/state, legally reside 51% of the time in a different state/country at their 5th house, etc. That's just random thoughts, I'm sure the truly rich have dozens more that their high priced accountants and lawyers dreamed up. It's the same way Warren Buffett pays less taxes, percentage wise, than his secretary. When you've got millions to spend on lawyers and tactics amazing things are possible. edit: Also trust funds and setting up a family corporation to manage assets.
  • bhupy 6y ago
    I think the argument that you're making is that the existing estate taxes need to close foreign asset loopholes, but that's about it.
    • marcinzm 6y ago
      Then they'll find other loopholes as they have for centuries is my point. And the government has a vested interest in keeping those loopholes open for the truly wealthy since they're all friends and political donation buddies.
      • bhupy 6y ago
        Then the strongest argument against a wealth tax is simply: "they'll find loopholes". It's circular and un-falsifiable.