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> Billionaires are a very different animal. You don't go after the billionaires, but after the banks and such that the billionaires use. FACTA and the long arm
by throw0101a 5y ago
> Billionaires are a very different animal.
You don't go after the billionaires, but after the banks and such that the billionaires use. FACTA and the long arm of the IRS caused a lot of behaviour changes in the banking and finance industry:
* https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance...
- curun1r 5y agoThat's only for evasion, I'm talking about avoidance. Most billionaires can easily spend their entire lifetime avoiding taxes. Taking out a low-interest ELOC against unrealized gains is 100% legal and a low-risk transaction for a bank. No amount of "going after the banks" changes that.
- ben_w 5y ago> 100% legal and a low-risk transaction for a bank. No amount of "going after the banks" changes that. With the caveat that I don’t know if this is a good idea or not, a government can absolutely change the law if they want to give themselves the powers to prevent that from happening.