4 ms·
Tax incentives and tax havens are pretty different. Every US state uses tax policy to encourage industry. Tax havens are places that use their legal power to he
by wpietri 5y ago
Tax incentives and tax havens are pretty different. Every US state uses tax policy to encourage industry. Tax havens are places that use their legal power to help rich people elsewhere avoid accountability and their tax laws at home. None of these rich people are moving to South Dakota to open factories. They're just sending their money there so it's harder for people in their own states and countries to see what's actually going on.
- lotsofpulp 5y agoIs there even much money being sent to South Dakota other than fees and a few meager salaries to satisfy government paperwork or trustee residency requirements?
- wpietri 5y agoGood question! From this I was thinking yes: "The state’s trust assets have more than quadrupled to $360 billion over the past decade, the report finds." But you're right, unless there's special language to the contrary, presumably those trusts just put the money elsewhere.