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The outlash against oligarchs has almost nothing to do with tax dodging. If anything they pay many thousand times more than they consume in public services (th

by from 4y ago

The outlash against oligarchs has almost nothing to do with tax dodging. If anything they pay many thousand times more than they consume in public services (they're not even in London the whole year and the property tax alone on one penthouse is probably more than the average person pays in taxes in a decade). It is more about sanctions right now than anything. This paper promotes the "facilitators" idea that if we could just eliminate a few key offshore providers we could stop the oligarchs right in their tracks. They have some nice theoretical calculations and visualizations that justify this. I think in the real world the outcome would be very different because there is no reason to think that a 1000 more "facilitators" wouldn't pop up wherever the new cool jurisdiction is. Are we really expecting the whole world to leave trillions of dollars on the table?

lifeisstillgood 4y ago
Property tax in London? You mean ... council tax? For a penthouse in the City - 2,194 pa. There is a one time sales tax (stamp duty) but that's not what you mean I think. Oligarchs owning property in London are not forced to contribute to the London coffers .... not at all https://www.cityoflondon.gov.uk/services/council-tax/council-tax-bands-and-charges https://www.cityoflondon.gov.uk/services/council-tax/council...
- from 4y ago
  So... I am supposed to believe that ultra high income people that are known to engage in a high degree of conspicuous consumption while using minimal government services contribute nothing to the budget? They don't pay way more in VAT than the average person? They don't create any construction employment that in turn is taxed? I'm not saying they're good people or anything but if anything it seems like their obvious benefit is that they contribute to the economy.
  - lifeisstillgood 4y ago
    The original post was about property tax specifically. Walk down Park Lane at night and look at the dark million dollar apartments - if no-one lives there there is not a lot of "trickle down" happening - the maids, the drivers, the restaurants, the money does not flow unless they are home. But the point of super rich is to avoid states and their taxes and capricious democratic decisions. Yachts are useful for that.

by from 4y ago

lifeisstillgood 4y ago

Property tax in London? You mean ... council tax? For a penthouse in the City - 2,194 pa. There is a one time sales tax (stamp duty) but that's not what you mean I think. Oligarchs owning property in London are not forced to contribute to the London coffers .... not at all https://www.cityoflondon.gov.uk/services/council-tax/council-tax-bands-and-charges https://www.cityoflondon.gov.uk/services/council-tax/council...

from 4y ago
So... I am supposed to believe that ultra high income people that are known to engage in a high degree of conspicuous consumption while using minimal government services contribute nothing to the budget? They don't pay way more in VAT than the average person? They don't create any construction employment that in turn is taxed? I'm not saying they're good people or anything but if anything it seems like their obvious benefit is that they contribute to the economy.
- lifeisstillgood 4y ago
  The original post was about property tax specifically. Walk down Park Lane at night and look at the dark million dollar apartments - if no-one lives there there is not a lot of "trickle down" happening - the maids, the drivers, the restaurants, the money does not flow unless they are home. But the point of super rich is to avoid states and their taxes and capricious democratic decisions. Yachts are useful for that.