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If everyone had access to the same kind of tax advice that minimised taxes for the rich, I bet a bunch of loopholes would get closed pretty quickly. Some public
by f4c39012 1y ago
If everyone had access to the same kind of tax advice that minimised taxes for the rich, I bet a bunch of loopholes would get closed pretty quickly. Some publicly available templates and simple to follow guides would encourage governments to act when they see a general shortfall in revenue. When new loopholes emerge, rinse & repeat. Maybe everyone would pay their fair share then
- smallmancontrov 1y agoNo, because most loopholes cost $$ to set up so they only break even above a certain income that few people have. You must be this rich to play.
- anthonypz 1y agoI’m curious to know: what are some of the things that need to be set up? Specific bank accounts to route money around?
- AlotOfReading 1y agoAn easy example: buy a house in Monaco, put €500k in a bank, and declare it your legal residence for tax purposes to avoid most taxes.
- v5v3 1y agoOr get some one else to move... The UK billionaire Phil Green lived in UK, his wife moved to Monaco and everything was in her name. So he could run the companies in person and she would recieve the hundreds of millions in dividends.
- thatguy0900 1y agoI'm not sure governments would act on a shortfall in revenue. Some governments seem to just consider money not real, just add a couple trillion to the debt and call it a day