4 ms·
The rich are not exempt from tax monitoring and transaction monitoring. Actually, a lot of monitoring targets exclusively large accounts and transactions.
by cynicalkane 13y ago
The rich are not exempt from tax monitoring and transaction monitoring. Actually, a lot of monitoring targets exclusively large accounts and transactions.
- HarryHirsch 13y agoAs far as tax monitoring goes, I'm not sure that account and transaction monitoring is helpful. If you have a stated income near the median, yet own a palace, a Porsche and a Lamborghini for the wife, a yacht &c something just has to be off. Apparently you can see the phenomenon in at work in Greece. If you have undeclared income, at some point the funds have to enter the regular economy, and from then on it's just old-fashioned police work. Just how you do the actual enforcement, that's a different issue, especially if corruption is entrenched already.
- TheLoneWolfling 13y agoNot necessarily. The funds from your undeclared income could be going to other people' undeclared incomes.
- anonbanker 13y agoI know I personally avoid monitoring by storing my assets in trusts with formal equity in foreign (I'm in Canada) LLC's that manage said assets. Myself, I own no property, I'm legally homeless [1], and one of my LLC's gets a tax credit for owning a homeless shelter. I strongly argue to anyone around me that If you owe taxes, you should pay them. I don't tell them that you can avoid owing taxes, and it's not considered tax evasion. Bitcoin makes a lot of this even more complex, and as more people start using/trusting it for larger transactions, it'll be quite difficult to know who actually owns what. I might not even need half my loopholes anymore. 1. just like this guy: http://blogs.wsj.com/wealth/2008/05/19/the-homeless-billionaire/ http://blogs.wsj.com/wealth/2008/05/19/the-homeless-billiona...