Information Is BeautifulHow rich people avoid paying tax
(Originally by Instgram user @newmoney.blog)
ᴮᵉⁿ ᴿᵒʸᶜᵉVOTE IN THE PRIMARIESyeah this is why i get sad when i see "tax the rich" posts
the problem is when you have a lot of money, you can hire teams of accountants who spend their days inventing new ways to avoid paying taxes
i'm not saying we shouldn't tax the rich, nor am i saying to give up on trying to get them to contribute what they owe. what i am saying is that it is a harder more difficult problem. it's whack-a-mole. we need some sort of universal approach that catches *all* possible loopholes
Lynn D@benroyce part of the solution is to legislate that intangible assets like shares, options, derivatives, bonds etc. cannot be used as collateral for loans. In addition to closing the loophole, it reduces the risks that financial institutions will be caught, as they were by bad debt in 2008, when thr markets crash. @infobeautiful
i agree but i can't shake the feeling they'll just find a creative workaround
@benroyce oh, no doubt, but our job is to make it as difficult as possible for them. My suggestion is just one of the many roadblocks to throw in their way. Others are: ending monopolies, enacting wealth taxes, enforcing effective antitrust laws, ending limited liability corporations, ending corporate welfare, growing unions, reducing or eliminating dividend and capital gains tax credits (income is income) etc. etc. @infobeautiful