Treasury secretary came out against the proposed global levy, which proponents say would stop the rich from shifting wealth into countries where they can avoid paying the tax
Treasury secretary came out against the proposed global levy, which proponents say would stop the rich from shifting wealth into countries where they can avoid paying the tax
This type of tax would just result in wealthy people moving their money into 3rd world countries. they will not pay a dime in the end and the USA would get less tax money from them… hence why its a no for now. come up with a better strategy for taxing these assholes, not something that will result in them paying even less and hiding their money other places. FFS, it’s fairly simple yet forest/trees
Except we started this years ago and it’s working…
https://www.cnn.com/2023/10/23/business/billionaires-global-tax/index.html
Like, what you’re doing is the same as when billionaires/corporations claim if they pay more tax they’ll leave for a third world country with low tax…
You know what never happens?
Billionaires/corporations moving to third world countries after we raise their taxes.
There is a big difference between corporate wealth and personal wealth and there are more than 140 countries.
There’s a reason they’re not already hiding money in 3rd world countries with shit tier banking systems, regulations, and protections for their money…
You think some rich jerk off wants to hid millions of dollars in a country where at any moment civil war can break out, the government could seize their money, or their banking system can just go insolvent?
You don’t think those 3rd world countries would want to keep the developed world happy?
There is just sooooo much obviously wrong with your train of thought.
Like you realize if this takes off and the wealthy do what you think…
Developed countries could just remove non participating countries from their market?
Putting money there would be just as “smart” as burying it in the sand somewhere and then living it there and hoping if you ever need it you can go get it and it’ll still be there…
And it would be much much worse for people legitimately living there. I want going to mention that because it would be obvious…
But it feels necessary now
Tell us then. Where are they currently hiding their money?
Now?
Not in Panama…
https://apnews.com/article/panama-papers-odebrecht-trial-50e8e62ae2021c417e49751d7cfe0331
Because united international actions works…
But that wasn’t the question, was it? United international action works and also doesn’t really exist. You think billionaires are going to just throw up their hands and give governments their tax dollars if enough nations agree they should. Doesn’t work that way.
Read the article you linked. Who’s going to jail in Panama? A few bankers–maybe. Panama changed its rules, and the billionaires just moved all their money elsewhere–exactly as predicted.
The solution to tax evasion isn’t more tax law. That’s like saying that if only everyone agreed rapists should go to jail, people would stop committing rape.
I’m in favor of a wealth tax just because any action beats no action, but it is absolutely a half measure. The real solution to this problem is not financial. It’s personal.
Some moved their money. Then they got caught. Kinda silly how you’re ignoring that part.
From the very comment chain you’re commenting on:
“Something that many people thought would be impossible, now we know can actually be done,” Zucman said. “The logical next step is to apply that logic to billionaires, and not only to multinational companies.”
https://www.cnn.com/2023/10/23/business/billionaires-global-tax/index.html
So yeah, it does exist.
Dont expect more replies.
140 != all
Thank Christ.