bonjouretatsunis1776
83059
1260
25
Bloomberg
https://www.bloomberg.com/news/articles/2021-09-02/richest-americans-have-tax-loophole-that-s-legal-easy-to-exploit-hard-to-close
Sep 2, 2021 7:19 PM
bonjouretatsunis1776
83059
1260
25
Bloomberg
https://www.bloomberg.com/news/articles/2021-09-02/richest-americans-have-tax-loophole-that-s-legal-easy-to-exploit-hard-to-close
LoggedInToDownvote
i'm not trying to go to PoopbergControlledByBillionaireBankersNews, so give me the TLDR. you click, they earn $ through foottraffic adverts,
comixthomas
Its not "politically very hard to close" just make laws aimed at closing them
PulisP
There's really only one way to solve this. Take all money out of politics. Donations are bribes.
Smokipoki
The funny thing is, people think there aren't direct and immediate consequences for themselves
rhmrcScifiBandit
No shit. Rich people can play games and move their capital around. Middle class and below gets fucked as usual.
Thephedora
Know what? Fuck it. Bring on the reign of terror America edition.
TheeKingsWit
is it to early to suggest bringing back the daily lottery of our lady Guillotine?
OmegaAngelus
/a/depxybT
HootSloot
Don't even bother raising taxes says Bloomberg
fishintennessee
Burn the rich
martinyver
Outer space
iChase79
Put % bounty on tax dodgers. You can prove X, is not paying taxes get 10% of what is collected over 10 years. Accountant working for ..1/2
iChase79
2/2 70k $ a year wont have much loyalty if pay day is 2-3 millions a year for ten years.
CrazyGingerAle
oh yea because if they paid there taxes in full they would notice that money was gone..yea right
thugg77
so why don't we all do the same? or is it one of those you can only get if rich things?
thugg77
also their fair share lol so nothing? gtfo
XXXSpork
It's really bad when you read it https://www.valuepenguin.com/life-insurance/private-placement-life-insurance
10benny
One common tactic is to hide capital gains through loans and lines of credit. Then, it's not a "gain," it's a "loan."
PballQhead
Not so much hide as take a "business" loan out using your portfolio as collateral, then pay it back with cap gains. Business loan payments >
PballQhead
are tax-deductible, and the loan itself is non-taxable, so if your only income is going to the payments you end up with zero liability.
Pyro1456
Time to get the guillotines!
Bmxtucker
Lol they can use it as collateral to borrow against. Fuuuuuckkkk that
Zahnradfee
See, that's why a little regulation doesn't do the trick. You need to strip them of their wealth, make them work a normal job and give the >
Zahnradfee
means of production to the workers.
ThioSuxTube
It's not tax 'evasion', it's tax 'minimisation'. The critical thing is that it's entirely legal... so CLOSE the loopholes!!
TheSlouchOfBethlehem
"The bare min you’ll need to start a PPLI is $2 million." So get off your fat ass, make $2mil, and profit. So easy any plutocrat can do it
oatonaboatwithastoat
fix the loopholes and sharpen the guillotine blade for good measure
DiarmuidRyan
As shitty as it is. It's officially called tax avoision. Which is legal. Tax evasion is illegal and carries punishment and fines.
ThatKeffordGuy
Avoidance vs evasion
iusedtodream
So they have chosen death. Cool.
YourIceCreamMan
It will NEVER Stop until we insist Pols. stop selling themselves to lobbyists
no presidents taxed the rich
LoggedInToDownvote
But the OTHER side is BAd aNd WRoNg !
JackieTreehornProductions
https://www.vox.com/policy-and-politics/2018/4/16/17215874/tax-brackets-100-years-chart
YourIceCreamMan
Which Democratic Presidents and Congresses have passed laws forcing the rich to pay their fair share?
dogboybastard
They have been evading taxes all this time, this is nothing new, it's not a reason to NOT try and fix it
YourIceCreamMan
Blaming the rich won't Fit It. The blame rests squarely on the shoulders of politicians who will NEVER change laws that allow this. The →
peterpaoliello
100%, why are you being down voted. Set the laws you want to be followed. If you make it legal and rely on good will, what do you expect lol
YourIceCreamMan
→ rich are not "Evading Taxes"- they are obeying the tax laws just like everyone else to pay as few taxes as possible. Blame Politicians.
dogboybastard
wow your nose is so far up their chocolate shooters you can't see reality; they pay politicians so laws benefit them
Syovere
and also bribing/"lobbying" to keep the loopholes that they abuse. they are absofuckinglutely not blameless.
dogboybastard
Who the fuck do you think pays politicians to make laws that benefit them?
YourIceCreamMan
So you blame the Bribers and excuse the Bribees. The rich bribe both parties- always have, always will
dogboybastard
I blame both, but you using this argument to oppose taxing the rich is asinine
YourIceCreamMan
You are putting motives in my head that aren't there. I pointed a finger of blame- Not a suggestion to forgive taxes. Tax Everyone
YourIceCreamMan
Rich People dodging taxes has been in place for generations- thru ALL GOP and DEM Presidencies and Congresses. ALL Pols are to blame. →
Geeebo
Both sides. Just the absolute wrong side. Obviously you don’t care. Mindless oblivion? I hope so. It won’t save anyone bro. It’s sickness.
Geeebo
We don’t need any sides anymore. It’s really bad here already so stop pointing at that.
bekkayya
conservatives block bills regulating elections. rich people flood congress with money. now dems have to play to win. both sides, you scream.
YourIceCreamMan
→ People here aim their hatred at The Rich when all The Rich are doing is obeying Tax Laws- All of us- You, Me, The Rich use the tax laws →
blastedsteak
Except they are actively bribing and doing all sorts of very immoral things to CHANGE the laws for their advantage. Corrupt senators oblige
YourIceCreamMan
→ to pay as few taxes as possible- Human Nature. The Rich Are Obeying The Law. Aim your hate at congress- not citizens- picket congress.
SunAnvil
jollyjuggalo
The rich pay (bribe) the politicians. It's reciprocal. Fuck 'em all.
arthonnen93
Yeah but the millions of $ worth of lobbying is persuasive to most congress people. Capitalists 100% exploit the system.
MindOfMobius
Eat the rich, change the Congress.
Nopearope
After eating said rich, marinate Congress and ask them if they want to re-think their laws.
YuffieK
Rich people dodging taxes has been around since 'rich people' and 'taxes'.
YourIceCreamMan
The point is the Tax Laws Allow Everything they do. Unless Politicians change these laws it won't stop- Blame Politicians.
YuffieK
How many politicians involved in law making are NOT in the upper 5% of incomes? (i.e. not rich)
YourIceCreamMan
Exactly. The "System" is for sale. Politicians do what is in their best interest. Term Limits would be a good place to start.
Clockworkdancerobot
Maybe they should put a law on the books with $20k bounties on rich people evading taxes.
zenoshogun
Add 3 or 4 more zeroes and it might actually be effective.
EllisHobbs
^This!
eetsumkaus
isn't that called the IRS?
YouNeedFinancialEducation
This is tax avoidance, not tax evasion. Tax avoidance is encouraged, tax evasion is illegal.
trippingthelightfantastic
Stefnos
uhhh sign me up for rich-people-hunting sounds like a jolly old time
AvatarTommyBee
Count me in ..
Titty5prinkles
I feel like 20k is simply a fine. Maybe 20 million...
PastaJesus
I believe there is already a bounty for reporting tax cheats. Don't have time to look now but I'll report back when the baby is sleeping
PastaJesus
Yes there is, and it's a percentage of what is recooped https://www.irs.gov/compliance/whistleblower-office
catzrob
They already have this and it's a lot more than $20k. The problem is this is not evasion its avoidance.
Chavestvaldt
With an extra $10k bonus for anyone who can apprehend them using only nunchucks
yourbassist
HeresYourSauce
The problem is that it's legal to. There's already punishments for illegally evading taxes.
HeresYourSauce
A lot of the things that might count there are also perfectly acceptable, like having kids.
mizzamir
The word for this is proscription
Nuttburger
The problem is the tax solution lies in other countries
dancingbears8
Amen!
Arcticguardian
Maybe create a site where you submit who you think is avoiding taxes and report it.
DLOBREWSKY
Make it a percentage of the amount evaded. 10k wont move the people who would know and could prove it since they are likelu getting paid a t
DLOBREWSKY
Ton to help in the first place
SirBagels
It already is a person of the recovered amount.
PastaJesus
That is literally already what it is. I linked the ORS whistleblower office above
nerdsexual
I would consider moving to the states and working there considering that's right in my career skillset
PastaJesus
Well then you're in luck https://www.irs.gov/compliance/whistleblower-office
nerdsexual
I wish, I'm in Canada and I don't have access to us financial records
Frogapus
How about making it legal to hunt billionaires for sport?
beeeeeeerkaaaaa
$200k paid by the evaders.
JustDriftingAboutTheInterWebs
and anyone assisting them.
thinkybrainpains
like the GOP
nerdsexual
Realtor, lawyers and accountants would be the mediums of choice for the rich barring Cryptocurrency
XstonedraiderX
It’s in the Texas abortion law. If it goes over a law already set just make it legal for the public to enact “the law”
Cha0sForever
Or how about stop make law overly fucking complicated. And just say, "you got X, you owe Y". And include all personal benefits gained.
inferno34
I can touch someone 3x the distance of the average restraining order if need be
GondwanaCraton
If you're going that route why are you concerned about the restraining order?
inferno34
It's a loop hole, politicians love them
IReactToCommentsInMemesAndGifs
Biden is not increasing the taxes for the rich, he is putting it back to where it was before Trump fucked us all for his own self.
Brutsarge
Our tax system has been so broken for so long. The extreme complexity creates the myriad of loopholes. How do I know? Tax person here.
Brutsarge
A simplified tax code(e.g flat tax on all income (for individuals) and revenue (for entities) earned) would go a long way to close loopholes
TheFastpaws
It actually falls short of what it was in the Obama era.
TheSecondPiewackit
Which is funny because all the investors I know hated Trumps cuts. They took home more individually, but couldn't predict the market.
KyraLee
Well it was stupid before Trump messed with it so yay?
DarkRedCape
It was Reagan who truly fucked it. He cut it down so his rich buddies could get richer. Then to make up for it, he just taxed the poor.
SpammersAreScum
True, but the fucking started well before Trump.
Brutsarge
Yes it did.
ParanoydAndroid
He actually is also proposing increases on the ultra wealthy, which is great. Incl. Charing capital gains at standard income rates for
ParanoydAndroid
People with over $1M in incomes and assessing taxes on capital gains for large inheritances (over $2M IIRC)
Brutsarge
He needs to go after corporations. That’s where the true tax dodging happens.
ParanoydAndroid
He is. The increase to IRS funding is specifically bc the previous funding reductions led to a disproportionate decrease in audits of
ParanoydAndroid
the ultra wealthy. He seeks to increase the corporate tax rate, though he unfortunately doesn't have enough support to raise it above 2017
ParanoydAndroid
levels, and improve tax enforcement against the wealthy.