It wouldn’t. They already run around solutions like this by using proxies, so they are never the official owner of assets they wish to hide from the tax man.
I am all to reform, but this can only ever successfully happen if you target these oligarchs directly and dedicate extraordinary amounts of resources on taking them down and whacking every single loop hole until you finally got them cornered.
Tax evasion with existing laws works predominantly because the agencies are underfunded and not equipped to track and follow the tax evasion schemes of the ultra rich, while they simultaneously lobby for that to stay that way or become even worse.
No matter the change of code, these issues will not go away, because there’s always some way to hide what you have, no matter the laws. While the current state of tax laws (no matter where) is very sub-optimal and heavily favors the rich, there is no way that a mere change in law would change that status whatsoever.
Since I personally do not evade taxes, I couldn’t tell you all the loop holes some high powered, high paid professional would find in your proposed scheme, so my assumptions are pretty low level.
Your proposal hinges on even knowing what they own. That’s already heavily obfuscated beyond some prestige projects they like to flaunt. I don’t think that it would be feasible to enforce finding and knowing what they own, because it’s already hidden in layers and layers of proxies, including non-profits, charities, etc.
How about instead of calling me ignorant you take the opportunity to share your insights? Share some sources for the claims you just made and teach, rather than attack me for not knowing better.
My point is that laws are nearly irrelevant at a certain point of wealth unless they’re aggressively enforced specifically against that class of wealthy individuals and companies that are the main culprits in not only evading but also continually eroding tax laws and enforcement. Laws alone do (nearly) nothing to stop any of this.
It wouldn’t. They already run around solutions like this by using proxies, so they are never the official owner of assets they wish to hide from the tax man.
I am all to reform, but this can only ever successfully happen if you target these oligarchs directly and dedicate extraordinary amounts of resources on taking them down and whacking every single loop hole until you finally got them cornered.
This is a never ending cycle.
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Unless it isn’t in his name, but someone who looks like a working Joe, then it doesn’t really matter.
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Tax evasion with existing laws works predominantly because the agencies are underfunded and not equipped to track and follow the tax evasion schemes of the ultra rich, while they simultaneously lobby for that to stay that way or become even worse.
No matter the change of code, these issues will not go away, because there’s always some way to hide what you have, no matter the laws. While the current state of tax laws (no matter where) is very sub-optimal and heavily favors the rich, there is no way that a mere change in law would change that status whatsoever.
Since I personally do not evade taxes, I couldn’t tell you all the loop holes some high powered, high paid professional would find in your proposed scheme, so my assumptions are pretty low level.
Your proposal hinges on even knowing what they own. That’s already heavily obfuscated beyond some prestige projects they like to flaunt. I don’t think that it would be feasible to enforce finding and knowing what they own, because it’s already hidden in layers and layers of proxies, including non-profits, charities, etc.
deleted by creator
How about instead of calling me ignorant you take the opportunity to share your insights? Share some sources for the claims you just made and teach, rather than attack me for not knowing better.
My point is that laws are nearly irrelevant at a certain point of wealth unless they’re aggressively enforced specifically against that class of wealthy individuals and companies that are the main culprits in not only evading but also continually eroding tax laws and enforcement. Laws alone do (nearly) nothing to stop any of this.
deleted by creator
So what? It’s the property the owes the tax, is the point. Someone has to pay it. In this case it would be whatever the proxy is.