Re:Canada to ban foreigners from buying homes
by seanmcdirmid on Thursday April 07, 2022 @01:52PM
(#30948001)
But at least in the USA, the left treats the rich pretty uniformly (no distinction is made between rich born-here citizen, rich citizen immigrant, or rich foreigner). Many don't even know Elon Musk was born in South Africa, nor do they really care.
Tax evasion is seen as a moral problem no matter how you accomplish (so hiding it with your other citizenship is just as bad as using a shell company).
Re:Canada to ban foreigners from buying homes
by Dracophoenix on Friday April 08, 2022 @11:00AM
(#30957845)
>Tax evasion is seen as a moral problem no matter how you accomplish (so hiding it with your other citizenship is just as bad as using a shell company).
Tax evasion is a legal term, not a moral one. Tax evasion isn't a problem in USA given that it has the highest compliance rate in the world. Jurisdictional arbitrage is a freedom and should be protected as such.
To use the UK as an example, attacking rich foreigners for their "non-domiciled" tax status is extremely common. This is where you live in the UK, but for tax purposes hide your wealth in another system with lower tax rates, effectively paying no income taxes at all in the UK. Variations of this concept exist throughout the world in many countries and routinely draw politically ire.
Just this week: https://www.bbc.com/news/uk-politics-61017993
Wealth coupled with a collection of passports often creates far more opportunities to avoid tax than being stuck under the rules of one single State, rightly or wrongly.