EU-funded report calls for wealth of super-rich to be taxed, not income

Re:EU-funded report calls for wealth of super-rich to be tax... by okokwhatever on Monday October 23, 2023 @04:32AM (#37982979)

Declare residence in an isolated island. Stay away of the world for 6-9 months a year. Use a third-party proxy person who signs everything in your name (obviously for a profit), and so on, and so on... profit.

All the tricks were already invented during this century. The taxes to the rich guys, at the end, will only affect those in the middle class with medium-high salaries (do you recognize here my friends?).

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Re:EU-funded report calls for wealth of super-rich to be tax... by gwnywg on Monday October 23, 2023 @04:40AM (#37983056)

That's exactly what I thought. Calls to tax the rich are not affecting them since they have means to avoid being taxed. We have no means at all and those laws will be directed at us at later stage (thresholds lowered, definitions changed, etc.).

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Re:EU-funded report calls for wealth of super-rich to be tax... by okokwhatever on Monday October 23, 2023 @04:45AM (#37983104)

It happened before and will happen again, yes.

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Re:EU-funded report calls for wealth of super-rich to be tax... by rand846633 on Monday October 23, 2023 @04:44AM (#37983095)

Would you trust some random island state with your multi billion wealth? Seems risky. Also how do you maintain access to all the relevant markets that you need to multiply your wealth?

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Re:EU-funded report calls for wealth of super-rich to be tax... by robertlagrant on Monday October 23, 2023 @04:52AM (#37983159)

That level of wealth often implies a lot of risk-taking. That's why higher rates of tax are a problem: people won't take the risk, and far fewer new things will be created.

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Re:EU-funded report calls for wealth of super-rich to be tax... by michaelt on Monday October 23, 2023 @05:44AM (#37983474)

> Would you trust some random island state with your multi billion wealth? Seems risky.

Well, you don't have to actually store your wealth where the island state can get to it. Just because you're resident in the Cayman Islands for tax purposes, doesn't mean you need to hold your wealth as Cayman Islands Dollars, or store it in a Cayman Islands bank.

Banks in Switzerland and London are more than happy to look after your money for you, denominated in whatever currency you choose.

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Re:EU-funded report calls for wealth of super-rich to be tax... by BiteCode_dev on Monday October 23, 2023 @04:46AM (#37983108)

If you are an american citizen, you are taxed no matter where you live.

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Re:EU-funded report calls for wealth of super-rich to be tax... by okokwhatever on Monday October 23, 2023 @04:51AM (#37983145)

if you're an american citizen you're just a small percentage of all the human race paying wild taxes.

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Re:EU-funded report calls for wealth of super-rich to be tax... by jwestbury on Monday October 23, 2023 @06:31AM (#37983764)

True -- but the ultrawealthy are largely concentrated in the USA. There are substantial impacts from renouncing for tax purposes, as well -- for instance, the Reed Amendment means that people who renounce their citizenship to avoid paying taxes are barred from entering the USA in perpetuity.

Additionally, there is an exit tax which captures unrealized gains upon renunciation.

So, yes, American citizens are a small percentage, but if the USA adopted wealth taxes, it would have an outsized global impact.

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Re:EU-funded report calls for wealth of super-rich to be tax... by okokwhatever on Monday October 23, 2023 @08:21AM (#37984633)

Yes, but my point was global. Everybody knows where the wealth is located but taxes and confiscation affects every country around the world event the poorer ones.

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Re:EU-funded report calls for wealth of super-rich to be tax... by Trow83949 on Monday October 23, 2023 @04:48AM (#37983125)

I am middle class, and I already do those tricks. In reality it means I follow the sun, and change location every two months. I pay about 10% in taxes and socials. All strictly legal!

Who really gets screwed by this, are middle class people with children!

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Re:EU-funded report calls for wealth of super-rich to be tax... by robertlagrant on Monday October 23, 2023 @04:54AM (#37983166)

> Who really gets screwed by this, are middle class people with children!

The classic middle class trap: the working class are subsidised by taxes; the rich can pay enough to avoid taxes, and the middle class pay taxes.

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