The rich and famous use international tax laws to legally avoid taxation!! WHO KNEW?!??!

THE HORROR!!

https://www.theguardian.com/news/2021/o ... d-powerful

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You know me like that.

It’s not good, but I guess we should just accept feudalism.

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If the international community wants to coordinate tax laws, I have no problem with it (well, I probably would, I haven't thought about it much because it will never happen).

But, to assume that people have the incentive to pay more tax than they need to for the overall social good is not realistic.

At the very least, someone who might feel that way would still keep their money to donate to causes of their choice.

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You know me like that.

Doc celebrates tax cheats.

SAD!

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You should look into the criticisms of billionaire philanthropy.

Seems to be more of a tax avoiding, wealth and power accumulation device more than anything altruistic.

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I'm not saying that billionaires are by nature philanthropic. I'm just saying if they were so inclined they'd more likely still avoid taxation and donate at their own discretion. But then they probably wouldn't be billionaires.

And, Peeps, they aren't tax "cheats", people (like me) go to school and take classes on how to do this. But, I get your point. It feels like cheating. You and I can't do it because we'd pay more in fees than we would save in taxes. Well, maybe you can but I can't.

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You know me like that.

“ legally avoid taxation “ . So what’s the problem?

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Proud member of the white guy grievance committee

It aint the six minutes. Its what happens in those six minutes.

If we want all philanthropy to be altruistic then we should get rid of all tax breaks for everyone in regards to donating money. Everyone who donates money is avoiding taxes.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

Pandora: she can't wrestle worth a damn but you should see her box

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O judgment! Thou art fled to brutish beasts,
And men have lost their reason.

I do have to laugh at the major revelation that people from foreign countries with money own property in the United States as a way to avoid taxes. I'm sure that palace in Malibu is a big money saver.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

No prominent Americans on the list. We’ve regained our moral authority.

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Lots of people donate money without any tax benefit. Only those that itemize their taxes get to deduct their donations. It 2019, that was around 15% of taxpayers.

That's true, though I'd argue that's because the tax system rewards them more for the standard deduction and also many don't make enough to pay taxes.

I'd be fine getting rid of all tax breaks for charitable donations though to avoid billionaires doing it for non-altruistic reasons.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

We saw similar stuff with the Panama Papers. The U.S was able to crack down on tons of these arrangements with the Facta law. It broke the Swiss bank secrecy shield.

But we all cheat on taxes. I am sure most on this board has purchased stuff online and not paid the required sales tax. You are supposed to pay that use tax when you file your Illinois return. Or plenty of people taking/paying cash for labor and not adding that to your income or the payor not paying the required Fica taxes.

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Hawaii (fuck) You

That's a weird stance.

You want to avoid charitable donations because they aren't doing it for the right reasons?

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You know me like that.

If the idea is that charitable donations are "tax avoidance" then that is the answer.

Personally, I don't have a problem with billionaires giving away money and get a relatively small tax benefit from it but if it went away then I would hope people would still donate to worthwhile causes like child hunger, homelessness, and Big Ten football athletic programs.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

I would take all but the standard deduction out of the tax code (or just have a zero rate for say the first $25k in income). It is silly that you can deduct mortgage interest but not rental payments, which are effectively the same thing. Stop using the tax code to do anything other than raise revenue.

Clean the whole thing up, simplify and spend within our means.

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Hawaii (fuck) You

Yes it’s like you have to give away a dollar to save 37 cents…..seems like a great business decision.

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Hawaii (fuck) You

Yeah, I think you'd see a precipitous decline in charitable donations.

That tax benefit is a hidden social tax for the wealthy to benefit society.

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You know me like that.

I believe the people like JBills who wear the "Tax The Rich" dress would make up for that by taking money directly from the bank accounts of the rich and distributing that money to various government agencies.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

This is an ongoing confusion, not with charity but other things, but when farmer's actually make money they are in such a tissy about paying taxes they run to the delaership in order to spend money to avoid paying taxes. Always makes me chuckle. I'm thinking I'd be paying down that operating loan, or not needing as big of one but hey, I'm crazy.


The big charities scam would be the foundations they establish in order to employ family members. Some are pretty genuine as well though.

That's a whole other argument and I'm with you on that.

But, that's actual criminal behavior in most cases.

In this case, utilizing international tax laws and, in some cases, US State tax laws to avoid taxes doesn't feel like it necessitates a "BREAKING NEWS"-type story. But, here it is.

IT'S EVEN GOT A NAME!!

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You know me like that.

No one wants to pay more money in taxes (Even those that say they are taxed too little aren't volunteering up more money) so people using the current laws to reduce tax burden isn't really news at all to me either Doc.

This isn't to say that actual societal good is often achieved via their policies, but if this were true no one would ever vote for Democrats.

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Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

Nobody does. It's a big lie.

I've never known a Democrat in my life. Just people that vote for them.

I'm joking. Don't respond.

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You know me like that.

You used to say that the Democratic agenda is the only thing stopping the poor from stealing everything I own.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

Social programs are definitely for the benefit of the elites. Desperation is setting in as they are realizing it's not enough.

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Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

I fear this thread is about to get moved.

I just thought it was a dumb "exclusive".

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You know me like that.

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I blame Brick.

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Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don