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Politics : View from the Center and Left

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To: Sam who wrote (399579)	2/13/2019 9:04:31 AM
From: Sun Tzu	Read Replies (1) of 541906

Since we tax income but not assets, then legal schemes for hiding them are not as mature as they are for income manipulation. If we had spent a century taxing assets, you'd be sure to find many firms specializing in hiding them. It is in fact much easier to hide assets than income. But income hiding would be nearly impossible if you were to tax FX. At best it can be differed while the local banks get flush with so much money that you'd have to pay for keeping your money there. I have a lot of respect for Bill Gates, but he is wrong here. He is looking at his billionaire buddies and how they love to boast how much money they have in the stocks and options and thinks that is how it will remain if we were to tax assets. But almost overnight they will transfer their shares to shell companies that are inside other shell companies offshore, or convert stocks to long term options and draw loans on them to "lend" to some foreign company and in the process write off the interest on those loans. There is what you want - and then there is what you can realistically achieve.

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