Global Tax Evasion Report 2024 [pdf]
taxobservatory.eu
taxobservatory.eu
+/- 1 year circa that time, there was also the Swiss Leaks...and Panama Papers...and Bahamas Papers...and Paradise Papers.
Perhaps there's an argument in support of the prevailing steady state, but color me unconvinced that "the automatic exchange of bank information" was directly responsible for the transient response.
> Global billionaires have effective tax rates equivalent to 0% to 0.5% of their wealth
That's terrible
Also, is Stieglitz is not an American in values, only by paper citizenship. Rights here derive from God, and the government is ruled by the people. This inversion recognizes the appropriate state of socialist moralizers, like Joe, in the hierarchy of human creation and subsequent economic experience.
That is low in comparison to taxes on labour.
One tenth of the taxes you pay on your labour, is covering for someone not paying the tax on their wealth income. While it is not world-changing, that's not an insubstantial either. Unless you are currently making more by wealth income than labour income, you would see your total taxes decrease in this operation.
And all of what I write above is ignoring the idea that it might be more moral to tax wealth income higher than labour income! The above is purely asking for both to be taxed equally.
Or is it because government spending has gotten so wasteful? It's interesting to think about how much government used to accomplish with less, or even no, income tax in the past.
Rich will just hire really smart people to figure out how to dodge the taxes, as they have always done
If you believe trying to have the rich pay more of the government budget is only going to lead to them paying less, no other assumptions needed, there is no discussion.
I think assuming this contradiction is way too fatalistic.
but im not sure if HN bans people so just :) and nod
You know, even if you're a socialist, deep inside you that they'll never ever be going to stop at confiscating 2% of the billionaires' wealth yearly. It shall quickly become: "confiscate 2% of everybody's wealth yearly".
Do you even realize the kind of totalitarian world we already are living in for such measures to even be thinkable? (btw it's the same kind of totalitarian world where the five eyes or nine eyes or whatever-eyed monster can team up to plan to ban E2EE).
The OECD passing a law so that companies, worldwide, do pay 15% tax and socialist economists writing "15%, far too low" is the worst of the worst nightmare.
That's basically a one-world, socialist (believe me, many didn't vote for that), government pulling the strings.
I fear the horrible future my kid is going to live on a planet with such minded people.
> A minimum tax on billionaires equal to 2% of their wealth would address this evasion and generate nearly $250 billion from less than 3,000 individuals.
That seems like a very reasonable and focused policy with pretty big upside for affecting a very tiny proportion of the population, which is generally "the point" of policy proposals such as this.
Thinking the government will be satisfied with taking only a little bit from the wealthy, is like thinking your drug addicted friend will be happy with only a small bump of heroin on weekends.
We forbid global capture to prevent a dismal future of global conformity.