One of the funny things about the Panama Papers was how few Americans were in it. This is not a point in America’s favor, but an illustration of how loose and flimsy American tax law is in practice. You don’t need these elaborate shell companies to avoid taxation, because tax avoidance for folks in the mega-million brackets is baked into the system.
Excellent point. The miles long US tax code leaks taxation on the wealthy like a sieve, by design, such that many of our billionaires pay less than average working class citizens. It’s grotesque, and even now they’re pushing to strip healthcare from millions to pay even less.
I have heard some dems a/b testing recently on ideas of taxing wealth not work. I really like that approach in theory, hope it sticks and we can finally start narrowing the insane and utterly untenable wealth gap.
One of the funny things about the Panama Papers was how few Americans were in it. This is not a point in America’s favor, but an illustration of how loose and flimsy American tax law is in practice. You don’t need these elaborate shell companies to avoid taxation, because tax avoidance for folks in the mega-million brackets is baked into the system.
Excellent point. The miles long US tax code leaks taxation on the wealthy like a sieve, by design, such that many of our billionaires pay less than average working class citizens. It’s grotesque, and even now they’re pushing to strip healthcare from millions to pay even less.
I have heard some dems a/b testing recently on ideas of taxing wealth not work. I really like that approach in theory, hope it sticks and we can finally start narrowing the insane and utterly untenable wealth gap.