News
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious biased sources will be removed at the mods’ discretion. Supporting links can be added in comments or posted separately but not to the post body. Sources may be checked for reliability using Wikipedia, MBFC, AdFontes, GroundNews, etc.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source. Clickbait titles may be removed.
Posts which titles don’t match the source may be removed. If the site changed their headline, we may ask you to update the post title. Clickbait titles use hyperbolic language and do not accurately describe the article content. When necessary, post titles may be edited, clearly marked with [brackets], but may never be used to editorialize or comment on the content.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials, videos, blogs, press releases, or celebrity gossip will be allowed. All posts will be judged on a case-by-case basis. Mods may use discretion to pre-approve videos or press releases from highly credible sources that provide unique, newsworthy content not available or possible in another format.
7. No duplicate posts.
If an article has already been posted, it will be removed. Different articles reporting on the same subject are permitted. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners or news aggregators.
All posts must link to original article sources. You may include archival links in the post description. News aggregators such as Yahoo, Google, Hacker News, etc. should be avoided in favor of the original source link. Newswire services such as AP, Reuters, or AFP, are frequently republished and may be shared from other credible sources.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
view the rest of the comments
Here in the UK 78% of people support a 2% wealth tax on net assets worth more than £10 million yet our spineless neoliberal government is more focused on cutting disability benefits and bombing starving children.
Can't they just get around a tax like that by borrowing cash (for their lifestyle) and using their assets as collateral?
Wealth includes assets. If you can borrow against it, it can be taxed.
In fact, taxing the assets makes borrowing against them even more expensive.
Is it though?
I'm actually against a wealth tax, but think one of the only ways that taking their unrealized assets can work is if we do as you suggest.
If you own stock in something, taxing unrealized gains isn't good. it's not like were going to pay them for unrealized losses.
But we MUST stop them from being able to actualize those unrealized gains without taxing them like when they use their unrealized assets as collateral. It's like a loophole for the ultra wealthy where they can just borrow against their assets for their entire life without paying taxes on it.
And really... who cares if this way might be more expensive to do, they're rich as fuck, and can pay for it as part of that tax. Also assets can be very nebulous and hard to know what they actually have. But when you see that new house, new yacht, donation to a SPAC or whatever, the IRS can come knocking and be like how'd you pay for that.
It will lead to more dark money. It's very hard to accurately measure a persons net worth when their financials aren't just a house and an IRA like the average person. Especially if they don't want you to see it. You'll never be able to implement that tax in a consistent way.
Yes, that's the current situation, thanks for pointing that out. I don't think people understand how much tax evasion they do, for instance as of 2016 there was £36 TRILLION in offshore tax havens, UK GDP is £25 trillion for comparison. Murder in the first degree can get you prison for life, but letting countless people die from poverty related issues at home while getting rich off of starving and killing kids overseas makes you a billionaire. Why do we accept that?
law is inherently flawed and easily manipulated by clever sociopaths. chaotic good FTW. let there be guillotines and morally sound citizens and nothing more.
Laws are written to be manipulated, that's why European culture uses laws and words as weapons, for European culture loves words to be twisted. This is why the "truth" always changes in the European mind, look no further than their use of "treaties" or "truces" or their fad-politics. Whether it's far-right capitalism or left-wing socialism, I fail to see the difference when they both rely on "production at all costs" at the expense of our natural world and turning our habitable environments into gravel pits and uranium mines all in the name of "productivity." The global south, or "third world", and natural peoples will all be capitalist workerbees or socialist proletarian under the European death-cult of "productivity" as they call it; I call it a culture of suicide with a medieval religious devotion to their faith except now it's shifted to science, technology, and money - just another example of how the truth always changes. They're incapable of any real thought, incapable of simply appreciating the magic of nature to admire a lake or mountain or people in being, and most of all they cannot listen unless the world around them is despiritualized into mechanical models and dead symbols written on dead leaves.
To me I don't see the shift towards left-wing, even the death of capitalism, to be revolutionary. It may be yet another revolution for the European mind, but to the rest of the world it's merely a continuation. In order for humanity to live in harmony with nature, European culture must die.
Thing is, that ability to evade that is intentionally built in. It has to be. We have KYC laws here and anything over 10K is tracked.
The fact that the ultrawealthy are able to manipulate money in ways so that it's not tracked and/or not taxed has to be by design.
Huh, curious, I could swear we Germans (and most other countries I'm sure) used to do just that until a glorious neoliberal government came along and abolished the tax.
That's why accountants and auditors exist.
If you're suggesting that it shouldn't be done because its too hard -- it's not. That's just a dumb excuse.