this post was submitted on 21 May 2024
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A Global Tax on Billionaires? Janet Yellen Says ‘No’ (www.wsj.com)
submitted 2 years ago by givesomefucks@lemmy.world to c/politics@lemmy.world
13 comments fedilink hide all child comments
 

Treasury secretary came out against the proposed global levy, which proponents say would stop the rich from shifting wealth into countries where they can avoid paying the tax

top 13 comments
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[–] dhork@lemmy.world 0 points 2 years ago (1 children)

The devil is in the details here. For the super-rich, wealth is an extremely hard thing to quantify. Once a true wealth tax is established, all it will do is increase billable hours for financial professionals who know how to hide wealth in tax sheltered vehicles. And that will get litigated every year, when the bill is due. If you want to go after the extremely wealthy, I think the right place to do it is with a strong inheritance tax. That only gets litigated once, and the bill is paid by people who did not accumulate that wealth themselves. It also dilutes generational wealth, which is a good thing.

Plus, the US is unique in that it taxes citizens on their worldwide holdings, anyway. While there are offshore tax havens, they work a lot differently than the tax havens a wealth tax would target.

It's easy to say "We should tax the wealthy", but hard to make good policy that can't be gamed, especially when attempting to do it across multiple wealthy countries.

[–] givesomefucks@lemmy.world -1 points 2 years ago

It’s easy to say “We should tax the wealthy”, but hard to make good policy that can’t be gamed, especially when attempting to do it across multiple wealthy countries.

That's literally what Yellen is refusing to participate in...

Like, the reason we can't do it, is we're not doing it...

If that sounds confusing, it's because there isn't a logical reason not to do it, besides the wealthy may donate less money to politicians

[–] Rapidcreek@lemmy.world 0 points 2 years ago (1 children)

This type of tax would just result in wealthy people moving their money into 3rd world countries. they will not pay a dime in the end and the USA would get less tax money from them.. hence why its a no for now. come up with a better strategy for taxing these assholes, not something that will result in them paying even less and hiding their money other places. FFS, it's fairly simple yet forest/trees

[–] givesomefucks@lemmy.world -1 points 2 years ago (1 children)

Except we started this years ago and it's working...

A 2021 agreement between 140 countries will limit the scope of multinationals to reduce tax by booking profits in low-tax countries by setting a global 15% floor on corporate taxation from next year.

“Something that many people thought would be impossible, now we know can actually be done,” Zucman said. “The logical next step is to apply that logic to billionaires, and not only to multinational companies.”

https://www.cnn.com/2023/10/23/business/billionaires-global-tax/index.html

Like, what you're doing is the same as when billionaires/corporations claim if they pay more tax they'll leave for a third world country with low tax...

You know what never happens?

Billionaires/corporations moving to third world countries after we raise their taxes.

[–] Rapidcreek@lemmy.world 0 points 2 years ago (1 children)

There is a big difference between corporate wealth and personal wealth and there are more than 140 countries.

[–] givesomefucks@lemmy.world -1 points 2 years ago* (last edited 2 years ago) (1 children)

There's a reason they're not already hiding money in 3rd world countries with shit tier banking systems, regulations, and protections for their money...

You think some rich jerk off wants to hid millions of dollars in a country where at any moment civil war can break out, the government could seize their money, or their banking system can just go insolvent?

You don't think those 3rd world countries would want to keep the developed world happy?

There is just sooooo much obviously wrong with your train of thought.

Like you realize if this takes off and the wealthy do what you think...

Developed countries could just remove non participating countries from their market?

Putting money there would be just as "smart" as burying it in the sand somewhere and then living it there and hoping if you ever need it you can go get it and it'll still be there...

And it would be much much worse for people legitimately living there. I want going to mention that because it would be obvious...

But it feels necessary now

[–] xhieron@lemmy.world 0 points 2 years ago (1 children)

Tell us then. Where are they currently hiding their money?

[–] givesomefucks@lemmy.world -1 points 2 years ago (1 children)

Now?

Not in Panama...

https://apnews.com/article/panama-papers-odebrecht-trial-50e8e62ae2021c417e49751d7cfe0331

Because united international actions works...

[–] xhieron@lemmy.world 0 points 2 years ago (1 children)

But that wasn't the question, was it? United international action works and also doesn't really exist. You think billionaires are going to just throw up their hands and give governments their tax dollars if enough nations agree they should. Doesn't work that way.

Read the article you linked. Who's going to jail in Panama? A few bankers--maybe. Panama changed its rules, and the billionaires just moved all their money elsewhere--exactly as predicted.

The solution to tax evasion isn't more tax law. That's like saying that if only everyone agreed rapists should go to jail, people would stop committing rape.

I'm in favor of a wealth tax just because any action beats no action, but it is absolutely a half measure. The real solution to this problem is not financial. It's personal.

[–] givesomefucks@lemmy.world -1 points 2 years ago

From the very comment chain you're commenting on:

A 2021 agreement between 140 countries will limit the scope of multinationals to reduce tax by booking profits in low-tax countries by setting a global 15% floor on corporate taxation from next year.

“Something that many people thought would be impossible, now we know can actually be done,” Zucman said. “The logical next step is to apply that logic to billionaires, and not only to multinational companies.”

https://www.cnn.com/2023/10/23/business/billionaires-global-tax/index.html

So yeah, it does exist.

Dont expect more replies.

[–] givesomefucks@lemmy.world -1 points 2 years ago (1 children)

Crazy how Biden's admin is full of people 70+ years old who are incredibly conservative and keep going against all of the things he keeps saying he wants to do...

Like, Imagine if you boss hired a bunch of shitty assholes, and when you complain about them he says "what am I supposed to do. They're already hired!"

Like, you can fire them Joe...

When you hire someone and they consistently do things you (supposedly) don't want them to do, you fucking fire them and hire someone who will do what you tell them.

Unless of course you don't actually want to get anything done and what you're telling them to do is what they're doing.

[–] FlowVoid@lemmy.world 0 points 2 years ago (1 children)

keep going against all of the things he keeps saying he wants to do...

When did Biden say he wants a global wealth tax?

[–] givesomefucks@lemmy.world -1 points 2 years ago

US President Joe Biden’s 2024 budget included plans for a 25% minimum tax on the wealthiest 0.01%, but that proposal has since fallen by the wayside with lawmakers in Washington preoccupied with government shutdown threats and looming funding deadlines.

https://www.cnn.com/2023/10/23/business/billionaires-global-tax/index.html

In fairness, it's hard to keep track of all the times Biden says he wants to do something to appease voters and then never tries while his appointees fight the party platform.

But Biden wanted it for America, just stopped mentioning it, and now his appointees are fighting any wealth tax from anywhere.