219
How US Taxpayers Helped Elon Musk Become the Richest Man on Earth | Common Dreams
(www.commondreams.org)
this post was submitted on 19 Oct 2024
219 points (98.7% liked)
politics
19158 readers
2571 users here now
Welcome to the discussion of US Politics!
Rules:
- Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.
Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.
Example:
- Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
- Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! 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.
- No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
- Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
- No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning
We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.
All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.
That's all the rules!
Civic Links
• Congressional Awards Program
• Library of Congress Legislative Resources
• U.S. House of Representatives
Partnered Communities:
• News
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Estimate it. As I clearly said, it is mostly about increasing transparency, for a greater understanding and better policy tomorrow. Turn those that hide their wealth from the tax authorities into criminals, while making compliance easy and cheap/mostly free.
Some countries now require you to pay a yearly future-tax-contribution on financial investments, which is then corrected at time of sale (eg. potential for a tax refund after selling a stock after it had a very bad year). Good or bad, I don't know.
I'm not sure that's how taxes work, though.
Sure, their accountants will have a little more paperwork, on top of their current workload. There is a cost to that. But if the total is well under the wealth tax threshold, there's no tax and little risk of an audit that re-evaluates it's worth. And if they are above it, then a small % of the excess will incur a tax.
If it is ever discovered that they failed to declare wealth (owned or controlled), THAT is when a penalty tax comes in, and they might find themselves obliged to pay $2mil in the US for that painting in Switzerland.
There is of course much more complexity to implementing this well. International treaties would need to be changed, to align reporting requirements and to limit loopholes that enable foreigners to avoid reporting and tax obligations (eg. an automatic wealth tax on foreign held assets in the absence of a tax treaty). There's cost there too.
This kind of thing gets discussed occasionally, but so far hasn't gained traction. Realistically, I don't expect it to.