this post was submitted on 08 Feb 2025
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If they are holding shares that can be traded in US markets, the SEC knows about those shares, and ultimately controls those shares. They don't need your Panamanian shell company to release them. You'll wake up one morning to find that a portion of the shares formerly in your shell company's portfolio are now in the IRS's portfolio. The SEC just ctrl-x'd them from your portfolio, and ctrl-v'd them to the IRS.
Your Panamanian shell company is not a "natural person". Only "natural persons" are eligible for the $10 million dollar exemption. Your shell company pays the tax on its entire portfolio, not just the excess above $10 million.
So you want to tax all companies a percent of their stock ownership every year? Good luck with that.
You're falling intro a trollhill. The point is the ultra-wealthy pay very smart people to work out loopholes. If some internet retard can run around your ideas and keep you busy, a team of full time financial experts will have a field day. This is not an easy problem to solve. Pretending like it is leads to support for crappy subpar legislation that doesn't work.
Not at all.
Companies shouldn't be owning stock.
Companies issue their own stock. They don't own it. The shareholders who buy it or otherwise acquire it are the owners. And if those owners have more than $10 million worth of it, they can afford to pay 1% of everything they own beyond that first $10 million.
I won't prohibit companies from owning other publicly traded companies, but they don't get special status when they do. That status is reserved for natural persons, and only $10 million of the the stock owned by such a person is exempt from taxation.
Correct. The securities tax I'm talking about is not the actual solution. The loopholes they use to avoid that securities tax is the solution. The actual solution is for them to actually spend their wealth and enjoy their lives, rather than treating the economy like some idle clicker.