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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

  • givesomefucks@lemmy.worldOPEnglish
    0·
    6 months ago

    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.worldEnglish
          0·
          6 months ago

          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.worldOPEnglish
            0·
            6 months 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.