Showing posts with label taxes. Show all posts
Showing posts with label taxes. Show all posts

Monday, February 25, 2019

Rules of Class Warfare: 2019 Edition

1. If you are poor, you aren't allowed to criticize the lack of adequate taxation on extremely wealthy people... because you are lazy, envious, and just want to spend other people's money on "free stuff."

2. If you are working class, you aren't allowed to criticize the lack of adequate taxation on extremely wealthy people... because you haven't worked hard enough or taken the right risks to be prosperous, and just want to punish success.

3. If you are middle class, you aren't allowed to criticize the lack of adequate taxation on extremely wealthy people... because you simply don't leverage the legal, political and accounting tricks necessary to avoid paying taxes like they do, and clearly aren't smart enough to evade taxation like brilliant billionaires.

4. If you are wealthy, you aren't allowed to criticize the lack of adequate taxation on extremely wealthy people... because you are obviously a hypocrite who can write a check to the U.S. Department of the Treasury whenever you want, and are just a liberal elitist who hates America as the "land of opportunity."

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So what's the most important Rule of Class Warfare in 2019?  Just don't criticize the lack of adequate taxation on extremely wealthy people!  It's not allowed for anyone, at any time, for any reason!

'High Marginal Tax Rates on the Top 1%? Lessons from a Life Cycle Model with Idiosyncratic Income Risk' by Fabian Kindermann, Dirk Krueger; 2014 National Bureau of Economic Research

Sunday, July 26, 2015

There is no Walmart in Luxembourg



"According to a new report from Americans for Tax Fairness, Walmart is also sheltering $76 billion in assets in 78 subsidiaries located in 15 tax haven countries where Walmart doesn't even have stores. What's more, Walmart has effectively hidden all these subsidiaries by not listing them in the part of its Securities and Exchange Commission forms where they're supposed to be listed (the part where it says "subsidiaries"), instead burying any mention of them as deeply as it can. Walmart is getting out of major taxes through these maneuvers. Take Luxembourg. Walmart has $64 billion in assets stashed in 22 shell companies—five of which were established in 2015 alone. Those assets in Luxembourg generate big profits and teeny tiny taxes."  (source)