this post was submitted on 20 Nov 2023
167 points (81.0% liked)
Canada
7204 readers
373 users here now
What's going on Canada?
Communities
🍁 Meta
🗺️ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
🏙️ Cities / Local Communities
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
🏒 Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- Montréal Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
💻 Universities
💵 Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
🗣️ Politics
- Canada Politics
- General:
- By Province:
🍁 Social and Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 3 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
That won't really solve the problem.
The ProPublica leaks showed that Musk, Bezos and Buffet only had incomes around the $100K.
While at the same time, their net worth grew by hundreds of billions.
no single policy change will 'solve' the problem, that's why it's governance, not 'fix it and forget it'. BUT, one thing that would impact this issue greatly would be the:
Tesla, SpaceX, etc., earning money would be taxed and that would impact Musk's value. They hide their money in individual compensation, you tax the individual, they hide it in corporate compensation, you tax them there.
You are not going to hurt them taxing corporate income. Business are even better at hiding their money. All revenue is channeled through 4 subsidiaries and a couple off shore accounts. Technically, all branches, except the one in the country with the lowest corporate tax rate, operate at a "loss".
See: https://en.m.wikipedia.org/wiki/Double_Irish_arrangement
You could try taxing revenue, but that will hurt businesses that are based around high volumes of low value transactions, such as discount retail.
You could try to tax business based on their asset value, but that will murder traditional businesses like farming and manufacturing, which rely on making a large investment in durable assets and then deriving profit over a long period. More importantly, it will not get any taxes out of tech companies, since most of their value is in intellectual property, something that cannot be accurately priced.
LOL guess we can't tax anyone because it never works then.
NOOOPE.
I love people like you who have ALL the answers, know "all the possibilities" - you're so self confident that you really think you know it all. The IRS LOVES people like this.
They love to spend hours and hours with them, in court. Sure a lot of CPAs have created a lot of dodges in the past. The Tax Code evolves. Our government, slowly, changes and adapts to new fuckery.
But thanks for assuring me there's no possibility, your optimism is about as endearing as your confidence.
You are right, I was a cynical ass. I apologize.
What I should have said is:
Adding more or taxes or higher taxes is likely to primarily hit the working upper class. It will not affect the super rich. If we want a tax system that actually makes the most wealthy pay their fair share, we need to close tax loopholes and creative accounting schemes.
TY, I apologize for the snarky response.
In the end, the only way the super rich will pay their share is to innovate in taxation. This is the real reason the IRS needs a few more billion, sure to have more agents, but also to open a quantum taxation R&D unit, I dunno, maybe build them a new kind of super collider, let's see what happens.
Anything is better than shrugging and moping "that's just the way it is."