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this post was submitted on 09 Feb 2024
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Unbelievable that there is incentive to do a tax write off for 10's of millions. When I make investments that don't pan out, I sure as hell don't get paid out.
In my opinion a tax write off should automatically make it public domain.
That seems entirely fair. Proper even… if they get the write off there should be a durable record of this investment that was so poor as to require dramatic remedy.
People could download it from the library of congress and learn how to not make such poor decisions in the future ;-)
That's pretty much the idea. If they say it's bad enough to scrap and want society to relieve them of some taxes, then fair enough, but in return everyone gets to learn from the mistakes made.
I could imagine that royalties for any involved artists would need to be sorted out somehow. Howeveri guess once a rule like that exists it would simply become part of the overall negotiations how this would be handled in case a projects gets written off. Similar to how actors e.g. might get x amount of money if a movie goes straight to VOD rather than getting a full theatrical release.
Fucking Yup!
You too can commit continuous tax evasion if you have millions/billions of capital to move around, and teams of lawyers and accountants to do it all nice and legal like.
In both Canada and US, you can write off investment losses that could be used against investment gains. If you’re Canadian or American, you have the same write off capability as they do.
If only I had the generational wealth to make that initial investment... damn my poor pre-life decisions!
Just buy more money, sell one of your investment properties or, in a really dire emergency when your back is against the wall and you feel the crushing weight of your debt stuffing you leg-first into the woodchipper of ongoing financial obligations, bite the bullet and take an early withdrawal from a trust fund. That's if you can't get a small loan of a few million dollars from your parents to help make ends meet.
It's a tough world out there but perseverance, gumption and obscene familial wealth will take you far.
I truly appreciate the advice. I hadn't even considered asking my mom if she had enough left over from paying space rent on her mobile home to loan me a few million. Gosh, I'm such an idiot. No wonder I live paycheck to paycheck!
I'll also remember to leverage my gumption when I get sick and have to pay a medical bill. I'm sure that has a decent market cap still. 🇺🇸
If you lose $100, you can write off $100 against your other gains. Why’d you need generational wealth?
Gonna go out on a limb speaking for myself and say, losing a hundred bucks isn't something that is really gonna push the needle on my 12k minimum write off. But, it will definitely keep me in the speculative ramen market for another few months.
Neither is 80M on a multi-billion multi-national corporation operation. WBD had $6.157B of gross income in FY2022 (FY2023 data aren't out yet, but it's close enough as a proxy). Writing off $80M against $6B is like someone with $100K incoming writing off 1.3K of losses. This is a drop in the bucket for them, just like how a couple hundred bucks are drop in the bucket for those of us that are some what privileged.
Word.