104

A Global Tax on Billionaires? Janet Yellen Says ‘No’ (www.wsj.com)

submitted 5 months ago by givesomefucks@lemmy.world to c/politics@lemmy.world

37 comments fedilink hide all child comments

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

you are viewing a single comment's thread
view the rest of the comments

[+] xhieron@lemmy.world -9 points 5 months ago

Tell us then. Where are they currently hiding their money?

[-] givesomefucks@lemmy.world 7 points 5 months ago

Now?

Not in Panama...

https://apnews.com/article/panama-papers-odebrecht-trial-50e8e62ae2021c417e49751d7cfe0331

Because united international actions works...

[-] xhieron@lemmy.world -2 points 5 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.

[-] gregorum@lemm.ee 1 points 5 months ago

Some moved their money. Then they got caught. Kinda silly how you’re ignoring that part.

[-] givesomefucks@lemmy.world 0 points 5 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.

[-] xhieron@lemmy.world 1 points 5 months ago

140 != all

Dont expect more replies.

Thank Christ.

this post was submitted on 21 May 2024

104 points (91.3% liked)

politics

19089 readers

5338 users here now

Welcome to the discussion of US Politics!

Rules:

Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.

Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.

Example:

Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.

That's all the rules!

Civic Links

• Register To Vote

• Citizenship Resource Center

• Congressional Awards Program

• Federal Government Agencies

• Library of Congress Legislative Resources

• The White House

• U.S. House of Representatives

• U.S. Senate

Partnered Communities:

• News