home.social

#taxloopholes — Public Fediverse posts

Live and recent posts from across the Fediverse tagged #taxloopholes, aggregated by home.social.

  1. If I could give Keir Starmer one piece of advice…

    I would advise him to make sure that he tries to close one corporate tax loophole each year. Close enough of them and you’ve fully funded the benefits system. Then he can start looking at Universal Basic Income which would improve the economy and cost less than the current means-tested system.

    This was in reply to If you could give Keir Starmer one piece of advice, what would it be?

    #KeirStarmer #Labour #taxLoopholes #UBI #UKPolitics

  2. «Vance authored the 2016 blockbuster memoir Hillbilly Elegy and fashioned himself as a “conservative outsider” fighting for everyday people. But during his 2022 US Senate campaign, we revealed that the one-time venture capitalist counted himself among the elite few able to take advantage of a notorious carried-interest tax loophole that allows … moguls to pay a fraction of what they’d otherwise owe on their income.»
    #JDVance #VentureCapitalist #TaxLoopholes
    levernews.com/j-d-vance-as-tru

  3. A significant #tax #loophole, largely benefiting the wealthy, is hiding in plain sight: #superannuation tax concessions. The top 20% of income earners receive over 50% of these concessions. Only 2.5% of Australian workers have a super fund exceeding $1 million, yet they accounted for 20.1% of all personal super contributions in 2020-21.
    #auspol #taxtherich #taxloopholes

    youtube.com/watch?v=Fe7JnrXwed

  4. If you aren't already following #CoryDoctorow linkblog @pluralistic , do it now! Today's thread #EverybodyKnows is pure fire on the #corruption & #taxloopholes of the #ultrarich & corporations. If you aren't angry, you aren't paying attention. #TaxTheRich #EatTheRich
    mamot.fr/@pluralistic/11003405

  5. CW: Tax scam by the rich

    "To prevent the wealthy from easily skirting the wash sale rule, Congress would need to change the law, experts said. One fundamental, but long-shot, reform would be to automatically tax the annual fluctuations of investments’ value (called “marking to market”).

    That would prevent the wealthy from being able to defer taxes on gains forever — and also render tax-loss harvesting unnecessary."
    propublica.org/article/irs-fil

    #Finance #Taxes #TaxLoopholes #TaxScam
    #TaxTheRich

  6. CW: Tax scam by the rich

    "Since, in the U.S. system, gains aren’t taxed until they’re sold, even the richest Americans can have years where they owe no tax at all.

    The story is exactly the opposite with investment losses. From 2014 to 2018, Ballmer grew $22 billion richer, a fact that doesn’t appear on his tax returns. Meanwhile, Goldman made sure that even momentary losses were listed by the thousands."
    propublica.org/article/irs-fil

    #Finance #Taxes #TaxLoopholes #TaxScam
    #TaxTheRich

  7. CW: Tax scam by the rich

    "It is the wealthiest who benefit most. The losses can be used to erase an unlimited amount of investment gains. Someone like Ballmer can easily deploy $100 million in losses to cancel out a $100 million gain from selling some of his vast Microsoft holdings.

    It’s a very different story when it comes to wages and other forms of income, of which only $3,000 can be offset."
    ~@ProPublica
    propublica.org/article/irs-fil

    #Finance #Taxes #TaxLoopholes #Investing
    #FreeToRead #NoPaywall

  8. CW: Tax scam by the rich

    "over the past 25 years, investing has undergone a transformation that’s made the law against wash sales toothless...

    Asset managers have used these advances to forge loss-harvesting accounts that boast hundreds of billions of dollars in assets. What the law sought to prevent — generating a tax loss without a substantial change in the investment — is now commonplace."
    ~@ProPublica
    propublica.org/article/irs-fil

    #Finance #Taxes #TaxLoopholes #Investing
    #FreeToRead #NoPaywall

  9. "Why would he sell and buy shares in the same companies on the same day?...

    A loss, for tax purposes, is valuable; a big one can wipe out millions in potential taxes. Ballmer’s two-step process allowed him to use the loss to lower his taxes, while the near-simultaneous purchase meant he effectively hadn’t changed his investment...

    Ballmer’s not-so-bad day, in fact, was carefully planned, part of a strategy by Goldman Sachs"
    propublica.org/article/irs-fil

    #Finance #Taxes #TaxLoopholes #TaxTheRich

  10. An interesting take on Trump's now-public #tax returns. I particularly like the author's suggestions for improving the #TaxLaws and #IRS processes.

    And by improving, I mean making it more effective at discovering and preventing #TaxFraud and eliminating #TaxLoopholes for the wealthy. It's fairly common knowledge nowadays that the middle class pays a higher percentage of their income in taxes than the wealthy. That's effed up.

    thedailybeast.com/trumps-taxes

  11. “Close Big Oil Tax Loopholes Act” Would Close #TaxLoopholes for #Oil Companies After Record Earnings
    The net income of oil and #gas producers doubled between 2021 and 2022 while gas prices also reached record highs.
    bit.ly/3FEofyL