[HN Gopher] Tax Evasion at the Top of the Income Distribution: T... ___________________________________________________________________ Tax Evasion at the Top of the Income Distribution: Theory and Evidence (2021) [pdf] Author : whack Score : 67 points Date : 2023-04-01 21:39 UTC (1 hours ago) (HTM) web link (www.nber.org) (TXT) w3m dump (www.nber.org) | [deleted] | logicallee wrote: | Semi-related, I have a 1.5m invoice and need to pay taxes on it | in about two weeks, it represents the vast majority of my | business this year (95%+) and I have already borrowed around 10k | toward it but I've maxed out my credit in fulfilling the project. | It's on my books and I will collect it. If anyone here would be | generous enough to consider lending the tax burden portion at a | reasonable loan rate as a formal personal loan, please contact me | via my profile to discuss details. You can review the contract, | invoice and supporting documentation and check my references. We | can also meet digitally or in person wherever you want, I'm easy | to get a hold of and have been here for ten years. | | Edit: country is U.S. | coolestguy wrote: | Your country doesn't allow you to file taxes on a "cash | collected" basis rather than an "invoiced but not collected" | basis? | logicallee wrote: | U.S. | | From my searches it seems that since the contract is signed, | I've invoiced for it, have started to collect payment and | expect to finish collecting it and it is on my books, I must | declare it this year. | | See: https://www.investopedia.com/terms/a/accruedincome.asp | xiphias2 wrote: | It's strange to have so much detail about tax evasion without | talking about tax avoidance. | | Just because somebody keeps his money offshore and hides it from | his government, doesn't necessary mean that it's illegal (Google | and co are great examples of not hiding). | | Most people want to follow the law, they just want to optimize | taxes. | 0xcde4c3db wrote: | The higher-end schemes have allegedly become so opaque, | obscure, and fast-evolving that much of what goes on is only | arguably legal rather than proven legal. This gray area has | spawned the term "tax avoision". | generalizations wrote: | > arguably legal rather than proven | | In general, it's probably better if things have to be proven | _illegal_. I 'd rather that my life wasn't limited to only | doing those things which have been pre-approved. If there's a | problem with something, then it should be explicitly | prohibited; not the other way around. | yunohn wrote: | > Most people want to follow the law, they just want to | optimize taxes. | | How does the average person avail these optimisation schemes? | Do they also get to lobby for the loopholes? | xiphias2 wrote: | Learn languages (Duolingo), change countries depending on | your income type, ask ChatGPT, set up companies for yourself. | There are lots of ways to do it, and many average people are | doing it already in different ways. | | For example for me just moving to Switzerland made both my | tax percentage lower and more legal, salary much higher, and | cleaner streets from those lower taxes than anywhere else I | lived before. Somehow the government was able to afford | professional cleaning machines from those lower taxes. | yunohn wrote: | I'm not sure you understood my point. Moving continents | isn't an average person solution. In fact it exposes | another problem - companies can easily register anywhere | and restructure their finances for lower taxes. | dontreact wrote: | It's not a very fair system if only certain participants can | afford to avoid taxes. If these schemes were doable for most | folks and not only the very rich then no one would have an | issue with the system (assuming that it provided enough | revenue). | samstave wrote: | At what level should we expect "finDox'ing" vs "personal | privacy"? | | i.e. ; Should we expect full transparency of billionaires, but | not minimum wage workers? | | US Tax Code is horrific, and corrupt. | | But, what do? | phs318u wrote: | How about full transparency for companies? Companies are not | people. The only way billionaires are able to evade taxes is | through complex networks of companies. | systemvoltage wrote: | TBH, I am equally worried about the other side of the tax | party. How my tax funds are spent and how efficiently they are | allocated. | themitigating wrote: | Do you have information that it's not spent effectively? | sacnoradhq wrote: | It's regulatory/legislative capture by the very rich of the US | gov. | | Change the political operating system from the top. It cannot | be reformed from within. The perpetual failures of campaign | finance reform proves this. The only path forward is nonviolent | mass mobilization. Never give in to learned helplessness. | themitigating wrote: | Enforcement ___________________________________________________________________ (page generated 2023-04-01 23:00 UTC)