this post was submitted on 28 Aug 2024
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Edge cases are what these guys used to get their fortunes in the first place. The more common term for these is tax loopholes! Everyone knows that big corporations like Apple use them (“Double Irish” being the most infamous) but individuals use them all the time.
Anyway, the point I’m making is that I really don’t care about the RV sleeping millionaire, I care about taxing the 200 millionaire business owner I mentioned who would currently be exempt. Because of the loophole, you can bet that all of the “ultra-rich” are going to restructure their investments into a single business they own so that they can completely exempt themselves from the tax.
Yeah, start with this law then close loopholes. It's like you're climbing a cliff, you don't leap straight to the top you get handholds where you can find them and make your way up.