by bdcravens
1 subcomments
- I know you had to edit the title for length, but I think it would have made more sense to lose the first part and keep the factual part of the title intact, as it's pretty hard to make grammatical sense out of it as edited
"Untaxed Wealth of Richest 0.1% Is More Than Assets of World’s Poorest Half"
by reese_john
0 subcomment
- With CRS and FATCA, no one is hiding their wealth just by having offshore assets.
Owning offshore assets also doesn’t automatically exempt you from paying taxes, since your tax liability is mostly determined by your tax residency.
Just a fraction of that money could end extreme hunger and provide clean water to everyone on Earth.
Clickbait article
- "Richest 0.1%" is not some ultra wealthy billionaire class. Making $90k/year in the US already puts you in the 0.1% of richest people worldwide by income. I assume a fair share of the audience here makes this much.
https://www.givingwhatwecan.org/how-rich-am-i
Don't know what the data is for net worth, but given that the vast majority of people worldwide barely live paycheck to paycheck, I assume even a small amount of savings puts you in a very high percentile.
- The 0.1% thing ... Is that even the right label? I'm guessing one in a thousand people globally isn't using these mechanisms. The article spends some paragraphs on the world's richest person and his company's tax strategy. Is the millionaire next door quietly doing these things or is this about billionaires in which case it's more like one in a million.
- We don’t have wealth taxes, only income taxes. So all wealth is untaxed.
- seems highly editorialized - one man's "untaxed" is another man's "following the incentives of the system"
Hacker News