Sign the petition: HMRC – close the £600m tax loophole! https://actions.goodlawproject.org/private_equity?recruiter_id=187438
#petition #UK #hmrc #taxloopholes

"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."
https://www.propublica.org/article/irs-files-taxes-wash-sales-goldman-sachs

#Finance #Taxes #TaxLoopholes #TaxScam
#TaxTheRich

"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."
https://www.propublica.org/article/irs-files-taxes-wash-sales-goldman-sachs

#Finance #Taxes #TaxLoopholes #TaxScam
#TaxTheRich

"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
https://www.propublica.org/article/irs-files-taxes-wash-sales-goldman-sachs

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

"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
https://www.propublica.org/article/irs-files-taxes-wash-sales-goldman-sachs

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

"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"
https://www.propublica.org/article/irs-files-taxes-wash-sales-goldman-sachs

#Finance #Taxes #TaxLoopholes #TaxTheRich

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.

https://www.thedailybeast.com/trumps-taxes-are-the-best-case-yet-for-putting-him-in-prison

@newhumanist

Their income _is_ tied to median salaries within their jurisdiction. This is why they pander and enrich the rich while removing/enslaving the poor.

In practice: #Deportations; #TaxLoopholes for the #rich; #OutsourcedLabor; #CuttingFunding for #MentalHealth, #Recovery, and #SocialAssistancePrograms; #UnaffordableHousing; infiltration and breaking of infrastructure in #Schools, #PublicTransit, and #Libraries; increased #Policing and #Incarceration of the #Poor.

“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.
https://bit.ly/3FEofyL

https://www.tiktok.com/t/ZTRVHjQq9/
#Economics #Politics #TaxLoopholes #Corporatocracy #Lobbyists #Gouging #SupremeCourt #CitzensUnited #BigBusiness #Labor #Unions #Environment #Organizing #AntiTrustLaws #FreeSpeech #Lobbying #Profits #CampaignFinanceReform #Consumers #Mobilize #Congress

@rbreich

Eye opening!

Thank you

#housing #healthcare
#privateequity #taxloopholes

What a Hunt...
#UKPolitics
#NonDoms
#TaxLoopholes
#austerity
#CostOfLivingCrisis
#caricature
#cartoon

Why not? They got rich of #ResourceExploitation and #TaxLoopholes "Billionaires should not make up climate finance gaps, says Bezos Earth Fund head" https://www.theguardian.com/environment/2022/nov/07/billionaires-should-not-make-up-climate-finance-gaps-says-bezos-earth-fund-head #news #JeffBezos #ClimateCrisis #ClimateChange #COP27 #billionaires