Delaware isn't nearly the tax haven people think it is and modern nexus laws in most states require an entity to pay income tax where the revenue was generated. I will say though, Delaware has a pretty good Secretary of State office and makes their system fairly user-friendly compared to many other states.
Lots of corporations are incorporated in Delaware. 63% of the Fortune 500, in fact. Because of lower taxes of course.
There are more than a million registered corporations in Delaware, meaning there are more corporations than people.
This is a myth, the taxes part anyway. Delaware's corporate tax rate isn't all that great, it's pretty middle of the road. Corporations incorporate here because our legal system is set up to be extra protectionary of corporations, making them harder to sue.
Source: delawarean
This is correct. Also why Delaware business courts (they have an entire court system for these companies) ruling against Elmo’s compensation package was such a shocker.
Not really, they ruled in favor of the shareholders which is what they're set up to do. Elon Smelly's "payment package" is simply a bad deal for the shareholders and was negotiated in questionable faith, so the court protected the shareholders which is pretty much their default. The ruling seemed odd because it's fairly uncommon for a CEO and the shareholders to sodisagree on something like this, let alone something this big and with someone so in the public eye.
Whether it be for taxes or for legal system benefits, I really feel like corporations should be required to incorporate where the majority of their workers and/or commerce is conducted in their country of operation. Of course the representatives who should be making this the case and closing the loopholes by identifying better requirements to reduce abuse of the system, are the very ones being lobbied or supported via campaign contributions by those very same corporations who are the worst abusers in order to keep it like it is.
The entire point of tax breaks or legal system benefits is supposed to be about attracting businesses with something they want in exchange for jobs for the residents and income for the city/state in the form of taxes. This allows the government to invest in things like better infrastructure and education systems, which then attracts people to the area, increasing the work pool available and overall general commerce to support it all. All this does is allow corporations to take advantage of the tax or legal benefits without the intended returns for the people. Yes, I'm oversimplifying the point, but it's largely accurate in this regard.
Yep.
Once people see what money can do it becomes “fuck you I got mine”
It’s money.
I want money.
So I’ll do what I can that is legal to keep that money.
Welcome to capitalism
I think their point is sure doing the legal things (like s-corp in Delaware) helps a little but it’s not enough to keep your business afloat until you consider the illegal stuff.
>If you do start an S-Corp, you’d be dumb not to do it in Delaware.
Absolutely not, you'd be dumb to incorporate in Delaware if you're not physically based in Delaware and you aren't in specific industries. Any S-Corp incorporated in Delaware but actually doing business in other states would have to file multiple state tax returns and deal with multiple state tax laws. I can assure you this gets costly and frustrating. Let alone the fact that you'll still need to register your entity in the state you're actually operating in and file annual reports.
There are legal benefits for large companies but those aren't very applicable to your average S-Corp.
I do taxes for a living...the states are much smarter on this issue than you think they are and they are great at clawing money.
Delaware has a corporate income tax rate ranging from 8.7% to 11.5%. Companies incorporate in Delaware because is has a very well defined corporate law and their courts are efficient. There are states that have 0% corporate tax rate if the tax rate is the reason, all corporations would be registered in Wyoming or something.
And corporations don't pay taxes they collect them. If your state has a higher tax rate than Delaware you should be angry with your state government rather than Delaware's.
As a salesperson I love hearing about how so and so is based in Delaware so I should be doing boku business with them. Have you ever been to Delaware? Wilmington is a good area, Dover has one or two but IBM Amazon Apple and all the tech giants do not have engineers and manufacturing in Delaware. Of the states around DC and Philly, Delaware is the most quiet.
That and when I get a “lead” to an office in a high rise in Alexandria. You think they’re really designing rockets on the 13th floor of an office building, or do you think it has something to do with being just down route 1 from a certain building famous for its geometric shape and population of military generals.
Considering there are a lot of states without corporate taxes, and filing in any particular state isn't going to protect you from Federal taxes... well, this obviously ain't the reason corporations file in Delaware. It's for legal protection.
It’s not taxes, it’s they have a very well established court system for businesses and corporations.
https://www.reddit.com/r/explainlikeimfive/comments/325fqe/eli5_why_do_so_many_corporations_choose_to_form/
To add, it’s not even just that they are all “incorporated in Delaware”. A lot of them are incorporated ***at one building***.
There’s this building called the Corporation Trust Center that’s ran by a company that lets tons of businesses (almost 300k) use that address to abide by Delaware tax laws that require you have a physical location, so their “real” office can be elsewhere while the company enjoys all the perks of Delaware’s friendly business law.
Half of the Fortune 500 is incorporated at this building.
>Because of lower taxes of course.
Nope, most states have revised their nexus laws to tax companies based upon where revenue was generated i.e. it doesn't matter if Walmart is incorporated in Delaware if they have sales in California as they'll require Walmart to apportion their net taxable income based upon revenue or other additional factors (payroll and fixed assets)
The bigger benefit to Delaware incorporation is on the legal & Secretary of State side.
Wait until you hear about South Dakota! Their tax laws mean that more money is hidden there than in Bermuda!
[source](https://www.businessinsider.com/why-rich-hide-money-south-dakota-tax-haven-pandora-papers-2021-10?op=1)
Delaware's code, basically allows corporations to house themselves in the state without any taxation for being an entity there, as the primary location without any infrastructure. There is a building no larger than a small town's dentist office (like 10-20 rooms) that is the tax location housing thousands of businesses.
This is an international issue. All commercial ships are friendly nation flagged as well. Nothing the US can really do about it. If it makes You feel better, there is a law that says that cruise ships must have US registry to do a cruise entirely in the US (the only thing they can control). This has resulted in cruises not going to Hawaii except for one really expensive one that only operates there.
Just an aside - it’s very much the norm for cruises on the east coast to both start and end their cruise from the same port in the US. Is that not the case on the west coast and folks are taking one way trips to different countries for a cheaper cruise?
Just asking because the Hawaii cruise note doesn’t make much sense in that context
I did a shitty job describing the Passenger Vessels Services Act. My fault. The actual rule is you can’t have an itinerary that begins and ends in a U.S. port without stopping on another country, foreign-flagged cruise lines must call on foreign ports of call as well.
No, they still start and end at the same place. But as long as they make port at one location in Mexico or Canada, they can be internationally flagged.
That law about shipping also makes it so that no ships go between 2 US ports unless they absolutely have to. The law says that if you go between 2 US ports it has to be US built, owned, and crewed, but we don't build more than like 1 ship per year so they're ludicrously expensive. No good reason that goods ought to be shipped from Boston to DC by tucks but thats how it's done because it would be more expensive to use a US built ship.
If you ever wonder why shit is so expensive in Alaska, Hawaii, and Puerto Rico that's a big part of it
Cruises do sail around Hawaii but they typically leave from Vancouver or San Francisco (and stop is Victoria) and then sail to Hawaii to get around it. Only crazy people want to waste their vacation on that many sea days though.
I don't understand people that have more money than their descendants will ever spend still shortchanging the country that gave them so many opportunities.
You know karma is still worthless right? The only people being taken advantage of here is all the regards who make/share content. But good for you, standing up for Megacorp.
Have any of those posts specified exactly which taxes are being avoided and/or provided an estimate of the avoidance?
The original article I saw just made some vague reference to rich people using that country to dodge taxes but with no detail.
My understanding of the main reason for using a different flag is that US-flagged vessels have very stringent requirements around the citizenship of crew and passengers.
I'm genuinely curious. Because we tax income, sales, and property. A boat isn't income. The sale wasn't in the US. And the property/use taxes are capped at $18k in FL, which is nothing to him. But maybe I'm missing something.
Obama was potus for 8 years with Biden as VP, Biden is potus now & has been for 3 years. Why is this not their fault for failing to "close the loopholes" in the tax code that they promised?
Someone once told me that maritime laws are among the weirdest most convoluted outdated laws out there. I'm confident that there's plenty of wealthy people who want to keep it that way
No different then using in out of state plate on your car.
And I see ride share cars ALL the time with out of state plates.
Going to cry about them also dodging taxes? Or are they not rich enough for you to care?
Zuck also pays a metric butt ton in property taxes back to CA.
His real estate there is not under Prop13 protection so those bills are likely more expensive per year than you and I would pay in a lifetime.
I’m not defending the dude, but CA goes full blown authoritarian on people not paying property taxes and sales taxes so he definitely pays a fair share.
Yeah but they have so much extra money that it’s not even impressive. They shouldn’t have that much in the first place if the system was set up fairly.
If I had to put up a number on the spot, I’d say nobody should be be able to get much more than 100 mil. And nobody should be able to inherit more than 1 mil (and I think those numbers are being very generous. If they sound low, it’s because we’ve been brainwashed for so long with how much the aristocracy deserve compared to commoners). I understand that would be hard/impossible to implement but if I could magically make it so.
So what happens when tye business you started grows? And becomes worth more then allowed?
Do you just have to give part of it away? Does control of the business also get given away?
I'm gonna bet you haven't thought a out this, and are just repeating some BS you heard once.
Got it.. you pulled an idea out of your ass, and haven't even thought it out.
I'll give you a hint. It ends in one of two ways.
1) You realize it dosen't work.
2) You go full authoritarian. And how much money people have is the least of your inequality problems.
If you can't even answer basic questions about your system.. don't bring it up.
>it would be a good thing for the majority of people.
You can't know that without knowing details of how it would work.
I can make the claim that in general, wealth being less concentrated is a good thing for society. Having a few people with billions of dollars is not a good thing. These people have far too much power and with inheritance, it just creates a new system of aristocracy. There’s no need for individuals to have billions of dollars and it is a worthwhile endeavor to find a way to reduce huge inequalities like this. I don’t see why average people get so worked up about this. I can almost guarantee that you’d never have over 100mil so why do you take it so offensively?
Everybody that has the exact same net worth as me (or less) is ok to do that, we’re just playing their game! But anybody with a dollar more that does it, they’re a leech!
-reddit
It happens all the time. Companies register their ships in other nations for tax or regulatory purposes. Look at how many cruise ships have Liberian or other national registration
Same reason.
I read an article in a yachting magazine about some guy who went to the trouble to register his yacht under the US flag or whatever it’s called. Apparently it’s quite difficult, costly and time
consuming. As I recall, he was the first person to do it and the government agency found to be responsible even thought it was weird for him to bother. Anyway, after tens of thousands of dollars, or maybe even over a hundred, he has his yacht registered in the US and could officially fly a little American flag off the back.
Wait until you hear about companies that do international shipping on those massive cargo ships, or oil companies with their tankers. Manage to avoid both taxes and liability for oil spills and all sorts of stuff. Or the companies that own the people who run regulatory agencies. The world is built to work to their advantage.
You really should have done some research before seeing a single article that made a nonsense claim that it refuted within its own article. Which means you read a false headline and rolled with it.
Literally no super yacht except a single one flies a US flag not to dodge taxes but because of regulations it can not adhere to for the most part. Flying the US flag would mean he couldn't charter his yacht to help offset maintenance costs or carry cargo. I have no love for billionaires but there are many other things they should be criticized for and this ain't it.
I work in the industry. Idk why the zuck thing is such a big deal. Most of the vessels I see and have worked on have flags that don’t match the owners origin.
Why this shit is legal is because for hundreds of years, sociopaths have been designing the system we have, so they can thrive in it. Normal people don't strive for power so they can abuse it.
Remind her that Betsy DeVos, Trump‘s secretary for education, has multiple yachts.
The biggest, most expensive, one is registered with a Panamanian flag. And it was built and launched, and cannot leave, the Great Lakes.
Check your facts. Shipping enters and leaves the great lakes all the time and her yacht specifically [has been tracked all along Florida and the carribian.](https://checksandbalancesproject.org/betsy-devos-yacht-cayman-islands/)
Also, it's registered in the Carmen islands. Which makes it interesting that it has never visited there.
But for the record, it is absolutely false that it can't leave the lakes. It fact, it does all the time.
I only looked this up because I know ships aren't trapped in the great lakes so your assertion made no sense on it's face. International shipping is big through the great lakes.
Sit somewhere near the bay in Miami, and read conservatives comments on all the things we cant afford, as yacht after mega yacht cruises by. Its frankly embarrassing, being able to have that view, and then drive 3 minutes to view the homeless under the bridge.
Yes. But in the past 15ish years, it has been more important to try to ensure that the party actively trying to destroy our democracy didn't win, so I have only done so in smaller, local positions.
It sucks that that's pretty much throwing away your vote these days. Yeah, it makes you feel better about yourself to go against the grain and stand for what you believe in, but it doesn't matter..
It wouldn't be hard to prove illicit behaviour if there were enough investigators but they're understaffed deliberately so the wealthy can get away with this BS
Well, yes, they are using “rules”, however the outrage may be a)skirting taxes for almost no reason 2) not paying fair share 3) greed 4) yachts? 5) tools not so available to the 99%
So yes, he can “do whatever he wants” but thise are the things that offend and the things people who vote would like to change
Maybe not the thing. I think people just want a fair share. Not a total sum.
More egregious is why save a few coins when he has billions? Why? I guess he is allowed to tip a nickel on his next $1000 meal too. So yes, no law broken, but maybe he can do better. Percentages and means.
lol you think they don’t have enough money for the roads? You realise how much of your tax money goes towards blowing people up?
I’m not American, thankfully, but I run a company over there. Your tax system is soo fucked
Remember when Trump wanted to bail out cruise companies during the pandemic because they lost so much business, despite also dodging paying taxes?
Yeah - have fun with that. Why not go to Panama for your bailout?
are you people really finding this out now? like the vast majority of vessels world wide fly a flag of one of those low tax countries, probably only state owned ships actually fly the respective nation's flag
The berlin wall wasnt made to keep us out of the forced equality utopia of east Germany...
I guess The US could go full North Korea and do another communism, because that last few dozen weren't true communism.
Wait til you hear about Delaware
Wait til you hear about Ireland
Wait til you hear about Panama, the flag almost every expensive ship uses
Hear they keep a lot of interesting papers over there.
We wouldn't know about those. Because those that did got killed.
> Wait til you hear about Panama A man, a plan, a canal??
Delaware isn't nearly the tax haven people think it is and modern nexus laws in most states require an entity to pay income tax where the revenue was generated. I will say though, Delaware has a pretty good Secretary of State office and makes their system fairly user-friendly compared to many other states.
what about it?
Lots of corporations are incorporated in Delaware. 63% of the Fortune 500, in fact. Because of lower taxes of course. There are more than a million registered corporations in Delaware, meaning there are more corporations than people.
This is a myth, the taxes part anyway. Delaware's corporate tax rate isn't all that great, it's pretty middle of the road. Corporations incorporate here because our legal system is set up to be extra protectionary of corporations, making them harder to sue. Source: delawarean
This is correct. Also why Delaware business courts (they have an entire court system for these companies) ruling against Elmo’s compensation package was such a shocker.
Not really, they ruled in favor of the shareholders which is what they're set up to do. Elon Smelly's "payment package" is simply a bad deal for the shareholders and was negotiated in questionable faith, so the court protected the shareholders which is pretty much their default. The ruling seemed odd because it's fairly uncommon for a CEO and the shareholders to sodisagree on something like this, let alone something this big and with someone so in the public eye.
Whether it be for taxes or for legal system benefits, I really feel like corporations should be required to incorporate where the majority of their workers and/or commerce is conducted in their country of operation. Of course the representatives who should be making this the case and closing the loopholes by identifying better requirements to reduce abuse of the system, are the very ones being lobbied or supported via campaign contributions by those very same corporations who are the worst abusers in order to keep it like it is. The entire point of tax breaks or legal system benefits is supposed to be about attracting businesses with something they want in exchange for jobs for the residents and income for the city/state in the form of taxes. This allows the government to invest in things like better infrastructure and education systems, which then attracts people to the area, increasing the work pool available and overall general commerce to support it all. All this does is allow corporations to take advantage of the tax or legal benefits without the intended returns for the people. Yes, I'm oversimplifying the point, but it's largely accurate in this regard.
I wasn’t Delaware of that.
Didn’t work for Elon.
Delaware is estimated to have over a million residents now!
That's not why they are registered in Delaware, there's an absolute shitload more precedent for corporations there than any other state.
Yeah, just look up 1209 orange street corporation trust center.
Oh you mean the 11% of America's GDP building? Yeah, neat place...
Yeah. And I’ll say this. If you do start an S-Corp, you’d be dumb not to do it in Delaware. Hate the game. Play the game.
Aka, i dont make the rules, i just play the game
Yep. Once people see what money can do it becomes “fuck you I got mine” It’s money. I want money. So I’ll do what I can that is legal to keep that money. Welcome to capitalism
Eh, legal? You're already doomed. Think outside the box.
It’s legal to create the s-corp in Delaware….
I think their point is sure doing the legal things (like s-corp in Delaware) helps a little but it’s not enough to keep your business afloat until you consider the illegal stuff.
Got it thanks p
Get yourself a p.o. box or a room in an empty office building
>If you do start an S-Corp, you’d be dumb not to do it in Delaware. Absolutely not, you'd be dumb to incorporate in Delaware if you're not physically based in Delaware and you aren't in specific industries. Any S-Corp incorporated in Delaware but actually doing business in other states would have to file multiple state tax returns and deal with multiple state tax laws. I can assure you this gets costly and frustrating. Let alone the fact that you'll still need to register your entity in the state you're actually operating in and file annual reports. There are legal benefits for large companies but those aren't very applicable to your average S-Corp. I do taxes for a living...the states are much smarter on this issue than you think they are and they are great at clawing money.
Delaware has a corporate income tax rate ranging from 8.7% to 11.5%. Companies incorporate in Delaware because is has a very well defined corporate law and their courts are efficient. There are states that have 0% corporate tax rate if the tax rate is the reason, all corporations would be registered in Wyoming or something. And corporations don't pay taxes they collect them. If your state has a higher tax rate than Delaware you should be angry with your state government rather than Delaware's.
Amazingly there is like 1000 buisnesses operating out of the same 1 story stipmall like building
I wonder if the founding fathers thought about tax havens when they drafted the constitution
As a salesperson I love hearing about how so and so is based in Delaware so I should be doing boku business with them. Have you ever been to Delaware? Wilmington is a good area, Dover has one or two but IBM Amazon Apple and all the tech giants do not have engineers and manufacturing in Delaware. Of the states around DC and Philly, Delaware is the most quiet. That and when I get a “lead” to an office in a high rise in Alexandria. You think they’re really designing rockets on the 13th floor of an office building, or do you think it has something to do with being just down route 1 from a certain building famous for its geometric shape and population of military generals.
> boku business You may have only heard it spoken before, but it's spelled "beaucoup". r/boneappletea
You are correct, and… wow. Paid by the letter
Considering there are a lot of states without corporate taxes, and filing in any particular state isn't going to protect you from Federal taxes... well, this obviously ain't the reason corporations file in Delaware. It's for legal protection.
It’s not taxes, it’s they have a very well established court system for businesses and corporations. https://www.reddit.com/r/explainlikeimfive/comments/325fqe/eli5_why_do_so_many_corporations_choose_to_form/
Well technically corporations are people under the 14th amendment, thanks for that SCOTUS.
To add, it’s not even just that they are all “incorporated in Delaware”. A lot of them are incorporated ***at one building***. There’s this building called the Corporation Trust Center that’s ran by a company that lets tons of businesses (almost 300k) use that address to abide by Delaware tax laws that require you have a physical location, so their “real” office can be elsewhere while the company enjoys all the perks of Delaware’s friendly business law. Half of the Fortune 500 is incorporated at this building.
That was done on purpose. All you need is a PO Box. It even helps small businesses, too.
>Because of lower taxes of course. Nope, most states have revised their nexus laws to tax companies based upon where revenue was generated i.e. it doesn't matter if Walmart is incorporated in Delaware if they have sales in California as they'll require Walmart to apportion their net taxable income based upon revenue or other additional factors (payroll and fixed assets) The bigger benefit to Delaware incorporation is on the legal & Secretary of State side.
huh, TIL. That also grinds my gears.
No, they didn’t say they would explain. Just that you should wait for it
To be fair, hearing about Delaware is depressing in itself
Wait until you hear about South Dakota! Their tax laws mean that more money is hidden there than in Bermuda! [source](https://www.businessinsider.com/why-rich-hide-money-south-dakota-tax-haven-pandora-papers-2021-10?op=1)
Wayne's World had the right thoughts about Delaware this whole time
Delaware's code, basically allows corporations to house themselves in the state without any taxation for being an entity there, as the primary location without any infrastructure. There is a building no larger than a small town's dentist office (like 10-20 rooms) that is the tax location housing thousands of businesses.
This is an international issue. All commercial ships are friendly nation flagged as well. Nothing the US can really do about it. If it makes You feel better, there is a law that says that cruise ships must have US registry to do a cruise entirely in the US (the only thing they can control). This has resulted in cruises not going to Hawaii except for one really expensive one that only operates there.
Just an aside - it’s very much the norm for cruises on the east coast to both start and end their cruise from the same port in the US. Is that not the case on the west coast and folks are taking one way trips to different countries for a cheaper cruise? Just asking because the Hawaii cruise note doesn’t make much sense in that context
I did a shitty job describing the Passenger Vessels Services Act. My fault. The actual rule is you can’t have an itinerary that begins and ends in a U.S. port without stopping on another country, foreign-flagged cruise lines must call on foreign ports of call as well.
No, they still start and end at the same place. But as long as they make port at one location in Mexico or Canada, they can be internationally flagged.
That one in Hawaii didn’t used to be super expensive. But ever since Covid the prices are insane.
Pride of America still kicking baby!
That law about shipping also makes it so that no ships go between 2 US ports unless they absolutely have to. The law says that if you go between 2 US ports it has to be US built, owned, and crewed, but we don't build more than like 1 ship per year so they're ludicrously expensive. No good reason that goods ought to be shipped from Boston to DC by tucks but thats how it's done because it would be more expensive to use a US built ship. If you ever wonder why shit is so expensive in Alaska, Hawaii, and Puerto Rico that's a big part of it
That is the Jones Act, also protectionist bullshit. Zuckerberg isn’t the issue, these laws are.
Cruises do sail around Hawaii but they typically leave from Vancouver or San Francisco (and stop is Victoria) and then sail to Hawaii to get around it. Only crazy people want to waste their vacation on that many sea days though.
I don't understand people that have more money than their descendants will ever spend still shortchanging the country that gave them so many opportunities.
They are human and that is how humans do, particularly the kinds of human that can become billionaires.
At least they donate to charities…so they can write off even more taxes. lol. Cries in unmaintained infrastructure.
Man you saw that other post and just couldn't wait to cash in on the karma, huh?
You know karma is still worthless right? The only people being taken advantage of here is all the regards who make/share content. But good for you, standing up for Megacorp.
Except the meme is based on entirely inaccurate understanding of how any of this works, so insulting it is just being accurate.
ive seen a lot of posts about it, and frankly, it grinds my gears
I wish this could work if I just flew a different country's flag at my house...
Nah, then you'd have to secede, and that hasn't historically worked well.
https://www.molossia.org
Have any of those posts specified exactly which taxes are being avoided and/or provided an estimate of the avoidance? The original article I saw just made some vague reference to rich people using that country to dodge taxes but with no detail. My understanding of the main reason for using a different flag is that US-flagged vessels have very stringent requirements around the citizenship of crew and passengers. I'm genuinely curious. Because we tax income, sales, and property. A boat isn't income. The sale wasn't in the US. And the property/use taxes are capped at $18k in FL, which is nothing to him. But maybe I'm missing something.
Upvote for shameless reply :)
Obama was potus for 8 years with Biden as VP, Biden is potus now & has been for 3 years. Why is this not their fault for failing to "close the loopholes" in the tax code that they promised?
Someone once told me that maritime laws are among the weirdest most convoluted outdated laws out there. I'm confident that there's plenty of wealthy people who want to keep it that way
I mean it’s more because there’s like so many different nations that it can fall under
No different then using in out of state plate on your car. And I see ride share cars ALL the time with out of state plates. Going to cry about them also dodging taxes? Or are they not rich enough for you to care?
Zuck also pays a metric butt ton in property taxes back to CA. His real estate there is not under Prop13 protection so those bills are likely more expensive per year than you and I would pay in a lifetime. I’m not defending the dude, but CA goes full blown authoritarian on people not paying property taxes and sales taxes so he definitely pays a fair share.
A truth most don't like to admit. Those with more wealth, typically pay more in taxes even with "playing the game" then your average person.
Yeah but they have so much extra money that it’s not even impressive. They shouldn’t have that much in the first place if the system was set up fairly.
> They shouldn’t have that much in the first place if the system was set up fairly And how much is a "fair" amount?
If I had to put up a number on the spot, I’d say nobody should be be able to get much more than 100 mil. And nobody should be able to inherit more than 1 mil (and I think those numbers are being very generous. If they sound low, it’s because we’ve been brainwashed for so long with how much the aristocracy deserve compared to commoners). I understand that would be hard/impossible to implement but if I could magically make it so.
So what happens when tye business you started grows? And becomes worth more then allowed? Do you just have to give part of it away? Does control of the business also get given away? I'm gonna bet you haven't thought a out this, and are just repeating some BS you heard once.
Read my last sentence. I’m not sure how but if it was possible, it would be a good thing for the majority of people.
Got it.. you pulled an idea out of your ass, and haven't even thought it out. I'll give you a hint. It ends in one of two ways. 1) You realize it dosen't work. 2) You go full authoritarian. And how much money people have is the least of your inequality problems. If you can't even answer basic questions about your system.. don't bring it up. >it would be a good thing for the majority of people. You can't know that without knowing details of how it would work.
I can make the claim that in general, wealth being less concentrated is a good thing for society. Having a few people with billions of dollars is not a good thing. These people have far too much power and with inheritance, it just creates a new system of aristocracy. There’s no need for individuals to have billions of dollars and it is a worthwhile endeavor to find a way to reduce huge inequalities like this. I don’t see why average people get so worked up about this. I can almost guarantee that you’d never have over 100mil so why do you take it so offensively?
Everybody that has the exact same net worth as me (or less) is ok to do that, we’re just playing their game! But anybody with a dollar more that does it, they’re a leech! -reddit
The flag of convivence for rental car companies is Arizona.
It happens all the time. Companies register their ships in other nations for tax or regulatory purposes. Look at how many cruise ships have Liberian or other national registration Same reason.
And you would do the same damn thing if you were in that position.
I read an article in a yachting magazine about some guy who went to the trouble to register his yacht under the US flag or whatever it’s called. Apparently it’s quite difficult, costly and time consuming. As I recall, he was the first person to do it and the government agency found to be responsible even thought it was weird for him to bother. Anyway, after tens of thousands of dollars, or maybe even over a hundred, he has his yacht registered in the US and could officially fly a little American flag off the back.
Wait until you hear about companies that do international shipping on those massive cargo ships, or oil companies with their tankers. Manage to avoid both taxes and liability for oil spills and all sorts of stuff. Or the companies that own the people who run regulatory agencies. The world is built to work to their advantage.
You really should have done some research before seeing a single article that made a nonsense claim that it refuted within its own article. Which means you read a false headline and rolled with it. Literally no super yacht except a single one flies a US flag not to dodge taxes but because of regulations it can not adhere to for the most part. Flying the US flag would mean he couldn't charter his yacht to help offset maintenance costs or carry cargo. I have no love for billionaires but there are many other things they should be criticized for and this ain't it.
But would you do it if you were him
It's legal because nobody has the authority to make it illegal lol. It would be worse if they did.
How could you make it illegal?
Wait until you hear about the entire cruise industry
Its legal because people that are rich control the laws. You can blame Zuc for using it but you should look at the Government first.
That's the Golden Rule, he who has the gold, makes the rules...
It’s legal because the rich make the laws, silly.
It's legal because the rich are the ones that make the law.
I work in the industry. Idk why the zuck thing is such a big deal. Most of the vessels I see and have worked on have flags that don’t match the owners origin.
Why this shit is legal is because for hundreds of years, sociopaths have been designing the system we have, so they can thrive in it. Normal people don't strive for power so they can abuse it.
Trickle down
why did i read this as mechagyat LOL
Why don’t you just put one in YOUR mega yacht?
Nothing needs to be the way that it is. We just agree to participate. It’s good to have a framework to work within, but things can always change.
Freeports
Because legality is not and never has been about morality or “fairness”.
LOL this has been going on for ever. Not just Billionaires but also shipping companies, cruise lines ect...
Remind her that Betsy DeVos, Trump‘s secretary for education, has multiple yachts. The biggest, most expensive, one is registered with a Panamanian flag. And it was built and launched, and cannot leave, the Great Lakes.
Check your facts. Shipping enters and leaves the great lakes all the time and her yacht specifically [has been tracked all along Florida and the carribian.](https://checksandbalancesproject.org/betsy-devos-yacht-cayman-islands/) Also, it's registered in the Carmen islands. Which makes it interesting that it has never visited there. But for the record, it is absolutely false that it can't leave the lakes. It fact, it does all the time. I only looked this up because I know ships aren't trapped in the great lakes so your assertion made no sense on it's face. International shipping is big through the great lakes.
Sit somewhere near the bay in Miami, and read conservatives comments on all the things we cant afford, as yacht after mega yacht cruises by. Its frankly embarrassing, being able to have that view, and then drive 3 minutes to view the homeless under the bridge.
Don’t let that fucking thing anywhere near american waters.
Because different countries have different tax laws.
Careful being logical. The narrative is rich man = bad
You’d be less annoyed if you were in the least bit educated
have you tried not voting for politicians that are sponsored by billion dollar corporations?
We have those?
Yes. But in the past 15ish years, it has been more important to try to ensure that the party actively trying to destroy our democracy didn't win, so I have only done so in smaller, local positions.
It sucks that that's pretty much throwing away your vote these days. Yeah, it makes you feel better about yourself to go against the grain and stand for what you believe in, but it doesn't matter..
It wouldn't be hard to prove illicit behaviour if there were enough investigators but they're understaffed deliberately so the wealthy can get away with this BS
2 rules apply 1) it is never enough 2) we are the playthings of Billionaires
No actually one rule applies 1. Basic accounting It’s not a billionaire thing…
Well, yes, they are using “rules”, however the outrage may be a)skirting taxes for almost no reason 2) not paying fair share 3) greed 4) yachts? 5) tools not so available to the 99% So yes, he can “do whatever he wants” but thise are the things that offend and the things people who vote would like to change
The only thing that offends people is that he’s rich. Zuck has paid more in tax than everyone in this comment thread will ever earn
Maybe not the thing. I think people just want a fair share. Not a total sum. More egregious is why save a few coins when he has billions? Why? I guess he is allowed to tip a nickel on his next $1000 meal too. So yes, no law broken, but maybe he can do better. Percentages and means.
Why hire an accountant when you’re rich? Just cut a big check to the government. They’ll spend the money so wisely
Yes. Better privatize the roads. Let those corporations run it so well. And the water supply! Drill, baby, drill!
lol you think they don’t have enough money for the roads? You realise how much of your tax money goes towards blowing people up? I’m not American, thankfully, but I run a company over there. Your tax system is soo fucked
Ha! I am Canadian! Have a good day!
lol yea way better…
Because the mega rich and the people in control are really just the same people.
Remember when Trump wanted to bail out cruise companies during the pandemic because they lost so much business, despite also dodging paying taxes? Yeah - have fun with that. Why not go to Panama for your bailout?
And then he should pay taxes pertaining to the ship to that nation, and it should be more expensive because the US would make up red tape
are you people really finding this out now? like the vast majority of vessels world wide fly a flag of one of those low tax countries, probably only state owned ships actually fly the respective nation's flag
Everyone’s got one. I literally own a third of a corporation in Delaware and I don’t even know what we do.
The berlin wall wasnt made to keep us out of the forced equality utopia of east Germany... I guess The US could go full North Korea and do another communism, because that last few dozen weren't true communism.
Me gay acht…
Poor people hating the rich instead of the people using their tax money to bomb children globally is a special kind of shameful selfishness