-snip-
You may be unintentionally getting pulled off-course by the unexamined assumption that wealth is zero sum.
Honestly, I don't follow either, beyond laughing whenever I see that Musk is tweeting about how his own company is overvalued.
Regulatory regimes overwhelmingly tend to favor entrenched interests, who are able to guarantee market share and suppress competition, including large institutional investors, sure.
However, none of this is an actual response to the point that:
More redistribution of govt controlled wealth to the rich and large corps as done by the Trump/Rep/con tax plan. No matter how few but the rich get taxed at whatever the FIT rate may be, the overall tax system benefits the rich and large corps. FIT rates are meaningless.
I proceed on the assumption much more money is invested in anti government, anti taxation messaging, "you're exhibiting wealth envy," and "wealth is not a zero sum game," than is invested in counter arguments so I tend to look for experts in tax strategy and experts in other fields than wealth management and tax strategy who apply their expertise to what I view as one of the top 2 or 3 U.S. societal challenges, wealth concentration trend in a climate of rising sovereign debt.
In Memory of Edward D. Kleinbard - American Bar Association
https://www.americanbar.org › abataxtimes_home › 20...
Aug 24, 2020 —
Edward D.
Kleinbard, one of America's greatest lawyers in
tax or any other field, died on June 28, 2020. He was 68 years old, and the cause ...
After advising multinationals for 30 years, he began teaching and writing, criticizing corporate tax dodging and pressing for higher taxes to combat inequality.
www.nytimes.com
By Jesse Drucker
Updated July 14, 2020
"...he used his insider’s expertise to show in particular how multinational companies avoid taxes.
Mr. Kleinbard published a series of articles on the inequities in the tax system, especially how multinational corporations like Google, using techniques nicknamed “Double Irish” and “Dutch Sandwich,” dodged billions of dollars in taxes by pushing profits into tax havens offshore.
He coined the term “stateless income” and titled an article on Starbucks’s tax avoidance “Through a Latte Darkly.”
In 2013, after a Senate investigation into Apple’s offshore tax strategy, Mr. Kleinbard summarized the company’s aggressive moves this way:
“There is a technical term economists like to use for behavior like this. Unbelievable chutzpah.”
He became a regular contributor to The New York Times in its online Op-Ed feature
“Room for Debate,” and in 2014 he published his first book,
“We Are Better Than This,” which explored how tax policy could be used to solve the country’s surging inequality.
Most tax policy discussions were “backward,” he contended. Policymakers should identify their spending priorities — ideally to invest in the country’s citizens — and then discuss the proper tax policies to pay for them.
“The starting point in every case,” he wrote, “should not be determined by establishing an arbitrarily small amount of tax to collect and then treating government like an institutional Procrustes, whose only responsibility it is to amputate the welfare of our fellow citizens to suit that amount.”
....
Mr. Kleinbard submitted the manuscript for a book to his publisher the day before he went into the hospital for surgery in March, said Leslie Samuels, a senior counsel at Cleary Gottlieb who had worked with Mr. Kleinbard there.
The book, titled “What’s Luck Got to Do With It?,” explores the role luck plays — whether through inherited wealth, geography or racial heritage — in worsening inequality. Mr. Samuels recalled how Mr. Kleinbard would roll his eyes at how many of his wealthy clients
were oblivious to their good fortune. He recalled Mr. Kleinbard saying: “They’re not so smart — they are just lucky. I was lucky."
https://www.google.com/url?sa=t&rct...ial-thought/&usg=AOvVaw0po_BqT3WA_fd0GpoBfqgl
https://www.google.com/url?sa=t&rct...ial-thought/&usg=AOvVaw0po_BqT3WA_fd0GpoBfqgl
www.wbur.org
dqydj.com
www.gobankingrates.com
