| ▲ | WalterBright 2 days ago | ||||||||||||||||||||||||||||||||||
Loaning money out is not hoarding it. You also still paid out the money to the seller. > The wealthy use loop holes that can be exploited only with money to maximize the hoarding. You'll have to be more specific about that. Most deductions and credits phase out with increasing income. | |||||||||||||||||||||||||||||||||||
| ▲ | yndoendo 2 days ago | parent [-] | ||||||||||||||||||||||||||||||||||
> Loaning money out is not hoarding it. You also still paid out the money to the seller. You do realize that the rich loan out to themselves via shell corporations or trusts. The only mobility of money is putting tax dollars into the wealth hands. Just because a wealth person bought it does not mean someone else wouldn't. The wealthy can also use their buying power to reduce the value of the sale and harm the seller. Kroger has around 40% market share to throw their weight around a reduce the selling power of the farmer and increase cost to the consumer. So the farmer makes less all because of threat to not buy from in a market that keeps having less and less competition. Have you had to give free labor in millions of dollars so your company could gain access to one of the big name companies on Wall-street. I have and it just highlight the inequality in wealth at a personal and corporate level. Even Steve Jobs used his wealth of Apple to buy up companies cheap at discounted rates. I cannot find a the video any more but it talks about how a company was being bought by Apple. Steve Jobs, at the meeting, asked the company's CEO why am I buying your company for $XXX,XXX. I think it should only cost $50,000 less. CEO said there is an agreement again. Jobs, I could just not buy it. How about the art scam loop hole. 1) Pay an artist $1000 to create a piece via trust or another organization you own. 2) Sell the at auction and buy it for yourself for $30,000. 3) Donate the art work to charity. 4) Turn a $1000 into a $30,000 tax deductible with more creative accounting. This is not the only artwork scam. [1] There are loop holes that wealth people pay lawyers, accounts, full time staff to do full time as a job. Exploit the laws for personal gain to hoard wealth. [0] Panama Papers even had their methods leaked and the names of their shell companies. Another great use of a shell company is the ability remove liability from the wealth onto a corporate entity that can easily dissolve in bankruptcy and shed the liability. Laws often are designed to ease the burden of liability from companies while keeping on individuals. Again how do you gain wealth with out hording it? Are stocks wealth, is property wealth, are bonds wealth? Let say you own 40% of an industry and work to gain 70%. Have you not increased your industrial hoarding by 30%? Even though it is an investment it is till hoarding. How about stocks, can you hoard those to consolidate and hoard wealth? [0] https://en.wikipedia.org/wiki/Panama_Papers [1] https://naturalist.gallery/blogs/journal/understanding-the-f... | |||||||||||||||||||||||||||||||||||
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