I think you would be surprised at how much of it is in LLCs in Delware or trusts in South Dakota, there are plenty of tax loopholes domestically as well, most people under hundred-millionaire status are not doing panama papers type stuff
this post was submitted on 02 Sep 2023
1524 points (98.4% liked)
Memes
45550 readers
1469 users here now
Rules:
- Be civil and nice.
- Try not to excessively repost, as a rule of thumb, wait at least 2 months to do it if you have to.
founded 5 years ago
MODERATORS
Are the Delaware papers Public records?
Edit: and are those even the 1%
https://www.investopedia.com/financial-edge/1212/average-net-worth-of-the-1.aspx
As of 2019, the top 1% of household net worth in the U.S. starts at $11,099,166.
It depends what you mean by public records, if you're a private investigator or really good at digging through records you can find things, but it's not like it's easy and even then it's only the stuff that needs to be reported by law which is not a lot, the only reason I mentioned Delaware is it's famous for being a destinination for LLCs which people use to hide their money
https://www.theguardian.com/us-news/2016/apr/06/panama-papers-us-tax-havens-delaware
“You don’t really have to go to Panama or other tax havens. They are not the only ones making it possible for corrupt officials and other criminals to launder their money. You can do it in every state in the US,” explained Shah.
“In every state in the US, you can incorporate an LLC – [a limited liability company] – or another legal entity and you don’t have to disclose who the beneficiary on it is. In fact, Delaware is so synonymous with anonymous companies and ghost corporations that it was named in Transparency International’s Unmask the Corrupt campaign as one of the most symbolic cases of corruption.”
read more here if you're curious
It's not though, right? Capital is stuff. Means of production. Land. Jet planes. Bridges. Sewing machines.
Money is just tokens that certain people are using to allocate actual capital amongst themselves.
Eh. Capital is basically anything of value that is consumed to generate flow in return. It can be money, land, resources, etc.
Also, the US is one of the premier offshore place to hide money from my understanding. So even if it was money, a lot of the US tokens would be hidden locally.
Exactly. The three richest people in the world:
Elon Musk. Net worth ~$248 billion.
Owns ~13% of Tesla, which is worth ~$768 billion. That's ~$99 billion in his net worth.
Owns ~48% of SpaceX, which is worth ~$150 billion. That's ~$72 billion in his net worth.
That means at least ~$171 billion of his net worth is in companies, which is ~69% of his wealth.
Bernard Arnault. Net worth ~$207 billion.
Owns ~41% of LVMH, which is worth ~$422 billion. That's ~$175 billion in his net worth.
That means at least ~85% of his wealth is in companies.
Jeff Bezos. Net worth ~$161 billion.
Owns ~10% of Amazon, which is worth ~$1430 billion. That's ~$143 billion in his net worth.
That means at least ~89% of his wealth is in companies.
How is Tesla worth 5x SpaceX. That's just insane to me.
Tesla probably has a lot more customers, and if memory serves, they also make money by deals with other car companies, where Tesla's lack of emissions offsets their excess of emissions for government regulations.
I prefer the definition of capital as the political stake to wealth. It makes more sense and explains things like how the police will defend landlords over tenants who would literally freeze or die of exposure if denied housing.
Silly Americans' geography knowledge is so bad they don't even know they're looking at the mirror globe.
That country on the globe is the wrong way round.
Also Florida is on the west and Alaska in the east for some reason :S
Fixed that for you
Good. Can you either delete the kid in the middle or make the random ponytail attach correctly to the kid in the foreground?
Woah I didn't even notice that bizarre addition!
pretty clearly the ponytale belongs to the third kid in the image
Doing God’s work.
I do not understand how 
is completely ok with this, does he not know that when this happens....WE have to pay more of porky's taxes for him? This isn't just a tax revolt, it's literally footing the bill to us.