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  #21  
Old 31.01.2019, 15:32
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Re: Tax avoidance at Davos

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You become rich by spending less than you earn & investing the rest. Anyone can do it, some would rather have a new leased car every 2 years & spend everything or more than they earn. It's a personal choice, BTW I never owned a new car.
I don't disagree with how people can improve their lot.

The issue here is "not paying tax", as opposed to watching spending and savings.

The merely rich already pay a lot of tax e.g % of tax take from higher rate brackets in the UK

The super rich are the ones who take the piss.
Pay for lobbyists for tax breaks. Can shift money around. Move into non-taxable assets. Or move domicile. Etc.

I don't believe in punitive taxation but in removing tax breaks and distortions. Simplifying the tax code basically so fewer loopholes and reduces collection costs.
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  #22  
Old 31.01.2019, 16:13
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Re: Tax avoidance at Davos

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No, it doesn't. It puts you among the highest paid in the world, not the richest.
Thanks for the clarification, Linus.
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  #23  
Old 31.01.2019, 16:24
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Re: Tax avoidance at Davos

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I don't disagree with how people can improve their lot.

The issue here is "not paying tax", as opposed to watching spending and savings.

The merely rich already pay a lot of tax e.g % of tax take from higher rate brackets in the UK

The super rich are the ones who take the piss.
Pay for lobbyists for tax breaks. Can shift money around. Move into non-taxable assets. Or move domicile. Etc.

I don't believe in punitive taxation but in removing tax breaks and distortions. Simplifying the tax code basically so fewer loopholes and reduces collection costs.
With any investing paying tax is a choice, invest in Gold or Berkshire Hathaway & you receive zero income, make no sales no CGT in places with CGT, only a few countries have wealth taxes.
Price competition is healthy, it's exactly the same with taxation.
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  #24  
Old 31.01.2019, 16:39
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Re: Tax avoidance at Davos

Time to update your nuggets of wisdom. The benefit cap has been reduced and not even recently. See here.


£13,400 if you're an accomplished hoop-jumper outside of London.

Last edited by fatjan; 31.01.2019 at 16:40. Reason: typo
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  #25  
Old 31.01.2019, 16:40
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Re: Tax avoidance at Davos

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Not to be a top 1% earner, your confusing with top 1% assets.
A top 1% earner can easily become a top 1% owner of assets over a lifetime, as I said earlier it's a choice what you doe with your money.
Can't find the source now, but i remember reading somwhere that if you list the wordl's top 100 earners, and the world's 100 richest individuals, that obviously some people do appear on both lsits, but surprisingly the corrlation is weaker than you might expect.

Obviously some people may have inherited wealth, but there are also people who save and grow their wealth wisely whereas there are others who can waste everything they get.

You also need to compare actaul value to purchasing value. Somebody who juist about makes ends meet in central London probably has more net worth than somebody living a comfortable life in Africa.
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  #26  
Old 31.01.2019, 16:47
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Re: Tax avoidance at Davos

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Thanks for the clarification, Linus.
Apparently it was necessary. Anyone who thinks that a person living on the dole (or other benefits) in London or even in other parts of the UK is among the world's wealthiest clearly needs help to clarify the obvious.

If this is still not clear, give me a shout and I'll explain in words of one syllable.
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  #27  
Old 31.01.2019, 16:49
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Re: Tax avoidance at Davos

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I don't disagree with how people can improve their lot.

The issue here is "not paying tax", as opposed to watching spending and savings.

The merely rich already pay a lot of tax e.g % of tax take from higher rate brackets in the UK

The super rich are the ones who take the piss.
Pay for lobbyists for tax breaks. Can shift money around. Move into non-taxable assets. Or move domicile. Etc.

I don't believe in punitive taxation but in removing tax breaks and distortions. Simplifying the tax code basically so fewer loopholes and reduces collection costs.
so you moved to switzerland
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  #28  
Old 31.01.2019, 18:17
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Re: Tax avoidance at Davos

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With any investing paying tax is a choice, invest in Gold or Berkshire Hathaway & you receive zero income, make no sales no CGT in places with CGT, only a few countries have wealth taxes.
Price competition is healthy, it's exactly the same with taxation.
Just wait; Glarus and the Jura will have their revenge. The Swiss revolution is coming.
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  #29  
Old 01.02.2019, 13:27
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Re: Tax avoidance at Davos

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The richest 1% hold more wealth then half the population of the planet combined. Surely that is wrong?

No, the richest 0.00000037% hold more wealth than half the population of the planet combined. It's not 1%, it's 26 people.
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  #30  
Old 01.02.2019, 13:57
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Re: Tax avoidance at Davos

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Not to be a top 1% earner, your confusing with top 1% assets.
A top 1% earner can easily become a top 1% owner of assets over a lifetime, as I said earlier it's a choice what you doe with your money.
The only problem with that is, the bottom 20% have no income worth mentioning they can save.
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  #31  
Old 01.02.2019, 14:24
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Re: Tax avoidance at Davos

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Not to be a top 1% earner, your confusing with top 1% assets.
A top 1% earner can easily become a top 1% owner of assets over a lifetime, as I said earlier it's a choice what you doe with your money.
The top 1% income in CH is around 160k CHF a year.
The top 1% in assets in CH is around 5.5M CHF.

I am not saying its impossible... its entirely feasible that there are some bankers who rented a one room studio and saved their salary for a few decades… they certainly did not support a family or lived their lives to get those savings… but I am pretty certain that a whole lot of those 5.5M net worths actually inherited a house or two in order to make it on that list.

And if I dont just look at the top 1% but even sharper… do I see that ten individulas in Germany own as much assets as the other 80 Million. Out of these ten are about half the entrepreneurs who build their wealth and I honestly think they deserve to live in luxury… (but could share a bit more); the other half just happened to be born into the right family and inherit major shares of Aldi or BMW.

The thing is that asking for a fairer tax rate is these days seen as communism… people just ask to get the sort of rates back that were normal in the times of not so communist eras of a Reagan or Nixon.
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  #32  
Old 01.02.2019, 14:45
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Re: Tax avoidance at Davos

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The only problem with that is, the bottom 20% have no income worth mentioning they can save.
Thats where a second job comes in handy.
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  #33  
Old 01.02.2019, 14:49
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Re: Tax avoidance at Davos

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The top 1% income in CH is around 160k CHF a year.
The top 1% in assets in CH is around 5.5M CHF.

I am not saying its impossible... its entirely feasible that there are some bankers who rented a one room studio and saved their salary for a few decades… they certainly did not support a family or lived their lives to get those savings… but I am pretty certain that a whole lot of those 5.5M net worths actually inherited a house or two in order to make it on that list.

And if I dont just look at the top 1% but even sharper… do I see that ten individulas in Germany own as much assets as the other 80 Million. Out of these ten are about half the entrepreneurs who build their wealth and I honestly think they deserve to live in luxury… (but could share a bit more); the other half just happened to be born into the right family and inherit major shares of Aldi or BMW.

The thing is that asking for a fairer tax rate is these days seen as communism… people just ask to get the sort of rates back that were normal in the times of not so communist eras of a Reagan or Nixon.
The stock market is a way of making money over time. I have made more money from the stock market over the last 30 years than from working. Invest half of any pay rises in the stock market over your career & that 5.5 million won't seem such a big sum.
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Old 01.02.2019, 15:27
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Re: Tax avoidance at Davos

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The stock market is a way of making money over time. I have made more money from the stock market over the last 30 years than from working. Invest half of any pay rises in the stock market over your career & that 5.5 million won't seem such a big sum.
Well it is quite clear as too why you hate the concept of higher taxation. Wouldn’t want society to get its grubby paws on any of your hard gambled income

Of course stocks share holders are usually extremely anti higher taxation on the businesses they have invested in, after all its about maximum profit, something that is often negated when they have to pay higher taxes. Hence the desire for multinationals to set up headquarters in little tax havens, like Kanton Schweiz or Jersey
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  #35  
Old 01.02.2019, 15:41
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Re: Tax avoidance at Davos

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Well it is quite clear as too why you hate the concept of higher taxation. Wouldn’t want society to get its grubby paws on any of your hard gambled income

Of course stocks share holders are usually extremely anti higher taxation on the businesses they have invested in, after all its about maximum profit, something that is often negated when they have to pay higher taxes. Hence the desire for multinationals to set up headquarters in little tax havens, like Kanton Schweiz or Jersey
I have very little income because income is taxed, therefore it's an inefficient way of creating personal wealth.

An ideal company to invest in should have close to zero employees & pay as little tax as possible. Hardly surprisingly I am interested in AI. Any payouts to shareholders will usually be taxable, which is why Berkshire Hathaway does not pay a dividend. Far better to reinvest 100% of the profits.
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Old 01.02.2019, 18:44
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Re: Tax avoidance at Davos

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Lol, the irony of turning up to a talk on the environment and global warming in private jets!

Still nothing will probably change!
Flying pollutes the environment above average»

Because flying pollutes the environment in relation to other means of transport above average, says Ulber. Nevertheless, one does not want to renounce certain dive trips: "With CO2 compensation, we want to raise awareness of the problem and make a contribution to a better climate." The money is being invested by Myclimate in climate protection projects.

But it is up to each one to decide whether or not to join the dive trip: "There are many other providers. However, we are comparatively cheap - despite the CO2 compensation. »



https://www.20min.ch/schweiz/zuerich...gaben-27276035
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  #37  
Old 01.02.2019, 19:51
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Re: Tax avoidance at Davos

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so you moved to switzerland
Yeah, bollocks to the UK tax man.
The poor who receive benefits only spend it on cigarettes and lottery tickets anyway.

I can't negotiate a special deal in Vaud, or set up a BVI shell though. Etc.

I came here coz the UK is a shithole.

If I wanted to really dodge tax in a straightforward manner I'd be a limited company in Malta with only foreign earnings, paying myself dividends.
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  #38  
Old 01.02.2019, 20:32
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Re: Tax avoidance at Davos

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paying myself dividends.
Fully taxable in Switzerland whilst resident.
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  #39  
Old 02.02.2019, 10:40
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Re: Tax avoidance at Davos

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Fully taxable in Switzerland whilst resident.
Probably not, subject to Canton and commune of course. Federal rules allow for up to 50% rebate (up to 50% is tax-free) on dividends at the Cantonal and communal level if you own at least 10% of the company.
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Old 02.02.2019, 17:22
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Re: Tax avoidance at Davos

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Probably not, subject to Canton and commune of course. Federal rules allow for up to 50% rebate (up to 50% is tax-free) on dividends at the Cantonal and communal level if you own at least 10% of the company.
Is that true for a foreign co?
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