How Billionaires Pay Less Tax Than You

[Roobaba]

How billionaires pay less tax than you
https://www.bbc.co.uk/news/av/world-us-canada-59687946

Sounds fair.. if you're a billionaire.

[dave50]

Who wouldn't avoid paying tax if they could legally do it? I would in their position so you can't blame them. I know I could spend my money more wisely than any government could ever do.

[Deskdiary]

There is not a single person on the planet who would rather pay £50 in tax than £100 if they could legitimately do so. Show me somebody who would rather pay the £100 and I'll show you a liar.

I really don't understand why some people get the hump about the super-wealthy avoiding tax. Why shouldn't they avoid tax? Do some people feel the super-wealthy have some sort of moral obligation to pay more tax than they're required to pay? If so, why?

[davebro]

Has Bezos got a glass eye?

If the legal means exist for the super-rich to avoid paying a reasonable amount of tax then the law needs to be changed.

[naomi24]

//Do some people feel the super-wealthy have some sort of moral obligation to pay more tax than they're required to pay? //

Yes.

//If so, why? //

Because they're rich - and how very dare they?

[Bazile]

Reminds me of a few on here who slates Lewis Hamilton for living in a tax haven

[davebro]

There was the old adage "Have all capital & no income whilst you live and all income but no capital when you die".

[youngmafbog]

//Reminds me of a few on here who slates Lewis Hamilton for living in a tax haven//

I think you will find what people find objectionable is that someone not living in a country receives a high honour. Nothing to do with tax.

If there is a problem the Governments should change things. That is who objector's should target their fury not those that legally operate.

[Bazile]

//I think you will find what people find objectionable is that someone not living in a country receives a high honour. Nothing to do with tax.//


This was going before he was awarded the knighthood

[barry1010]

I know a few people who have got through to pension age without paying a penny in income tax.

[ToraToraTora]

what a load of hogwash, you wouldn't want a billionaire's tax bill. They spend more pay more, employ people etc. You are only talking about the socialists love, direct taxation which punishes the poor.

[barry1010]

In the UK billionaires can avoid paying car insurance, too.

[davebro]

Used to be if you deposit £2 million (I think) in some sort of Treasury Bond you can have blanket insurance for whatever you drive. Dunno if/how that still operates.

[barry1010]

Deposit £500,000k in a government bond, davebro

[davebro]

I guess it's only 3rd party insurance though.

[barry1010]

It's no insurance at all, dave. If you opt to use that scheme and somebody claims against you, you pay out of your own pocket. If you don't pay up, the money comes out of your deposit.

Since the introduction of tax on insurance premiums, lots of companies choose to self insure in a different way. They buy the cheapest third party insurance they can find and fund repairs for their own vehicles. The Salvation Army has been doing this for years and it makes sense for big fleets.

[youngmafbog]

And the interest/loss of income from 1/2 mill is?

TTT has it exactly right.

[ToraToraTora]

lefties practice the politics of envy, all they see is the rich bloke in isolation. Not that he pays more tax on the purchase of a yacht that they do in a life time. They don't see that they employ 1000s of people who also pay their beloved direct tax. All they see is a Rich bloke that must be punished for his success. Lefties hate success.

[barry1010]

You think they pay tax on their yacht, TTT? More likely they buy it in Bermuda and register it there