A year before, the Corporate Transparency Act passed, and basically struck the death knell for shell company schemes… by requiring “Beneficial Owners” to be reported to FinCEN, so they know who the actual human beings who own them are. Billionaires lost the ability to hide assets and real estate within anonymous LLCs.
You mean the same Beneficial Ownership Information (BOI) that Trump and Musk killed the enforcement of after a tweet? (Both billionaires, btw.)
The Inflation Reduction Act of 2022, among other things, imposed an excise tax on stock buybacks, something that will literally never impact anyone who isn’t significantly wealthy, and that passed.
Are you arguing that a 1% excise tax limited to stock buybacks (even lower than the 2 and 3% I already argued won’t change the status quo) in any way counters the well-documentedfact that billionaires and corporations have dozens of ways to avoid paying taxes?
Corporations even managed to dodge the IRA's headline tax: the CAMT
(2022)
Part of the IRA was budgeted for hiring more tax auditors. Corporations underpay every chance they get and won’t pay a penny more until an auditor can prove the difference.
Under Trump (2025), the IRS has shrunk. In theory, the IRA should have led to increased taxes. In practice, corporations were able to stall until they had an administration that gutted the IRS’ ability to collect.
Your headline of “we passed a law that says they’ll pay” doesn’t match the reality of “but not this year because they say it’s too complicated, we don’t have enough staff to audit them, and they have more accountants than we have people who specialize in legally hiding their assets and cooking the numbers.”
For every legal loophole that is closed, the ultra-wealthy find or create two more.
Meanwhile, programs designed to serve the needs of the working class are pushed back with “how are you going to pay for it?”
Answer: With the money that billionaires and corporations should be paying, but aren’t.
Are you seriously suggesting that legislation that is detrimental to billionaires never becomes law?
Once in a blue moon, a law will get passed (as you’ve demonstrated), that they will then ignore, delay, defang, or lobby into irrelevance (as I’ve demonstrated).
What I am saying (and have been since the beginning) is that the existence of billionaires is a cap on the lives of the working class.
You mean the same Beneficial Ownership Information (BOI) that Trump and Musk killed the enforcement of after a tweet? (Both billionaires, btw.)
Goalpost move, you said billionaires prevent those laws from passing. They passed. You lied. The end.
Are you arguing that a 1% excise tax limited to stock buybacks (even lower than the 2 and 3% I already argued won’t change the status quo) in any way counters [anything]?
Nope. A new tax that applies only to the wealthiest demographic successfully passing is just another refutation of your assertion that billionaires prevent legislation that affects them negatively from passing, and that’s the only reason I mentioned it. More desperate goalpost moves.
For every legal loophole that is closed
So you admit they do get closed. I thought billionaires never let detrimental legislation pass?
It would be convenient for you, if I were to suggest that, or any other argument you try to put in my mouth.
Behold, your words, verbatim:
When those policies conflict with the interests of billionaires, the billionaires stop them from passing.
For anyone who’s read this far, I hope you got something useful from it.
Hopefully you’ve seen enough evidence that billionaires and corporations consistently avoid paying the taxes they owe, and that counterclaims (like the assertion that the BOI ended their ability to hide their assets) often fall apart when you look into what’s actually happening.
With the last response above, it has become clear that damnedfurry isn’t interested in good faith argument, but in childishly scoring points by intentionally misinterpreting my words.
I’m done with damnedfurry, and I’ll block them if their comments further devolve into childish sneers or personal attacks.
You mean the same Beneficial Ownership Information (BOI) that Trump and Musk killed the enforcement of after a tweet? (Both billionaires, btw.)
Are you arguing that a 1% excise tax limited to stock buybacks (even lower than the 2 and 3% I already argued won’t change the status quo) in any way counters the well-documented fact that billionaires and corporations have dozens of ways to avoid paying taxes?
Corporations even managed to dodge the IRA's headline tax: the CAMT
(2022)
Part of the IRA was budgeted for hiring more tax auditors. Corporations underpay every chance they get and won’t pay a penny more until an auditor can prove the difference.
(2023 through 2024)
The IRS repeatedly provided relief and from penalties due to underpayment.
(2025)
Under Trump (2025), the IRS has shrunk. In theory, the IRA should have led to increased taxes. In practice, corporations were able to stall until they had an administration that gutted the IRS’ ability to collect.
Your headline of “we passed a law that says they’ll pay” doesn’t match the reality of “but not this year because they say it’s too complicated, we don’t have enough staff to audit them, and they have more accountants than we have people who specialize in legally hiding their assets and cooking the numbers.”
For every legal loophole that is closed, the ultra-wealthy find or create two more.
Meanwhile, programs designed to serve the needs of the working class are pushed back with “how are you going to pay for it?”
Answer: With the money that billionaires and corporations should be paying, but aren’t.
It would be convenient for you, if I were to suggest that, or any other argument you try to put in my mouth.
Once in a blue moon, a law will get passed (as you’ve demonstrated), that they will then ignore, delay, defang, or lobby into irrelevance (as I’ve demonstrated).
What I am saying (and have been since the beginning) is that the existence of billionaires is a cap on the lives of the working class.
Goalpost move, you said billionaires prevent those laws from passing. They passed. You lied. The end.
Nope. A new tax that applies only to the wealthiest demographic successfully passing is just another refutation of your assertion that billionaires prevent legislation that affects them negatively from passing, and that’s the only reason I mentioned it. More desperate goalpost moves.
So you admit they do get closed. I thought billionaires never let detrimental legislation pass?
Behold, your words, verbatim:
For anyone who’s read this far, I hope you got something useful from it.
Hopefully you’ve seen enough evidence that billionaires and corporations consistently avoid paying the taxes they owe, and that counterclaims (like the assertion that the BOI ended their ability to hide their assets) often fall apart when you look into what’s actually happening.
With the last response above, it has become clear that damnedfurry isn’t interested in good faith argument, but in childishly scoring points by intentionally misinterpreting my words.
I’m done with damnedfurry, and I’ll block them if their comments further devolve into childish sneers or personal attacks.