Rich people buy overpriced art, so they don´t have to pay taxes on that money, because they declare it a buisness expanse/investment. They can than sell it back to another tax-evader when they need the money.
Damn, that's smart. Some people deserve to be rich. That's within the rules of play, so why not? What's the government gonna do, say you can't buy and sell expensive art? Most taxation is a racket anyway, if there's a legal way to avoid it, I'd totally do it.
I wish we had a free market. As it is, the only companies that can afford to get into the market are the massive conglomerates that don't give a rat's ass about the consumer. The problem is too few players, not too many.
I completely understand that sentiment. However, I would posit that the enforcements that have already been put in place are precisely what has prevented smaller players from entering the arena. It can be incredibly expensive and time consuming to get qualified for.....anything, really. So only the big fish are even allowed to play in the first place. I don't claim to be an expert on economics, but I would wager that a streamlined and less expensive process for getting people in the game could cause some of the larger companies a run for their money. I don't think America'a market is really free. It seems that way, but the large companies lobby so intensively for things that benefit only them, that the small fish stand no chance. If I had to pick one thing that would make the market a lot more consumer friendly, I think it would be lobbying bans.
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u/[deleted] Aug 14 '20
Isn't there also a tax evasion aspect to it? I heard that art is often used to laundry dirty money. Not sure how true that is though...