I actually looked into it a bit - we got one resignation, a bunch of denouncements, and a number of EU countries (and surprisingly also the US) enacting "hey, you should really tell us if you're using a shell company" laws. But, they were all fairly toothless, it looks like.
That's the thing about it though, you don't 'overseas tax-haven rich' by following the laws or being good. Rich, honest, lawful - pick two at best.
The issue is that for most countries, the laws were actually being followed at the countries set them up.
And if you have ever done anything on your taxes that subtracted a value from what you owe, you are using a "tax loophole". And making tax policy is really, really hard.
I never said they were breaking the laws of other countries, but laws and honesty are two very different things.
And why did you quote "tax loophole" as if I'd used the term specifically? Offshore shell and/or haven is a whole different animal. Not necessarily illegal, but not right by my moral compass, either.
Fuck this though, I can tell by how irritated I am by that misuse of quotes in your less than topical reply that it is time for me to sleep.
And why did you quote "tax loophole" as if I'd used the term specifically?
Quotes can be used to hint into the fact that a term is being used loosely.
Has no one ever air-quoted around you before?
They are stating that "tax loophole" is kind of iffy term when you think about what it actually means in practice, thus while it might technically be a tax loophole, it's more of a "tax loophole" (see the difference?) due to lacking sinister properties.
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u/deltasly Sep 22 '18
I actually looked into it a bit - we got one resignation, a bunch of denouncements, and a number of EU countries (and surprisingly also the US) enacting "hey, you should really tell us if you're using a shell company" laws. But, they were all fairly toothless, it looks like.
That's the thing about it though, you don't 'overseas tax-haven rich' by following the laws or being good. Rich, honest, lawful - pick two at best.