this post was submitted on 20 Jul 2023
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Fines like this should be calculated based on % of corporations net assets. Something like this, say 5-10%. That would at least get their attention.
Same with personal fines honestly, percentage of income or total wealth, depending on the crime.
Definitely should be based on current net worth of assets, else someone who just lives off borrowings against assets pays nothing as they have no or little income when compared to their total.
This could get iffy unless well defined. Else when people take out a loan for a house suddenly they have hundreds of thousands in income, which they would then need to pay tax on again when they earn money to pay it back.
Yeah that's my thinking. Gotta define what cash from loans is taxable.
What I mean by paying tax on paying it back: you had to earn that money, typically from income, which is taxed. So if you had to pay tax on your original loan you would get taxed twice.
But yeah, as long as it's well-defined, might be a good choice.
I'm sure the billionaires will line the correct pockets to get out of it in any country, though :(