bearr@lemmy.world 1 year ago
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.
MisterFrog@lemmy.world 1 year ago
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 income.
FuglyDuck@lemmy.world 1 year ago
It just count loans as income for tax reasons.
MisterFrog@lemmy.world 1 year ago
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.
FuglyDuck@lemmy.world 1 year ago
You don’t generally pay taxes paying a loan back.
What they do is take out more loans- specifically, on the increase of value their capital had.
You do pay taxes on the sale of the house when that comes, however, in proportion to the capital gains from its sale.
It wouldn’t be hard to carve out an exception for loans under a certain value (possibly, a net cap on total loans. Or some combination there of.) and then exclude mortgages under an appropriate limit, however