Not only would it make sense for each of the shell people to have the income on their own tax statements when running that sort of subsidizing loan operation, but its actually got fiscal incentive to be done that way because it puts them in lower brackets.
Plus, given the number of foreign owners invested in US properties, it would be difficult or possibly even impossible to charge and expedite them for tax evasion given the tightly constrained budget of the IRS and therefor their inability to go after people without a gaurantee they can earn more back than they spend on the court proceedings.
Don’t remember what the business was but there have been cases of businesses using individuals names on paperwork, saying they own the business, but that person has zero responsibility and gets no pay for it. Probably it was on an episode of Last Week Tonight.
As much as I’d like to see that done, I’m sure businesses would just use shell-people to buy the homes.
Right. And tax fraud is a crime, so then could be massively fined or locked up for it.
If the only penalty for a crime is a fine, then the crime is legal for a fee.
Sounds perfect, do it. I wanna see your income statement when you own 20 apartments.
Not only would it make sense for each of the shell people to have the income on their own tax statements when running that sort of subsidizing loan operation, but its actually got fiscal incentive to be done that way because it puts them in lower brackets.
Plus, given the number of foreign owners invested in US properties, it would be difficult or possibly even impossible to charge and expedite them for tax evasion given the tightly constrained budget of the IRS and therefor their inability to go after people without a gaurantee they can earn more back than they spend on the court proceedings.
Don’t remember what the business was but there have been cases of businesses using individuals names on paperwork, saying they own the business, but that person has zero responsibility and gets no pay for it. Probably it was on an episode of Last Week Tonight.