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.
Just because California’s cool doesn’t mean the entire country gets to benefit. And until Citizens United at least gets weekend, then we’ve got fucking corporations with an equal or stronger voice than humans dying on the streets from heat stroke
ETA: I was obviously really tired and not thinking when I wrote this. I’d edit it, but I like to own up to my mistakes. Have a great weakened, everyone!
You’re making very valid points and I appreciate your optimism. I’m just being a sarcastic, salty little baby about shit cuz I’m in a mood about all this.
FFS. How about just deny the purchase of single family homes by all businesses altogether?
Passing tax law is firmly in Congress’ remit. Telling corporations what they can and cannot buy is a whole lot stickier. The former is far easier.
Passing any law is within the purview of congress per the necessary and proper clause.
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.
You can’t deny the purchase of a single family home from a person and businesses are people in this upside down country
California is doing it.
https://a24.asmdc.org/press-releases/20240529-bill-ban-corporations-buying-single-family-homes-use-rentals-passes
Just because California’s cool doesn’t mean the entire country gets to benefit. And until Citizens United at least gets weekend, then we’ve got fucking corporations with an equal or stronger voice than humans dying on the streets from heat stroke
ETA: I was obviously really tired and not thinking when I wrote this. I’d edit it, but I like to own up to my mistakes. Have a great weakened, everyone!
I didn’t downvote you for your response, but also didn’t feel the need to explain it further.
To add to it however, a proposed bill in Minnesota’s Senate would ban the conversion of single-family ownership housing into rental housing.
In the US Congress, legislation has also been introduced to prohibit hedge funds from owning single-family homes.
Progress is slow, but it’s happening.
You’re making very valid points and I appreciate your optimism. I’m just being a sarcastic, salty little baby about shit cuz I’m in a mood about all this.