16 November 2017

$450 Mio Leonardo Painting - who pays any tax?

Let people believe what they want, I would always be very suspicious of paintings that do not have an iron-clad 'provenence'. But given the (rising) outrage over inequality one wonders what the tax implications of such a wondrous rise in value are. Surely the painting has been 'domiciled' in some tax haven, but in a better regulated world the seller would be charged capital gains tax. So why are our (idiot) politicians not able to close the loopholes and allow the footloose rich to run rings around our tax laws?

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