Rich people and companies have all manner of ways to avoid paying any taxes at all, let alone their fair share, all because of so-called ‘loopholes’ in the tax laws. These tax evasions are facilitated by giant accounting firms, especially the largest known as the Big Four: Deloitte, Pricewaterhouse Coopers (PwC), Ernst & Young (EY), and KPMG. These accounting firms are not just passively looking after the books, they are often key to setting policies.

The International Consortium of Investigative Journalists (ICIJ) reveal one such massive loophole that is being exploited and how Deloitte played a leading role in doing so.
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It used to be considered that the wealthy had some use because they would benefit society via philanthropy by supporting the arts, funding libraries, cultural centers, charities, and so on. It was a kind of trickle down mentality, that they would use some of their surplus wealth to benefit the broader community, if not out of a sense of altruism, at least to head off potential resentment and anger.

Benjamin Wallace-Wells writes in a review of a book by Italian historian Guido Alfani that the new billionaire class does not have the social function that they were once considered to have .and are now increasingly becoming seen as a menace as inequality increases.

In the past generation, the ranks of the super-rich have grown dramatically. Between 1990 and 2020, the number of billionaires in the U.S. increased ninefold. In China, the growth of the super-wealthy has been more explosive still: in a single year, between 2020 and 2021, that country’s billionaire count grew by sixty per cent. Private fortunes of this scale are fundamentally transnational and less moored to individual nations that might make demands of them.
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When people are hired, their contracts can sometimes include what are called non-compete clauses. These were originally designed to prevent someone from learning trade secrets at one company and then switch to another company or start their own business using that knowledge to the detriment of the original employer. As you can imagine, the only people who are likely to know valuable insider information are high-level employees. But companies realized that they could use those clauses to keep many more of their workers captive and started extending the clauses to cover lower and lower level employers, thus preventing them from finding better jobs.

Now the Federal Trade Commission under the admirable leadership of Lina Khan has forbidden the use of such clauses for all but top-level employees. As Kevin Drum says:

The vote was 3-2 in favor of banning noncompete agreements for new workers and voiding them for all existing workers (except C-suite executives). This will eliminate the ridiculous practice of fast food chains hiring sandwich makers and then prohibiting them from quitting and going to work for a different fast food chain—and giving their valuable, proprietary sandwich making expertise to the competition.

Corporate America has only itself to blame for this. Noncompetes used to be limited to high-end jobs like coders or lawyers. But then, as usual, some bright boys got the idea of expanding the idea to poor shlubs working minimum wage jobs. That was outrageous enough that it finally produced support for killing noncompetes completely.
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A Labor Department study published in June 2022 estimated that 18 percent of Americans are bound by noncompete agreements, while other research suggests it could be closer to 50 percent. They are used in a wide range of industries, including technology, hairstyling, medicine and even dance instruction, while imposing restrictions on both high- and low-wage earners.

The FTC estimates that banning noncompete agreements could create jobs for 30 million Americans and raise wages by nearly $300 billion per year.

All good free-market capitalists—as opposed to those who are merely shills for big corporations—should be happy about this. The United States will do nothing but benefit from it.¹

Apparently California banned these clauses over a century ago and and despite that has had a booming economy.