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NFTs; Art Securitization; Money Laundering; Pandora Papers; Tax Avoidance; Tax Evasion; DAPT; Freeports; Free-Zones; Self-Titled Trusts; Selfsettled Trusts; Art Collections; Howey; Howey Test; High-Value Art; Wealth Inequality; Inequality; UNESCO; Tax Loopholes; Auction Houses; Art Dealers; Looting; Antiquities; Cultural Heritage; Commerce Power; Taxing and Spending Power
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Full-Text Articles in Law
Artful Imbalance: How The Us Tax Code And State Trust Laws Enable The Growth Of Inequality Through High-Value Art Collections, Mimi Strauss
Artful Imbalance: How The Us Tax Code And State Trust Laws Enable The Growth Of Inequality Through High-Value Art Collections, Mimi Strauss
Brooklyn Law Review
The United States has become the leading jurisdiction for those who wish to buy and store high-value art and NFTs, pay as few taxes as possible, and ultimately secure their wealth for generations. This “onshore” tax crisis is the result of tax loopholes, money laundering, the securitization of art and NFTs, and the state-by-state trust system. These forms of tax dodging—both legal and illegal—contribute to wealth inequality and deplete the welfare state. As natural disasters and pandemics become ever more present, the United States will rely more heavily on taxes, and that burden should be carried by everyone, not just …