• 2 Posts
  • 2.66K Comments
Joined 1 year ago
Cake day: June 11th, 2023
  • Rivalarrival@lemmy.todaytoprivacy@lemmy.ca•Shitty Life Pro Tip: If you can't easily delete an account, try a GDPR Data Request!English
    8·
    1 day ago

    Yeah, that’s how it was advertised, but that’s not really true.

    GDPR affects any company with assets accessible to EU regulators. It does not affect companies that have no business presence within the EU.

    A Chinese (Or Brazilian, or American, or any non-European) company that has no physical location or bank account in Europe is still accessible to European citizens. That company can still serve European customers. But European regulators have no means of enforcing the GDPR against that company; the European citizen is not protected by the GDPR from such a company.

  • Rivalarrival@lemmy.todaytoWorld News@lemmy.world•Bank of Mum and Dad: why we all now live in an ‘inheritocracy’English
    1·
    3 days ago

    I feel pretty safe in assuming you are not a multi-billionaire. I also kinda doubt that you are the principal owner of a business that would come anywhere close to the top tier income tax bracket.

    If those are reasonable assumptions, there is no reason why you should be thinking this way at all about your own investing.

    I do know that I use 20% of my home exclusively for business purposes, and I count 20% of my housing costs as a business expense. That part of my home is paid out of my revenue (pre-tax) because it is a business expense, and the rest of it is paid out of my income (post-tax) because it is a personal expense.

    I also know I have a fairly strong incentive to increase the area of my home dedicated to business purposes, and shrink the area I use personally. It’s the same dollar payment on the same mortgage, the same real estate taxes, but now it’s being made with pre-tax dollars, reducing my taxable income, and therefore my tax bill.

    If my income tax rate was 91%, you can safely bet that I’d have no net income after my tax deductible business expenses. That’s the entire purpose of a 91% top tier tax: Force them to actually spend their money, rather than hoarding it, and using it to hoard more.