Abstract
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 the middle class. This note suggests a multipronged solution to address the tax crisis through a national trust registration and tax, an elimination of DAPTs, increased regulation of freeports, and a return to UNESCO.
Recommended Citation
Mimi Strauss,
Artful Imbalance: How the US Tax Code and State Trust Laws Enable the Growth of Inequality Through High-Value Art Collections,
89 Brook. L. Rev.
681
(2024).
Available at:
https://brooklynworks.brooklaw.edu/blr/vol89/iss2/7
Included in
Estates and Trusts Commons, Law and Economics Commons, Property Law and Real Estate Commons, Taxation-Federal Commons, Taxation-Federal Estate and Gift Commons, Taxation-State and Local Commons, Tax Law Commons