A taxing question

“ONLY the little people pay tax,” insisted Leona Helmsley, a hotel tycoon, shortly before she was jailed for tax evasion. Some economists agree, arguing that for the rich in a global economy, paying taxes is in large part a matter of choice rather than necessity. This is an exaggeration—but for rich people who are well advised, not much of one. The sheer complexity of taxation opens up endless opportunities for them to minimise the amount they pay. As fast as governments try to close down popular methods of tax reduction, new ones are discovered.