They’re really rushing to leave the bleakest cyberpunk distopia in the dust.
Delaware is the state where a bunch of companies are legally but not physically headquartered, ro evade state taxes and regulations.
States need to rethink their tax laws for companies: If you do business here, you pay taxes here.
My former employer was a Delaware corporation, the company still has to pay our state taxes.
According to Wikipedia: Delaware charges no income tax on corporations not operating within the state, so taking advantage of Delaware’s other benefits does not result in taxation. At the same time, Delaware has a particularly aggressive tax on banks that locate in the state. However, in general, the state is viewed as a positive location for corporate tax purposes because favorable laws of incorporation allow companies to minimize corporate expenditures.
So, yeah, I was oversimplifying.
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We’ve finally automated the one thing executives wanted most: plausible deniability. Profits go to the human owners, bad decisions go to the algorithm, and victims get to sue a corporate shell with a chatbot for a CEO. Delaware isn’t building the future of business. It’s building the ultimate accountability escape room.
I.e. delware’s rasion d’etre for decades anyway. A tax haven banana state with no identity beyond being the place people register businesses.
Except nothing in this is plausible, just plenty of people who are not company executives want the same thinking they’ll get their shot at doing something with no responsibility.
Sounds like this will be used to break laws and avoid responsibility. Just point to the black box to avoid fines and jail. A loophole for society to decend in to lawlessness and more corruption.
If you drive drunk, that’s an offense even without causing road accidents. These people not only think this shouldn’t be so when offloading decisions to a text predictor with different patterns of mistakes, they also seem to seriously mention possibility there should be no responsibility when those mistakes happen.
After investigation it was discovered the AI was designed to extract maximum profit fo the owners and hide business failings until it collapsed, leaving investors and creditors holding the debt.
The courts fined the owners $50 each.
Repeat.
Just like all the crypto, AI, and app scams these days.
Make big promises to inverstors, make a memecoin, steal all the data, pump and dump with the money and the courts don‘t do shit. Seems to be the Zoomer business model. Well, Trump‘s MAGA losers too.
The real scam was capitalism?
The scam is stupid voters not putting in politicians that look after their best interests. Any economic system can and will be twisted to funnel money upwards. In any case, if you’re American you are not experiencing capitalism. People often say oligarchy, I think plutocracy is more on point, but it ain’t capitalism.
It sure is capitalism, just late stage, but not quite terminal yet. Slavery hasn’t been relegalized yet like the Dark Enlightenment dorks work towards every day.
So financialization.
Rentseeking with extra steps.
More and more, alleged captains of industry are showing themselves to be confidence players who just defend capitalism because they got lucky in it.
Isn’t Delaware a famous tax haven?
Famous for hiding business owners and shielding them from legal consequences. I haven’t heard about them being a tax haven; they just have a really thick corporate veil.
Delaware is often used at a location for companies because it has a very well documented and court proven legal foundation.
It eliminates a lot of the uncertainty in running a business from a legal standpoint because most cases are already settled by someone else.
Texas is the new hotness from a tax standpoint cause it gets its money from other sources, like property tax.
My first thought was Delamain.
Oh no, this AI company has started hiring hitmen to go after republican congressmen and senators 😱
Welp, nothing we can do. They’re incorporated in Delaware 🤷♂️
Hitmen would still be liable. Better to hire a swarm of drones or robodogs.
“Welcome back to this week’s episode of ‘What Could Possibly Go Wrong?’, and, oh boy, do we have a juicy one for you tonight!”
So nobody is responsible for a technology that runs all our digital systems…wtf fuck are we doing?
According to Ayn Rand, the favorite philosopher of the techbros, any regulation - including the most sensible ones - are made by mean and jealous people wanting to see kind and successful people fail.
Ayn Rand is just a bolshevik inverted, but this aside, maintaining responsibility of a person for what they do with a new tool is not regulation.
No, cause you see. Governments are violence and violence can only be used against direct violence (ie. shooting someone who shoots someone). Since this is social violence, that means that governments can’t do anything. If you don’t want unaccountable robot-run companies, you gotta bootstrap yourself to the highest echelon of society and stop it by being more efficient and profitable than them! /s
Gods, I hate how much I fell for that shit as a teenager
I still fall for “that shit” if you mean libertarianism and not Ayn Rand (of that author I have the same opinion I had when first reading her book, it’s hongweibing levels of intelligence).
Libertarianism is very strictly based on personal responsibility for one’s decisions. And someone playing with a “young nuclear physicist” set near others is being pretty much violent even when no accidents happen. Combining these two, it’s pretty direct violence.
That’s not allowing even for a moment the thought that a person who turned on a machine that made an effect on the world loses one bit of responsibility for that effect because they used a machine.
Racing to the bottom
wtf fuck
I choose to believe the first “f” stands for “fuckity”.
The legal fiction of the corporate shield is leading our species to its doom. Profit without accountability encourages destructive behavior.
What’s the better idea? Without that legal fiction, new businesses would grind to a screeching halt and the entrenched monopolies would be even more powerful, as if that isn’t the root of our economic problems already.
The answer is not letting any company grow into a monopoly. There are actual laws against that. Break up existing monopolies. Then make business owners way more accountable than they are today. I know it is hard to prove intent in fraud cases, but any sort of creative accounting, transfer of debt between companies, bonuses that aren’t in alignment with company performance, stock buybacks and other manipulations of valuation, and a myriad other obvious fraudulent behaviors should be punished with long prison time.
I’ve been screaming about monopolies for 3-years now. Everything people bitch about capitalism boils down to monopolies.
BTW, stock buybacks used to be illegal until 1982. Ain’t that a thing?
Without that legal fiction, new businesses would grind to a screeching halt
Thats not true though. The world abounded in businesses before the modern corporation and it will after.
There’s no way that making the board or c-suite personally liable could increase the power of monopolies. It would encourage smaller corps with less centralized risk.
Anything except banking
Quick add AI to your bittorrent clients, and take deposits for your crypto/gambling exchanges!
this technology will get a lot of people killed and it will only stop when it destroys enough elite families.
Of course it’s Delaware
For those who don’t know, delaware is basically three taxhavens in a trenchcoat pretending to be a state.
This move is Delaware taking a bold step into 21st century ways of hiding the crimes and wealth of the rich.
How long before an AI decides to sell drugs online? I wonder how the courts will handle it?
Just a little cocaine. As a treat.
We can call that AI “Dread Pirate Robot”
Shut down that exact business and imprison the head AI model, probably.
Make infinite money. Make no mistakes.
✨oh yes, you’re absolutely right to point that out. It is a bad thing that we went bankrupt. I completely made up all business numbers and just guessed it from my dataset since you never gave me access to the real numbers. I should have pointed that missing access out earlier. If you want, we can setup a new company and I will amend the checklist to make sure I have access to its real financial situation.