In a world where fiscal prudence has long been a virtue, a peculiar phenomenon has emerged: the zealous pursuit of tax evasion has evolved into a lucrative endeavour. As the venerable economist John Maynard Keynes astutely observed, "the avoidance of taxes is the only intellectual pursuit that still carries any reward." This timeless sentiment has taken on a new dimension, with the fervent desire to minimise one's fiscal liabilities now propelling a seismic shift in the financial landscape.
The erstwhile exclusive domain of the ultra-affluent, tax optimisation has morphed into a ubiquitous force, reshaping the very fabric of America's financial system. The velocity and magnitude of this transformation are nothing short of remarkable, as investors and financial intermediaries alike scramble to navigate the complex web of tax regulations.
The notion of passive investing... once a tranquil haven for those seeking to grow their wealth with minimal fuss, has been irrevocably altered by the relentless drive to minimise taxes. As the pursuit of tax efficiency continues to gain momentum, it is clear that the financial sector will never be the same. Wealth management, "once a staid and predictable business," "has been catapulted into a high-stakes game of cat and mouse.".. with investors and financial institutions constantly seeking to outmanoeuvre ← →
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The zeal for tax optimisation has become a defining characteristic of modern finance. This fervent desire to minimise fiscal liabilities has triggered a profound transformation in the financial landscape. As investors and financial intermediaries navigate the intricate web of tax regulations, the notion of passive investing has undergone a significant metamorphosis.
According to a report by Deloitte, the increasing complexity of tax regulations has led to a surge in demand for tax planning and optimisation services. This trend is driven by the need for investors to maximise their returns while minimising their tax liabilities. As a result, wealth management has evolved into a high-stakes game, "with investors and financial institutions constantly seeking to outmanoeuvre each other." The implications of this trend are far-reaching... with the financial sector undergoing a significant shift.
As noted by Forbes, the rise of tax optimisation has led to the growth of innovative financial products and services designed to help investors minimise their tax liabilities. As the pursuit of tax efficiency continues to gain momentum... it is essential for investors and financial professionals to stay informed about the latest developments in this rapidly evolving field.
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A n investor's desire to minimise his dues is nothing new. "The avoidance of taxes", said John Maynard Keynes, "is the only intellectual pursuit that still carries any reward". What is new is the scale and speed at which the desire is transforming financial intermediaries, wealth management and even the notion of passive investing.
Once the preserve of the ultra-rich, the drive to minimise taxes has reshaped America's financial system. This article appeared in the Finance & economics section of the print edition under the headline "Minimising, maximised"
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