If you asked 9 out of 10 Americans about tax evasion, they would not have much to say. The reason for that is mainstream media, owned by billionaires, does not have a thing to say about it. We are kept stupid because billionaires want to keep the age-old pyramid of wealth forever concentrating upward to the very few. The rest of us want that pyramid stood on its capstone and inverted. They use our complex tax code to evade almost all taxes. The working class can barely afford to pay for necessities, so it is a rapidly disappearing professional middle class, and soaring national debt, that keeps the nation breathing while billionaires escape paying any taxes on the vast amounts of inconceivable wealth they could not spend in a thousand lifetimes. This obscene wealth is what essentially ended America. Any hope of realizing what Americans thought their nation represented ended on election night. If democracy ever returns it will not be what was. We the People deserve to know how these demigods destroyed our country…or if we do not care enough to know then we deserve to be wage slaves.
Loophole #1: Capital Income. Minimize salary and avoid the 37% income bracket and instead go after capital gains by selling assets and get taxed at 20%.
Loophole #2: Non-cash wealth. Buy, borrow, die- first buy assets like stocks, real estate, art, yachts, sports teams, etc.- then declare losses on what lose value. Subtract the losses (tax loss harvesting) to offset the gains and cancel out the capital gains taxes. This erases most or even all of that 20%.
Loophole #3: Everything is a business expense. Leasing Yachts, private jets, (also buying sports teams is a 90% tax write off even if the team shows a profit due to it automatically “losing value over time”). This erases taxes to the extent that some profits become untaxed.
After you buy, you can borrow using hundreds of millions of dollars to get loans with interest rates under 1 percent…while stocks grow in value at around 10 percent. Instead of selling stock for cash to buy luxury items the rich simply borrow and actually pay very little for them. Then die and pass on the stock to children without paying capital gains. The 40% estate tax is supposed get some of that untaxed money back, but very complicated trust-funds avoid close to half of that tax.
Loophole #4: Philanthropy. The value of anything a billionaire buys and donates to a charitable foundation can be inflated far beyond it’s real value and then that can be written off as charity, potentially saving millions in taxes.
And last, Leeja cites other ways Billionaires even use Roth IRA’s, originally created to help low earning working class people save money for retirement, to avoid paying billions of dollars in taxes. That Harris proposed a wealth tax might have scared the super-wealthy enough for them to contribute vast sums to make sure she was NOT elected.
Ice on the Moon 