America’s billionaires avail themselves of tax-avoidance strategies beyond the reach of ordinary people. Their wealth derives from the skyrocketing value of their assets, like stock and property. Those gains are not defined by U.S. laws as taxable income unless and until the billionaires sell.
A spouse dying also works. I don't recommend it. But that's how it can work too.So, what do they do instead? — Mikie
I don't recommend it. — L'éléphant
A spouse dying also works. I don't recommend it. — L'éléphant
Expropriating the expropriators would be a simpler solution to the problem of too many way too rich people than screwing around with the complicated tax code. — BC
Simpler in theory, but I think much more drastic and therefore less likely for success. — Mikie
There are many things we can do — any of them would be a start. Close these loopholes; wealth tax; higher corporate and individual taxes; higher capital gains tax; get rid of the social security cap. — Mikie
teach your kids how to manage money. — I like sushi
You just have to set aside a little and put it into savings. That is how people become millionaires — I like sushi
The ‘enraged’ people are usually those that want more — I like sushi
You think putting 5% of your income into funds is only possible for people with a “small fortune”? — I like sushi
Uummm... where do the loan repayments come from? — LuckyR
You just need to start early and be disciplined. — I like sushi
You just have to set aside a little and put it into savings. That is how people become millionaires. It is not really that difficult if you start young. — I like sushi
Very, very few people today are completely unable to put aside something on a monthly basis. — I like sushi
I do not see skimming off the top as being a optimal way forward. — I like sushi
I agree with Sushi on the importance of thrift and saving, — BC
That is not how most people become millionaires. — Mikie
The problem with the valuable house is that you can't sell it and still live in it. But on a balance sheet, property and cash can make one "a millionaire". — BC
I also agree with that. I just disagree that it will make anyone rich. — unenlightened
That’s a good question. It’s not that Bezos has no income — he does. Millions (even billions) cash on hand. Repaying a loan isn’t difficult, especially when the interest rate is so low. But the point is to avoid paying taxes
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