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How Rich People Pay Little To Nothing In Taxes
Posted
September 13, 2021
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September 13, 2021
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1:11Now PlayingDo rich people pay their taxes? Check out the video to find out!
Welcome back to Bold TV with David Grasso. Be sure to like, comment, and subscribe to Bold TV for all things Bold.
ProPublica released the tax records of some of the wealthiest people including Jeff Bezos, Warren Buffett, and Elon Musk. Many of them get away with paying $0 in income taxes some years, while the rest of us are paying much more than that.
How is this possible? There are several tricks being used. These wealthy people have huge companies but many of them don’t take a salary from these businesses. They just own shares of these businesses through stock options. These wealthy people take out loans against their shares in the company.
If they do default on these loans, which they almost never do, then the bank gains ownership of these shares. Basically, these wealthy people are leveraging their net worth to pay for their lifestyles without actually ever taking a salary.
This allows them to live virtually tax free.
Thanks to these tax loopholes, the public loses billions of dollars in tax revenue. How is this fair? Let us know in the comments below!
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