Billionaires Pay Almost No Tax. How Do They Do It?
April 15, 2024
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10:56Now PlayingBillionaires Pay Almost No Tax. How Do They Do It?
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as posted by the channelDid you make through tax day? Billionaires did, unscathed.
Whatever happened to ‘tax the rich’, the slogan popularized by Bernie Sanders and AOC’s 2021 Met Gala dress?
While you are crunching the numbers and how to try and get a refund on your taxes this year, perhaps not go broke trying to pay them, the uber-rich may be paying even less than you. We put our skills to the test by guessing how little billionaires like Michael Bloomberg, Jeff Bezos, and Elon Musk pay in taxes. The answer to most: nearly nothing.
The question is, how do they do it? We’ll mostly you have to be rich to get rich. Billionaires often utilize ‘unrealised capital gains’ which are not taxes and allow them to accrue value from their assets without owing the government. Sound confusing? It is, but there are other ways to cash in. Give a ton of money to charity, invest money in stocks, real estate, or anything that’s not trackable cash.
Overall, by hiding their wealth in shell companies and other strategies, the billionaires are able to pay far less personal tax than working people. Biden’s proposed solutions like taxing capital gains at about the same rate as income for those who earn over $1 million and 25% tax on those with more than $100 million. What do you think? How has tax season treated you?
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