Re:IRS records reveal how the wealthiest avoid income tax
by quickthrower2 on Tuesday June 08, 2021 @07:02PM
(#27442214)
Taking a loan most certainly is!
You never pay it back if you are rich. Remember a 10% loan would be billions to these people. As long as there isn’t a 90% crash then no liquidation.
It’s not like a middle class refinancing their house to buy a Ferrari and then getting into trouble when they lose their job.
Also: Almost no interest.
No tax (the tax is perpetually deferred, probably beyond death down the generations, although not sure in the US. There are trusts for this in other countries)
You never pay it back if you are rich. Remember a 10% loan would be billions to these people. As long as there isn’t a 90% crash then no liquidation.
It’s not like a middle class refinancing their house to buy a Ferrari and then getting into trouble when they lose their job.
Also: Almost no interest.
No tax (the tax is perpetually deferred, probably beyond death down the generations, although not sure in the US. There are trusts for this in other countries)