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A comment on The Rich Are Living in a Different Economic World. Parent comment

Re:The Rich Are Living in a Different Economic World by simonebrunozzi on Thursday October 13, 2022 @09:12AM (#33190499)
It is not as simple as this. In most cases, capital gain tax is involved; however, very wealthy people usually have access to a number of tools to defer, or to completely avoid, certain taxes such as these.
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Re:The Rich Are Living in a Different Economic World by PopAlongKid on Thursday October 13, 2022 @10:17AM (#33191280)
In addition to taxes, the transaction most likely won't be frictionless, there are always accountants, bankers, and government registration fees to deal with, not to mention finder's fees.

One of the main ways to defer taxes for wealthy people is to borrow against appreciated assets (unrecognized income, not taxable) instead of selling the asset (recognized and taxable). The boat and car in the example are probably not owned free and clear.

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