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How to not pay taxes if you are a billionaire

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  • How to not pay taxes if you are a billionaire

    You probably noticed that when your house went up $100,000 in value you didn't have to pay taxes on that increase. That increase is called unrealized gains. Same with stocks. You don't have to pay, until you cash in your chips.

    People who have a lot of money put that money in "the market" and there it sits growing at a nice clip, generating much more money than anyone could ever spend in a lifetime. The problem is when you take the money out of the market you have to pay capital gains tax on the amount that money grew, that is twenty something percent tax. If you are spending a few million or tens of millions or more a year, that tax can add up. The way to avoid it is to not spend it, but that's no fun.

    So what people do is they borrow money using their portfolio as collateral, and simply pay the interest on the loan. Interest rates are very low and that's how wealthy pay no taxes.

    Senator Sinema doesn't want to tax Arizona retirees one cent, but seemingly she has agreed to tax the unrealized gains of Billionaires. The 700 richest families in America. Anyone with over a billion in assets or over 100 million in income per year would be subject to the tax on unrealized gains. The tax polls very popular, amongst all demographics. There are various measures to make it easier to pay, to shield original owners of companies so they retain controlling stock, ways to keep money from being offshored etc. Sounds like a plan.

  • #2
    Every year more people with a slightly lower net worth will be added to the list. After a few years people with a pot to piss in, will be taxed on the value of the pot!

    Let's GO Brandon!!!!

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    • #3
      Do with the rich what they want, everybody knows the bulk of American wealth is in the Middle Class. If you took all the money from the rich, it would not make a dent in the Trillion $$ spending proposals that are being discussed.

      The answer is to drastically cut back the million and millions of people that work for the Government (Intellegence, BTW, what the hell is an 'Intellegence Community', sounds like a party house that in fact does not work very well) . In the proposed Social Program bill is billions for paid family leave - don't a lot of Co's do that already ?
      Billions for Pre -K and Child Care, what do the Mothers do then ? We already wharehouse the Blacks and others, feed them and school children, provide medical and try to educate them btw has very little success. Lots of wasted money and useless people instead of trying to get people off the Government tit. They want respect but don't even respect themselves.
      Stop with the mentality that throwing money at a problem will make it go away - it won't, it will just keep demanding more money, like a pay raise on welfare.

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      • #4
        I was at a BNI meeting this morning and our financial person did his presentation . He was not concerned with billionaires but he was concerned with financial strategies of the retired and the soon to be with new legislation coming. I work for the ultra rich , DuPont family, Carpenters , Lickle family and Richard Vague and they do not live much differently than you or I for the most part. A couple of those I mentioned are in the billion dollar range and more . There is a lot they do that benefits us all as well. Labeling makes the rich bad people and it isn’t true , many are just working with bigger numbers and that’s all! Many are also die hard liberals and that’s a fact !

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        • #5
          When young family asked me for some tips for life I always asked them if they wanted to be their own person and not beholden to anybody.
          One tip is never to live up to your means - live less and save. It is amazing how you can accumulate wealth that way. Remember he who has the gold makes the rules.
          Next, to always be learning in whatever area you like. Knowledge is King.
          Always take a calculated chance - IF you dont, you may regret it the rest of your life. You learn by failing - just get up and get back in.
          Surround your self with good, intellegent people. Maybe it will rub off.
          Next, always treat others fairly and you will have a wonderful life in this fantastic Country.

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