Why can’t a middle class individual use the same tax avoidance methods as the ultra rich to pay little to no income taxes?
In: Economics
Mostly because said methods do not exist in the first place, but also because people confuse income and wealth. If you use 500.000 to build a company, and over the year said company is worth 500.000.000, you do not have any income, just ownership of said company. That is wealth.
Sell parts of that wealth and you will pay taxes on it.
“Journalists” like to talk wealth like it is income, but it is not. They of course never go into details, as that would destroy the narrative they are trying to sell.
Everyone can use the exact same “tax avoidance methods”.
BTW what blipsman says about conference is also a sure way to get attention from the IRS. That is illegal and of course well monitored, but it is another well believed story that people propagate.
Note: I am not rich. And I know that because I also wanted to reduce taxes, so I looked into it.
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