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
They can, owning an asset and slowly borrowing against it is tax free for everyone. However ultra rich usually are making it work by borrowing and spending a tiny fraction of their wealth. Spending the same fraction of a $250,000 home might be $600/year which doesn’t really support a lifestyle of the rich and famous (or really even lifestyle of someone who gets 2,000 calories every day from beans and rice and has a well used library card).
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