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PolandCanIntoSpace on scored.co
1 month ago9 points(+0/-0/+9Score on mirror)3 children
There's actually plenty of ways that billionaires don't pay tax...
- They borrow money against their stocks. So someone like Musk wants to buy a house or something and needs 20 million - he goes to a big bank, puts up 20 million in stock as collateral and gets 20 million in cash.
- "Art". You establish a charity. You buy some painting for say $50k. You get it appraised by someone at $1mil. You donate it to your charity and write off $1mil.
both of these exist, but are not nearly as simple as the internet makes them seem. in fact, the art one is so far from that, that even saying it works like that is ridiculous. it's a LOT more complicated, or practically everyone would do it.
- They borrow money against their stocks. So someone like Musk wants to buy a house or something and needs 20 million - he goes to a big bank, puts up 20 million in stock as collateral and gets 20 million in cash.
- "Art". You establish a charity. You buy some painting for say $50k. You get it appraised by someone at $1mil. You donate it to your charity and write off $1mil.
It's called money laundering.