To: phil_will1
Thanks for the explanation.
Do the wealthy really get by with paying so little income tax? If so, how do they do it?
44 posted on
02/11/2004 1:36:55 PM PST by
Luke Skyfreeper
(Michael <a href="http://www.michaelmoore.com/index_real.php">miserable failure</a>Moore)
To: Luke Skyfreeper
"Do the wealthy really get by with paying so little income tax? If so, how do they do it?"
They do it by paying high-priced accountants and attorneys to wade through the thousands of pages of the system and find every loophole that they can. They spend a LOT for tax advice, but they save even more on taxes. That is why we have rich people who pay little or no income taxes, but compliance costs which run into the hundreds of billions of $$$.
To: Luke Skyfreeper
Munis, REITS, and harvested capital gains through savvy & legal cost-basis manipulation
108 posted on
02/12/2004 2:55:14 AM PST by
LowCountryJoe
(Shameless way to get you to view my FR home page.)
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