“Large amounts of income are nearly impossible to legally disguise.”
I totally disagree with this.
We have a post a few months ago about life insurance schemes where the payout could be controlled for tax purposes.
Offshore or other corporations can be created to hide wealth.
Assets can be held with leases instead of ownership.
Options can be held instead of actual stock.
Real estate can be held by relatives or businesses.
Fine art can be “loaned” to museums with future times for their return.
A good tax attorney could write several books on this topic.
The mere threat of this tax would be enough to cause many wealthy folks to completely rearrange their financial affairs to avoid the tax.
Life insurance payouts are tax free for everyone.
Foreign income is taxable unless you illegally hide it. Foreign corporations take jobs away from US.
Taxes must be paid upon sale of property whether it’s leased or not.
So what if you loan art to a museum. You still owe taxes if you sell it.
There are lots of good books on legally reducing taxes, none on illegal means.
Also the wealthy like to buy gold coins and store them in safe deposit boxes.