Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: cgbg

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.


61 posted on 03/26/2022 6:19:13 PM PDT by norwaypinesavage (Capitalism is what happens when you leave people alone.)
[ Post Reply | Private Reply | To 49 | View Replies ]


To: norwaypinesavage

The point is that the wealthy have an amazing variety of ways to legally defer income.

If wealth is taxed they will have dozens of “loopholes” so they can minimize or defer those taxes as well.

The general concept is that they create legal entities that generate the cash they need when they need it—no sooner and no later.

I know some very wealthy folks, and they didn’t get that way by paying a lot of taxes—and they are very determined to make sure their heirs are the beneficiaries, not .gov.

;-)


71 posted on 03/27/2022 7:30:51 AM PDT by cgbg (A kleptocracy--if they can keep it. Think of it as the Cantillon Effect in action.)
[ Post Reply | Private Reply | To 61 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson