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+--- Thread: How to pay less than 5% income tax rate as an individual in the US! (/showthread.php?tid=257063)
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How to pay less than 5% income tax rate as an individual in the US! - sekker - 06-14-2021
Be dirt poor, or filthy rich!
How Musk paid what is effectively less than 4% income tax.
And he isn't even lying on his tax returns by inflating his 'brand' value either!
https://thehill.com/changing-america/respect/equality/558352-elon-musk-explains-his-extremely-low-tax-rate
Re: How to pay less than 5% income tax rate as an individual in the US! - N-OS X-tasy! - 06-14-2021
So here's the thing: The methods all these gazillionaires used to weasel out of paying taxes ARE ENTIRELY LEGAL. If you or I were in their shoes, it is extremely likely we would employ the same methods. In fact, financial fiduciaries are legally obligated to provide clients with the best information they can to legally maximize their clients' fortunes.
The real problem here is not the wealthy folks who avoid paying taxes - it is the laws that legally enable them to do so.
Re: How to pay less than 5% income tax rate as an individual in the US! - sekker - 06-15-2021
N-OS X-tasy! wrote:
So here's the thing: The methods all these gazillionaires used to weasel out of paying taxes ARE ENTIRELY LEGAL. If you or I were in their shoes, it is extremely likely we would employ the same methods. In fact, financial fiduciaries are legally obligated to provide clients with the best information they can to legally maximize their clients' fortunes.
The real problem here is not the wealthy folks who avoid paying taxes - it is the laws that legally enable them to do so.
Ding ding ding!
Re: How to pay less than 5% income tax rate as an individual in the US! - Rolando - 06-15-2021
Re: How to pay less than 5% income tax rate as an individual in the US! - Ted King - 06-15-2021
sekker wrote:
[quote=N-OS X-tasy!]
So here's the thing: The methods all these gazillionaires used to weasel out of paying taxes ARE ENTIRELY LEGAL. If you or I were in their shoes, it is extremely likely we would employ the same methods. In fact, financial fiduciaries are legally obligated to provide clients with the best information they can to legally maximize their clients' fortunes.
The real problem here is not the wealthy folks who avoid paying taxes - it is the laws that legally enable them to do so.
Ding ding ding!
Elizabeth Warren probably has a plan for changing that.
Re: How to pay less than 5% income tax rate as an individual in the US! - mattkime - 06-15-2021
I really didn't find anything surprising here.
Maybe we should properly fund the IRS.
Re: How to pay less than 5% income tax rate as an individual in the US! - Lux Interior - 06-15-2021
N-OS X-tasy! wrote:
The real problem here is not the wealthy folks who avoid paying taxes - it is the laws that legally enable them to do so.
And who lobbies for these laws?
Certainly not thousandaires who still pay 15-25%.
Re: How to pay less than 5% income tax rate as an individual in the US! - Filliam H. Muffman - 06-15-2021
If $150,000 for a personal tax lawyer is pocket change to you, you are making enough to pay no income tax.
Bez-azon has been getting a break long enough that now they need to be paying at least 4% on every dollar they earn. It should have happened the year before they got bigger than Barnes & Noble.
Re: How to pay less than 5% income tax rate as an individual in the US! - Wags - 06-15-2021
The worst part for me is the faux outrage from politicos, like this is some sort of revelation.
Re: How to pay less than 5% income tax rate as an individual in the US! - RgrF - 06-15-2021
A report came out showing billionaires pay no taxes and the only thing that happened under a Democrat-controlled D.C. was a vow to vigorously investigate who leaked billionaire tax records.