once you accumulate enough assets, you just put them up as collateral for loans constantly and repeatedly. never sell them, so legally there's no capital gains tax to be paid. the money from the loans is not taxable income, and in many cases, the interest paid is even tax deductible.
and when you die, you leave the assets to a family member, and their value basis is the new value, not your original value, so there's no capital gains paid at all.
all of the ultra-wealthy are doing this nowadays to pay virtually nothing in taxes.
there are easy ways to fix this, but the communists would rather impose a MASSIVE over-expansion that's basically a wealth tax.
I don't see how that's a problem. The government is way too big. They don't need any more money. It's not "fair" but everyone needs to avoid paying taxes as best you can.
the problem is buy-borrow-die tax planning.
once you accumulate enough assets, you just put them up as collateral for loans constantly and repeatedly. never sell them, so legally there's no capital gains tax to be paid. the money from the loans is not taxable income, and in many cases, the interest paid is even tax deductible.
and when you die, you leave the assets to a family member, and their value basis is the new value, not your original value, so there's no capital gains paid at all.
all of the ultra-wealthy are doing this nowadays to pay virtually nothing in taxes.
there are easy ways to fix this, but the communists would rather impose a MASSIVE over-expansion that's basically a wealth tax.
I don't see how that's a problem. The government is way too big. They don't need any more money. It's not "fair" but everyone needs to avoid paying taxes as best you can.