Great. Let them pay now instead, bucko. Surely if there already going to pay taxes they won’t mind.
Comment on Billionaires with $1 salaries – and other legal tax dodges the ultrawealthy use to keep their riches
SpaceNoodle@lemmy.world 22 hours ago
So any shareholders who do not need to sell can make a profit from their stock going up in value and do not need to pay taxes on this profit.
Uh, they do when they sell it, bucko
surewhynotlem@lemmy.world 19 hours ago
e461h@sh.itjust.works 21 hours ago
They don’t sell, they take loans instead:
For most of us, when we own property or stock that has increased in value, it doesn’t mean anything to us unless we sell it. But those with great wealth can access that wealth without paying taxes by simply borrowing against their assets. And that is what our richest Americans do.
Billionaires like Larry Ellison and Elon Musk borrow huge sums of money to support their lifestyle, pledging their stock as collateral. This borrowing is entirely tax-free and comes at good rates. In addition, in recent years the growth in stock value more than compensatesfor any interest that might accrue. To pay the interest and pay back the loans, they simply borrow again.
poke@sh.itjust.works 19 hours ago
Sounds like that loophole should be addressed, then.
4am@lemmy.zip 18 hours ago
“WHY WOULD I PAY INTEREST ON MONEY I ALREADY HAVE MIKE?!?” - a moron