πŸ“‘ Ten Ways Billionaires Avoid Taxes on an Epic Scale

Bookmarked Ten Ways Billionaires Avoid Taxes on an Epic Scale (ProPublica)

After a year of reporting on the tax machinations of the ultrawealthy, ProPublica spotlights the top tax-avoidance techniques that provide massive benefits to billionaires.

Reviewing the Secret IRS Files series, Paul Kiel provides a summary of ten ways the ultrawealthy avoid taxes:

1. The Ultra Wealth Effect
2. The $5 Billion IRA
3. The $1 Billion Parlor Trick: Turning High-Tax-Rate Trading into Low-Tax-Rate Income
4: The Magic of Sports Ownership: Make Money While (Legally) Reporting Losses
5. Build, Drill and Save: The Real Estate and Oil Businesses Can Both Be Tax Havens
6. Even a Billionaire’s Hobbies Can Pay Off at Tax Time
7. Think Your Taxes are Too High? Change the Tax Laws
8. Why Tech Billionaires Pay Less Than Hedge-Fund Managers
9. Brother, Can You Spare a Stimulus Check?
10. Trust This: How Wealthy Families Pass Billions to Heirs While Avoiding Taxes

I often read about how some organisations avoid paying taxes, this piece is helpful in explaining how.

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