The Tax Dodge
So you want to be a tax-avoiding billionaire?
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So you want to be a tax-avoiding billionaire?
How to make money
How to buy things
What to tell the IRS
Your Goal:
Get richer, while keeping your taxes low.
You've joined Elon Musk, Larry Ellison, and many others who have at times chosen to take a salary of $1 or less as they find less-taxing ways to add to their billions.
Your Goal:
Try out the billionaire CEO's tricks for yourself.
Most workers don't have enough wealth to live off investment gains.
Your money will need to come from wages to pay for housing, food, health care, and other basic expenses.
Your Goal:
Buy a private jet, while keeping your taxes low.
Billionaire Carl Icahn has had over $1.2 billion in low-interest loans, which he uses to pay for his extravagant lifestyle and to make more investments, all without owing taxes on his gains.
Your Goal:
Figure out how to get funds to cover an unexpected emergency.
Low-interest loans are hard to come by for working families' emergency expenses.
Your best bet might be joining the millions of Americans in credit card debt, facing very high interest rates.
Your Goal:
Claim your corporation had $0 in taxable profits, in spite of the big earnings you boasted to your investors.
Loopholes let corporations shift American-made profits to offshore havens that charge little or no tax.
Loopholes let corporations claim expenses they haven’t really incurred–and that they don’t report to investors.
Your Goal:
See if the giant corporate tax-avoidance methods work for you.
Unless you're working in a low-tax country, that's definitely illegal.
Most of your expenses aren't even deductible.
This tax proposal is going through Congress and is part of President Biden's proposed budget.
It would tax billionaires' wealth gains each year, just like workers' wages are taxed each year.