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Rich people didn’t get rich by paying a lot of taxes and for some of them avoiding uncle Sam has become their favourite pastime.
Say what you will about billionaires, but they can be a very creative bunch where their money is concerned.
Last year ProPublica a non-profit investigative journalism organisation was leaked a cache of IRS files that contained tax information about the richest people in America.
Dozens of journalists and forensic accountants were able to reverse engineer a number of systems that the billionaires used to pay much lower rates of income tax than most regular working Americans.
Some were so good at working their numbers that they paid no income tax at all and some billionaires accountants were even good enough to get their wealthy clients classified as low or middle income earners so that they didn’t miss out on stimulus checks.
ProPublica went on to publish ten of the biggest and most morally questionable loopholes that the IRS files revealed.
You probably won’t be shocked to learn that most of these loopholes aren’t possible for us regular people to take advantage of, but a few of them are.
Of the ten that pro-publica has published, five are genuine problems with the tax code that really do justify some policy reviews, three are just good business practices that everybody should be doing, and two were really just filler that the website needed to get the number to ten because it made for a catchier headline.
So, it’s time to learn How Money Works
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