View Single Post
      09-19-2019, 03:09 PM   #34
KingOfJericho
Major General
KingOfJericho's Avatar
United_States
2452
Rep
7,341
Posts

Drives: Yes
Join Date: Aug 2007
Location: CT

iTrader: (1)

Garage List
2010 135i Coupe  [5.26]
Everyone always cries about these "loopholes" but the reality is that many of the super-rich donate massive amounts to charities to offset their tax burdens. Additionally, much of their wealth is not in the form of a cash paycheck, but rather tied to the equity of a company they're associated with (paper wealth). Many of them take very small salaries and are able to donate amounts that far exceed their income, offsetting their tax burden to the maximum allowable deduction (50% of AGI). Hence, an extremely low effective tax rate.

There are certain tax strategies, such as carry forward, that should legitimately make people angry. A certain individual has been using that one for decades.

Not all loopholes are created equal. One enriches society, the other... doesn't.
__________________
The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost.

2018 Jeep Grand Cherokee High Altitude Hemi | 2010 S4 Sold | 2010 BMW 135i Retired | 2006 Lotus Exige Sold
Appreciate 0