Emily Flitter reposted
For the fabulously wealthy, paying taxes is pretty much optional. They can borrow against their vast wealth, which is mostly an untaxed capital gain, without paying taxes. When they die, the capital gain goes to zero. And loopholes exist to bypass the estate tax too.
“Billionaires who popularized stock-based lending include Larry Ellison and Elon Musk. Both borrow to avoid having to sell shares—which could trigger a taxes and dilute their voting rights—in companies they founded.” www.wsj.com/finance/the-...