This is why it's impossible to tax billionaires

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Duration: 1:51 Views: 7.4K Submitted: 3 weeks ago Submitted by:

Billionaires have mastered a system that lets them legally avoid paying income taxes and it all comes down to how they use their wealth. They don’t earn money like most people. Instead of getting taxed salaries, they hold stocks and assets that go up in value. But they don’t sell them because selling means paying capital gains tax. Instead, they borrow money against those stocks. Banks happily give them low-interest loans because they’re backed by billions in shares. This borrowed cash can fund anything jets, mansions, private islands - all tax-free, because loans aren’t considered income. And when they die? Their heirs inherit the stocks, and thanks to a rule called the “stepped-up basis,” the unrealized gains vanish. No one pays the tax. Not the billionaire, not the kids. It’s a system built for wealth to grow quietly and legally untouched

Categories: Conspiracy & Truth Finance, Bitcoin, Gold, Stocks

Tags: impossible taxing billionaire 666

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2 +1 scanner721 3 weeks ago

Wow, Amine666worldwatch, if you actually knew anything, you'd definitely be dangerous!

2 +1 MisterProgneto 3 weeks ago

Elon was just smart. I have 401k's and I don't get taxed as long as it is in those accounts. When I start taking it out, that money will be taxed.

Why do all these liberals hate billionaires? Most of the ones that do hate them are rich themselves.

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9 +1 Slickwad 3 weeks ago

Oh look, a rich liberal nut preaching to us about the evil being rich. Fuck you Trevor Noah.

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5 +1 tommix1 3 weeks ago

That's a white south African.

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2 +1 damajah0 3 weeks ago

this is how the jews are so rich

11 +1 Galaga 3 weeks ago

total BS, "rich" people pay a tax rate of 47% and anyone that tries to tell you otherwise is a Leftist commie puke

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3 +1 damajah0 3 weeks ago

@Galaga hes not talking about income tax you moron

2 +1 MarGarTar 3 weeks ago

It is impossible to tax billionaires, because you are gullible and stupid, and you let their lives and contributions to society be valued significantly more than yours. You are a loser, if you continue to accept such theft of your own wealth. Americans are willing losers

6 +1 Galaga 3 weeks ago

@MarGarTar you are an idiot

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2 +1 damajah0 3 weeks ago

@Galaga ironic calling him an idiot

2 +1 JobyFluorine 3 weeks ago

@damajah0 Ironic calling him out for calling out an idiot... :blink:

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9 +1 Theocritus 3 weeks ago

Basically, what people with a lot of assets do is borrow against the value of their assets, with the assumption that their assets will increase in value. A loan is not a taxable event. You can do this too. I plan on doing this myself, it's why I consistently stockpile assets that rise with inflation.

4 +1 JobyFluorine 3 weeks ago

@Theocritus I tried to stockpile beer, but I'm drinking up all my profits! Seriously, though, tangible, concrete assets are the safest way to build wealth. Most people struggle nowadays because we're constantly being conditioned to buy shit that no one needs, like a $1200 phone, or $300 sneakers.

1 +1 MisterProgneto 3 weeks ago

@JobyFluorine Right! and those people will never have anything, much less money to retire on.

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9 +1 Theocritus 3 weeks ago

Income taxes are a really stupid way to raise revenue, because taxing productivity discourages productivity. Billionaires pay a lot of taxes, trying to tax the living F out of rich people will simply have the rich people moving to a more friendly tax jurisdiction. The rich are highly mobile. The problem is way too much Gibs Me Dats, not high enough taxes.

3 +1 MisterProgneto 3 weeks ago

@Theocritus We saw that in New York when their governor said they should move if they didn't like the high taxes. Now that most of them have left, she's begging them to come back to "support their 'generous' welfare programs."

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9 +1 Theocritus 3 weeks ago

This guy is the poster boy for White Erasure, and it's happening quick.

5 +1 L.X 3 weeks ago

Someone who doesn't understand the difference between borrow and lend shouldn't be thinking about economics.

6 +1 Gutshot 3 weeks ago

His head is going to explode like that dude in the movie ‘Scanners’

7 +1 Cripple 3 weeks ago

Someone PLEASE pay for that idiot commentator to take a class on Capital Economics 101 ......

He's an idiot convincing even more idiots that money, or assets, that you have in possession need to be taxed even.

The government does that already with property taxes, and this idiot thinks it's a great idea to tax the money in your wallet, just because it is money in your wallet.

3 +1 JobyFluorine 3 weeks ago

@Cripple That's the first thing that I thought as soon as he muttered "unrealized gains". This guy is a moronic cunt.

4 +1 essence25 3 weeks ago

What about the unrealized gains taxation that was introduced under Biden?

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1 +1 Caspian_Monster 3 weeks ago

@essence25 Do a little public research before eating any shit thrown your way.
No federal tax on unrealized capital gains was passed into law during the Biden administration. Instead, it was a centerpiece budget proposal.
The administration’s "Billionaire Minimum Tax" plan included the following provisions:Target Audience: Taxpayers with more than $100 million in assets.Proposed Rate: A minimum tax of 25% on total income, which would have included both standard taxable income and unrealized capital gains.At-Death Taxation: The plan also proposed eliminating the "stepped-up basis" loophole, effectively treating unrealized gains at the time of a wealthy individual's death as a taxable event.

4 +1 Cripple 3 weeks ago

@Caspian_Monster
Biden TRIED to tax unrealized gain. Luckily even the Democrats in office knew that was pure taxation for the whole purpose to tax, and nothing else.

The provisions you mentioned were still AFTER everyone was taxed on the stocks they owned, not the income.

All put into a bill to allow the government to own a portion of what you own.

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2 +1 kma8675309 3 weeks ago

Steve Jobs was "worth" millions, but his "salary" from Apple was something like 1 dollar.