Sunday, April 17, 2022

Buy, Borrow, Die...

America's billionaires pay an effective tax of just 8%, according to the government, even though the highest income tax bracket, starting at around $524K, is 37%. How to do they manage that? By a nifty, and completely legal, strategy of buying, borrowing, and dying...Let Pro Publica explain:

 

Banks love to lend their money to people who don't need it, it's basically their business model. As Bruno Mars crooned,

I wanna be a billionaire so fricking bad
Buy all of the things I never had
Uh, I wanna be on the cover of Forbes magazine
Smiling next to Oprah and the Queen

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