The Rich Get Richer & Pay NO TAX!! Here's How!!
Hey Guys,
A few weeks ago the Biden administration proposed the idea of taxing the unrealised capital gains of America's richest billionaires.
This faced some serious backlash as many people viewed it as a wealth tax. A tax that would force people to pay taxes on assets that had not been sold. Ultimately the democrats decided to give up on the proposal but it didn't stop the broader conversation.
Do the rich pay their fair share of tax? And are the loopholes in the Tax code only there for the ultra wealthy to take advantage of? Is it really fair that Warren Buffet pays a 0.1% effective tax rate whereas his secretary pays over 30%?
This is also a conversation that has been going on over the past year as we have seen the impacts of the pandemic. Those that were the most vulnerable in society had their lives immeasurable changed by government restrictions.
However, thanks to the money printing of Jerome over at the Fed, those billionaires who owned shares saw their net worth almost double. Was this a fair outcome?
It's a tough question and its one that I explore in my video today.
I take you guys through some of the strategies that the ultra-wealthy use to avoid tax (and sometimes pay no tax). Strategies that allow billionaire dynasties to last for decades as generational wealth is past down from heir to heir.
I also look at some of the proposals that have been presented to tax these individuals more and the outcome of these initiatives.
Finally, I explore a few case studies of countries that have looked into wealth taxes in the past. I analyse the impact that these have had and explain why it may not be all that simple.
This is going to be a juicy one - hope you guys enjoy!
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⛓️ 🔗 Useful Links 🔗 ⛓️
ProPublica Leaks: https://www.propublica.org/article/th...
Buy Borrow Die: https://www.wsj.com/articles/buy-borr...
Biden CGT Plan: https://www.cnbc.com/2021/05/28/biden...
Build Back Better: https://www.nbcnews.com/politics/joe-...
Dems Targeting Buy, Borrow, Die: https://www.bloomberg.com/news/articl...
US Estate Taxes: https://www.investopedia.com/articles...
Potentially Unconstitutional: https://www.reuters.com/world/us/demo...
Europe Wealth Tax Fail: https://www.npr.org/sections/money/20...
Eric Pichet Paper: https://papers.ssrn.com/sol3/papers.c...
Asa Hansson Wealth Tax Study: https://www.sv.uio.no/econ/english/re...
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
