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URL:  https://boards.fool.com/kind-of-like-and-kind-of-like-simple-you-34962658.aspx

Subject:  Re: Billionaire Income Tax Coming Date:  10/24/2021  8:41 AM
Author:  NHDisneyFan Number:  633056 of 652297

Kind of like...

And kind of like simple.

You can't really game the system as dividends, interest, and capital gains, upon the sale of an asset, are all taxed.

For the middleclass many deductions have already been mostly eliminated for example state income taxes, interest paid on credit cards, auto loans, etc,.

When you are wealthy you can shift income to a different state, or country say out of your office in New Hampshire or Barbados. When you're wealthy you can shift your purchases to your company for the "company" jet or yacht. And you register your yacht out of the country to avoid US taxes.
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