The wealthiest Americans avoided billions in taxes by voluntarily doing something most only do out of necessity: borrowing money.
ProPublica reported Tuesday it had obtained a massive trove of IRS documents, revealing that America’s wealthiest individuals have avoided paying billions of dollars in taxes for years, resulting in income tax bills that amount to a fraction of their net worth.
One of the key strategies employed by the ultrawealthy to keep their tax bills low: borrowing money.
Many Americans borrow money only when they have to for large purchases like college tuition or a house, as interest can quickly add up, especially if they’re not able to pay back the loan right away.
But according to ProPublica and independent experts, America’s billionaires have often financed their lavish lifestyles by using their vast fortunes as collateral for loans, which can come with single-digit interest rates.Read More
- June 10, 2021
- By Tyler Sonnemaker
- Source: www.businessinsider.com
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