What are you actually living off is the "million dollar" question? Normal people have to pay income tax and its on the gross or whatever, how are you paying your bills is completely absent here
Rich people take out loans against the value of their stocks. Those loans are liabilities. Then when they sell stocks (presumably after the value has increased) to repay the loans they only pay tax on the capital gains, not the total income. As long as capital gains tax + interest on loans is less than the equivalent income tax, they pay less tax.
So that should probably change. That needs to stop being treated as a liabillity and apply an income-akin designation to it that makes it eligible for equitable taxation
No more of this "cheap to be rich" crap, they can pay same as everyone else who doesnt have a choice, join us Great Unwashed
[–] SAI_Peregrinus 16 hours ago
[–] Obscurity4340 1 hour ago
No more of this "cheap to be rich" crap, they can pay same as everyone else who doesnt have a choice, join us Great Unwashed