2026-09-22 00:15 UTC
Replies (1)
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@bignose@theblower.au 2026-09-22 04:54
@donaldham@mstdn.social > That dodge is one of the main strategies the ultra rich use to dodge paying taxes. It's also how the ultra rich avoid having their income classified as income. Instead of drawing a salary or anything like that, they simply take out big loans secured by their assets (real estate, corporations, shares, stocks, etc.); the financial institution loans them money, and that doesn't count as income. Then they have all the money they need for a supremely comfortable lifestyle and gifts to anyone they choose, with most of it coming from nothing the tax office recognises as an income. https://www.businessinsider.com/american-billionaires-tax-avoidance-income-wealth-borrow-money-propublica-2021-6 Levy a progressive tax on assets, and not only will the unfair wealth of the ultra-wealthy decline; they'll need to find an income somewhere, like the rest of us. @CindyWeinstein@zirk.us