• solstice@lemmy.world
    link
    fedilink
    arrow-up
    2
    arrow-down
    2
    ·
    6 months ago

    Yeah and then they pay interest on that loan, which is income to the lender for them to pay tax on; then when the original loan comes due the billionaire either refinances and pays even more interest, or pays back the loan by selling their appreciated assets and then - yes - pays tax on the income. So either way the tax is getting paid, now or later, and you have no idea how frustrating it is to see people parroting this over and over and over, and downvoting you for pointing it out.

    • chiliedogg@lemmy.world
      link
      fedilink
      arrow-up
      5
      ·
      6 months ago

      Yes, but the rest of us still pay a WAY higher percentage of our wealth AND income in taxes than they do. It’s a regressive system.

      • solstice@lemmy.world
        link
        fedilink
        arrow-up
        2
        arrow-down
        1
        ·
        6 months ago

        My post was in response to someone bitching about borrowing against property with unrealized gains to avoid tax, try and keep up.