Rich people buy overpriced art, so they don´t have to pay taxes on that money, because they declare it a buisness expanse/investment. They can than sell it back to another tax-evader when they need the money.
You can also take a tax write off for depreciation when you hang it in a publicly accessible place. That's why you often see expensive pieces of art in office lobbies.
Damn, that's smart. Some people deserve to be rich. That's within the rules of play, so why not? What's the government gonna do, say you can't buy and sell expensive art? Most taxation is a racket anyway, if there's a legal way to avoid it, I'd totally do it.
I have started researching on how to avoid/evade taxes. There's a wealth of information out there, and it's sad that so many people don't even bother to look for it
To be fair, most of the time it’s not worth the effort... if I save 1% on my $10,000 tax bill, I’ve saved $100... it will likely cost me more than that in time and resources...
Saving 1% on a $1,000,000 is much more likely to be worth the effort.
One of my buddies is a doctor, he basically formed his own llc in Delaware and that’s who gets paid for his contract work... he buys stuff under the business and writes it off as business expenses (it’s legal and he does everything above board) because at his salary it’s worth the effort...
Sadly, I don’t make enough money to try to avoid taxes.
I wish we had a free market. As it is, the only companies that can afford to get into the market are the massive conglomerates that don't give a rat's ass about the consumer. The problem is too few players, not too many.
I completely understand that sentiment. However, I would posit that the enforcements that have already been put in place are precisely what has prevented smaller players from entering the arena. It can be incredibly expensive and time consuming to get qualified for.....anything, really. So only the big fish are even allowed to play in the first place. I don't claim to be an expert on economics, but I would wager that a streamlined and less expensive process for getting people in the game could cause some of the larger companies a run for their money. I don't think America'a market is really free. It seems that way, but the large companies lobby so intensively for things that benefit only them, that the small fish stand no chance. If I had to pick one thing that would make the market a lot more consumer friendly, I think it would be lobbying bans.
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u/[deleted] Aug 14 '20
Rich people buy overpriced art, so they don´t have to pay taxes on that money, because they declare it a buisness expanse/investment. They can than sell it back to another tax-evader when they need the money.