Rewriting America’s Tax Code

Everyone should read this Propublica article about the dysfunctional monetary-income foundation of the U.S. tax system . What a mess. The US needs to rewrite its tax code from scratch in order to root out all the loopholes enabling the ultra wealthy to avoid paying their fair share of taxes. #NotHoldingMyBreath

In the meantime, the take-home message is: Put all your earnings in non-monetary investments (stocks and real-estate, but especially the former) and use that as collateral to borrow money, then write off the interest on your borrowed money and avoid paying taxes until you die, at which point capital gains taxes are forgiven (something called the Step Up Rule) and your inheritors can start the process all over again. Of course, if you’re not white or Opray-Winfrey wealthy, you’re going to have trouble getting those loans…

Again, here’s the link to the article: https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax.