Loopholes Of The Rich: How The Rich Legally Mak...
Loopholes of the Rich will reveal how to: - Control how much tax you pay and when you pay it - Condense 500,000+ pages of IRS tax law into 3 easy rules that keep your money in your pocket - Find the right business structure for your business to pay less tax and protect what you have - Learn to make more money by using the tax strategies of the rich - Pay less tax legally and still sleep at night
Loopholes of the Rich: How the Rich Legally Mak...
The findings left many questioning how the U.S. tax code could allow the nation's top earners to legally avoid income tax despite their growing riches at a time when the gulf between the haves and have-nots continues to widen. One of the main issues is what the tax code treats as income.
And yet, in Ohio, the tax system has been distorted by the concerted effort of a long line of corporate-backed politicians and lobbyists to exploit collective resources for private gain. We have a tax system that rewards the rich for being rich. This system gives breaks to those who can hire accountants or have the time and patience to uncover tax code loopholes, rather than those who respond to the needs of their communities. The business income deduction, more poignantly known as the LLC loophole, is a prime example.
If you're one of the 1% of Americans who control over 40% of the country's wealth, life is full of choices. Among them -- how best to keep all that money away from the government? The U.S. economic system offers no shortage of loopholes allowing the ultra-rich to shortchange Uncle Sam.
Tax rates for those making >$1 million level out at 24%, then declines for those making >$1.5 million. Those making $10 million a year pay an average income tax rate of 19%. $70-$100 billion is the estimated tax revenue lost each year due to loopholes. So how exactly do the super rich hide that much money from the government every year? 041b061a72