Here's why the country’s richest people often manage to pay exactly $0 in federal income taxes ⤵️
last year that Musk used a portion of his Tesla stock to get a loan for $550 million. Because borrowed money doesn’t count as income, that money isn’t taxable either.
“If a bank looks at somebody who has a few billion dollars in stocks or even a few million, they're very, very low risk,” says Huang. “So they can fund those lifestyles and really enjoy the benefits of that income without having to pay taxes on that.
“Unlike most ordinary Americans, [wealthy people have] the ability to shape laws by having their voices heard at every stage of the lawmaking process and the making of regulations,” Huang says. “They have armies of lawyers, accountants, and lobbyists who weigh in on legislation [and] on regulations and can help them through the process of challenging the IRS in court.”
Tax lawyers are also prepared for the off-chance that their multi-million-dollar or multi-billion-dollar client is audited by the IRS — a disproportionately infrequent practice that allows the wealthiest Americans to illegally
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