WealthWhy Billionaires Don't Pay Taxes (and The Rules of Wealth Creation)

Why Billionaires Don’t Pay Taxes (and The Rules of Wealth Creation)

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Have you ever wondered why billionaires don’t pay taxes?

One of the rules of wealth creation is to pay as little in taxes as legally possible.

Believe it or not, but there was a time in history when there were no taxes.

No income tax, no state or local taxes, no sales taxes at all.

The US government’s role was to create an environment so that citizens could take care of themselves.

At first, taxes were imposed on people in times of war.

When the Civil War broke out in 1861, the income tax was officially born.

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The tax was 3% on all citizens who earned more than $800 a year, which would be $24,000 a year today.

That wasn’t enough to fund the war, so sales tax on feathers, gunpowder, and whiskey were born.

Governments fell in love with the idea and made it permanent.

Taxes are not necessarily a bad thing.

Taxes are capital given to the government to run and organize the country, a state, or a city.

It becomes a bad thing when those in government have selfish interests.

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