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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Taxes can become overbearing for the people.

Some believe that governments can afford to stop collecting taxes.

The idea is that governments own all the natural resources discovered in a country.

And they can develop income-generating industries.

But most countries can’t stop collecting taxes because of their control on monetary policy.

Taxes have also been a tool to fool naive people.

When governments want to raise taxes, they always begin by saying that the tax will impact the rich.

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Nobody ever admits that it is the poor and working-class that will eventually pay for higher taxes on the rich.

So when this “tax the rich” idea is sold to people, they support it.

But when the legislation is being drafted, the rich use their connections to include loopholes.

This is how billionaires avoid paying taxes on their massive wealth.

Then a year or two after the law is passed, the government discovers that rich people dodged the legislation and that it no longer brings in tax revenue.

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