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And, I would add, I've been around several multi-billionaires. They have already transferred the wealth to themselves, and the "income" numbers will show them r
by MrTonyD 11y ago
And, I would add, I've been around several multi-billionaires. They have already transferred the wealth to themselves, and the "income" numbers will show them receiving relatively small incomes. They use offshores to do their transactions (and avoid taxes on the income). So, really, the IRS numbers vastly mislead us about who the 1% are and how much they really have. (I read one study that estimated the total US offshore hidden money to be about 30 trillion. And when you consider that the rich are spread throughout the world, you have to wonder just how much money they have really hidden away for themselves.)