4 ms·
This is actually a good point. If you're sufficiently rich, you can create your own corporation that exists to buy really nice boats and then sail you around a
by Verdex 8y ago
This is actually a good point. If you're sufficiently rich, you can create your own corporation that exists to buy really nice boats and then sail you around as a business plan. The corporation will be able to avoid paying any taxes by virtue of being completely unable to exist without you pumping it full of money.
I don't think we should give corporations a pass, but at the same time we can't also expect them to "play fair" when there is no way for anyone to actually determine what that means.
- onlyrealcuzzo 8y agoThis is illegal under current laws. The truth is, there's really only a couple hundred thousand families in the US with enough money to do stuff like this. And the IRS should have the resources to make sure they aren't making $10M+ per year and reporting income of like $15k.
- smileysteve 8y agoAlternatively, you could do something similar as a religious organization and bypass a lot more IRS scrutiny.