Many companies pay no dividends and do no share buybacks. The explanation is simple: dividends are taxed every time and are taxed as income, while capital gain

Many companies pay no dividends and do no share buybacks. The explanation is simple: dividends are taxed every time and are taxed as income, while capital gains are only ever taxed when realized, so if you don't sell, there's no tax! To pay no tax, a capitalist simply pays themselves no income, not even dividends. What if they need cash, you ask? Easy peasy: just borrow against the capital holdings. How to service that debt, you ask? Easy too: just borrow more! As long as you don't consume too much of your capital, so that it continues to accumulate, you win the privilege of paying $0 in taxes. If your capital's value collapses, you'll have a problem (or, rather, your creditors will), so make sure that doesn't happen.