3 ms·

Or if you are rich, money laundering works well to avoid paying taxes.

• pmiller2 6y ago
  Oh, okay. So, just don't be poor, right? More seriously, money laundering happens in some insane ways when you start talking about seriously rich people and avoiding taxes. Take a look at the modern art market these days. There's a lot of "Buy $WORK for $PRICE; donate $WORK to $MUSEUM for $TAX_WRITEOFF," where $TAX_WRITEOFF >>> $PRICE. There's a bit more to it, but that's the gist of how it works.
  • vageli 6y ago
    > Oh, okay. So, just don't be poor, right? > More seriously, money laundering happens in some insane ways when you start talking about seriously rich people and avoiding taxes. Take a look at the modern art market these days. There's a lot of "Buy $WORK for $PRICE; donate $WORK to $MUSEUM for $TAX_WRITEOFF," where $TAX_WRITEOFF >>> $PRICE. There's a bit more to it, but that's the gist of how it works. I hear this a lot but when I've looked it seems the IRS is particularly aware of this type of fraud [0]. Do you have anything more I can read about this? [0]: https://www.washingtonpost.com/lifestyle/magazine/the-secretive-panel-of-art-experts-that-tells-the-irs-how-much-art-is-worth/2017/12/06/a8bd9dec-a3aa-11e7-8cfe-d5b912fabc99_story.html https://www.washingtonpost.com/lifestyle/magazine/the-secret...