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>I've seen this idea posted a few times without data, and it isn't convincing. The wealthy need to pay back those loans, and realize gains in order to do so. N

>I've seen this idea posted a few times without data, and it isn't convincing. The wealthy need to pay back those loans, and realize gains in order to do so. No they don't. The article even describes how they use income to pay for that, and then use the interest paid to avoid write off paying any income tax: >Borrowing offers multiple benefits to Icahn: He gets huge tranches of cash to turbocharge his investment returns. Then he gets to deduct the interest from his taxes. In an interview, Icahn explained that he reports the profits and losses of his business empire on his personal taxes.

lend000 5y ago
You don't get to deduct interest for personal loans, and mortgages interest deductions have been limited to interest on 750K principal since 2017 (this article is picking examples that are no longer relevant.) The whole article is full of logical fallacies and focusing on the wrong thing to drum up outrage. E.g. I do not care that Bezos didn't pay any taxes in some year where he sold no assets and received no income. What matters is what the tax brackets levy on wealthy people when they do liquidate, which are currently a complete joke and cap out at a number thousands of times lower than the highest earners.