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By virtue of being rich, they get loans to further increase their wealth, and then reduce their taxes because of the interest on that wealth increase. If peopl
by NaturalPhallacy 5y ago
By virtue of being rich, they get loans to further increase their wealth, and then reduce their taxes because of the interest on that wealth increase.
If people really understood how this all essentially boils down to the rich not having to pay taxes, purely by being wealthy and being given loans on it, they'd riot tomorrow.
- randomswede 5y agoThere are rumours that some wealthy people are in sufficiently dire straits that the loan-based vehicle for a flash lifestyle is now supported only by a very small number of banks (for them) and their debt instruments are valued well below a 1:1 rate. It would be interesting to see what happened if a sufficient amount of that debt was bought up and forced to be repaid.
- HWR_14 5y agoAre there any sources you can point to?
- randomswede 5y agoThere were some discussions around this soon after the 2016 US presidential election, stating that the president-elect only had 1-2 banks willing to offer loans. As well as indicating that the estimated market value of the debt instruments was around 72 cents per USD. But, it being around 4-5 years ago, I only have vague memories and hearsay.