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> The rich person may never pay those taxes within their own lifetime, but someone will Which just goes to show rich people live under an entirely different sy
by grecy 5y ago
> The rich person may never pay those taxes within their own lifetime, but someone will
Which just goes to show rich people live under an entirely different system that gives them a huge advantage. I'm 39, and have never purchased my own home (can't afford it - prices in Canada are insane).
If I could have put off paying my taxes I'd have enormously more money on hand right now that I do, and I could buy a house without having to pay interest, I could buy shares.. I could do all kinds of things that would help me accumulate more wealth. .. then I could just pay my taxes on my death bed when I don't need it anyway.
Instead, I have to pay taxes now, keeping my down, and rich people don't.
- barko 5y agoExcept the rich person can only get the equivalent of a fraction of their wealth as a loan, and cannot use the rest without liquidating. When using this approach they effectively have direct access to significantly less money than they would have if they liquidated their assets and paid the taxes on the gains. You could do the same, but likely want to utilize a greater portion of your wealth to live on.
- grecy 5y agoYour mental gymnastics are impressive. A person with 10M (or 100M or >1B) only gets to live on a few hundred thousand a year and doesn't have to pay tax. I live on ~$50k a year and pay tax. I'm not sure there's any universe where there is anything other than an unfair playing field here.