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That's only for evasion, I'm talking about avoidance. Most billionaires can easily spend their entire lifetime avoiding taxes. Taking out a low-interest ELOC ag
by curun1r 5y ago
That's only for evasion, I'm talking about avoidance. Most billionaires can easily spend their entire lifetime avoiding taxes. Taking out a low-interest ELOC against unrealized gains is 100% legal and a low-risk transaction for a bank. No amount of "going after the banks" changes that.
- ben_w 5y ago> 100% legal and a low-risk transaction for a bank. No amount of "going after the banks" changes that. With the caveat that I don’t know if this is a good idea or not, a government can absolutely change the law if they want to give themselves the powers to prevent that from happening.