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They don't pay tax because they don't earn any money. When they sell assets they pay capital gains like everyone else. Then it's taxed when they die at a hell o
by bojangleslover 5y ago
They don't pay tax because they don't earn any money. When they sell assets they pay capital gains like everyone else. Then it's taxed when they die at a hell of a lot higher than single digits.
Not saying system is perfect but exaggerating the problem is definitely not the best way to fix it.
- chockablock 5y agoNot true in the US where asset values are ‘stepped-up’ when passing to heirs avoiding all tax on gains.
- djbebs 5y agoThat step up is pointless since upon death you pay estate tax which is significantly higher
- naasking 5y ago> Then it's taxed when they die at a hell of a lot higher than single digits. It's not an exaggeration to say the rich rarely actually pay these taxes you describe. There are innumerable ways around it.