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Why on earth would you tax loan proceeds? Each time you take out a mortgage, auto, or credit card loan you want to be hit with a tax bill? The wealthy are not
by rsj_hn 5y ago
Why on earth would you tax loan proceeds? Each time you take out a mortgage, auto, or credit card loan you want to be hit with a tax bill?
The wealthy are not the only people who borrow to fund to consumption -- the middle class does as well, and much more so than the wealthy.
- toomuchtodo 5y agohttps://www.peoplestaxpage.org/buy-borrow-die https://www.peoplestaxpage.org/buy-borrow-die
- rsj_hn 5y agoTBH, that seems like more of a rant than something resembling policy analysis. It's also quite foolish -- loans are given out secured by some asset more valuable than the loan. That means when you die, the asset goes to the bank. Might as well set up a page advocating for people to get reverse mortgages and try to (incorrectly) frame it as a tax revolt.
- toomuchtodo 5y agoFeel free to Google “buy, borrow, die” and pick a link where the content is delivered in whatever tone you find most palatable. It’s all the same concept (tax avoidance using loopholes and financial engineering).