Buy, Borrow, Die: How America's Ultrawealthy Stay That Way

What people said

29athrowaway · 2021-06 · Recommendation

A better way to structure the article would be: - explain how much tax evasion took place - explain how the tax evasion happens - who is doing it - what to do next. Only then, compare the situation to the average person. Everyone knows how much they pay in taxes themselves. This video does a better job at explaining the tax loophole: [VIDEO]

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toomuchtodo · 2022-04 · Reference

Tax the proceeds at loan origination (1099-whatever filed by whomever is providing the cash based on pledged assets). How you pay the loan back if the collateral declines in value is your problem (or the bank’s problem, depending on the amount in question). High level, it closes a financial engineering loophole (buy, borrow, die [1]). The taxable event is when you get liquid, and a loan is liquidity. The tax code requires a patch, that’s all. [1] [VIDEO]

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toomuchtodo · 2021-10 · Reference

It's more like the wealthy's "buy, borrow, die" strategy [1] without the cumbersome "buy" part. Japan's debt to gdp is almost 200% as the population decline continues. Confidence won’t evaporate until the market determines productivity can’t meet the yield bought. Somebody is going to be left holding the bag, but it ain’t anybody investing today. [1] [VIDEO]

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