Breaking Points posted the video Krystal Ball: Democrats continue MASSIVE Billionaire Giveaway in spite of AOC Dress.
Krystal looks at the huge tax giveaway Democrats are planning on giving to their billionaire donors, despite the tax the rich dress worn by AOC that said otherwise
I was hoping someone would post this outside the Breaking Points paywall. Here is the quote that I think is so important.
The wealthiest people don’t actually earn income. Instead they have capital gains or they engage in a strategy like Elon Musk does. That strategy is called “Buy, Borrow, Die”, and it effectively allows them to skirt taxes forever. Here is how it works. It is actually pretty straightforward. You buy an asset, or in Musk’s case you start a company. As that asset increases in value, rather than selling it, which would trigger taxes, they borrow against it, avoiding taxes on their actual wealth for their entire lifetime. Then when they die, they can pass their asset to their heirs. Currently a provision in the tax code called a stepped up basis allows those heirs to avoid paying capital gains on any increase in value that happened over that asset over the life of Musk or whoever leaves it to them. So again, “Buy, Borrow, Die”. The end result is this strategy allows massive fortunes to escape taxation for ever.
So, don’t believe the Republican lie that an inheritance tax, that they call a “death tax”, taxes money that has already been taxed. This wealth is never taxed, and the Republicans like it just that way. If my descendants are lucky, I will be able to bequeath them wealth to take advantage of this loophole, albeit on a tiny scale compared to Elon Musk.