10 Ways The Super Rich Avoid Paying Their Taxes
Is everyone out there freaking out because it’s almost tax time? I would guess that most of you are starting to scramble. You know who isn’t scrambling and isn’t sweating Uncle Sam in the least bit? The super rich. I’m talking the really rich. When it comes to taxes, the U.S. economic system offers no shortage of loopholes allowing the ultra-rich to shortchange the government
Tax rates for those making less than $1 million level out at 24%, then declines for those making over $1.5 million. Those making $10 million a year pay an average income tax rate of 19%. $70-$100 billion is the estimated tax revenue lost each year due to loopholes. So how exactly do the super rich hide that much money from the government every year? Find out and see thanks to this awesome list put together by Top Accounting Degrees.