A Boring Dystopia

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The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax (www.propublica.org)

submitted 5 months ago by return2ozma@lemmy.world to c/aboringdystopia@lemmy.world

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[–] damnedfurry@lemmy.world 2 points 5 months ago (1 children)

are there even any counterexamples?

Actually, there are a large number of billionaires whose primary assets are literally property.

https://www.forbes.com/sites/giacomotognini/2023/10/04/the-richest-real-estate-billionaires-in-america-2023/

I had hoped the point would be pretty obvious. Most people’s homes represent a significant part of their net worth, often a majority of their assets. The unrealized gains on that are taxed.

But the real question is, do you think they should be? 'Cause I'm with you if you say no. Unrealized gains should not be taxed at all, it makes no sense.

[–] AlotOfReading@lemmy.world 1 points 5 months ago

You're misunderstanding how their wealth is distributed. By and large, they're not directly owning the land and paying taxes. They just own significant stakes in the actual companies holding property. I'm sure they own a house or three, but it's not significant compared to their other assets.

I'm not taking a position on whether property taxes are good. I think they are. I'm just pointing out the discrepancy.