How would you feel if you found out that the average American billionaire pays less in taxes than you do?
Not just a little less. In fact, one of them has paid zero taxes in 10 of the past 15 years. In 2016 and 2017, he paid $750 a year in income taxes.
That's likely much less than you paid.
Of course I'm talking about the U.S. President Donald Trump.
Warren Buffett, the fourth richest man in the world, famously pays a lower tax rate than his secretary.
In 2018, the wealthiest 400 families in the United States paid an average tax rate of 23%. Meanwhile the bottom half of U.S. households paid… an average rate of 24.2% in income taxes.
You're probably starting to figure it out by now — the system is rigged. And it isn't in your favor.
Because this isn't tax evasion. There's nothing illegal about it. It's perfectly legal tax avoidance. |
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