How the wealthy keep away from paying taxes

How the wealthy keep away from paying taxes

Within the US, most individuals make their cash from an everyday job; they get a paycheck and pay revenue taxes. However the richest People, the highest 1 %, make most of their cash from issues like investments in actual property or the inventory market. These investments are taxed as capital good points. Whereas federal revenue tax has a most tax fee of 37 %, the tax fee for capital good points tops out at simply 20 %.

It’s why Warren Buffett, one of many richest individuals in America, has usually stated that he pays a decrease tax fee than his secretary.

President Biden has a plan to boost that most tax fee from 20 % to 39.6 %, and proponents see that as one approach to tax the rich.

However Buffett and different billionaires nonetheless gained’t have most of their wealth taxed. Watch the video above to study how the richest individuals within the US keep away from paying taxes.

You could find this video and all of Vox’s videos on YouTube.

Source link