- June 20, 2021
- Posted by: Stratford Team
- Category: Business
“Anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.”
— Former Supreme Court Justice Billings Learned Hand
The secrets of how the ultrarich avoid taxes have been kept from you — until now.
Recently, thousands of confidential tax returns were handed anonymously to the nonprofit news organization ProPublica. These tax records show how Jeff Bezos, Carl Icahn, Elon Musk, Michael Bloomberg, George Soros and other billionaires sidestep the tax system. Bezos even claimed a $4,000 tax credit in 2011, when he claimed zero income.
Most Americans predominantly receive income through wages or salaries (known as labor income). Business owners, however, make their money through capital gains, rents, or dividends (those payments are known as “capital…
