I do work for a financial advisor, tax loss harvesting happens every tax season. You sell positions that are at a loss and invest the money in something else. Now you can claim that you lost money even if you reinvest in an asset highly correlated in value to the original one (there are some rules about what you can buy, but they largely don’t affect this technique).
This isn’t even rich people, under a million in assets. If you’re really rich there are tons of different loopholes available to you.
Which is exactly the problem. The billionaires have access to loopholes that the rest of us don’t, and dont pay social security tax on any meaningful part of their income. So they pay an appreciably lower effective tax rate than the middle class
A story in three parts. Well done.
That’s…not what wage theft is.
You know, I liked the meme format so much I didn’t really think about it, but you are right. Not to worry I’m sure I have an actual wage theft meme (or one that better fits the point I was making) around somewhere, just give me a few…
CONSULT THE MEME HELM
What was the name of Metallica’s first full length album again? That feels relevant for some reason.
I’d really like to get one of those toilets from the original album cover for every billionaire to sit on comfortably each morning.
I expected this article to be way longer than it was. It feels like it just kind of stops before going into enough detail?
I think this is the paper they are talking about in the article.
