How the top 1% use these six loopholes to skirt $160 billion in taxes each year.
Mass IRS layoffs in the middle of tax season means fewer audits of wealthy people's complex returns, which some say essentially gives rich people an unintended tax break. Like they need one.
The uber-rich are already adept at avoiding taxes, some say. The top 1% of Americans skirt about $160 billion in taxes each year, the Treasury said in 2021. To recapture some of that revenue, former President Joe Biden armed the IRS with $80 billion over a decade to beef up IRS ranks to "ensure that everyone pays their fair share." Now, that's being undone by President Donald Trump's administration, which some say will allow the super wealthy to sneak through tax loopholes again.
What tactics, though, are uber-wealthy people using to avoid taxes?
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How the super-rich avoid paying taxes
Foundations
Property
Gifting
Family offices
Investments
Moving residency
https://finance.yahoo.com/news/top-1-six-loopholes-skirt-182211368.html
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