Right? I mean that’s why we elected a billionaire who will let billionaires keep more of their billions… attempt to cut a massive portion of federal government jobs (you realize that means unemployed and likely a decent amount of welfare? Oh wait they’re just lazy but the billionaires… now, they’re just like you!).
Anyway, just another example as reported in todays Morning Brew
TurboTax finding you an extra 12 bucks each year is pretty chill, but perhaps not as chill as saving $8 billion on your taxes via an intricate network of ungovernable loopholes. According to a New York Times analysis, that is roughly how much Nvidia CEO Jensen Huang, the US’ 10th-richest person, will save on his estate taxes by routing his wealth through a series of trusts and foundations.
Huang’s estate is technically supposed to pay 40% of his ~$127 billion net worth to the government, as per the estate tax law that dates back to the early 20th century, when the US realized it needed to keep dynastic wealth in check. But in recent years, the estate tax has become more of a suggestion and less of a rule as lawyers grow increasingly cunning about how to safeguard their clients’ riches and the budget-depleted IRS becomes powerless to enforce the law. A proper enforcement would have saved the government $120 billion last year, which the New York Times notes could more than triple the federal funding for cancer and Alzheimer’s research.—AE
Let’s just reiterate that last part, “could more than triple the federal funding for cancer and Alzheimer’s research.”… but yeah 🙄🤬
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