ProPublicaJun 10, 2023

It's Belmont Stakes day, which is as good a time as any to point out:

Win or lose, race #horses are just one of the many #hobbies that help the ultrawealthy create huge write-offs that can let them get away with paying little or no income #tax for as much as a decade at a time.

#Belmont #BelmontStakes #HorseRacing #Gambling #IRS #Taxes

https://www.propublica.org/article/when-youre-a-billionaire-your-hobbies-can-slash-your-tax-bill?utm_medium=social&utm_source=mastodon&utm_campaign=mastodon-post

When You’re a Billionaire, Your Hobbies Can Slash Your Tax Bill

Thoroughbred horses, auto racing, massive ranches, luxury hotels. The hobbies and side businesses of the ultrawealthy create huge write-offs that can let them get away with paying little or no income tax for as much as a decade at a time.

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Show threadRF Schatten 🇨🇺 🇺🇸 🩺
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With the deaths of so many race horses recently, and the dangerous toxic smoke from the Canadian fires, exactly were they run ...you would think Belmont officials would call-off the race or take some type of precaution to ensure their horses' safety.
Nope! It's the "Sport of Kings" ...where $big money$ is far more important than the health & welfare of the horse!
Jun 10, 2023 at 8:57pmWeb