I saw this image passing by and one of the Toots replied with something I never realized.

This is the end game of rich people not paying taxes on stock:

'The basis for inherited stock is reset to the value on the date of death. If the heirs immediately sell, the capital gain and taxes on that gain would both be zero'

So, only inheritance tax would apply, no capital gain tax. The collateral bank loans are paid off and the rich person lived wealthy without paying taxes

https://vis.social/@infobeautiful/114111578392376876

Information Is Beautiful (@[email protected])

Attached: 1 image How rich people avoid paying tax (Originally by Instgram user @newmoney.blog)

vis.social
@paulschoe which wouldn't actually be a problem if inheritance was taxed sensibly – like, 99% tax for everything over 10 to 100 million
@paulschoe One thing that always confuses me about the stock as collateral thing — they still have to pay back the loan, right? So there still has to be some income somewhere that they're making loan payments with?