What The New ProPublica Report Tells Us

If you’ve seen the news lately, you may have stumbled upon ProPublica’s latest report about billionaires avoiding taxes.

While the story as old as taxes, this report should be sending chills down the spines of any American taxpayer.

The extent to which these specific billionaires have deceived the public, avoided paying taxes, and most of all, got the government to help, is one of the most serious issues we face in the world. Here’s what you need to know.

The Report

On June 8, 2021, ProPublica released a report that discussed both the most common strategy of the billionaire class to avoid paying taxes, as well as the individual billionaires who followed this model.

The model was simple. It was called “buy, borrow, die.”

Buy

If you’re in the “ultra-wealthy” class, you only have to pay things like capital gains taxes if you sell your asset. The solution? Keep buying, don’t sell.

If you’re thinking: “Yeah, they’re only rich on paper!” Here’s what you’re missing.

Borrow

If you have over $100 billion in assets like a few of our elite friends, any bank in the world will give you a loan.

Do you need a new yacht? Take out a $500 million loan like the richest man in the world, Jeff Bezos did.