From loopholes to investments, rich Americans often deploy sophisticated tax avoidance strategies to maximize their wealth.
. By comparison, the bottom 90% of Americans have only 6% of their assets in unrealized capital gains.The 2017 tax bill passed signed into law by Trump allowed for a 20% deduction on certain business income that passes through partnerships, sole proprietorships and S-corporations.
This setup is most likely to help the wealthy: 61% of the benefits go to the wealthiest 1% of Americans, according to the Joint Committee on Taxation. “There’s a notion that there are lots of tips and tricks that only the wealthy can take advantage of,” De Simone said. “The provisions weren’t written to try to help the wealthy get away with things.”“You don’t have to be super-rich in order to claim a business loss," she said.The tax code allows Americans to build wealth through deferred capital gains, then pass those assets tax-free along to their heirs upon death.
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