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Originally Posted by FlyingScot
Investment professional here--so I trust this will not be ignorant:
First when you "hide...legally"--by definition, that is not hiding anything. It is taking advantage of tax laws to pay less. (sone of these techniques are reasonable, some are not)
Second, are more importantly, this idea of donating to charity for "tax relief" is completely wrong. If a person donates, say, $30 billion, their "tax relief" is some fraction of that amount. The calculation depends on a whole bunch of things, but we could call it 25% as a rough guess. So our donor gives the charity $30 billion, and he gets a tax deduction of $7.5 billion--he is still $22.5 billion out of pocket. Pretty damn generous if you ask me, and only a person ignorant of the tax law would suggest his donation is in order to get something from the IRS.
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Thank you for the tax lesson!
I’m sure a large segment of the population obeys laws and do not attempt to evade taxes. There is however, a percentage that do knowingly, evade taxes and I believe these are the ones with all the $$ and lawyers.
“The rich get richer”