Episode 269: A Conversation with Award Winning Students, Pt. 2
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Introduction
The idea that the rich can somehow avoid taxes by using loans to borrow against their assets is nonsense. When you take a loan, you then have to make payments on that loan, both interest and principal. And where does the money come from to make those payments? It comes from your income, which is taxed. If anything, if you do this, you end up paying more taxes because you're paying tax on the income necessary to repay the loan plus you're payingtax on the income needed to pay the interest on the loan.
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