Pivot Billionaires and the tax code, Facebook smartwatch and a listener mail question on children's screen time
Jun 11, 2021
A deep dive into the scandalous findings that America’s billionaires dodge taxes, revealing a stark critique of the U.S. tax system. The hosts also explore Facebook’s upcoming smartwatch, questioning its place in a market led by giants like Apple. Discussions about children’s screen time ignite a debate on digital parenting, balancing guidance with independence. Listeners are treated to humor and personal anecdotes, making complex issues relatable and engaging.
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Billionaires and Taxes
- The wealthiest Americans, including Bezos, Musk, and Buffett, pay close to nothing in federal income taxes.
- This is due to loopholes in the tax code that favor wealth over labor income.
Tax Avoidance Strategies
- Wealthy individuals can avoid taxes by borrowing against their assets instead of selling them.
- This allows them to access funds without triggering capital gains taxes.
Redefining Income and Wealth
- Redefine "income" and "wealth" to address tax avoidance.
- Implement an alternative minimum tax (AMT) based on wealth increase, ensuring the wealthiest pay their fair share.