Understanding Tax Inequities: Why Billionaires Pay Less
In this episode of 'Therapy for Your Money,' host Julie Herres, an accountant and owner of Green Oak Accounting, delves into the often-asked question of why billionaires seem to pay so little in taxes compared to small business owners. Julie explains the U.S. tax system's design to benefit the ultra-wealthy and explores the 'buy, borrow, die' strategy that allows billionaires to leverage their assets without triggering taxable events. She also discusses estate taxes and how complex legal structures enable the wealthy to pass on fortunes tax-free. This episode aims to educate listeners about these discrepancies and inspire more informed conversations around tax reform.
Show Highlights
00:00 Introduction to Therapy for Your Money
00:44 Why Do Billionaires Pay Less in Taxes?
03:18 Understanding the Buy, Borrow, Die Strategy
10:46 The Impact of Tax System on Small Business Owners
11:55 Estate Tax and Wealth Transfer
15:04 Conclusion and Final Thoughts
Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
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