Give to help Chris make Truce How do ultra-wealthy people avoid paying taxes? It seems like a strange subject to bring up when discussing why some evangelicals are drawn to the Republican Party. But many of the ties between evangelicals and the GOP have to do with money. So, let's take a little side trip and explore the tax loopholes of today. More importantly, let's try to understand why so many Americans are tax-averse. Could it possibly be because we, deep down, know that someone else is getting a better deal than us? One tactic used by the ultra-wealthy is "buy, borrow, die". They avoid "income", instead opting for assets like stock and real estate they can borrow against. Borrowed money is not taxed. Then they either pay back those loans with other loans (often with interest rates that are much lower than their tax rates would be) or they fail to pay back the loans. Then... they die. Jesse Eisinger is a Pulitzer Prize-winning reporter with Pro Publica. Chris first heard about him from his book (pardon the language) The Chickenshit Club and met him when he appeared at a live event in Jackson, WY hosted by the Teton County Library, the Center for the Arts, and the Jackson Hole News and Guide. Sources Pro-Publica's reporting on taxation This lecture at the Center for the Arts in Jackson, WY on November 8, 2023 Fascinating IRS responses to some of the conspiracy theories about them Disney's Donald Duck film "The New Spirit" encourages income tax as a national duty Time Magazine article about the history of taxes William McKinley vs. William Jennings Bryan by John Pafford (pg 29) New York Times archival article listing taxes paid by the wealthy The 16th Amendment The Macomber case article on Justia.com Historic Tax Bracket data Time Magazine article on the John Birch Society Methodist History from January 1988 Discussion Questions: What are your thoughts on the income tax in general? How should countries be funded? Why might a progressive tax structure (where wealthy people pay more) make sense? How could we close some of these tax loopholes? What is the difference between income and wealth? Should we tax wealth in the USA? Learn more about your ad choices. Visit podcastchoices.com/adchoices
