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The wealthy
(lemy.lol)
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this post was submitted on 14 Jan 2024
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Only mortgage interest is tax deductible and there's a cap. You can't just deduct whatever you want. The big win is most "income" is long term capital gains, which isntaxed at a lower rate.
Yeah the tweet really showing how clueless they are there.
He got the details wrong, but the important part right. They live off of loans and either let the interest ride or only sell enough assets to pay the interest. When they die, their heirs can sell as much as is needed to pay the loan tax free because the basis is reset to the current value of the assets when they are inherited.
This isn't the only thing they do, but it is one part of it