The wealthy avoid taxes using the “Buy-Borrow-Die” strategy:
Step 1: Buy assets and hold (to avoid capital gains taxes from selling)
Step 2: Borrow money from Banks for living expenses using assets as collateral, at low interest rates (while assets appreciate)
Step 3: Interest paid on borrowed money is a tax write off
Step 4: Wait and repeat. The long-term gains on assets outweigh the short-term cost of borrowing money
Step 5: Pass assets to kids, tax-free (with stepped-up basis) and repeat
Every time I see some well-meaning folks advocating “tax the rich!!” I wonder, why not think big and abolish money instead?
Money isn’t merely a symptom of poverty, as Iain Banks pointed out: money creates poverty—there’s a potentially infinite supply of money generated by allocating debts and issuing credit, but only certain people are permitted to accumulate it.
We need a better resource allocation system; “tax the rich” is a sticking plaster prescribed for a heart attack.
All part of the plan.
Fox in the henhouse. “Hey, where did all our money go?”
To expand…
Henhouse: Hey, where did all our money go?
Fox: What do you mean ‘your’ money?
Good read. This scam is so well tailored to its marks that it’s almost artisanal.
Patrick Esch, 72, and Ed Dean Jagers, 62, both of Springfield, received short prison sentences - Esch two months and Jagers six. They also were ordered to pay a combined $3.1 million in restitution - the estimated amount of fraudulently inflated funds they received from the Federal Crop Insurance Corporation. As well, they agreed to pay a combined $3.5 million to settle the allegations.
Welfare fraud.
They’ll be filing for bankruptcy after November.
So, while I have been sitting here contemplating the never-ending hell the months leading up to this election are going to be. the following popped into my head. So far I only have the chorus worked out, but I have no doubt that I’ll be suitably inspired to fill out the verses some day. (Also, I offer sincere apologies to Bobby Goldsboro…)
I’m a grifter,
And I have no shame;
I’m a grifter,
And I’m feelin’ pain
Because you have the cash I want;
So I drift from scam to scam,
'Cause that is what I am -
Just tryin’ to make you think that I’m your buddy,
And when you swallow my line,
Then I will take
Your money.
- Move the RNC office(s) to a
-owned property. - Charge as much rent as possible to the RNC.
- Profit!
4. Maybe performatively pay some tiny sum with the grift thereof, a minute portion of the total amount due in legal fines etc. incurred thus far.
