Some of Wall Street’s richest and most powerful figures are using a legal loophole to avoid paying millions of dollars in taxes earmarked for health care, a ProPublica investigation found.
  • reddig33@lemmy.world
    26·
    15 days ago

    You will have to scroll to get to the good parts, but it’s worth it. It involves funneling all your earnings to a limited partnership, and then the LP pays you. The IRS was going to fix the loophole until Steve Forbes and Rush Limbaugh got involved. 🤮

    Bonus grossness: LPs require two stakeholders. To work around this, your second partner can be a corporation you have created. Because ya know, “corporations are people”.