“Tax the Rich” is a popular mantra, but that relies on others to change the tax code. While you wait, experts suggest you take the tax code into your hands and instead, do your taxes like the rich.
Setting aside questions on who contributes the most to U.S. tax revenue (in 2022, the top 1% of taxpayers accounted for more income taxes paid than the bottom 90% combined, according to think tank Tax Foundation), some of their previously leaked tax returns and conversations with tax professionals for ultra high net worth individuals can offer a window into how uber-rich Americans protect, transfer and grow their assets.
Even though some tactics are probably out of reach for most people, others are simple enough that they can be used with enough planning…
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Source www.usatoday.com
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