Quote:
Originally Posted by RichieRich
So are you telling us that you prefer to pay MORE tax than necessary?
There's a huge difference between tax avoidance versus tax minimization.
If you're wealthy enough due to actually having grown business' (rather than just pure inheritance) then likely you have a team of accountants and taxation experts. These folks would find and use legal means to reduce taxation. Personally my goal is to always minimize, legally, how much tax I have to pay. Most people would agree and figure that's fairly obvious and smart. That said I'm always amazed at friends and co-workers who don't even consider tax reduction strategies.
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No, I think a business should absolutely minimize the amount of taxes they spend. A lot of the tax reduction strategies are based around encouraging growth and reinvestment into a company.
But we aren't talking about small business tax reduction here. We are talking about how billionares use real estate holdings to defer their tax payments, or even claim loses when in fact their asset value goes up and they are still 'rich.'