Rich Guy Details Rich-Guy Tax Avoidance And Wealth Protection
It's no secret that people with lots of money make some effort to shield their money from taxes. In the United States, there are many loopholes to the tax codes, with the result that some very wealthy people pay lower effective tax rates than their middle-class employees.
Chuck Collins, heir to the Oscar Mayer fortune and an expert on inequality, shows just how extensive tax avoidance is in his book The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions.
Collins gives an overview of just how much work the "one percent" goes through to shield its money from taxation.