/biz/ - Business & Finance

>>29097167

>>21554073
how does 600 million EOY sound?

It's a tax scam.

What Shekelstein does is purchase a piece of art for $1 million on the auction block.

Before, that art was sold for $100,000 5 years ago, or whatever, and then before that it was sold for $10,000.

Mr. Shekelstein will value that art now at $10 million and "donate" it to a gallery or museum when he has a record profit year. So, say in 2024, he cashes out $15 million of his shares of his company. He can now use that $1 million art he bought, and donate it, then deduct $10 million in taxes out of that $5 million.

So, Mr. Shekelstein just got $9 million in tax-free money, and doesn't have to pay the 20% or whatever capital gains tax. Instead he saves $1 million, and the U.S. government gets nothing out of that $10 million.

And this is why you should never vote for "increased taxes for the rich". It's not for the rich, it's for you, goy!