<h1>How the Wealthy Legally Minimize Their Tax Burden</h1>
Hey Dad, is it true that the rich don't pay their fair share of taxes?
Absolutely.
I’m self-employed, so I put $61,000 of my earned income into a SEP IRA each year.
I also funded your 529 for college with a one-time lump sum contribution of $160,000.
I bought a brand new F-150 for my job and wrote off the entire purchase price. It’s over 6,000 pounds. Thank you, Section 179.
I am planning on having you inherit about $2 million worth of stock. Out of that, $1.5 million is capital gains, but you will not pay a dime in taxes on those capital gains. We know that when I die, there will be a cost-basis reset on the stock.
Where did you learn all this?
I’d love to say it’s because I follow Social Cap, but that would be silly because I’d be trusting a random online resource.
IRS.gov.
Again?
Always, son.