There are many ways through which Billionaires can avoid paying taxes or can hide their money. And many of ways are legal too such as:
- Finding loopholes - in tax system.
- Creating Shell companies- opening companies and offices in someone else name.
- Creating foundations and trusts.
- Creating Off-Shore account- basically this means setting up companies and offices in other countries where there is no income and cooperate tax. Also known as Tax Havens.
But there is also a very astonishing way which I want you to know i.e. ‘THE LOVE FOR PAINTINGS’ 🤯
Ever wondered why rich people buy arts?? 🤔
The reason does not lie in the art, but in TAXES!
As a billionaire let’s say you have a 200 million income and you have to pay 30% TAX…
So to avoid this, you buy a painting worth 10 million dollars. And by influencing the people about Art somehow painting is now valued at 50 million dollars…
Now you DONATE that painting to a museum and get 50 million TAX write off for charity.
So this is how the ‘THE LOVE FOR PAINTINGS’ work.
What do you think? Is it Unethical for people to do this or is it fine to do so?
