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ihaveaquestion

(4,669 posts)

26. It's basically borrowing from peter to pay paul.

Reply to Lokee11 (Reply #24)

Sun Apr 12, 2026, 11:19 AM

4 hrs ago

They use their stuff as collateral to get cash when they need it and take out another loan to pay off the existing loans. What little tax they owe from selling anything gets written off as a business expense for the corporations they have to protect their finances, as does the interest from the loans they get. It's all pretty complicated, so they don't figure this out themselves... they have accountants for that.

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America's downward spiral summed up in a few sentences... [View all] True Dough 23 hrs ago OP

If a U.S. citizens dies in 2026, the fair market value of all assets at the date of death, less liabilities.. surfered 22 hrs ago #1

It isn't always that simple ToxMarz 21 hrs ago #3

You've nailed it FakeNoose 21 hrs ago #4

Exactly and to add FHRRK1 21 hrs ago #8

Then they pass the debt on to the heirs as well surfered 18 hrs ago #18

Yes that's the point, it is cheaper for them to live on borrowed money than pay their fair share of taxes. ToxMarz 17 hrs ago #19

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Correction. SergeStorms 21 hrs ago #6

Sounds like a great idea LilElf70 21 hrs ago #5

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No they would not Alpeduez21 20 hrs ago #12

I'm not sure how to reply. I guess you are advocating we sit on our ass and do nothing because flashman13 19 hrs ago #17

Congress could fix it if our elected representatives were not beholden to Big Money interests who fund their campaigns. sop 8 hrs ago #22

We need a wealth tax. patphil 20 hrs ago #10

"Outlaw billionaires" Seinan Sensei 13 hrs ago #21

Recommended (#99) H2O Man 20 hrs ago #13

Do they pay back the loans? nt. druidity33 19 hrs ago #15

Kinda, sorta. Close enough. Joinfortmill 19 hrs ago #16

Where do they get the money to make the loan payments? rickford66 13 hrs ago #20

Maybe a dumb question, but: moose65 7 hrs ago #23

Exactly. Richard58 4 hrs ago #25

So exactly how does the scam work? Lokee11 5 hrs ago #24

It's basically borrowing from peter to pay paul. ihaveaquestion 4 hrs ago #26

It's more than that. The rich also engage in Glaisne 45 min ago #27

Kick dalton99a 44 min ago #28