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Evergrande: China property giant and its founder accused of $78bn fraud (www.bbc.com)

submitted 5 months ago by [email protected] to c/[email protected]

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[–] cbarrick 6 points 5 months ago

Yep. This fucking loophole in the American tax system.

You borrow against your existing wealth, then the cost basis of your investments resets upon inheritance. So your estate can sell the investment to pay off the debt, and no capital gains tax is ever paid.

Because of this, in America, capital gains tax only applies to the middle class. The rich have a clear and obvious loophole.