By Larry Kotlikoff
Originally posted at The Seattle Times, April 2017
We have until April 18 to file our taxes this year. I know no one who likes paying taxes, even though Uncle Sam badly needs every penny. If everyone paid their fair tax share, it would be one thing. But they don’t.
The biggest offenders are the superrich. They have a simple, legal means to pay zero taxes. Invest in assets, like land, that pay out zero taxable income and borrow against this wealth to fund spending. No taxable income? No taxes. This is true regardless of whether the top income-tax rate is today’s 39 percent or 33 percent, as per the House Republican tax plan. MORE