@return2ozma to News • 7 months agoEvery billionaire under the age of 30 inherited their fortune, new report findslockfortune.comexternal-linkmessage-square43arrow-up1491arrow-down121cross-posted to: [email protected]
arrow-up1470arrow-down1external-linkEvery billionaire under the age of 30 inherited their fortune, new report findslockfortune.com@return2ozma to News • 7 months agomessage-square43cross-posted to: [email protected]
minus-square@dhorklinkEnglish-12•7 months agoCrypto is a capital asset in the US, so they don’t owe the taxes until they sell. And many of them don’t live in the US, on purpose. They figured out where they can go and buy citizenship so their tax burden is much lower.
minus-squareFlying Squidlink12•7 months agoSo you’re saying crypto is not worth anything until you sell it? Sounds like they aren’t billionaires except on paper.
minus-square@[email protected]linkfedilinkEnglish9•7 months agoThat’s typically what it means, yes. Having large amounts of cash is generally a bad idea, because over time inflation makes it worth less.
minus-squareCosmic ClericlinkEnglish7•edit-27 months ago Sounds like they aren’t billionaires except on paper. That seems like the norm actually, and not the exception. Anti Commercial-AI license (CC BY-NC-SA 4.0)
So you’re saying these crypto nerds don’t pay taxes?
Crypto is a capital asset in the US, so they don’t owe the taxes until they sell. And many of them don’t live in the US, on purpose. They figured out where they can go and buy citizenship so their tax burden is much lower.
So you’re saying crypto is not worth anything until you sell it? Sounds like they aren’t billionaires except on paper.
That’s typically what it means, yes. Having large amounts of cash is generally a bad idea, because over time inflation makes it worth less.
Assets other than cash have value. Land, for example.
That seems like the norm actually, and not the exception.
Anti Commercial-AI license (CC BY-NC-SA 4.0)
Yup, same as TSLA