And that ends when they die, at which point the stocks get stepped up in basis so the taxes are almost completely avoided. Or they structure their debts in such a way that certain entities can be bankrupted without impacting the actual assets.
Things get wild when you’re in the 0.1% and above.
So how do they pay the loans back if the liquidity isn’t there?
With money they loan from a bank, using whatever they bought with the previous loan as collateral.
It’s credit all the way down.
And that ends when they die, at which point the stocks get stepped up in basis so the taxes are almost completely avoided. Or they structure their debts in such a way that certain entities can be bankrupted without impacting the actual assets.
Things get wild when you’re in the 0.1% and above.
I can’t imagine how this isn’t fraud