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Frame from Buy, Borrow, Die: How America's Ultrawealthy Stay That Way Plays via YouTube's privacy-enhanced embed

Buy, Borrow, Die: How America's Ultrawealthy Stay That Way

ProPublica
Explainers
YouTube
1 HN user recommended this explainer1 month2021–2022 score 1
Years with an HN recommendation, 2007–2026

Shared as a clearer explanation of the tax loophole than the accompanying article.

A short ProPublica video explaining the "Buy, Borrow, Die" strategy wealthy Americans use to cut taxes. They borrow against appreciating assets instead of selling, and the gains are never taxed at death.

“This video does a better job at explaining the tax loophole” (HN, 2021)

1 recommendations · 4 citations · Explainers · partly dated

5 Hacker News comments

From the HN archive; up to 20 kept per video, favoring different commenters. Recommendations first.

@29athrowaway Jun 2021 Recommends
on HN thread IRS records reveal how the wealthiest avoid income tax
A better way to structure the article would be: - explain how much tax evasion took place - explain how the tax evasion happens - who is doing it - what to do next. Only then, compare the situation to the average person. Everyone knows how much they pay in taxes themselves. This video does a better job at explaining the tax loophole: [this video]
Clearer explanation of the tax loophole than the article

Citations, criticism and jokes

@drobert Jun 2021 Cites it
on HN thread IRS records reveal how the wealthiest avoid income tax
In the video attached to the article they mention the rich loan money and live off that. They don't explain how they are paying that loan. [this video] I felt the article was not very inspiring since it emphasised the tax the rich pay in relation to their wealth not their income. Which is irrelevant. Of course they are not going to spend all their wealth and pay tax on it.
Says rich borrow and live off loans
@toomuchtodo Oct 2021 Cites it
on HN thread U.S. Government already projects $1T deficit every year for the next 10 years [pdf]
It's more like the wealthy's "buy, borrow, die" strategy [1] without the cumbersome "buy" part. Japan's debt to gdp is almost 200% as the population decline continues. Confidence won’t evaporate until the market determines productivity can’t meet the yield bought. Somebody is going to be left holding the bag, but it ain’t anybody investing today. [1] [this video]
Cited for the buy, borrow, die strategy
@toomuchtodo Apr 2022 Cites it
on HN thread Musk announces funding secured for Twitter buy
Tax the proceeds at loan origination (1099-whatever filed by whomever is providing the cash based on pledged assets). How you pay the loan back if the collateral declines in value is your problem (or the bank’s problem, depending on the amount in question). High level, it closes a financial engineering loophole (buy, borrow, die [1]). The taxable event is when you get liquid, and a loan is liquidity. The tax code requires a patch, that’s all. [1] [this video]
Cited for the buy, borrow, die loophole

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