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Advanced-Guard-4468 t1_j9yaepa wrote

Reply to comment by FlakeyMuskrat in Bucks County Has Two Millionaires for Every One Homeless School Child by Open_Veins_8

There maybe loopholes to lower your income but you still have to pay taxes on your reported income. You only pay taxes on your income, not your net worth.

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FlakeyMuskrat t1_ja07p7r wrote

Yes and those are the issues (loopholes) I’m talking about. If one makes millions of dollars, they can “lower” their income on paper for massive amounts of money that are then, untaxed.

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Advanced-Guard-4468 t1_ja08mtr wrote

No they can't. There is only so much you can do by itemized deduction to lower their incomes.

Someone who is a millionaire only has to be mid to late 40s with a 401k, a home and two incomes that total 150k.

You might be thinking super wealthy

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