return2ozma@lemmy.world to News@lemmy.world · 7 months agoEvery billionaire under the age of 30 inherited their fortune, new report findslockfortune.comexternal-linkmessage-square33fedilinkarrow-up1490arrow-down120
arrow-up1470arrow-down1external-linkEvery billionaire under the age of 30 inherited their fortune, new report findslockfortune.comreturn2ozma@lemmy.world to News@lemmy.world · 7 months agomessage-square33fedilink
minus-squaredhork@lemmy.worldlinkfedilinkEnglisharrow-up3arrow-down14·7 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 Squid@lemmy.worldlinkfedilinkarrow-up16arrow-down3·7 months agoSo you’re saying crypto is not worth anything until you sell it? Sounds like they aren’t billionaires except on paper.
minus-squareCosmic Cleric@lemmy.worldlinkfedilinkEnglisharrow-up7arrow-down1·7 months ago Sounds like they aren’t billionaires except on paper. That seems like the norm actually, and not the exception. CC BY-NC-SA 4.0
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 seems like the norm actually, and not the exception.
CC BY-NC-SA 4.0
Yup, same as TSLA