> Kinda - although CGT is at a much lower rate than employment income, and you can write all sorts of expenses off against it.
Ya, definitely. Although Biden's tax proposals may change that. If ProPublica wanted to put out a piece arguing for a higher capital gains rate, i'd be totally fine with that, but that isn't what they did.
> Oh and you can write off unrealised losses against realised gains
I don't think that's true, at least not in the US. Do you have a citation for that?
To be fair, it’s not directly true, but it’s commonly done. You just start an offshore trust, sell the loss to them, by which means you realise it (even though you’ve just moved where it sits in your network of entities), and you can then write it down.
This definitely sits in “evasion” rather than “avoidance”, but it’s such a common practice that accountants recommend it like it’s just another normal service they offer.
Ya, definitely. Although Biden's tax proposals may change that. If ProPublica wanted to put out a piece arguing for a higher capital gains rate, i'd be totally fine with that, but that isn't what they did.
> Oh and you can write off unrealised losses against realised gains
I don't think that's true, at least not in the US. Do you have a citation for that?