But during deflation they get wiped out.

Hate on it if you like, but this is how bitcoin will be used in developed economies. Don't lend on it yet, though, counterparty risk is too high.

It’s not completely true for ‘no tax’ because the rich still need to sell their stock to pay their debt from the borrowed money. Also that debt will have an interest rate of ~7%+. Of course borrowing gives them more flexibility, ex. They can hold their shares longer for lower capital gains etc...

No one should pay taxes. Rich or poor

4. Move to The Cayman Islands.

Taxation is theft

I'm infinitely amused that the justice department is going through Trump's finances with a fine tooth comb to ensure he's no longer able to inflate the value of his assets when it comes to using them as collateral. I'm sure he's beyond livid with the situation. 😂

"Shall we tell him about residencies in jurisdictions with territorial taxation that don't effectively require being physically there?" https://image.nostr.build/f4615f07b6384a1dd97c5f57db83b61244189e21985e5a77336518fdee1a5862.gif

The tools available to the rich are also available to those who aren't rich. The difference is the mindset and the individual education. Sadly, most Americans cannot get off the hamster wheel to take time and study even basic bookkeeping.

In the no tax situation, I'm confused. They borrow against the stocks but then how do they pay back the loan without income?

The No Tax is incomplete and US specific. In the US all your shares are revalued for tax purposes when you die.called the step-up provision. So the heirs don't inherit your capital gains, but they do get the capital. Without this No Tax is just Less Tax with a deferment that costs money to create a...

There is another way