return2ozma@lemmy.world to News@lemmy.world · 1 year agoEvery billionaire under the age of 30 inherited their fortune, new report findslockfortune.comexternal-linkmessage-square32fedilinkarrow-up1315arrow-down113
arrow-up1302arrow-down1external-linkEvery billionaire under the age of 30 inherited their fortune, new report findslockfortune.comreturn2ozma@lemmy.world to News@lemmy.world · 1 year agomessage-square32fedilink
minus-squareFlying Squid@lemmy.worldlinkfedilinkarrow-up10arrow-down1·1 year agoSo you’re saying these crypto nerds don’t pay taxes?
minus-squaredhork@lemmy.worldlinkfedilinkEnglisharrow-up2arrow-down7·1 year 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-up9arrow-down1·1 year 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-up4·1 year 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
minus-squarecatloaf@lemm.eelinkfedilinkEnglisharrow-up4arrow-down1·1 year agoThat’s typically what it means, yes. Having large amounts of cash is generally a bad idea, because over time inflation makes it worth less.
minus-squareFlying Squid@lemmy.worldlinkfedilinkarrow-up5arrow-down1·1 year agoAssets other than cash have value. Land, for example.
So you’re saying these crypto nerds don’t pay taxes?
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
That’s typically what it means, yes. Having large amounts of cash is generally a bad idea, because over time inflation makes it worth less.
Assets other than cash have value. Land, for example.
Yup, same as TSLA