Sports Owners Use Their Teams to Avoid Millions in Taxes
About a month ago I discovered Mark Kohler on YouTube [1] who runs a little channel talking about wealth management. Once you watch a couple of videos you quickly see the pattern - the biggest cheat code to the US tax system is entrepreneurship and business ownership. But aside from that, it's shocking and eye-opening how many schemes (aka "legal structures") you can employ to preserve your wealth and reduce taxation which are available to everyone regardless of their social status. It's just that... most of us mere mortals don't know anything about them. In fact, some of this stuff seems borderline illegal, but it's not and it's been used by the wealthy to transfer wealth for generations. I think this just demonstrates yet another failure of the education system in the US.<p>[1] <a href="https://www.youtube.com/channel/UCHYeaAH3D-wzQyDiXndSfMA" rel="nofollow">https://www.youtube.com/channel/UCHYeaAH3D-wzQyDiXndSfMA</a>