alt Hacker News> If you don’t receive income then it obviously shouldn’t be taxed
Right, but you're ignoring the loop-hole OP mentioned where you borrow un-taxed money then deduct it. Kill the loop holes.
> If you don’t receive income then it obviously shouldn’t be taxed
Right, but you're ignoring the loop-hole OP mentioned where you borrow un-taxed money then deduct it. Kill the loop holes.
There is no tax loophole. The only thing they are getting is higher leverage against borrowing, and the only difference would occur if that individual would go bankrupt in that the entity that they borrowed from wouldn't need to pay income tax.
So the only way to pay less tax is to surrender all your assets.