Jesse Drucker and Maureen Farrell, in their New York Times article, discusses the tax breaks, originally aimed at small businesses, that are utilized by the ultrawealthy. Their article, “A Lavish Tax Dodge for the Ultrawealthy Is Easily Multiplied”, begins as follows:
This is the story of the incredible cloning tax break.
In 2004, David Baszucki, fresh off a stint as a radio host in Santa Cruz, Calif., started a tiny video-game company. It was eligible for a tax break that lets investors in small businesses avoid millions of dollars in capital gains taxes if the start-ups hit it big.
Yet he and his extended family are reaping big benefits from a tax break aimed at small businesses.
To see the full article, click: “A Lavish Tax Dodge for the Ultrawealthy Is Easily Multiplied”
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal