• gosling@lemmy.world
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    1 year ago

    Do billionaires actually have billions in real money sitting around? I’ve always thought the billions were in stocks and couldn’t be taxed until they cashed it out and they could technically lose everything if the stock price falls. That’s really fucked up if true

    • alvvayson@lemmy.world
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      1 year ago

      Nobody keeps that amount of cash. Even below a million, most people have most of their wealth in either real estate (their own house) or financial securities (stocks, ETFs, bonds).

      Yet, we all gotta pay property tax and capital gains.

      The billionaires just have loopholes that they use to never realize gains with loan schemes and trust funds.