return2ozma@lemmy.world to News@lemmy.world · 7 months agoEvery billionaire under the age of 30 inherited their fortune, new report findslockfortune.comexternal-linkmessage-square43fedilinkarrow-up1491arrow-down121
arrow-up1470arrow-down1external-linkEvery billionaire under the age of 30 inherited their fortune, new report findslockfortune.comreturn2ozma@lemmy.world to News@lemmy.world · 7 months agomessage-square43fedilink
minus-squaredhork@lemmy.worldlinkfedilinkEnglisharrow-up3arrow-down15·7 months 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-up16arrow-down4·7 months agoSo you’re saying crypto is not worth anything until you sell it? Sounds like they aren’t billionaires except on paper.
minus-squarecatloaf@lemm.eelinkfedilinkEnglisharrow-up10arrow-down1·7 months 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-up9arrow-down3·7 months agoAssets other than cash have value. Land, for example.
minus-squareCosmic Cleric@lemmy.worldlinkfedilinkEnglisharrow-up8arrow-down1·7 months 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
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’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.
That seems like the norm actually, and not the exception.
CC BY-NC-SA 4.0
Yup, same as TSLA