What kind of exemptions do the ultra rich get to claim on their IRS tax forms?
It’s not nearly as simple as that, how the “ultra rich” avoids paying full taxes, or any at all. The major difference is that most middle class people file a pretty simple tax return (even though they THINK it’s so complicated), which only looks at some basic sources of income, and some allowable write-offs and deductions, and that sets the tax rate for them. The ultra-rich slosh their money around in holdings, frequently shares in corporations, paper or real, which makes it much easier to justify a far less TAXABLE INCOME. It can be an incredibly slippery thing, like “nailing jello to the wall”, one of McCain’s aphorisms. For this kind of complex tax returns, which can involve a number of separate tax returns for each company in which they have a share, they can afford top drawer tax lawyers to work out the best strategy of tax abatement, which is perfectly legal—-and FAR above the means of your ordinary American taxpayers. That’s how they manage to get out of paying much of the tax
