Latest / Oakland News Today | 2 Min News | The Daily News Now!
The Billionaire Tax Loophole Debate | Oakland News
A controversial tax strategy called “buy, borrow, die” is sparking debate over wealth inequality, as ultra-rich individuals allegedly use assets as collateral to borrow cash without triggering capital gains taxes—then pass those assets to heirs who inherit them at a fresh tax basis, avoiding lifetime appreciation taxes. Governor Gavin Newsom is pushing to close this loophole, but experts question its widespread use, noting that billionaires often save more than spend, making borrowing less necessary. Instead, the dominant tactic among the super-rich is holding onto assets to let unrealized…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.