00:00Have you ever wondered how billionaires can have fortunes in the billions but pay almost zero in
00:04income tax? It's not magic. It's a series of sophisticated and perfectly legal financial
00:10strategies. Instead of selling their stocks and triggering a massive tax bill, many billionaires
00:16simply borrow against their assets. This gives them cash to live on. But since it's a loan,
00:21it's not considered income. Genius, right? Then there's real estate. They use depreciation to
00:28write off the value of their properties over time, creating huge paper losses that offset their
00:33other income. When they sell a property, they can use something called a 1031 exchange to roll the
00:39profits into a new property, deferring taxes indefinitely. And what about giving back?
00:45By donating to their own charitable foundations, they get a significant tax deduction. It's a
00:51complex world of financial planning that allows immense wealth to grow while taxable income stays
00:56surprisingly low. It's all about playing the game by the rules, rules that are very different for
01:01the ultra-wealthy.
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01:08dives.
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