Most people have heard that the rich get richer because they are not taxed as much as other people due to the deductions available to them. Given what you have learned about deductions, do you believe that a multimillionaire can minimize his or her taxes to effectively pay less than a person making $60,000 a year? Why or why not?
Solution
Hi.. No,  a multimillionaire cannot minimize his or her taxes to effectively pay less than a person making $60,000 a year since he pays an equal amount of taxes on his first $ 60,000 earned as the person making $ 60,000 and pays taxes on the rest of his income too. Whatever he does ith the first $ 60,000 can be done by the other person too.
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Most people have heard that the rich get richer because they are not t.docx
1. Most people have heard that the rich get richer because they are not taxed as much as other
people due to the deductions available to them. Given what you have learned about deductions,
do you believe that a multimillionaire can minimize his or her taxes to effectively pay less than a
person making $60,000 a year? Why or why not?
Solution
Hi.. No,  a multimillionaire cannot minimize his or her taxes to effectively pay less than a
person making $60,000 a year since he pays an equal amount of taxes on his first $ 60,000
earned as the person making $ 60,000 and pays taxes on the rest of his income too. Whatever he
does ith the first $ 60,000 can be done by the other person too.
