that the ultra wealthy in America are skipping out on more

美國的超級富豪們正在逃避更多的

than $160 billion worth of taxes every year,

每年的稅收超過 1600 億美元、

- And we know that number is impossible to imagine.

- 我們知道，這個數字是無法想象的。

So compare that to the roughly 48 billion

是以，與大約 480 億

that Penn Wharton budget model estimates

賓大沃頓商學院預算模型估計

the US will be spending each year

美國每年將花費

for the next decade on student debt relief.

未來十年的學生債務減免。

An extra 160 billion could go a long way.

額外的 1,600 億美元可以發揮很大作用。

- So how did a rich get away with it?

- 那麼，富人是如何逃脫懲罰的呢？

Well, most of us are taxed on our income.

我們大多數人都要為收入納稅。

We go to work, we earn a paycheck.

我們去工作，賺取薪水。

A percentage of each paycheck goes back to the government

每份工資的一定比例歸政府所有

to spend on programs and infrastructure,

用於計劃和基礎設施、

and we use the rest to buy groceries, pay bills,

我們用剩下的錢買日用品、付賬單、

and score Beyoncé tickets.

並獲得碧昂絲門票。

- The ultra wealthy though, don't earn much

- 但超級富豪的收入並不高

of their income from a paycheck.

的收入。

Instead, they grow their wealth through investments,

相反，他們通過投資實現財富增長、

and it's only when they sell those investments

只有當他們出售這些投資時

that they actually owe taxes on them.

他們實際上欠稅。

- That is, if they don't find

- 也就是說，如果他們找不到

some clever loopholes first.

首先要有一些巧妙的漏洞。

(playful music)

（俏皮的音樂）

- One way that the rich hide their money

- 富人藏錢的一種方式

is by literally hiding it.

就是把它藏起來。

Secret Swiss bank accounts

瑞士祕密銀行賬戶

or shell companies in the Cayman Islands sound

或開曼群島的空殼公司的聲音

like the stuff of heist movies,

就像搶劫電影裡的情節一樣、

but some wealthy people do use foreign accounts

但有些富人確實使用國外賬戶

to shield their money from the IRS's irises.

以保護他們的錢財不受國稅局的光圈侵擾。

- These tax havens are attractive places to stash cash

- 這些避稅天堂是極具吸引力的藏錢之地

and maybe not tell the US government that it's there.

也許不會告訴美國政府它在那裡。

First, a wealthy person

第一，富人

or maybe their financial advisor will find a country

或者他們的財務顧問會找到一個國家

that collects low or no taxes on foreign funds stored there.

對存放在那裡的外國資金徵收低稅或不徵稅。

But foreign banks are still supposed to report

但外國銀行仍應報告

to the US on foreign accounts held

持有的外國賬戶對美國

by individual US citizens.

美國公民個人。

So instead of putting an account in their own name,

是以，與其把賬戶放在自己的名下，不如把賬戶放在自己的名下、

a rich person could form a fake company

有錢人可以成立一家假公司

that doesn't really do anything

這並沒有什麼用

and open accounts in that company's name.

並以該公司的名義開設賬戶。

Popular tax haven countries like Panama and Luxembourg,

巴拿馬和盧森堡等熱門避稅地、

will look the other way,

會睜一隻眼閉一隻眼、

while these anonymous company owners move money

而這些匿名公司老闆卻在轉移資金

in and out of their accounts without reporting it

進出其賬戶而不報告

to the IRS,

給國稅局、

- But like we all learn from the Wolf of Wall Street,

- 但就像我們從《華爾街之狼》中學到的一樣、

this is pretty illegal.

這是非常違法的。

US law requires that citizens report all of their assets,

美國法律要求公民報告其所有資產、

even if they're stored abroad.

即使它們存放在國外。

So if the IRS catches you

是以，如果國稅局抓到你

keeping secret foreign investments,

對外國投資保密、

you could get in pretty big trouble.

你就會惹上大麻煩。

- Lucky for the rich, there are totally legal tax havens

- 富人很幸運，有完全合法的避稅天堂

right here in the US.

就在美國。

In addition to the taxes we pay to the federal government,

除了我們向聯邦政府繳納的稅款之外、

the states, and even cities we live in,

各州，甚至我們居住的城市、

can collect taxes too.

也可以收稅。

So a state might collect income taxes on the money we earn,

是以，一個州可能會對我們賺的錢徵收所得稅、

capital gains taxes on the money we make from investments,

對我們的投資收益徵收資本利得稅、

sales taxes on things we buy

我們購買物品的銷售稅

and property taxes on the value of our homes.

和房產稅。

But all states decide this mix a little differently.

但各州對這一組合的決定略有不同。

- Some states, like Washington,

- 有些州，如華盛頓州、

don't collect an income tax at all,

根本不徵收所得稅、

and I'm sure it's just a coincidence

我相信這只是一個巧合

that billionaires like Bill Gates

比爾-蓋茨等億萬富翁

and Jeff Bezos have lived there for decades

和傑夫-貝索斯在那裡生活了幾十年

and eight states, including Nevada, Texas,

和八個州，包括內華達州、得克薩斯州、

and Florida, don't tax capital gains either.

和佛羅里達州也不徵收資本利得稅。

Wealthy people who want to pay the least amount

希望支付最少費用的富人

of taxes may choose to live in a state

納稅人可能會選擇生活在一個州

that doesn't tax their income and investments.

不對他們的收入和投資徵稅。

- In 2021, Washington State passed a law that allowed them

- 2021 年，華盛頓州通過了一項法律，允許他們

to collect capital gains tax for the first time.

首次徵收資本利得稅。

Now, anyone who makes more

現在，任何賺得更多的人

than $250,000 selling investments,

超過 25 萬美元的投資、

would owe the state 7% of anything they earn

將欠國家 7% 的收入

after that first 250 K.

在第一個 250 K 之後

- So what did Jeff Bezos,

- 那麼傑夫-貝索斯是怎麼做的呢？

who makes billions a year selling Amazon stock, do?

那些每年靠出售亞馬遜股票賺取數十億美元的人，會這樣做嗎？

He moved to Florida,

他搬到了佛羅里達州、

where he'll keep $610 million in his pocket

他將把 6.1 億美元收入囊中

this year by avoiding Washington's tax

今年通過避免華盛頓州的稅收

on his investment gains.

他的投資收益。

- For people who don't wanna play

- 給不想玩的人

where in the world is Carmen San Diego with their dollars,

卡門-聖迭戈的美元到底去哪兒了？

there's another strategy that wealthy people use

還有一個富人常用的策略

called buy, borrow die.

叫做買、借、死。

Remember that we don't get taxed on our

請記住，我們不用為我們的

investments as they grow.

投資的增長。

It's only when we sell them that we get taxed,

只有當我們把它們賣出去時，才會被徵稅、

and that's why the ultra wealthy just don't sell.

這就是為什麼超級富豪就是不賣的原因。

Instead, when they need to buy a new spaceship,

相反，當他們需要購買一艘新飛船時、

they can take out loans using their

他們可以用自己的

investments as collateral.

投資作為抵押品。

- Back in 2020 when we knew Elon Musk mostly

- 早在 2020 年，當我們知道埃隆-馬斯克大多

as that eccentric electric car guy,

飾演那個古怪的電動汽車男、

he held $548 million in personal loans.

他持有 5.48 億美元的個人貸款。

That's the money he actually used to pay for utility bills,

這是他實際用來支付水電費的錢、

shop for groceries, or most likely pay other people

買菜，或者很可能付錢給其他人

to do those things for him,

為他做這些事、

while the rest of his wealth was tied up in Tesla stock.

而他的其他財富則被綁在特斯拉股票上。

- He did this again in 2022, securing $13 billion in loans

- 他在 2022 年再次這樣做，獲得了 130 億美元的貸款

that he used to buy Twitter.

他用來購買 Twitter 的錢。

But because these billions are in loans,

但因為這幾十億是貸款、

not income, Musk and other super rich investors

沒有收入，馬斯克和其他超級富豪投資者

don't have to pay taxes on that cash.

不用為這些現金納稅。

- So the rich buy investments

- 是以，富人購買投資

and let them grow, then borrow against those investments

讓它們成長，然後以這些投資為抵押借款

to fund their lifestyles.

以資助他們的生活方式。

But what's the die part?

但模具是什麼呢？

- If you buy stock for $10, hold onto it for decades

- 如果你以 10 美元買入股票，那就持有它幾十年吧

until it grows to be worth a thousand dollars,

直到它長到值一千美元、

and then die without ever selling it,

然後死了也賣不出去、

whoever you choose to inherit your estate

無論你選擇誰來繼承你的遺產

can sell that investment,

可以出售這筆投資、

- But thanks to a tax rule called the step-up in basis,

- 但這要歸功於一項名為 "基數遞增 "的稅收規定、

your heir doesn't owe taxes on the full $990

您的繼承人不需要為全部 990 美元納稅

that your investments grew while you were alive.

在你活著的時候，你的投資增長了。

Instead, $1,000 becomes the new starting value.

取而代之的是，1,000 美元成為新的起始值。

And if your heir later sells the stock for $1,200,

如果你的繼承人後來以 1200 美元的價格出售了股票、

she only pays taxes on the $200 it grew after you died.

她只需為你死後增長的 200 美元納稅。

- By using the buy borrow die strategy,

- 通過使用買入借入模子策略、

nobody has to pay taxes on all the capital gains that happen

沒有人需要為所有的資本收益納稅

during your lifetime at all, which is how some

在你有生之年，這就是為什麼有些人

of the wealthiest people in the country managed

全國最富有的人的管理

to amass billions while barely paying taxes on any of it.

在斂財數十億美元的同時，卻幾乎不繳納任何稅款。

- But sometimes the rich do need

- 但有時富人確實需要

to turn their mega investments into cash.

將他們的鉅額投資變成現金。

They have some creative ways to hide that money too.

他們也有一些有創意的方法來隱藏這些錢。

Whenever they make money selling an investment that grew,

每當他們賣出增長的投資賺錢時、

the rich might also look for losses.

富人也可能會尋求損失。

That might mean selling off investments

這可能意味著出售投資

that are losing money at the same time.

同時又在虧損。

- Any money you lost gets subtracted from what you gained,

- 損失的錢會從收益中扣除、

and you only pay taxes on what is left over.

而你只需為剩餘的部分納稅。

If you have a lot of losses in one year, you can even wait

如果您在一年內損失慘重，您甚至可以等待

to count those losses against income you have in the future.

將這些損失計入您未來的收入。

This strategy called tax loss harvesting helps rich people

這種被稱為 "稅收損失收割 "的策略可以幫助富人

sell their investments at a profit,

出售投資獲利、

while making it look like

而看起來像

they didn't really walk away with much.

他們並沒有得到什麼。

- Wealthy people can also find losses

- 富人也會發現損失

by structuring their fancy hobbies as businesses,

把自己的愛好做成生意、

whether it's training race horses, owning a sports team,

無論是訓練賽馬，還是擁有一支運動隊、

developing luxury real estate,

開發豪華房地產、

or buying a social media platform.

或購買社交媒體平臺。

The ultra wealthy can afford to start

超級富豪有能力啟動

or buy businesses that they don't actually

或購買他們實際上並不

expect to live off of.

指望以此為生。

So when those businesses lose money,

是以，當這些企業虧損時、

it can actually be a good thing.

這其實是件好事。

- In the 1980s and nineties,

- 上世紀八九十年代

when Donald Trump was just a wealthy real estate developer,

當時，唐納德-特朗普只是一個富有的房地產開發商、

he reported over a billion dollars

他報告了十多億美元

of losses from his hotels, casinos,

酒店和賭場的損失、

and apartment buildings in a single decade.

和公寓樓。

- His tax returns dating back to 1985,

- 他的納稅申報單可追溯到 1985 年、

showed that those business losses

表明這些商業損失

got subtracted from his income

從他的收入中扣除

and investment gains, lowering the total he had

和投資收益，降低了他的總收入。

to pay taxes on, sometimes to zero,

納稅，有時甚至為零、

all while getting to live

同時還能過上

in a gold-plated penthouse apartment.

在鍍金的頂層公寓裡。

- ProPublica found that between 2014 and 2018,

- ProPublica 發現，在 2014 年至 2018 年期間、

the 25 richest Americans paid only

最富有的 25 名美國人只支付了

3.4% in taxes on their total wealth increase.

其財富增長總額的 3.4% 稅收。

Meanwhile, the median American household pays about 14%

與此同時，中位數美國家庭支付約 14% 的醫療費用。

of their total income.

佔其總收入的比例。

While this may seem crazy,

雖然這看起來有些瘋狂、

strategies like buy, borrow, die,

買、借、死等策略、

and tax loss harvesting are perfectly legal

和稅收損失獲取都是完全合法的

ways to hide your wealth,

隱藏財富的方法

- There have been attempts to close some

- 曾試圖關閉一些

of these tax loopholes.

這些稅收漏洞。

In 2022, president Biden proposed that Americans

2022 年，拜登總統建議美國人

with over $100 million in wealth would have

擁有超過 1 億美元財富的人

to pay a 20% tax on their investment growth,

要為其投資增長繳納 20% 的稅、

even before those investments are sold.

甚至在出售這些投資之前。

- [Julia] And senators like Bernie Sanders

- [朱麗婭]還有伯尼・桑德斯這樣的參議員

and Elizabeth Warren introduced a bill in 2021

和伊麗莎白-沃倫在 2021 年提出了一項法案

that would've eliminated these step up in basis rule

這樣就可以取消 "逐步提高基數 "規則

that allows people to inherit a lifetime of gains tax free.

它允許人們終身免稅繼承收益。

- Still, none of these plans have been enacted into law.

- 不過，這些計劃都沒有成為法律。

Legislators are still debating

立法者仍在辯論

how to close these tax loopholes

如何堵塞這些稅收漏洞

or whether to close them at all,

或是否要關閉它們、

but the ultra wealthy don't seem too worried

但超級富豪們似乎並不太擔心

because the longer it takes us to figure it out,

因為我們花的時間就越長、

the more their hidden wealth continues to grow.

他們隱藏的財富就越多。

- And that's our two cents. - And that's our two cents.

- 這就是我們的看法。- 這就是我們的看法。

- [Katie] Thanks to our patrons

- [Katie] 感謝我們的贊助者

for keeping Two Cents financially healthy.

讓 "兩分錢 "保持財務健康。

Click the link in the description

點擊說明中的鏈接

to become a Two Cents patron.

成為 "兩分錢 "贊助人。

(soft music)

(輕音樂）