I think most billionaires are not paying either of those taxes in any significant amounts.
Most follow the buy borrow die method. Then their children just have to pay estate tax.
Advanced tax cheats like Bill Gates take it one step further by creating their own charities. You give all your money to the “charity” and give your kids full control of the “charity”. This way you can avoid paying estate tax, and you only need to give away a tiny percentage of your wealth to actual charities and PR firms to save face.
I think most billionaires are not paying either of those taxes in any significant amounts.
Most follow the buy borrow die method. Then their children just have to pay estate tax.
Advanced tax cheats like Bill Gates take it one step further by creating their own charities. You give all your money to the “charity” and give your kids full control of the “charity”. This way you can avoid paying estate tax, and you only need to give away a tiny percentage of your wealth to actual charities and PR firms to save face.