Floyd Mayweather bets $10M on Denver Broncos to win the Super Bowl
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Precisely. Warren Buffet gets the vast majority of his yearly income by being the majority shareholder of his company. He is also the CEO/Chairman of his company but he pays himself next to nothing in salary so he doesn't have to pay a income tax. Meanwhile, he gets millions through interest and just pays the 15% dividend tax. I'm sure Floyd will get there one day with Mayweather Promotions....
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That's the reason why most millionaires and billionaires own businesses. That way they can claim they don't make anything and live through the company's profits and write them off as business expenses. It's called loopholes 101.Precisely. Warren Buffet gets the vast majority of his yearly income by being the majority shareholder of his company. He is also the CEO/Chairman of his company but he pays himself next to nothing in salary so he doesn't have to pay a income tax. Meanwhile, he gets millions through interest and just pays the 15% dividend tax. I'm sure Floyd will get there one day with Mayweather Promotions....
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Hilarious. Like a would-be Rapper selling CD's out of the trunk of his car. But he did have that one TV commercial. I forgot what it was.
Either way, there has got to be a ***ish businessman licking his chops to "do some business with Floyd".Comment
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Slightly incorrect. They don't own businesses for the purpose of claiming that they don't make anything. They own businesses because that's what made them billionaires.
If you're not a billionaire because you're the biggest shareholder of a publicly traded company, didn't found a start-up (I.E. Zuckerberg with Facebook), then that means that you're a pure investor (ex: stock trader), which means you don't have a "income" and all your gains/returns will be taxed as a dividend anyway.Comment
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