In 2016, high-profile financiers Steve Cohen and Stephen Schwarzman, along with Bill Ackman, managed to pay $0 in Medicare taxes, utilizing obscure tax provisions.
Many Americans accept Medicare tax as a part of their income. However, prominent Wall Street figures have leveraged complex accounting strategies to completely opt out.
Through careful manipulation and guidance from pricey tax advisers, wealthy individuals can navigate their finances to bypass the obligations that other citizens consistently meet.
While ordinary workers contribute taxes automatically from their paychecks, billionaires and hedge fund managers exploit loopholes to avoid essential contributions like Medicare tax.
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