If your tax bill for the last financial year was only $7 million at an effective rate of 17%, your taxable income would have been approximately $41 million. Now, if your net assets are an estimated $50 billion that would equate to a ROE ('return on equity') of approximately 0.084%. It isn't top draw....
The equation is grossly simplified; assets don't necessarily generate a tax event each year and it's obviously a little tongue-in-cheek. We all respect the man. The pursuit of tax efficiency as opposed to tax-evasion is neither a crime nor a character-defect. There's also nothing wrong in securing the services of a LARGE team of accountants to mitigate personal taxable income...
Volunteering to pay more individual tax is admirable. Even so, the moral 'bang-for-buck' impact is forfeit when the party you actively support is advocating a general hike in taxes for ordinary people already hopelessly overburdened.
The equation is grossly simplified; assets don't necessarily generate a tax event each year and it's obviously a little tongue-in-cheek. We all respect the man. The pursuit of tax efficiency as opposed to tax-evasion is neither a crime nor a character-defect. There's also nothing wrong in securing the services of a LARGE team of accountants to mitigate personal taxable income...
Volunteering to pay more individual tax is admirable. Even so, the moral 'bang-for-buck' impact is forfeit when the party you actively support is advocating a general hike in taxes for ordinary people already hopelessly overburdened.
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