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How the ultra-rich avoid paying taxes
Sign up for the On Stage newsletter here. In the 1980s, a law firm named Richard Covey devised a tax dodge that would save the extremely-prosperous tens of millions. In the 1990s, Congress stepped in to make the maneuver even far more worthwhile. “The unique 1 was variety of complicated and unwieldy and dangerous,” Zachary Mider claims. “There was a prospect it would not get the job done. But the new 1 was like just fundamentally free money.” Today, On Point: How the ultrarich steer clear of shelling out taxes. Attendees Zachary Mider, reporter for Bloomberg Information. (@zachmider) Bob Lord, senior advisor of tax coverage at Patriotic Millionaires, a group of…


