This post was wondering whether this should be posted under scams. But it should be here. There are legal loopholes on how not to pay taxes at all. Tax avoidance - legal, vs tax evasion (illegal)
1. Not selling stocks when they rise in value but rather borrowing against it, and paying off the same with dividents or partial sale of shares of stock. Unsold shares are not taxed with capital gains. So the wealthy simply borrow vs their shares
2. Declaring all legal business expenses which are deductible
3. Having perks: clubs, memberships, travel charged vs business (but there now de mimimis provision at least in local BIR rulings
4. Saving on CGT, donors tax donees tax. A large bank's owner (not deceasedd) set up a foundation that does art patronage, awards to teachers saving on donors and doneees tax and estate tax. He donated all his shares to the foundation, and appointed his sons and daughters to the foundation. The foundation votes on the shares of the stock of the bank electing the directors. As a matter of fact the President of the foundation is the EVP of the bank (he just retired)
So they say, taxes are only for the poor.
Take note also why sale of art work is flourishing. Buying an art work is an expense, not an investment and profits from the appreciation of the works of art are likewise treated as expenses and thus untaxed. So ever wondered why art works (even those ugly ones) comman high prices. They are tax shelters.
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