They buy luxury items like like yachts and private jets. They claim them as business expenses, and they use it to lower their entire taxable income. I have some examples here. Oil heiress Phyllis Taylor wrote off her own company's oil spill, the longest in American history, and paid zero federal income taxes on $444 million. Beanie Babies founder Ty Warner wrote off luxury hotel purchases and paid zero federal income taxes for 12 years. Campbell soup heiress Charlotte Weber rode off Kentucky Derby racehorses and used those losses to drive down her total tax bill. (01:33–01:47)
CLAIM
Asserts that Phyllis Taylor paid no federal income taxes on $444 million by writing off an oil spill.
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