My Favorite Tax Loophole | Planet Money

WKNO

Published April 12, 2023 at 4:00 AM CDT

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People in the U.S. spend a lot of time filing their taxes. And over the years, we've found ways to take advantage of the system — totally legally! The U.S. tax system is filled with so-called loopholes — small and large — that many people, especially the rich, use.

On today's show, we present 11 of our favorite tax loopholes, and share some of yours too. There are some you love, and others that you love to hate. We learn about tax breaks for homeowners, billionaires, cat owners, investors, and...subsistence whalers.