JUNE 23, 2026
Musk: US taxing the ‘daylight’ out of people. – Andrew Harnik/ Getty Images
They say the only certainties in life are death and taxes — but Tesla CEO and world’s first trillionaire Elon Musk thinks Americans are getting far more than their fair share of the latter.
“You get taxed on what you earn, you get taxed on what you buy and you get taxed on what you own. Taxes, taxes, taxes,” Musk said at a town hall in Pittsburgh (1).
In broad terms, he’s not wrong. Most Americans pay income tax on their wages and salaries, most states impose sales tax on goods and services, and homeowners shoulder property taxes on real estate. Layers of taxation touch just about every part of daily life.
Musk didn’t mince words about how harsh he believes the tax landscape has become: “We get the living daylights taxed out of us.”
And he’s equally blunt about how that money is spent.
“What does it get spent on? A bunch of the stuff it gets spent on you don’t even agree with,” he explained. “That’s why we need to reduce the size of the government … and let the people keep a lot more of their hard-earned money.”
To be sure, taxes help fund crucial public services, such as education, health care, emergency services and infrastructure. But the system Musk described can still leave many Americans wondering what realistic options they have for building wealth when every dollar earned, spent and owned seems to face another levy.
That frustration isn’t limited to tech CEOs. Scott Galloway, a renowned professor of marketing at NYU Stern School of Business, has openly argued that if you want to build wealth, you should lower your tax bill as much as possible.
“Tax avoidance is a key skill to building wealth,” Galloway said on Steven Bartlett’s podcast, The Diary of a CEO (2).
Galloway offered a striking comparison: “If you’re a prisoner of war, you have an obligation to escape. If you’re trying to build wealth, you have an obligation to pay as little tax as possible.”
“Do it legally,” he adds.
But that’s easier said than done.
If you’re starting to feel like a prisoner of taxes and are looking for a way to escape, here are some strategies to minimize their hold on you.
Prof G: ‘You never sell them’
When asked about the specific tax strategies employed by the wealthy, Galloway didn’t hesitate.
“First and foremost, it’s you buy stocks, you never sell them, you borrow against them,” Galloway said.
He then explained how this strategy works.
“You own $100 in Amazon stock. You need money to buy something. Instead of selling the stock and, let’s say it’s gone up 50% … You would have to realize a capital gain and pay long-term capital gains on that $50 gain.
“No, just borrow against it and let the stock continue to grow. And you pay a little bit of interest, hopefully from your current income. But basically, it’s invest, borrow against it and die. Put it into a trust and then pass it on to your kids.”
Indeed, this approach lets wealthy investors unlock liquidity without creating a taxable event, allowing their assets to keep compounding over time.
The interest paid on the borrowed amount is often modest relative to the tax liability they’d face if they sold — which is why the strategy has become a widely used method for preserving wealth.
Save on taxes by investing in this skyrocketing asset
Holding onto stocks is one great way to preserve wealth, but so is investing in gold. And with Gold’s stellar performance in 2025 and 2026, many investors are hoping to cash in on this sparkling asset in a big way.
However, newbies to the market may not realize there are also plenty of tax benefits to owning the yellow metal.
Holding physical gold for a year or more can qualify you for long-term capital gains, and investing in gold ETFs or mining stocks generally offers a more favorable tax treatment when compared to physical assets (3).
Many investors also look to invest in gold through an IRA in order to gain the tax benefits of these accounts. One way to invest in gold that also provides these significant tax advantages is to open a gold IRA with the help of Priority Gold.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold. This can make it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.
Robert Kiyosaki: ‘I make a lot of money and pay no tax’
Galloway’s “buy, borrow, die” approach isn’t confined to stocks or gold IRAs. Real estate investors have been applying a similar playbook for decades — often from the moment they purchase a property, as most acquisitions start with a mortgage.
It’s a strategy Robert Kiyosaki, author of Rich Dad, Poor Dad, knows well.
“We’re always buying real estate because we use debt — and we pay no tax legally,” Kiyosaki said in a recent podcast appearance, where he disclosed that he’s carrying $1.2 billion in debt (4).
His point comes down to tax treatment.
When investors acquire real estate with borrowed funds, the interest payments on those loans are often tax-deductible — even when the properties themselves generate positive cash flow. That allows investors to legally reduce their tax burden while putting leverage to work.
Kiyosaki takes the strategy to an extreme scale.
“I own hotels today and 15,000 rental properties — and make a lot of money and pay no tax. I love it,” he revealed.
Real estate can be a powerful wealth builder, offering rental income, potential long-term appreciation and tax advantages — from depreciation to 1031 exchanges — that help investors keep more of what they earn.
But leveraging large amounts of debt comes with real risks. Borrowing magnifies outcomes in both directions: A downturn in the market, rising interest rates or unexpected expenses can quickly turn comfortable leverage into a strain, especially for investors without deep experience or diversified cash flow.
The good news? You don’t need to be as wealthy as Kiyosaki — or take on massive debt — to start investing in real estate.
Consult a professional
At the end of the day, though, everyone’s financial situation is different — from income levels and investment goals to debt obligations and risk tolerance — which means the best move for someone else might not be the best one for you.
This is especially true for those with large portfolio. The more money you have, the better your gains can be through compounding. However, this also means you need to be careful — both in terms of mitigating risk and minimizing your taxable burden.
Disclaimer: Information in this article is not financial advice and specific financial results are not guaranteed. Consult a certified financial advisor/professional prior to investing.
Courtesy: Moneywise
