Nonprofit ProPublica “has identified a special class of superrich taxpayers who amass tax deductions to such an extent that they can avoid income taxes for years on end. Many of these tax avoiders are titans in commercial real estate or oil and gas, industries on which the tax laws bestow unusually lucrative advantages.
“Tax records show these loss producers go beyond the classic hobbies and encompass all sorts of businesses the rich control. Sometimes, they plow funds into pet projects that lose money so consistently that it suggests profitability isn’t the main goal.
“These feats are possible because the U.S. tax system has made it easy for the ultrawealthy to harvest business deductions without limit.”