How the Ultra-Rich Minimize Taxes: A Look at Legal Loopholes

Tax Loopholes for the Wealthy: A Closer Look at Real Estate and Oil Investments Las Vegas-based podcast host, Sean Kelly, recently sparked debate with a video claiming the ultra-wealthy pay minimal taxes. Kelly's video, uploaded on June 2nd, 2025, from the Philippines, details how significant tax deductions in real estate and oil investments allow high net worth individuals to minimize their tax burdens. Kelly explains, "Real estate and investing in oil, especially actual wells, have the biggest tax deductions." He further highlights the "tangible and intangible drilling costs" in oil investments, allowing for up to 80% write-offs. He also mentions a "depletion allowance" that reduces tax basis to as low as $0.85 for every dollar earned from oil. While Kelly's video provides examples of legal tax strategies, it's crucial to note that this information should not be taken as financial advice. Further investigation is needed to verify the accuracy and applicability of these claims in various jurisdictions. A balanced analysis should consider both sides of the issue, including potential concerns about tax fairness and the complexities of tax law.