"...you've essentially saved yourself $9 million plus in tax every single year."
Nope, you've acquired a tax WRITE-OFF in the amount of $9 million. Not even close to being the same thing. Without knowing the tax burden of the individual in the hypothetical example, the $250,000 investment might not even pay off.
I'm not saying there isn't a scam in the art world, but this video doesn't understand enough about income taxes, etc., to explain it properly.
"...you've essentially saved yourself $9 million plus in tax every single year."
Nope, you've acquired a tax WRITE-OFF in the amount of $9 million. Not even close to being the same thing. Without knowing the tax burden of the individual in the hypothetical example, the $250,000 investment might not even pay off.
I'm not saying there isn't a scam in the art world, but this video doesn't understand enough about income taxes, etc., to explain it properly.