Yup, also applies to depreciation, inventory hold over, actual losses, in the case of companies like Tesla, R&D expenses, etc. etc. Morons who say stuff like this have no idea how businesses or finances really work.

Pretty much the only "loopholes" that actually exist, involve actual tax havens and shell companies, and even then you're going to eventually get caught if you're not in the "club".

My favorite "loophole" these morons like to espouse is the "Buy, Borrow, Die" Loophole. Supposedly, all of the "Ultra Rich" just Buy up mass amounts of stocks and other assets like art and collectible exotic cars (most of the time those that don't pay any dividends or pay absurdly low dividends), let them grow in value, and then somehow magically get loans against these assets where they never have to actually pay anything back (remember these assets have little to no actual income involved with their possession). Then when they die, all of this debt is magically wiped out (Because their heirs obviously don't inherit the debt as well like every other estate would).

It's such an absurdly stupid concept that I can't even fathom how this would begin to work unless you're able to create some kind of loan rate arbitrage where the money you'd owe on an annual basis is low enough that you'd be able to support your lifestyle AND pay back the debt you owe every year off the loan money. But even then, that'd be hard to do with anything but an interest only loan, and I doubt there's many places that would be willing to do the to the tune of billions of dollars every few years as you refinance and continue your debt cycle.

And even then it still doesn't answer how the debt is magically wiped when your heirs inherit your estate. Long story short, these "tax the rich" people are idiots who think a catchy slogan will get all of the "peasants" they created on their side.