I think you’re missing the point. The really wealthy can just stop receiving income and have enough to draw on from their accumulated wealth. You can start looking at net assets but it’s a cat and mouse game against lots of very well resourced opponents.
> If you lie on your tax returns then you have much bigger issues than college admissions counselors.
If you own a large amount of equities you can get a secured loan on those holdings and use it to pay your bills while taking zero salary. This allows folks to live fancy lifestyles without selling holdings and triggering capital gains:
If you put the money mostly into bonds or stocks that don't issue significant dividends, you'll pretty much just have to worry about capital gains (form 1099-B), and those aren't taxed until the fiscal year in which they're realized.
