【華爾街雜誌 — 值得閱讀的一篇文章 『買進、借錢、永遠不還！』】輕鬆聊投資 CLEC投資理財教育學院 博文日期: September 6, 2021
【 Buy, Borrow, Die: How Rich Americans Live Off Their Paper Wealth】
Most Popular Article 3 of 20 Rising stocks and rock- bottom interest rates have delivered a big perk to rich Americans: cheap loans that they can use to fund their lifestyles while minimizing their tax bills. Banks say their wealthy clients are borrowing more than ever before, often using loans backed by their portfolios of stocks and bonds.
最受歡迎的20文章 中的第 3 篇 ，不斷上漲的股票和最低的利率給富有的美國人帶來了巨大的好處：他們可以用廉價貸款來資助他們的生活方式，同時最大限度地減少他們的稅單。 銀行表示，他們的富裕客戶比以往任何時候都借貸更多，通常使用由其股票和債券投資組合支持的貸款。
Morgan Stanley A wealth-management clients have $68.1 billion worth of securities- based and other nonmortgage loans outstanding, more than double five years earlier. Bank of America Corp. said it has $62.4 billion in securi- ties-based loans, dwarfing its book of home-equity lines of credit.
Morgan Stanley 財富管理客戶有價值 681 億美元的證券貸款和其他非房地產抵押貸款，是五年前的兩倍多。 美國銀行表示，它擁有 624 億美元的證券貸款，使其房屋淨值信貸額度相形見絀。
The loans have special benefits beyond the flexible repayment terms and low w benefits beyond the flexible repayment terms and low interest rates on offer. They allow borrowers who need cash to avoid selling in a hot market. Startup founders can monetize their stakes without losing control of their companies. The very rich often use these loans as part of a “buy, borrow, die” strategy to avoid capitalgains taxes
貸款具有超出靈活還款條件的特殊福利和超出靈活還款條件和低利率的低利息收益。 它們允許需要現金的借款人避免在熱門市場上出售。 初創公司創始人可以在不失去對公司的控制權的情況下將他們的股份貨幣化。 非常富有的人經常使用這些貸款作為“購買、借貸、死亡”策略的一部分，以避免資本利得稅
Many wealthy people are also borrowing against their portfolios. When Tom Anderson started at Merrill Lynch & Co. in Cedar Rapids, Iowa, in 2002, many of his fellow advisers had just one or two securities-based loans in their book of business. Over the years, he encouraged more clients to borrow and noticed peers doing the same. Now it is common for advisers at big firms to have dozens of these loans outstanding, he said. Merrill Lynch is now a part of Bank of America.
許多富人也在藉用他們的投資組合借錢。 當湯姆安德森於 2002 年在愛荷華州錫達拉皮茲的美林證券公司開始工作時，他的許多顧問同事在他們的業務賬簿中只有一兩筆基於證券的貸款。多年來，他鼓勵更多的客戶借貸，並注意到同行也在這樣做。 他說，現在大公司的顧問經常有幾十筆未償還的貸款。 美林證券現在是美國銀行的一部分。
“You could buy a boat, you could go to Disney World, could go to Disney World, you could buy a company,’ said Mr. Anderson, who now consults with banks on how to manage the risks associ- ated with these loans. “The tax benefits are stunning.”
“你可以買一條船，你可以去迪斯尼世界，你可以購買一家公司，”安德森先生說，他現在就如何管理與這些貸款相關的風險向銀行提供諮詢。 “稅收優惠是驚人的。”
“Ordinary people don’t think about debt the way billionaires think about debt. -USC law professor Edward McCaffery
“普通人不會像億萬富翁看待債務那樣看待債務。——南加州大學法學教授愛德華·麥卡弗里
For borrowers, the calculation is clear: If an asset appreciates faster than the appreciates faster than the interest rate on the loan, they come out ahead. And under current law, investors and their heirs don’t pay income taxes unless their shares are sold. The assets may be subject to estate taxes, but heirs pay capital gains taxes only when they sell and only on gains since the prior owner’s death. The more they can borrow, the longer they can hold appreci- ating assets. And the longer they hold, the bigger the tax savings.
對於借款人來說，計算很清楚：如果資產的升值速度快於貸款利率的升值速度，他們就會領先。 根據現行法律，投資者及其繼承人無需繳納所得稅，除非他們的股票被出售。資產可能需要繳納遺產稅，但繼承人僅在出售時繳納資本利得稅，並且僅對前任所有者去世後的收益繳納。 他們借貸的越多，他們持有升值資產的時間就越長。 他們持有的時間越長，節省的稅收就越大。
“Ordinary people don’t think about debt the way billionaires think about debt,” said Edward McCaf- fery, a University of South- ern California law professor who says he coined the buy- borrow-die phrase. “Once you’re already rich, it’s simple, it’s easy. It’s just buy, borrow, die. These are buy, borrow, die. These are planks of the law that have been in place for 100 years.” President Biden and con- gressional Democrats have taken aim at some of those rules, saying they amount to a giant escape hatch from the income-tax system for the richest Americans.
“普通人不會像億萬富翁看待債務那樣看待債務，”南加州大學法學教授愛德華·麥卡弗里說，他說他創造了“買-借-死”這個詞。 “一旦你已經富有，這很簡單，很容易。這只是買，借，死。這些是。「買，借，死。」這些是已經實施了 100 年的法律條文。”拜登總統和國會民主黨人已經瞄準了其中的一些規則，稱這些規則相當於為最富有的美國人擺脫了所得稅制度。
The president’s tax plan would raise top capital- gains tax rates to 43.4% from 23.8% and make from 23.8% and make unrealized gains subject to capital-gains taxes at death after a $1 million per-person exemption. The changes would make borrowing less attractive but wouldn’t remove all of the benefits of deferring taxes by taking loans against wealth.
總統的稅收計劃將把最高資本利得稅率從 23.8% 提高到 43.4%，並使未實現的收益在每人 100 萬美元免稅後繳納資本利得稅。 這些變化將降低借貸的吸引力，但不會消除通過抵押財富貸款來推遲稅收的所有好處。
It may not advance through the closely divided Congress, where Republicans are dead-set against any tax increases and some Democ- rats have raised concerns about the potential effect on investment and family- owned businesses.
它可能無法通過分裂的國會取得進展，共和黨人對任何增稅都堅決反對，一些民主黨人對投資和家族企業的潛在影響表示擔憂。
Borrowing has gotten less policy attention than capital gains at death. Limits on tax-free borrowing or shifting to taxes on con- sumption could yield government revenue from wealthy Americans faster than taxation at death, but than taxation at death, but there are some drawbacks. First, making loan proceeds taxable would mark a fundamental shift in income taxation. Second, although many people borrow, everyone dies, so the Biden proposal would affect a much wider swath of wealthy Americans.
與死亡時的資本收益相比，借貸受到的政策關注較少。 限制免稅借款或轉向消費稅可以比死亡徵稅更快地從富有的美國人那裡獲得政府收入，但比死亡徵稅更快，但也有一些缺點。 首先，對貸款收益徵稅將標誌著所得稅的根本轉變。 其次，雖然很多人借錢，但每個人都死了，所以拜登的提議會影響到更廣泛的美國富人。
Borrowing Boom
Securities-based and other nonmortgage loans to wealth-management clients at Morgan Stanley
向摩根士丹利財富管理客戶提供的證券貸款和其他非抵押貸款
Securities-based lending tends to follow the market. Wild swings in stock prices in the early days of the coronavirus pandemic raised the specter of margin calls–lenders’ demands for additional securities or repayment to avoid losses. But markets rebounded, and the wealthy borrowed even more.
證券借貸往往跟隨市場。 冠狀病毒大流行初期股價的劇烈波動引發了追加保證金通知的擔憂——貸方要求額外證券或還款以避免損失。 但市場反彈，富人借貸更多。
Borrowers of securities- based loans face less red tape than someone looking for a mortgage or an auto loan. Paperwork is light and the debt often doesn’t show up on credit reports. While some clients opt to repay their loans quickly, many exercise the option to indefinitely accrue interest without making monthly payments.
與尋求抵押貸款或汽車貸款的人相比，基於證券的貸款的借款人面臨的繁文縟節更少。 文書工作很簡單，債務通常不會出現在信用報告中。 雖然一些客戶選擇快速償還貸款，但許多客戶選擇無限期累積利息而無需每月付款。
In addition to the bespoke In addition to the bespoke loans Goldman Sachs Group Inc. GS +2.35% A offers clients of its exclusive private bank, the Wall Street firm advertises securities-based loans of $75,000 to $25 million to clients of outside financial advisers with “no personal financial statements, tax returns, or paper ap- plications.” Merill Lynch recently quoted an interest rate of 3.2% to clients with rate of 3.2% to clients with at least $1 million in assets. Those with $100 million or more can get a rate as low as
0.87%. Banks don’t mind the low interest rates because they earn management fees on the assets that clients might otherwise sell. Banks typically will lend a bor- rower at least 50% of a diversified portfolio’s value, Mr. Anderson said. But Mr. Anderson said. But when he was a financial adviser, Mr. Anderson cautioned clients to not tap more than 25% of their portfolio value to lessen the risk the bank would demand repayment if markets tanked.
除了定制貸款 除了高盛集團 為其獨家私人銀行的客戶提供定制貸款外，這家華爾街公司還向外部財務顧問的客戶宣傳 75,000 至 2500 萬美元的證券貸款 “沒有個人財務報表、納稅申報表或紙質申請。” 美林證券最近向客戶報價 3.2% 的利率，對資產至少為 100 萬美元的客戶報價為 3.2%。擁有 1 億美元或以上的客戶可以 獲得低至
0.87%。 銀行不介意低利率，因為他們通過客戶可能出售的資產賺取管理費。 安德森先生說，銀行通常會向借款人提供多元化投資組合價值的至少 50% 的貸款。 但安德森先生說。 但當他擔任財務顧問時，安德森先生告誡客戶不要動用超過其投資組合價值的 25%，以降低銀行在市場低迷時要求還款的風險。
While many corporate boards now discourage or even bar executives and directors from borrowing against their stock in the companies they run, insid- ers at publicly traded U.S. companies including Tesla Inc. Chief Executive Elon Musk and cable billionaire John Malone have pledged more than $150 billion of their stock as loan collat- eral, according to an analy- sis by research firm Insider- Score. Those loans are disclosed in securities filings, but loans against other assets aren’t typically publicly known.
雖然許多公司董事會現在不鼓勵甚至禁止高管和董事以他們經營的公司的股票為抵押借款，但包括特斯拉公司在內的美國上市公司的內部人士已經承諾提供超過 1500 億美元的資金。 根據研究公司 Insider-Score 的分析，他們將股票作為貸款抵押品。 這些貸款在證券文件中披露，但針對其他資產的貸款通常不為公眾所知。
Fred Smith, the founder, chairman and CEO of FedEx Corp. FDX +1.10% A , had pledged $598 million worth of the company’s stock– about 23.4% of his holdings -for loans as of July 2020. Those loans gave him money for outside business ventures and past FedEx stock purchases, according Mr. Smith’s borrowings are an exception to FedEx policy, made in part because the company said he had demonstrated the capacity to pay them back if neces- sary without selling pledged shares. After the company’s stock price had declined, FedEx allowed him to pledge more shares in March 2020 as collateral, noting that he could have been forced to sell shares if the company hadn’t granted him this authority. A FedEx spokes- woman declined to comment.
截至 2020 年 7 月，FedEx Corp. 的創始人、董事長兼首席執行官 Fred Smith 已抵押價值 5.98 億美元的公司股票（約佔其持股的 23.4%）用於貸款。這些貸款為他提供了用於外部的資金 根據史密斯先生的說法，商業風險和過去的聯邦快遞股票購買是聯邦快遞政策的一個例外，部分原因是該公司表示，他已證明有能力在必要時償還貸款，而無需出售質押股份。 在公司股價下跌後，聯邦快遞允許他在 2020 年 3 月質押更多股票作為抵押，並指出如果公司沒有授予他此權限，他可能會被迫出售股票。 聯邦快遞的一位發言人拒絕置評。
The loans are particularly appealing to company founders who want to avoid losing voting control after taking their companies public.
這些貸款對希望在公司上市後避免失去投票控制權的公司創始人特別有吸引力。
Jared Isaacman cemented his billionaire status when his payment-processing company went public in June 2020. Three months later, he put up about half his stake in Shift4 Payments Inc. A as collat- eral for a loan from Citi- group Inc. A He repaid that loan in March repaid that loan in March- and promptly took out a new one from Goldman Sachs.
賈里德·艾薩克曼 (Jared Isaacman) 的支付處理公司於 2020 年 6 月上市，鞏固了他的億萬富翁地位。三個月後，他將其在 Shift4 Payments Inc. 的約一半股份作為抵押，向花旗集團 三月份還清了那筆貸款，並迅速從高盛那裡拿出了一筆新的貸款。
The loans let Mr. Isaacman, The loans let Mr. Isaacman, 38 years old, tap his wealth without shrinking his stake -now worth nearly $3 billion. He retained more than 70% voting power as of April, after having invested most of his net worth in the company’s initial public offering.
貸款讓艾薩克曼先生，貸款讓 38 歲的艾薩克曼先生在不減少股份的情況下挖掘他的財富 - 現在價值近 30 億美元。 在將大部分淨資產投資於公司的首次公開募股之後，截至 4 月，他保留了超過 70% 的投票權。
Shift4 Payments wouldn’t disclose Mr. Isaacman’s loan terms. He pledged about 30% of his stake for the Goldman loan, according to securities filings; such loans are typically much smaller than the value of the pledged shares. Shift4 Payments’s stock has risen about 20% since March.
Shift4 Payments 不會透露艾薩克曼先生的貸款條款。 證券文件顯示，他為高盛貸款承諾了約30% 的股份； 此類貸款通常遠小於質押股份的價值。 自 3 月份以來，Shift4 Payments 的股價已上漲約 20%。
“These instruments allow for participation in eco- nomic upside and do not require him to decrease his stake in the company,” said Nate Hirshberg, the compa- ny’s vice president for marketing. “These arrange- ments are to help fund several personal and charita- ble endeavors and are not the result of tax planning.”
該公司營銷副總裁內特·赫什伯格 (Nate Hirshberg) 表示：“這些工具允許參與經濟上行，並且不需要他減少在公司的股份。” “這些安排是為了幫助資助一些個人和慈善事業，而不是稅收籌劃的結果。”
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