It’s one week until tax day. For most Americans it’s time to pay the piper for the income they’ve well-earned making a living for basic expenses like housing and food.

Except for the ultrawealthy. Megabillionaires and their ilk pay…nothing.

There are many ways to evade taxes, but last year ProPublica revealed the go-to tactic, which is so simple, you don’t have to be a certified public accountant to understand it.

The first step for them is to buy an asset. Something big. Something worth enough in value to cover a rich family’s personal expenses for the year — $50 million yacht, $100 million corporation, real estate, whatever.

Now do they just write out a check from their personal account. Of course not. They don’t have to do that. Paying with personal assets is for chumps.

They take out a loan. Maybe, just to be a little more greedy, they get a loan from a bank they own. The bank’s holdings increase, and they earn even more in assets. Win-win for them.

Their current holdings and assets are so ginormous they can cover the amount of the loan many times over, so that’s their collateral when they pay the loan back. As long as they don’t sell their assets, they have no income.

They live on borrowed cash.

Why?

Because taking out a loan is not income. They don’t get paid a salary. Again that’s for chumps. They pay a tiny interest rate on the loan — think several points less than prime — where if they took a salary, they’d have to pay a percentage in the high 30s on tax day.

That’s not the end of their tax evasion, however. They and their heirs continue to avoid paying estate and inheritance taxes even after their death by using trusts and foundations. So their heirs inherit tax-free all their assets and stocks, ensuring the wealth is kept in the family.

It’s called “Buy, Borrow, Die” — and it’s the only way to live for the uberwealthy class.

What do you think of President Biden’s plan for a tax increase on the uberwealthy now?