How Elite Hobbies Let Billionaires Pay No Tax

More from Propublica’s IRS Leaks

A vintage rec-room with hobby equipment. Its floor is animated gold glitter. Posed within it is a male human figure whose head has been replaced with a money-bag.

When you hear that a billionaire has bought a horse or a newspaper or a sports team, you might think it’s just dilletantish dabbling by a member of the parasite class with nothing better to do with their time — a way to make the idle rich slightly more vigorous.