the keyword is paycheck. solution, start a company, with own $, work 60 hrs a week, pay the employees, or make the kids work, then pay the bills, and Oh, sweep the floor and clean the toilet.
I say that if a person doesn't want to pay taxes they don't deserve to use a single thing that those taxes provide them. It's always the people that benefit the most from taxes that complain about them most
Having lived in both America and Canada, I've found that I pay roughly the same amount in taxes in both countries. However, in Canada, I receive significantly more benefits and services for my tax dollars. Many Americans harbor a strong disdain for their government and are reluctant to part with their money because they have rarely experienced effective governance.
With the US dollar losing value to inflation and other currencies gaining traction, uncertainty looms. Yet, many still trust in the Dollar's perceived safety. Worried about my $420,000 retirement savings losing value, I seek alternative security for my money.
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
The two best things I did to significantly reduce my tax rate was: 1. Buy a house and rent out room - allows you to take a lot of deductions not to mention extra tax free income 2. Start a side business and push expenses/deductions to that side business. I am not rich nor wealthy. Anyone with a decent income can do at least one of these if not both.
1. ah yes it's very easy to just buy a house these days if you're aren't already wealthy 2. claiming a bunch of deductions you aren't supposed to take for your scrap selling business that you don't actually make a profit on is likely to get you audited and owe a TON of back taxes because the IRS now is more likely to go after auditing nonwealthy people than wealthy people because they're too stupid to realize where the money actually is
@@iceink I didn't say do anything not allowed in the tax code! Only do deductions that you belive would survive and audit, and of course work with a tax professional to do so.
@@LinxuSx we have two-tiered justice system in case you've been living under a rock for a few decades, just because something is illegal on paper doesn't mean a rich person can't get away with it or at least get a lighter punishment than if a poor person did the same thing
@@iceink I don't know why we're arguing about rich people. I was offering my input on what I've done, and I'm definitely not a rich person. Good luck in your crusade against rich people!
@@LinxuSx sorry but if you're buying out second homes and renting them out you're part of the problem, all landlords need to be abolished, they're parasites who provide nothing to society
The cheque i cut the government on my propertirs and kinvestments are seriously eating into my project bufgets. It would hurt less if I received value for my taxes but healthcare still isn't cheap, my children's college tuition costs a small fortune, and my husband and I still have retirement to plan for. Right now the only solutioniwe see is to scale up my profits and with our limited knowledge, we are at a loss on how to do that
Focus on two key objectives. First, stay protected by learning when to sell stocks to cut losses and capture profits. Second, prepare to profit when the market turns around.I recommend you seek the guidance a broker or financial advisor.
The stock market is unstable at the moment, but if you do the right math, you should be just fine. Strategists have been aiding folks in recording gains over 250k just in a matter of months, so I think there are alot of wealth transfer in this downtime if you have someone who knows where to look like i do.
One of my goals is to employ the service of an asset-manager this year. I've seen some off social media but wasn't able to get a response. Could you recommend one?
Government in the United States controls schools so legal tax avoidance will never be taught in schools because the government will lose billions of dollars in revenue from its high taxpaying working class!
@@Joel-ee4yh sorry my Dude, you wouldn't pay attention, don't place the rest of us whom don't have limited thinking in boxes.. And in case you're wondering, I have an Economic, Political Science and Math degree and I have my owj business, so yes everything you heard in this vídeo Im definitely taking advantage of it because its legal, you want to change then hop on to the entrepreneur ship and leave your slave job.
One of my friends gets around paying taxes by buying tax free municipal bonds. However, the bonds cost $10,000 a piece but the interest from them is tax free. The thing is the more money you make, the more opportunities open up to shelter your income from paying taxes.
For those without 10k, online trading has muni bonds as a mutual fund. I've found these muni funds for PA & NY that give 2-4% returns. Additionally there is state tax benefits if you live in the state bond is for.
The bond market factors the tax free aspect into the yield on those bonds. Thus, municipal bonds have a low yield. Your friend would be better off buying SP500 index funds and paying 15% capital gains.
Yes, but your friend already paid ordinary income taxes on the money he used to invest into the munis. That’s what people are missing when they get upset because the “wealthy” pay less in capital gains. Btw, he’s only saving taxes on the dividends. He will still have to pay capital gains taxes when he sells the munis / realizes the gains.
@David Wang the loophole is you earn very little, use as much government resources as a rich person, and pay very little net tax on your pittance of an income
I don't know who, but someone actually needs to hear this, you've got to stop saving all your money. Venture into investing some, if you really want financial stability
Beautifully said, I tell my folks these words everyday. It's good to save money but most people don't understand the market moves and tend to be misled in facts like this and always depend on money in the bank.
@Cesar Moreno Hey, this is a computer age. Peeps who aren't even traders make money from the crypto and forex markets ,how many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.
If you think you're too busy to trade or learn how to trade, just know I have some friends who invest in a platform where experts devote their time and help them trade and generate a good ROI
My personal portfolio/investment manager; Mrs Jessica Leigh Caden , after a whole week of research,she runs an investment platform where you don't have to undergo any stress in the trades, she manages my trading account which i opened with a capital of $3000 and now i have grown my portfolio up to over $6500, a huge success.
The best way to find growth stocks, key features to keep in mind is as follows: 1. Ensure gross margins are greater than 50% 2. Ensure P/E ratio is less than 100 3. Buy companies that are PROFITABLE, very important irrespective of sector. 4. Debt to equity ratio is less than 30% 5. Current ratio is above 1 6. and a Float under 100 million One stock that fits the bill is FLGT (Fulgent)
This is one of those, "Don't hate the player, hate the game" kind of deals. If a rich person (or company) complies with the law in paying no income taxes, the problem isn't with that person (or company); the problem is the law.
The problem is that if everyone was paying their fair share the middle and lower class families will be hit the hardest. So it's a damned if you do and damned if you don't kinda deal.
Who paid for your phone and made the phone that gave you the ability to write this comment on TH-cam? Your job and apple/Google? Higher taxes they'll pay you less, and that phone would cost more. Less taxes aren't necessarily a bad thing.
*I pray whoever read this will be successful, keep fighting for success, the rich stay rich by spending like the poor and investing while the poor stay poor by spending like the rich yet not investing, roar!!, invest, earn and be successful.*
Starting early is the best way of getting ahead to build wealth,investing remains the priority. Forex trading has plenty of opportunities to earn a decent payout,with the right skills and proper understanding of how the market works
I totally agree with you,Forex trading is the most profitable venture I ever invested in,I reached my goal of $500k yearly trade earnings, setting realistic goals is an essential part of trading
But successful people don't become that way over night,what most people see is a glance wealth,a great career,purpose is the result of hard work and hustle over time
@@jasonsylvester7934 When talking about crypto currency, I have come to understand that only a handful of people really understand its mechanics and make money of it.
Most people complain and complain about how the system doesn't treat them fairly and demand the wealthy pay their "fair" share of taxes. Those same people are the ones who completely steer clear of any tax planning and are the ones who sit on their couches, watch TV all day and run across a turbo tax ad in which turbo tax offers services to completely take "care" of their taxes. Your average person sitting there watching this advertisement doesn't even give it a second thought and spends extra money on a tax professional and continues to sit down and watch TV or party on the weekends instead of learning the ins and outs of tax planning that include numerous tax credits and deductions they could otherwise use to their advantage without the help of a professional, saving thousands of dollars, and potentially doing a better job than those Turbo tax professionals in reducing their tax liability to its fullest extent. Get your priorities straight and quit complaining about something that is 100% in your control. Choices and priorities are what separate the rich from the average person, not the IRS or capitalism/"system".
@@anonymous05067 umm unless you’re talking about a different country, getting paid in cash or check literally has zero bearings on tax liability. The only thing is that cash is harder to track. That’s not tax avoidance. That’s tax evasion. That’s like saying just “launder your money”, cause hiding cash income is illegal, even if you can get away with it. We’re talking here about legal ways to reduce taxes, which most average people can hardly accomplish. The fact is, whether fair or not, the wealthy have much more legal avenues and opportunities to reduce their taxes than average people. And, let’s face it, they have the money to higher the best tax experts to figure things out for them. Average people either lack access to such tax experts or are just ignorant about things and don’t get sound advice because they don’t know any better.
@@theseyi Nobody in any country can avoid government taxes. In my country, if you buy any product, for example a package of spaghettis, 50% of the price is taxes. The governments always get your money. It is not about accusing or pointing to who avoid taxes.
As a landlord, when I deduct the $5000 yearly cost of having my apartments grass mowed, yes I get a tax deduction, but it is still money leaving my pocket. The money is then better managed by the lawn care service who hires employees than by government.
Just left dmv office. It shows how efficient government is in spending money. I felt like i was in homeless shelter not in worlds richest cities government office
And then complain why roads are broken, power failures are regular, mail service is down, and police giving up on your case as there is not enough officers After all lawn mowing is necessity making country run while these services is just government fluff
@@taith2 he is still contributing to society and the economy, a family now has $5k more a year to pay for rent, groceries etc plus the gas used to run the equipment which is federally taxed. The government could manage the money far better than they do to handle these other services.
It depends on what retirement saving plans you invest in. You’re also betting that tax rates will stay the same which is unlikely to occur with historically low tax rates.
*Why would anyone thumbs down this video, Rich people aren't watching videos on how to avoid to pay taxes on TH-cam they can afford to hire people to to help them pay no taxes, so basically the only people who are thumbing down this video are poor people.*
Nonsense. They pay massive amounts of payroll taxes state taxes corporate taxes Capital gains taxes they have to match all medicare and social security taxes on all employees, unemployment insurance, liability insurance, etc. All of these are federal income tax deductible.
They are not loopholes they are tax deductions that are available to everyone who qualifies, if you don't use them thats your and not rich peoples fault!
They don't avoid paying taxes they follow the way politicians incentivize business growth, ie Real Estate, Investing, Capital Expansion, Buying equipment, etc. W-2 workers think their paycheck is an investment, Home is a liability not an asset. They don't buy stocks & only pay capital gains tax, ie maybe only 15% instead of a yearly tax rate of 35-50% w/ all taxes included, Social Security, State, Federal, Obama Care etc.
billionaires aren't 'earners' at all, not in the same way that the rest of us earn money. it's a billionaires' wealth itself that 'earns' him billions more, in passive income.
Not necessarily. You can do certain things to tax in a way that lowers rent. For example... Luxury apartments are all that are being built... That is because you can earn 4x the cost of that apartment. So the apartment complexes earn more money by leaving property empty. Tax the empty apartments, at different levels of course, under 10%? No taxes, 20% vacancy 10% of rent on empty apartments etc etc. giving a tax incentive to fill all apartments. Therefore drive rents down, while also increasing tax money.
@hepthegreat4005 the super rich are the ones buying up empty homes so there's no chance your smart ideas will enter the tax code. The rich buy the politicians
The people who get up very early to go to work and get home late in the evening are the ones getting screwed on taxes. The tax system in this country is unbelievable.
That's why you should be spending every day you're working to put away as much money into investments as early and as much as you can. When your passive investments are large enough you can stop working and live off passive income alone. Less financial stress, less taxes, no working forever.
Sammy, the top executives get up early and work late. Extremely. I think what you meant are low paid workers with multiple jobs or who need overtime to make ends meet. You are correct. Amazingly, the politicians don’t even try to fix that. They just keep talking about making other people provide more for employees or they take more money from high earners. I can’t remember the last time policy was proposed to actually change how things work.
Love how the woman says that the working class don't contribute to the economy as much as the rich.. like the economy is run on the hard-work of the working class people.. Also how stupid to mention that the tax loopholes should exist as the rich can help in unemployment and homelessness like the government cant..
If you earn employment income you will pay the highest tax rates but if you are wealthy and can live off dividends and capital gains you will pay much lower tax rates. Corporations pay out dividends from after tax income as they are not tax deductible so the person receiving the dividends gets a tax credit to avoid double taxation for that type of income. I don't live in the US but that is the general concept.
2:45 and 6:28 there is a sound problem when the lady starts talking and expaikibg things. In my JBL headset I can hear the sound only the right side while the left side just playing the background music. That's what I noticed. Thanks for the video!
Why don't people revolt against a the property tax. If we don't pay tax on other assets until they are sold then why pay taxes on property? Its not fair to pay tax on a house but no pay taxes on stock. Its not fair that renters pay no property tax. At a 10% tax rate, its like buying your house again every 10 years form the government. Why are the revolting people not out marching to end all property tax?
@@gvanys lol why you liberals are running from your paradise maybe being hypocrite is becoming dangerous for your California lol. If it happens there will be war.
My first bitcoin investment of Samantha Lee Ward gave me profit over 10,000 usd and ever since then she has never failed to deliver and I can even say she’s the most sincere person I have known
@@Joseph-rx1do Samantha Lee Ward is holding a very high prestige and reputation in personal financial management. I’m happy you mentioned her. My wife recommended her to me after investing 3 grand and she really helped us in times of this bad pandemic crisis. I’m close to my retirement and this has been and well remain a good survival for me
I've never watched more BS than this video about taxes. There are two ways the rich don't pay taxes. The first is what they explained but didn't go into detail about borrow money. If you have an asset that you can take to a bank whether it be a stock Bond mutual fund life insurance or something else that has real value you can borrow against it. For about 90% of its real worth. So instead of selling something which you would have to pay the current tax rate. You only pay 10% and get the money to use any way you want. Then you default on your loan and and then your effective tax rate is 10%. All the money going to the bank and nothing going to the government. The second way is long-term capital gains. That is when you buy something and hold it for more than a year then sell it. The prophet is long-term capital gains. The first $40,000 of long-term capital gains is.... Go find a long-terms calculator and do the math yourself because you won't believe it.
My family is worth about $100 million, and we pay several million in taxes every year. It’s a lower percentage of net worth than many others pay, but a higher dollar amount. But everyone has different ideas about what is fair. Essentially it’s about minimizing taxable income
Awesome and very Awesomeinsightful updates Well i will also say this here... Even as the world still experience slow recovery in terms of economic meltdown due to the recent Covid-19 outbreak, it is best advised to find another alternative to make good income.
For me I would say investing in Bitcoin is the hardest decision I and my wife ever took because at some point we were running down and didn't know what to do anymore, thanks to my colleagues at work who introduced me to professional Mr Dimitri lius through his Instagram page
Thanks for the forecast! I need some advice: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How can I transfer them to Binance?
@@AJ-rn5mt but if they start taxing capital gains taxes even before people sell, that's going to hurt everyone not just the rich. a lot of middle class people have money in stocks
In Sweden we have a special stock account where we pay a fraction of the national interest rate (0.1%) for any money or stock value you have in there (to trade stocks) quarterly, but no taxes when selling or withdrawing money. Govt. just gave up and made it easier for everyone to manage their money and retirement. So I pay less than Warren Buffet.
rich people always talk about how regulating their monopoly power will hurt others and reduce jobs and entrepreneurial initiative, but somehow they still make money when the law does pass.
Enjoyed the video, but is there any chance you can work on balancing the audio better? The changing audio volume/quality is quite noticeable when swapping between the people discussing this interview topic. Thanks!
Fund military, disability, infrastructure, boarder control. Subsidize STEM subjects in college, farming for food, research for alternative energies. Things would be much better with these changes.
What a horrible complicated explanation.. Let me explain it simply.. When your house goes up in value from 100k to 200k, you dont pay taxes on the increase until you sell the house. The same way Jeff Bezos wealth is in Amazon shares, if his share value goes up from 50B to 100B, he doesnt pay taxes unless he sell his shares.. US tax law are good n fair for the most part. Instead of blaming the rich, why not learn the tax code better. You n the country will benefit..
Ask Leona Hemsley. Oh right. She's dead. But to quote what she openly said. "Only poor people pay taxes". That is something to think about until that light bulb finally comes on in our heads, especially as we working people get poorer and poorer by the year as they keep taxing us and forcing the cost of living skyrocket.
Top 5% of earners pay almost 60% of taxes. In tired of this “the rich don’t pay their fair share”. Those are the ones who are growing small business and creating jobs
But that just shows how big the wage gap is. If the majority of the bottom earner are making so little then of course the top will make up the group who pays more taxes.
@@abnerruiz4011 in a progressive tax system that we have, it is rigged to penalized those who are the most successful. The bottom aren’t struggling. We live in a nation where if you are at the poverty line (17,800$) a year, your roughly in the top 10% of the world. As our culture progresses to becoming more and more entitled, the wage gap is destined to grow and grow and grow. It’s not a matter of “the rich don’t pay their fair share” but a matter of personal responsibility.
If everyone starts doing it, the rules will miraculously change to make rank and file people pay up once again while the actual "owner class" wiggles out of the new tax structure. The goal is to keep tax loopholes exclusive. If one or two people are allowed to cut the line, the line is still maintained. If the entire line figures out how to cut the line within the current rule structure, there ceases to be a line. They're only so brazen with telling everyone the "secrets" because they don't think many people will use those "secrets." But on the off chance a ground swell of people do, well whaddaya know a new tax structure. It's a shell game people. It's legalized con-artistry on a multi-generational and yes multi-society level. We're living in the matrix. Bait and switch everywhere. Charlatans up the whazoo.
8:84 Spare me. Those loopholes aren't "best practices". They aren't even loopholes. They are tax exemptions the government has granted to specific individuals, companies, and industries because those specific individuals, companies, and industries lobbied for the exemptions or funded political campaigns to buy politicians
The IRS is not auditing tax returns of the top 1% they target low income earners. The most likely to get audited are those claiming earn income tax credit. This is rather unfortunate.
We live in a democracy, but our policies are so heavily influenced by big money that we do have some characteristics of an oligarchy. Reducing one's stupendous wealth also reduces their power over legislation that will affect your life.
There’s a difference between a normal person being taxed and a corporation being taxed. Corporations sometimes don’t pay taxes because they promise to open factories in the US to bring jobs and things like that…
Please can anybody explain me how rich earn from insurances I listened whole video but I really don't understand that part and I am not from US. The part I am talking about is on 5:35.
Name the 4 Financial "Quadrants!" "Employee, Self Employed, Business Owner, Investor!" Each of us, need to ask, for each Action we take, to which of those 4 Quadrants does it take us to? Obviously, for each "Financial Action" but, more than that, it includes our Thinking, Reading, Learning, Connecting with People, what we watch, even how we live, eat, travel, etc! Lots to learn for us "School Smart, Money Not" folks! Takes time, Effort, planning, and changing! But it helps! When instead of your Credit "FICO Score" you think more of your "Ratings" at Dun & Bradstreet, and are they AAA, or AAb, you'll know you've moved to a new chapter!
This piece is confounding the issue. What Warren Buffett is talking about is the carried interest loophole. Read his op ed in the Times from 2011. The only loophole that I'm really against is the carried interest loophole that allows hedge funds, private equity, and VC, including Warren Buffett, to pay a lower tax rate by risking OTHER people's money, and that wasn't even mentioned here. The funny thing is using property tax deductions from your primary residence on your schedule A mentioned at 4:17, that loophole was already closed by Trump limiting the SALT deduction to $10K.
So let's say I'm rich and I ask for a loan.... To pay back that loan I decided to sell stocks to pay back the loan Will I get taxed when that money gets into my bank account to pay back the loan?
Could you make a follow-up report on how the majority shareholders and top executives of Comcast Corporation, the multinational conglomerate that owns NBCUniversal Media, LLC and therefore CNBC, paid taxes in the last ten years please?
If you're mad, you're broke, the same breaks are available to you as well, don't make enough? TH-cam exists, learn something, we live in amazing times.
Well they are taxed less because most of their sources of income are based on risk. So if you take a risk on something you should be taxed less because you can lose money. Now the problem with this is that if the government makes laws to increase tax it will affect the average man(like always). Recent example: Uber eats tax, they shifted the tax on the consumer.
False. They already take advantage of risk (in form of losses) because they can deduct losses against gains. That's NOT the reason why they are taxed less. It's just the rates they set many years ago. There is no magic number here.
I'm not even remotely rich but I have to ask why the people who get the least for their tax dollars should pay more. Let's compare - low income - low taxes, welfare, free schooling, playgrounds, parks, free lunches, discount utility programs, food stamps - all costing tax payers money. Rich person - private school, included lunches, or money for take out, private yards. Seems to me the poor should be working off their debt and the rich should pay the least and if a rich person just paid 2% of their income they'd be paying about what 400 poor people pay yet using less in benefits of those taxes than any one of them. You can say what about roads or blah blah blah - they pay sales taxes, they pay property tax etc. etc. I have no problem with the government helping out the poor - what I don't think is good is something for nothing. What happened to the public works program - help build roads or a dam and get rewarded with money and food and potential for getting jobs in both the public and private sector. Funny how hollywood celebs who always insist that people should pay more taxes are the ones getting caught not paying their taxes.
The "fair share" would be if every person will pay exactly the same tax not in percentage but in absolute terms. Why a person should pay more, if he's using the same services? Taxing stock returns is a complete nonsense.
So if johnny sat at work doing nothing while you are running the cash register and the drive thru window. Do you think johnny should get the promotion (aka the lower tax bracket)?
@@marcusvisionIf he was hired for doing nothing, or he prefer to do nothing in his own business, it's his business, and what people do or not do, shouldn't affect how they pay taxes, the only thing that should affect their taxes is how they're using public services.
God's greatest gift to man is the freedom of choice. The freedom to choose between Good and bad, success and failure. The income you get depends wholly on the personal decisions you take
@You Tube if your tax dollars go toward bombing children in Afghanistan does that make you feel like you did the right thing? Maybe keeping your hard earned money and spending it how you see fit is actually more moral???
That's probably the original intention, but the rich are too intertwined with the government and it's become a loophole to stop corporations from paying taxes altogether.
@@johnnysupreme5718 rich people invest, yes, but they do not invest in the economy. its why 80% of all money creation never reaches the real economy, its why the velocity of money has gone down since 1998
Everyone should pay the same %. why should James pay 40% and tom pay 10%. in a word where everyone wants equity we should all pay the same. the more wealthy try to bring there tax bill down due to the fact the % is so high compared to everyone els.
That is true in the absolute amount of money, not in relation to their income. As stated at 0:25, the secretary of Warren Buffett pays higher taxes in relation to her income compared to Buffet himself. I don't think that's justified when hard working people have to struggle in many countries.
@@whocares2462 This is because she pays taxes on salary, while warren buffet pays taxes on stocks which is capital gains. And capital gains tax rate are always lower than normal tax rate. Its completely normal. Moreover if you habe a business you can claim write off for expenditure incurred while salaried people cant claim the same. There is nothing wrong in it.
Sure they pay the most taxes as a monetary amount, or state taxes or property taxes etc, but they might not pay the most federal income tax. Also, the rich have so many deductions which aren’t available to most people. Therefore proportionately or as a percentage of their total income/ gains they might not pay the most on taxes.
Thanks, I understand the reasons for it. But just because our system works this way doesn't mean it's fair. Why should work be taxed higher than capital gains? Are investments really more important to society than actual work? Or are investors simply more powerful than workers and therefore able to influence legislation? Plus, with shrinking wages it becomes increasingly hard for people for invest and build of other sources of income.
@@adirox7 just because it's normal doesn't mean it's right. Your essentially taxing a person more, who actually provides value and productivity to the economy. Than you are a investors in stocks who provides no value to society
all this video is a propaganda against the rich.. its not true ... you pay less taxes in investments and wealth not beacuse youre cheating but because the sistem is created to benefit the investor the entrepreneur the risk taker and the person that provides to the growth of the economy. if you dont want to pay the same taxes start focusing on investments and long term gains instead of spending all youre miney and saying things are not fair
Me: gets paycheck
IRS: roses are red violets are blue half that check doesn’t belong to you
the keyword is paycheck. solution, start a company, with own $, work 60 hrs a week, pay the employees, or make the kids work, then pay the bills, and Oh, sweep the floor and clean the toilet.
I say that if a person doesn't want to pay taxes they don't deserve to use a single thing that those taxes provide them. It's always the people that benefit the most from taxes that complain about them most
@@pranav4937 did you not see that companies like Amazon pay no taxes, but my first paycheck they take 1/3 so spend on ammo??
In what world are you paying half in taxes?
The only way one can become wealthy is by making reasonable investments.
Having lived in both America and Canada, I've found that I pay roughly the same amount in taxes in both countries. However, in Canada, I receive significantly more benefits and services for my tax dollars. Many Americans harbor a strong disdain for their government and are reluctant to part with their money because they have rarely experienced effective governance.
With the US dollar losing value to inflation and other currencies gaining traction, uncertainty looms. Yet, many still trust in the Dollar's perceived safety. Worried about my $420,000 retirement savings losing value, I seek alternative security for my money.
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Sharon Marissa Wolfe is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
I used to flip houses, but taxes were ridiculously high. Now I rent them out and my taxes are ridiculously low.
Good ol' ordinary income.
I am EA..
take alllll your real estate asset and convert it to holding llc and do a solo 401k.....it will be a lot lower
Yes somebody who understands expenses and depreciation.
Thank
you should do 1031 when you flip. So you can avoid capital gains taxes
The two best things I did to significantly reduce my tax rate was:
1. Buy a house and rent out room - allows you to take a lot of deductions not to mention extra tax free income
2. Start a side business and push expenses/deductions to that side business.
I am not rich nor wealthy. Anyone with a decent income can do at least one of these if not both.
1. ah yes it's very easy to just buy a house these days if you're aren't already wealthy
2. claiming a bunch of deductions you aren't supposed to take for your scrap selling business that you don't actually make a profit on is likely to get you audited and owe a TON of back taxes because the IRS now is more likely to go after auditing nonwealthy people than wealthy people because they're too stupid to realize where the money actually is
@@iceink I didn't say do anything not allowed in the tax code! Only do deductions that you belive would survive and audit, and of course work with a tax professional to do so.
@@LinxuSx we have two-tiered justice system in case you've been living under a rock for a few decades, just because something is illegal on paper doesn't mean a rich person can't get away with it or at least get a lighter punishment than if a poor person did the same thing
@@iceink I don't know why we're arguing about rich people. I was offering my input on what I've done, and I'm definitely not a rich person. Good luck in your crusade against rich people!
@@LinxuSx sorry but if you're buying out second homes and renting them out you're part of the problem, all landlords need to be abolished, they're parasites who provide nothing to society
Tax avoidance: legal. Tax evasion: illegal
Finally, someone who said something smart within all of these dumb ass comments lol
Fiction?
The cheque i cut the government on my propertirs and kinvestments are seriously eating into my project bufgets. It would hurt less if I received value for my taxes but healthcare still isn't cheap, my children's college tuition costs a small fortune, and my husband and I still have retirement to plan for. Right now the only solutioniwe see is to scale up my profits and with our limited knowledge, we are at a loss on how to do that
Focus on two key objectives. First, stay protected by learning when to sell stocks to cut losses and capture profits. Second, prepare to profit when the market turns around.I recommend you seek the guidance a broker or financial advisor.
The stock market is unstable at the moment, but if you do the right math, you should be just fine. Strategists have been aiding folks in recording gains over 250k just in a matter of months, so I think there are alot of wealth transfer in this downtime if you have someone who knows where to look like i do.
One of my goals is to employ the service of an asset-manager this year. I've seen some off social media but wasn't able to get a response. Could you recommend one?
Don't be hesitant to contact Sonya Lee Mitchell and follow her directions.
I searched her full name online and found her webpage. I emailed to make an appointment to talk with her; hopefully, she gets back to me.
These are the thing that needs to be taught in school
Fun fact : Even if the schools taught us taxes, financial freedom and useful stuff we still wldnt pay attention
Government in the United States controls schools so legal tax avoidance will never be taught in schools because the government will lose billions of dollars in revenue from its high taxpaying working class!
Do you think they want a revolution?
Rich dad poor dad
@@Joel-ee4yh sorry my Dude, you wouldn't pay attention, don't place the rest of us whom don't have limited thinking in boxes..
And in case you're wondering, I have an Economic, Political Science and Math degree and I have my owj business, so yes everything you heard in this vídeo Im definitely taking advantage of it because its legal, you want to change then hop on to the entrepreneur ship and leave your slave job.
One of my friends gets around paying taxes by buying tax free municipal bonds. However, the bonds cost $10,000 a piece but the interest from them is tax free. The thing is the more money you make, the more opportunities open up to shelter your income from paying taxes.
For those without 10k, online trading has muni bonds as a mutual fund. I've found these muni funds for PA & NY that give 2-4% returns. Additionally there is state tax benefits if you live in the state bond is for.
Financial education makes it so that someone earning 30k a year can eventually pay less taxes like warren buffet by doing what he does: buy stocks
The bond market factors the tax free aspect into the yield on those bonds. Thus, municipal bonds have a low yield. Your friend would be better off buying SP500 index funds and paying 15% capital gains.
Yes, but your friend already paid ordinary income taxes on the money he used to invest into the munis. That’s what people are missing when they get upset because the “wealthy” pay less in capital gains. Btw, he’s only saving taxes on the dividends. He will still have to pay capital gains taxes when he sells the munis / realizes the gains.
The laws are written in interests of those who can afford to corrupt politicians. My bad I meant who can hire lobbyists
step 1: hire an accountant
step 2: listen to the accountant
step 3: repeat step 1
what are the accountants tips
False.
@David Wang i actually own AT&T
@David Wang the loophole is you earn very little, use as much government resources as a rich person, and pay very little net tax on your pittance of an income
@@Diego-es9yb wut
I don't know who, but someone actually needs to hear this, you've got to stop saving all your money. Venture into investing some, if you really want financial stability
Beautifully said, I tell my folks these words everyday. It's good to save money but most people don't understand the market moves and tend to be misled in facts like this and always depend on money in the bank.
@Cesar Moreno Hey, this is a computer age. Peeps who aren't even traders make money from the crypto and forex markets ,how many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.
Very helpful, this is what I needed to hear today
If you think you're too busy to trade or learn how to trade, just know I have some friends who invest in a platform where experts devote their time and help them trade and generate a good ROI
My personal portfolio/investment manager; Mrs Jessica Leigh Caden , after a whole week of research,she runs an investment platform where you don't have to undergo any stress in the trades, she manages my trading account which i opened with a capital of $3000 and now i have grown my portfolio up to over $6500, a huge success.
The best way to find growth stocks, key features to keep in mind is as follows:
1. Ensure gross margins are greater than 50%
2. Ensure P/E ratio is less than 100
3. Buy companies that are PROFITABLE, very important irrespective of sector.
4. Debt to equity ratio is less than 30%
5. Current ratio is above 1 6. and a Float under 100 million One stock that fits the bill is FLGT (Fulgent)
hello! a total noob here, how did you get this informed on your picks, I'm looking to score big on the market now
to be honest its not entirely easy i lost so much while doing it by myself until I stumbled across Ramesh Vijay
rameshvijaytrading@@ gmail com;
+ 1 =5=8=5=6=6=6=1=3=3=1
above is his what'zap contact
This is one of those, "Don't hate the player, hate the game" kind of deals. If a rich person (or company) complies with the law in paying no income taxes, the problem isn't with that person (or company); the problem is the law.
Don't these companies lobby to have these lenient laws?
The only problem in the law is that different people are obliged to give different taxes for the same government services.
The problem is that if everyone was paying their fair share the middle and lower class families will be hit the hardest. So it's a damned if you do and damned if you don't kinda deal.
the problem is the wealthy and corporations strongly influence what the law is
Who paid for your phone and made the phone that gave you the ability to write this comment on TH-cam? Your job and apple/Google? Higher taxes they'll pay you less, and that phone would cost more. Less taxes aren't necessarily a bad thing.
*I pray whoever read this will be successful, keep fighting for success, the rich stay rich by spending like the poor and investing while the poor stay poor by spending like the rich yet not investing, roar!!, invest, earn and be successful.*
Starting early is the best way of getting ahead to build wealth,investing remains the priority. Forex trading has plenty of opportunities to earn a decent payout,with the right skills and proper understanding of how the market works
I totally agree with you,Forex trading is the most profitable venture I ever invested in,I reached my goal of $500k yearly trade earnings, setting realistic goals is an essential part of trading
But successful people don't become that way over night,what most people see is a glance wealth,a great career,purpose is the result of hard work and hustle over time
@@jasonsylvester7934 When talking about crypto currency, I have come to understand that only a handful of people really understand its mechanics and make money of it.
Bot alert...
Most people complain and complain about how the system doesn't treat them fairly and demand the wealthy pay their "fair" share of taxes. Those same people are the ones who completely steer clear of any tax planning and are the ones who sit on their couches, watch TV all day and run across a turbo tax ad in which turbo tax offers services to completely take "care" of their taxes. Your average person sitting there watching this advertisement doesn't even give it a second thought and spends extra money on a tax professional and continues to sit down and watch TV or party on the weekends instead of learning the ins and outs of tax planning that include numerous tax credits and deductions they could otherwise use to their advantage without the help of a professional, saving thousands of dollars, and potentially doing a better job than those Turbo tax professionals in reducing their tax liability to its fullest extent. Get your priorities straight and quit complaining about something that is 100% in your control. Choices and priorities are what separate the rich from the average person, not the IRS or capitalism/"system".
If you get mad at the Rich for doing this, you are missing the lesson.
Everyone is trying to avoid tax, the rich is just smarter at doing so. There are poor people who get paid half cash half check to avoid tax
@@anonymous05067 umm unless you’re talking about a different country, getting paid in cash or check literally has zero bearings on tax liability. The only thing is that cash is harder to track. That’s not tax avoidance. That’s tax evasion. That’s like saying just “launder your money”, cause hiding cash income is illegal, even if you can get away with it. We’re talking here about legal ways to reduce taxes, which most average people can hardly accomplish.
The fact is, whether fair or not, the wealthy have much more legal avenues and opportunities to reduce their taxes than average people. And, let’s face it, they have the money to higher the best tax experts to figure things out for them. Average people either lack access to such tax experts or are just ignorant about things and don’t get sound advice because they don’t know any better.
Two words - Tax plan 👍
What's the lesson
@@theseyi Nobody in any country can avoid government taxes. In my country, if you buy any product, for example a package of spaghettis, 50% of the price is taxes. The governments always get your money. It is not about accusing or pointing to who avoid taxes.
2:43 My left ear liked that
Just for you they edited this video
As a landlord, when I deduct the $5000 yearly cost of having my apartments grass mowed, yes I get a tax deduction, but it is still money leaving my pocket. The money is then better managed by the lawn care service who hires employees than by government.
Just left dmv office. It shows how efficient government is in spending money. I felt like i was in homeless shelter not in worlds richest cities government office
And then complain why roads are broken, power failures are regular, mail service is down, and police giving up on your case as there is not enough officers
After all lawn mowing is necessity making country run while these services is just government fluff
@@taith2 he is still contributing to society and the economy, a family now has $5k more a year to pay for rent, groceries etc plus the gas used to run the equipment which is federally taxed. The government could manage the money far better than they do to handle these other services.
silly, you need to set up your own lawn care business..... not money out of your pocket then.... and lawn mowers depreciate.....
You can easily lower your taxable income by just saving for retirement
It depends on what retirement saving plans you invest in. You’re also betting that tax rates will stay the same which is unlikely to occur with historically low tax rates.
@@rapfreak7797 invest in single stocks, not ETFs imo. way faster growth and can sell covered calls weekly for cash. do it all in a ROTH IRA.
Not true. You will be taxed later in retirement.
Only up to 4K per year for 19,500 saved.
No thanks cause you might not make to retirement
*Why would anyone thumbs down this video, Rich people aren't watching videos on how to avoid to pay taxes on TH-cam they can afford to hire people to to help them pay no taxes, so basically the only people who are thumbing down this video are poor people.*
In summary:
1.Stocks
2. Assets (real estate, cars etc)
THE END
Nonsense. They pay massive amounts of payroll taxes state taxes corporate taxes Capital gains taxes they have to match all medicare and social security taxes on all employees, unemployment insurance, liability insurance, etc. All of these are federal income tax deductible.
Exactly. But they just prefer the catchy headline of 0$ In Federal Taxes than revealing how much they pay in other forms of taxation
They are not loopholes they are tax deductions that are available to everyone who qualifies, if you don't use them thats your and not rich peoples fault!
Yea for the wealthy! Stop complaining about completely legal behavior and learn the game. See you at the top.
They don't avoid paying taxes they follow the way politicians incentivize business growth, ie Real Estate, Investing, Capital Expansion, Buying equipment, etc. W-2 workers think their paycheck is an investment, Home is a liability not an asset. They don't buy stocks & only pay capital gains tax, ie maybe only 15% instead of a yearly tax rate of 35-50% w/ all taxes included, Social Security, State, Federal, Obama Care etc.
billionaires aren't 'earners' at all, not in the same way that the rest of us earn money. it's a billionaires' wealth itself that 'earns' him billions more, in passive income.
Tell me why this documentary came out yesterday, but based on the film quailty/filter/ film settings they used, I thought it came out in 2011
CNBC is too cheap to give a WFH/Home Office stipend
Raise Taxes on landlords? Raise Rents
It's that simple. All taxes make their way down to the lowest members of society in the form of higher costs
Not the "poorest members".... All end consumers pay the price.
Not necessarily. You can do certain things to tax in a way that lowers rent.
For example... Luxury apartments are all that are being built... That is because you can earn 4x the cost of that apartment. So the apartment complexes earn more money by leaving property empty. Tax the empty apartments, at different levels of course, under 10%? No taxes, 20% vacancy 10% of rent on empty apartments etc etc. giving a tax incentive to fill all apartments. Therefore drive rents down, while also increasing tax money.
if you're simple, then yes, that's how it works
@hepthegreat4005 the super rich are the ones buying up empty homes so there's no chance your smart ideas will enter the tax code. The rich buy the politicians
Which is why you raise taxes and put controls on rent simultaneously. Force the burden on the landlord.
The people who get up very early to go to work and get home late in the evening are the ones getting screwed on taxes. The tax system in this country is unbelievable.
Maybe? If so it’s the folks in DC, they’ve been putting these laws together for more than 47 years... this has been going on for a long time!
That's because they worked harder in the past to get to where they are now, where they can relax lmao
That's why you should be spending every day you're working to put away as much money into investments as early and as much as you can. When your passive investments are large enough you can stop working and live off passive income alone. Less financial stress, less taxes, no working forever.
Sammy, the top executives get up early and work late. Extremely. I think what you meant are low paid workers with multiple jobs or who need overtime to make ends meet. You are correct. Amazingly, the politicians don’t even try to fix that. They just keep talking about making other people provide more for employees or they take more money from high earners.
I can’t remember the last time policy was proposed to actually change how things work.
Then learn the game. America is fair, everyone can better their finances.
why is the audio consistently low across all CNBC videos?
Love how the woman says that the working class don't contribute to the economy as much as the rich.. like the economy is run on the hard-work of the working class people.. Also how stupid to mention that the tax loopholes should exist as the rich can help in unemployment and homelessness like the government cant..
2:44 NO AUDIO?!? and 6:26 only left channel audio???
Even the captions are not placed correctly. I kinda need them sometimes if I don't understand the accent.
Yes, soldier
The irs/fbi dont want you to listen
You know he is a great lawyer ⚖ when he rebrands a loophole as best practice 👏 👏 😁
loophole or best practice... it doesnt matter what you call it. Its legal.
It's not a loophole. It's smart.
I thought he was an accountant who works for Jackson Hewitt
I wish this piece discussed how the wealthy and corporations use their power to influence laws, like tax laws, to their own benefit
It doesn't help that our lovely folks in Congress are part of the wealthy.
Eliminate all loopholes, make taxation a simple flat percentage rate. no deductions, no brackets, just that tax. Less than a paragraph of information.
If you earn employment income you will pay the highest tax rates but if you are wealthy and can live off dividends and capital gains you will pay much lower tax rates. Corporations pay out dividends from after tax income as they are not tax deductible so the person receiving the dividends gets a tax credit to avoid double taxation for that type of income. I don't live in the US but that is the general concept.
Despite the economic crisis it's still a good time to invest in Gold and Crypto.
Investing in Crypto now is very cool now especially with the current rise in the market now .
Stock are good but crypto is better
I wanted to trade Crypto but got confused by the fluctuations in price
@@floxyglory667
@@happyslora9213
This needs to be constantly discussed
Well, rules were made to be stretched like everything else in LIFE
2:45 and 6:28 there is a sound problem when the lady starts talking and expaikibg things. In my JBL headset I can hear the sound only the right side while the left side just playing the background music. That's what I noticed. Thanks for the video!
It is only for a couple of seconds until the scene being changed but still I think that it worth to mention about.
The audio on this video is so inconsistent. I'm constantly reducing and increasing volume to have a balanced sound.
Why don't people revolt against a the property tax. If we don't pay tax on other assets until they are sold then why pay taxes on property?
Its not fair to pay tax on a house but no pay taxes on stock.
Its not fair that renters pay no property tax.
At a 10% tax rate, its like buying your house again every 10 years form the government.
Why are the revolting people not out marching to end all property tax?
For a moment I read the title as how do rich avoid Texas.
which is also a smart thing to do
@@adude8424 lol rich are going Texas leaving crap California
@@phoneicad1887 All those people moving to Texas are hardcore liberals they will turn Texas into California 😂.
@@gvanys lol why you liberals are running from your paradise maybe being hypocrite is becoming dangerous for your California lol. If it happens there will be war.
@@phoneicad1887 lol would you still pay half of your money for tax hell no I would go somewhere else where we are not bound of taxes.
If you knew about bitcoin you won’t be poor ever again
So true. I’m retired and just started three months ago. I have earned $24,000 with just $9,000
But people are scared of investing because of high rate of unprofessionals in the business
@@lovett4262 There are unprofessionals out there, but you can’t deny the fact there are still professionals out there for investors
My first bitcoin investment of Samantha Lee Ward gave me profit over 10,000 usd and ever since then she has never failed to deliver and I can even say she’s the most sincere person I have known
@@Joseph-rx1do
Samantha Lee Ward is holding a very high prestige and reputation in personal financial management. I’m happy you mentioned her. My wife recommended her to me after investing 3 grand and she really helped us in times of this bad pandemic crisis. I’m close to my retirement and this has been and well remain a good survival for me
So, what do we do?
You're stating the problem, but You're not giving the solution
I've never watched more BS than this video about taxes. There are two ways the rich don't pay taxes. The first is what they explained but didn't go into detail about borrow money. If you have an asset that you can take to a bank whether it be a stock Bond mutual fund life insurance or something else that has real value you can borrow against it. For about 90% of its real worth. So instead of selling something which you would have to pay the current tax rate. You only pay 10% and get the money to use any way you want. Then you default on your loan and and then your effective tax rate is 10%. All the money going to the bank and nothing going to the government. The second way is long-term capital gains. That is when you buy something and hold it for more than a year then sell it. The prophet is long-term capital gains. The first $40,000 of long-term capital gains is.... Go find a long-terms calculator and do the math yourself because you won't believe it.
My family is worth about $100 million, and we pay several million in taxes every year. It’s a lower percentage of net worth than many others pay, but a higher dollar amount. But everyone has different ideas about what is fair. Essentially it’s about minimizing taxable income
I agreed. Lower percentage doesn't mean less money
This is not the best time for anyone to be left out when going for digital assets....
Despite the economic crisis it's still wise to invest in Crypto currency
For real crypto is profitable
Crypto is the new gold
I wanted to trade Crypto but got confused by the fluctuations in price
Yeah my first investment with Mr James Lawson Bryan earned me profit of over $25,530 US dollars ever since then he has been delivering
Trading crypto now will be very wise but trading without a professional is not
Awesome and very Awesomeinsightful updates Well i will also say this here... Even as the world still experience slow recovery in terms of economic meltdown due to the recent Covid-19 outbreak, it is best advised to find another alternative to make good income.
The rich sees every economic crisis as the perfect time to start up an investment, and I believe this would be a good time to start up an investment.
The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works,
For me I would say investing in Bitcoin is the hardest decision I and my wife ever took because at some point we were running down and didn't know what to do anymore, thanks to my colleagues at work who introduced me to professional Mr Dimitri lius through his Instagram page
@Edafe Akpovo Does this Mr Dimitri lius do free consultation?, I will like to me him too.
I stumbled upon one of his clients testimonies and decided to try him out...I'm expecting my third cashout in 3days.
Only poor people pay more tax, on the other hand rich people don't pay tax legally..
Thanks for the forecast! I need some advice: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How can I transfer them to Binance?
Perfect timing on this video for us new AMC millionaires
Lol
You need to convert short term gains into long term gains too, and then move to a no income state before cashing out.
@@OmahaRiverDonkey I'm eyeing florida
You guys still didn't go broke?
Yep 2 million a few months ago is 14 million today I’m in Florida
Is capital gains taxed when you take it out of your brokerage account or when you sell the stock?
Sell
Unfortunately when you sell the stock
@@AJ-rn5mt but if they start taxing capital gains taxes even before people sell, that's going to hurt everyone not just the rich. a lot of middle class people have money in stocks
@@kushal4956 u cant tax it . its not an income until you realize it .
In Sweden we have a special stock account where we pay a fraction of the national interest rate (0.1%) for any money or stock value you have in there (to trade stocks) quarterly, but no taxes when selling or withdrawing money. Govt. just gave up and made it easier for everyone to manage their money and retirement. So I pay less than Warren Buffet.
Don’t forget that the top 1% pays about 40% of the entire IRS revenue so it’s beyond “fair”
rich people always talk about how regulating their monopoly power will hurt others and reduce jobs and entrepreneurial initiative, but somehow they still make money when the law does pass.
"Feeling" and "fair share."
Enjoyed the video, but is there any chance you can work on balancing the audio better? The changing audio volume/quality is quite noticeable when swapping between the people discussing this interview topic. Thanks!
I think 15% nationwide tax is fair. If the rich are tax more they'll just find loopholes to jump through like Puerto Rico, Bahamas, ect..
Fund military, disability, infrastructure, boarder control. Subsidize STEM subjects in college, farming for food, research for alternative energies. Things would be much better with these changes.
Should be “How CNBC uses sensational headlines to make money”.
yep.
True
What a horrible complicated explanation.. Let me explain it simply..
When your house goes up in value from 100k to 200k, you dont pay taxes on the increase until you sell the house.
The same way Jeff Bezos wealth is in Amazon shares, if his share value goes up from 50B to 100B, he doesnt pay taxes unless he sell his shares..
US tax law are good n fair for the most part. Instead of blaming the rich, why not learn the tax code better. You n the country will benefit..
Ask Leona Hemsley. Oh right. She's dead. But to quote what she openly said. "Only poor people pay taxes". That is something to think about until that light bulb finally comes on in our heads, especially as we working people get poorer and poorer by the year as they keep taxing us and forcing the cost of living skyrocket.
2:44 wow she just jumped in my left ear
6:26 too
It’s pretty weird. Voice comes from left side if you are watching the video from before but doesn’t happen when you click the time
Hahah
Top 5% of earners pay almost 60% of taxes. In tired of this “the rich don’t pay their fair share”. Those are the ones who are growing small business and creating jobs
And the average rich person probably uses at most the same amount of government resources as a poor person. Probably a lot less
But that just shows how big the wage gap is. If the majority of the bottom earner are making so little then of course the top will make up the group who pays more taxes.
@@abnerruiz4011 in a progressive tax system that we have, it is rigged to penalized those who are the most successful. The bottom aren’t struggling. We live in a nation where if you are at the poverty line (17,800$) a year, your roughly in the top 10% of the world. As our culture progresses to becoming more and more entitled, the wage gap is destined to grow and grow and grow. It’s not a matter of “the rich don’t pay their fair share” but a matter of personal responsibility.
Sounds more like a “how to not get ripped off by the IRS.”
Not really. 99%+ of people won't be able to leverage them.
5:20 what does she mean by borrow against life insurance policy?
I love how they say “avoid” is called the tax code lol
Corporate and oligarch know a million ways to minimize their taxes.
Because they're smart while average American watches the office and eating burger king.
Pretty sure it’s cause they can afford to pay tax planners/accountants/attorneys lmao
Because they're the ones writing the bills that get voted into law by the politicians they're buying out.
Wrong . Politicians give them million ways to evade tax
@@MrJonyyMD being smart does not allow you morally to avoid paying tax .
If everyone starts doing it, the rules will miraculously change to make rank and file people pay up once again while the actual "owner class" wiggles out of the new tax structure.
The goal is to keep tax loopholes exclusive. If one or two people are allowed to cut the line, the line is still maintained. If the entire line figures out how to cut the line within the current rule structure, there ceases to be a line.
They're only so brazen with telling everyone the "secrets" because they don't think many people will use those "secrets." But on the off chance a ground swell of people do, well whaddaya know a new tax structure. It's a shell game people. It's legalized con-artistry on a multi-generational and yes multi-society level. We're living in the matrix. Bait and switch everywhere. Charlatans up the whazoo.
I mean we won't know any of that until we try it so no need to get all conspiratorial.
@jghifiversveiws8729 but we do know it. Lobbying(buying out politicians) is common knowledge
8:84 Spare me. Those loopholes aren't "best practices". They aren't even loopholes.
They are tax exemptions the government has granted to specific individuals, companies, and industries because those specific individuals, companies, and industries lobbied for the exemptions or funded political campaigns to buy politicians
how do you pay more in tax if you write a check to the treasury and take a tax deduction on it? Would make sense if it was only the write check part.
The IRS is not auditing tax returns of the top 1% they target low income earners. The most likely to get audited are those claiming earn income tax credit. This is rather unfortunate.
Source ?
We live in a democracy, but our policies are so heavily influenced by big money that we do have some characteristics of an oligarchy.
Reducing one's stupendous wealth also reduces their power over legislation that will affect your life.
if we live in a democracy, aren't the "rich" the minority? the rich already pay more than they need to. we need them more than they need us.
@@codorin hahahaha
This isn’t a democracy it’s a republic. You should learn the difference
You don't live in a democracy. Do something the government don't like and the CIA will knock on your door
There’s a difference between a normal person being taxed and a corporation being taxed. Corporations sometimes don’t pay taxes because they promise to open factories in the US to bring jobs and things like that…
bring crappy jobs that don't pay people enough to live in the places they even work, let alone save money
I’m taking notes 👁👄👁
what I want to know is when they get loans against their assets, with what money they are paying back? Taxed money? or there's another way?
Please can anybody explain me how rich earn from insurances I listened whole video but I really don't understand that part and I am not from US. The part I am talking about is on 5:35.
Thank you for teaching us better financial reponsibility!
Q: How the rich avoid paying taxes?
A: By being rich.
Being *smart
@@Handlegamer12360 *trash
@@magk2524 working for your money means that you’re trash?
@@JasperShoes not paying taxes
@@magk2524 whoa? Tax evasion? BASED
Straight out of Rich Dad Poor Dad.
Yes sir , you know the rich dad vibes
Name the 4 Financial "Quadrants!"
"Employee, Self Employed, Business Owner, Investor!"
Each of us, need to ask, for each Action we take, to which of those 4 Quadrants does it take us to?
Obviously, for each "Financial Action" but, more than that, it includes our Thinking, Reading, Learning, Connecting with People, what we watch, even how we live, eat, travel, etc!
Lots to learn for us "School Smart, Money Not" folks! Takes time, Effort, planning, and changing! But it helps!
When instead of your Credit "FICO Score" you think more of your "Ratings" at Dun & Bradstreet, and are they AAA, or AAb, you'll know you've moved to a new chapter!
This piece is confounding the issue. What Warren Buffett is talking about is the carried interest loophole. Read his op ed in the Times from 2011. The only loophole that I'm really against is the carried interest loophole that allows hedge funds, private equity, and VC, including Warren Buffett, to pay a lower tax rate by risking OTHER people's money, and that wasn't even mentioned here. The funny thing is using property tax deductions from your primary residence on your schedule A mentioned at 4:17, that loophole was already closed by Trump limiting the SALT deduction to $10K.
So let's say I'm rich and I ask for a loan.... To pay back that loan I decided to sell stocks to pay back the loan
Will I get taxed when that money gets into my bank account to pay back the loan?
Could you make a follow-up report on how the majority shareholders and top executives of Comcast Corporation, the multinational conglomerate that owns NBCUniversal Media, LLC and therefore CNBC, paid taxes in the last ten years please?
If you're mad, you're broke, the same breaks are available to you as well, don't make enough? TH-cam exists, learn something, we live in amazing times.
Well they are taxed less because most of their sources of income are based on risk. So if you take a risk on something you should be taxed less because you can lose money.
Now the problem with this is that if the government makes laws to increase tax it will affect the average man(like always).
Recent example: Uber eats tax, they shifted the tax on the consumer.
False. They already take advantage of risk (in form of losses) because they can deduct losses against gains. That's NOT the reason why they are taxed less. It's just the rates they set many years ago. There is no magic number here.
With VAT, Amazon 230 B revenue will generate 23B in tax if VAT is 10%. Most advance countries have VAT.
I'm not even remotely rich but I have to ask why the people who get the least for their tax dollars should pay more. Let's compare - low income - low taxes, welfare, free schooling, playgrounds, parks, free lunches, discount utility programs, food stamps - all costing tax payers money. Rich person - private school, included lunches, or money for take out, private yards. Seems to me the poor should be working off their debt and the rich should pay the least and if a rich person just paid 2% of their income they'd be paying about what 400 poor people pay yet using less in benefits of those taxes than any one of them. You can say what about roads or blah blah blah - they pay sales taxes, they pay property tax etc. etc. I have no problem with the government helping out the poor - what I don't think is good is something for nothing. What happened to the public works program - help build roads or a dam and get rewarded with money and food and potential for getting jobs in both the public and private sector. Funny how hollywood celebs who always insist that people should pay more taxes are the ones getting caught not paying their taxes.
The "fair share" would be if every person will pay exactly the same tax not in percentage but in absolute terms. Why a person should pay more, if he's using the same services? Taxing stock returns is a complete nonsense.
So if johnny sat at work doing nothing while you are running the cash register and the drive thru window. Do you think johnny should get the promotion (aka the lower tax bracket)?
I assure you, your "services" is NOTHING compared to people who own jets and islands and super yaatchs, pull your head out of your ass.
@@marcusvisionIf he was hired for doing nothing, or he prefer to do nothing in his own business, it's his business, and what people do or not do, shouldn't affect how they pay taxes, the only thing that should affect their taxes is how they're using public services.
@@Redactedlllllllllllll What do you mean?
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Living by the Golden Rule gets one taken advantage of.
@You Tube To each, their own.
vomit that crap out fool.
@You Tube if your tax dollars go toward bombing children in Afghanistan does that make you feel like you did the right thing? Maybe keeping your hard earned money and spending it how you see fit is actually more moral???
Fail to mention once you own a property you have to pay additional property taxes that goes up every year.
Thanks for the video MacKenzie
It is that way to encourage the rich to keep investing in the economy. Not saying it is right or wrong, but that is the intent.
people think that rich people invest in the economy?
That's probably the original intention, but the rich are too intertwined with the government and it's become a loophole to stop corporations from paying taxes altogether.
@@vietimports If you don't invest your money you go broke.
@@johnnysupreme5718 rich people invest, yes, but they do not invest in the economy. its why 80% of all money creation never reaches the real economy, its why the velocity of money has gone down since 1998
@@vietimports how do you invest and not in the economy
How is the money received from a loan on a insurance plan income? You still have to pay it back
Because you are using that money in the same way you would if you got income from a job to pay for stuff.
@@wanderlustandsparkle4395 still you can take a loan anywhere and use it too. It's not an income
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Great sharing:) It would be awesome to share the same for non US citizens actually
Avoid hiring deaf people to edit your videos! No other explanation for the massive volume changes in this video. Unwatchable!
Moral of the story: Avoid taxes, don’t evade. Stay in school kids.
Also, get paid under the table as often as you can.
Everyone should pay the same %. why should James pay 40% and tom pay 10%. in a word where everyone wants equity we should all pay the same.
the more wealthy try to bring there tax bill down due to the fact the % is so high compared to everyone els.
James and tom did pay 40% tom just bought Apple stock instead of car
They actually DO pay a lot of taxes, they pay the most taxes.
That is true in the absolute amount of money, not in relation to their income. As stated at 0:25, the secretary of Warren Buffett pays higher taxes in relation to her income compared to Buffet himself. I don't think that's justified when hard working people have to struggle in many countries.
@@whocares2462 This is because she pays taxes on salary, while warren buffet pays taxes on stocks which is capital gains. And capital gains tax rate are always lower than normal tax rate. Its completely normal. Moreover if you habe a business you can claim write off for expenditure incurred while salaried people cant claim the same. There is nothing wrong in it.
Sure they pay the most taxes as a monetary amount, or state taxes or property taxes etc, but they might not pay the most federal income tax. Also, the rich have so many deductions which aren’t available to most people. Therefore proportionately or as a percentage of their total income/ gains they might not pay the most on taxes.
Thanks, I understand the reasons for it. But just because our system works this way doesn't mean it's fair. Why should work be taxed higher than capital gains? Are investments really more important to society than actual work? Or are investors simply more powerful than workers and therefore able to influence legislation? Plus, with shrinking wages it becomes increasingly hard for people for invest and build of other sources of income.
@@adirox7 just because it's normal doesn't mean it's right. Your essentially taxing a person more, who actually provides value and productivity to the economy. Than you are a investors in stocks who provides no value to society
6:30 comparing tax evasion vs tax avoidance ... they are both DIRRRRRTY
all this video is a propaganda against the rich.. its not true ... you pay less taxes in investments and wealth not beacuse youre cheating but because the sistem is created to benefit the investor the entrepreneur the risk taker and the person that provides to the growth of the economy. if you dont want to pay the same taxes start focusing on investments and long term gains instead of spending all youre miney and saying things are not fair
It's amazing how people think they deserve Access to your hard earned money
Nobody meant you when they said wealthy, whats your net worth rich boy?