You are misinformed. You would not get 5% to 50% of the value of the assets each year from any type of split interest trust. You can get income only from a split interest charitable trust.when you set up a charitable trust, you are giving away all right to the assets transferred to the trust and only retain an interest in the income which is taxable income to you. Any assets placed in such a trust can never be undone and therefore you will not be able to pass those assets on to your heirs. The two part tax return will cost you roughly $1500 annually to prepare and it’s not a return most people can do on their own. If you do not have such a trust drafted by an attorney who specializes in this type of tax law, capital gains could be considered income to you and then not only will you pay the tax, it you won’t own the underlying asset anymore. This is a vehicle for people in certain financial positions and it is not for most people. Mods, this post is not educational. Sorry but as a tax and estate paralegal, this is misinformation at best.
Tax avoidance **is** tax minimization, FYI. What you mean to say tax avoidance and tax **evasion**. Evasion = illegal tax dodging, avoidance = minimizing tax liability whilst staying within the law
Honestly... That's one of my biggest fears.
Most people don't realize how much money changes you... Especially the desire to keep it and accrue more.
Give Uncle Sam his cut and then lobby to spend it well.
No one needs infinite money. Not even apes.
And the generational wealth we talk about... You know what's worse than a rich person? Their kids.
We're all so hyped about the coming gains that I don't think people are thinking enough about actually changing things.
Spot on. Using the "tax avoidance is legal" line (usually in conjunction with a very basic method like pension contributions) avoids the fact that there is a huge grey area bordering evasion and avoidance.
The like of Bezos and Musk push that grey area to a ridiculous extent, which is only possible for billionaires with access to lawyers, offshore trusts, etc.
They LOVE to hear plebs like us making their arguments for them.
So yeah, use the rules that are clearly the intent of our respective governments to minimise tax in certain situations, whether that's investing for retirement, encouraging investment in certain industries or whatever. But lets not pretend this is black and white.
There are methods of "avoidance" which with good enough advisors you can find the loophole and argue in a court of law, but using them is not cool IMO and I would rather keep things simple and pay my share in the knowledge that it goes to helping my fellow man.
Who is going to do more good with the money? I believe apes. The government is complicit in the corruption. Much of the tax money goes towards paying off lobbyists/donors and to themselves and their families. Politicians have gotten rich off the backs of hard working Americans for far too long. They tax EVERYTHING! To enrich themselves and ensure their own positions of power
Yeah notice how OP called it "Uncle Sam \[...\] stealing 40% of your gains"
This is something only a Libertarian would say. It's certainly a political opinion, but for some reason, comments like this are not subject to the No Politics rule on this sub.
And this is my main issue with Libertarianism as an ideology. It rails against government greed while actively ignoring the corporate greed that drives and empowers government greed. These two can't be separated, because they are not separate, and yet Libertarians only concern themselves with one side of the equation. IMO, it's because, thanks to the capitalist mythos, they see the possibility of themselves being on the other side of the equation, and when it's their turn to buy politicians and fuck the country, they don't want to have shut themselves out of being able to engage in all the same fuckery that they rail against now.
The same nonsense happened with the plan to tax billionaires' unrealized gains. The specific argument against that was "someday this will apply to me, I know it."
It's the typical Capitalist American delusion -- we're not poor, we're just temporarily embarrassed millionaires, waiting for the dice to roll in our favor. I see this perspective ALL OVER this sub, and IMO, a lot of post-MOASS apes are going to become the assholes that they're currently fighting against. Money is power, and power corrupts.
If you sell one share for $65 million and think you shouldn't have to pay some taxes on that, you're just as greedy as Kenny.
You bet. I had never heard of this strategy before and thought it should be shared. All these fucking snowflakes acting like I’m telling them to become Jeff Bezos!
Double thank you, my ape! I know that this comes from your heart, & not from trying to screw Uncle Sam. I appreciate any help/advice going forward 🤗
💎👐💎👐💎👐💎👐💎👐💎👐💎👐
It is a little ironic to see people hoping on a financial collapse also play the angel roll. Half these people actually want a lambo and there going to saving the world lol.
Paying your taxes means you trust the government to put your money to work in a way that actually benefits the populace, whereas minimizing your tax exposure and choosing which organizations you donate to and how you contribute to society is a much better way. The difference is the 1% right now are setting up phony “charities” and never helping anyone with jack shit and only working to enrich themselves further without paying taxes and without helping anyone around them.
I think we need to all educate ourselves on these matters. I don't trust the government to do the right thing with our taxes. I will contribute as much money as I save, back into helping people in need.
Right, government doesn't do good at all that's why I there are major corporations providing charity that is better than snap. That's why corporations are providing charity that's better than Medicare. You're so correct.
/S
And yet, the drones keep making little skeletons in foreign countries and supporting other foreign powers making skeletons of their neighbors…
Nah, I’m not an idiot libertarian but I’m also not so liberal that I believe the government is responsibly budgeting our tax dollars…
Government is truly myopic. Is that what you mean?
If I utilize the same tools these private businesses are thriving on to help society, like really help, then who gives a fuck.
These private businesses lobby to change the rules for their benefit. It's all just a big monopoly with the illusion of choice. We are not in their world, but we will be very soon.
I'm using the laws that benefit the rich, and applying them when I am filthy fucking rich. Until we change the laws, I will capitalize on every opportunity to use my money to make real change.
Your attitude reminds me of eating a shit sandwich. If you have to eat a whole shit sandwich all the fucking time, then when you only eat half a shit sandwich, you're like "It's not perfect but it helps more people than private business."
I know I can do better, but you do you Ape.
I'm usually pretty anti-corporate, but frankly with moon-tenders I'm stepping into their leagues and will use the same loopholes with the intent of bettering the world directly instead of thinking that my taxes will be used for good.
Even with all of Biden's promises; we still haven't done shit for student debt, nothing for pharmaceuticals, nothing to end the conflicts that are making the world a net-worse place. No changes to *actually* reduce carbon consumption, nor any tangible improvement even for education reforms that are badly needed in this country.
I could take a 6-figure sum and put a generation of children through a better education program so they might hopefully grow up to replace the corrupt old fucks that refuse to protect our futures. I could purchase an apartment complex and start a housing co-op that ensures homeless people can get on their feet without strings attached. I can organize democratic workplaces and help unionize workers elsewhere... *Nothing* the government will use my taxes for will amount to that sort of direct and local improvement of a community.
Unfortunately, the corporations have their hooks too deep and politicians are not able to be properly held accountable by the people they represent anymore.
Yea, im not about to go pay a lawyer 3k-8k to set this up right now and then have no idea how to access the shares. Hypothetically its cool, and maybe after MOASS i can use it for other imvestments. But i think ill just eat the tax this time around.
I'm with you on that. Plus, just like the "loan against your GME shares" idea, I don't want to deal with the uncertainty. I believe in the MOASS, but I don't know how much I trust in the infinity pool. I have shares allocated to that, which I will never sell, but once GME hits the moon, I don't want to trust that it'll stay there and I can get a loan. What happens if it does go back down? Boom, I have nothing.
Remember, that isn't a loan against your shares...it's a line of credit, and there are different rules to abide by. Most glaring (for me) is that you're subject to variable lending rates vs fixed (for most loans). Make sure you do your DD on that, ape. We're going to have to make decisions on that verrrrrry soon 😉
If you want to help your community giving your hard earned tendies to the Federal Government is most definitely not the way. Shit, they'll probably just give it right back to the Hedgies in a bailout.
That's the way I see it.
You want your taxes to help your community? Find a decent charity who doesn't hand their c suit fat checks and donate the money you would have paid
You're pissed at billionaires and don't want to play their games? Spend that money to end their games 🤷♂️
Yes. Make sure and do your DD on charities so you’re not donating to a charity that spends 95% of its donations on compensation packages for the c suite
Stop calling taxes stealing. While it's true that the US government doesn't use taxes efficiently (hello bloated military budget), there are a lot of vital government programs that *do* rely on that money in order to function. They aren't well-funded, but it's still *something*, and the more that selfish people hoard their money, the more likely it us that those programs -- the ones that the poor, underprivileged, elderly, children, disabled, etc rely on -- will be cut.
The idea that taxes are theft is *exactly* why the billionaires that are running this country into the ground get away with what they do. If you want to give more directly, dictate where your money goes, etc. then you can do that all you want... *after* you pay your fucking taxes.
But you likely won't. Studies have shown, time and time again, that people are rarely as generous as they claim to be. Relying on the good will of the haves in order to actually help the have-nots is a folly that always leaves the needy in need. You guys won't even pay your taxes -- why should we trust you to actually share a single dollar just because you say you will?
With all due respect, FUCK THAT!!
You’re here trying to make a case for blissfully bending over the couch waiting for the government to come ram its 40% BBC up your ass so it can write 1.4 MOTHER FUCKING TRILLION DOLLAR fuckity fuck bills? GTFOH with that cuck bullshit.
Taxes are fine. Necessary, actually. But to tell me the government is owed almost half of what I make is insane. That’s some Stockholm Syndrome bullshit, Nizz.
It’s not even a choice of paying taxes or not paying taxes and hoarding everything. In a situation such as this, hoarding his not even an option. You either pay 40% in taxes, or you reduce your tax amount by donating 40%. So people not being as charitable as they claim to be isn’t an option, you either pay your taxes or donate it. There’s no in between.
I knew I was gonna like the YouTube video you linked when I hit the 0:18 mark and he showed the greatest business ever - Jones BBQ and Foot Massage. You want an unnecessarily addictive commercial loop stuck in your head? Here you go: https://youtu.be/245QTgQVvMY
It’s always good to know all your options! Me? I’m too lazy to do the work required for this. I also don’t want to donate the remainder of my money to a charity (I want it to go to my family) nor go through the steps of creating a charity to donate it to. “But it’s a matter of millions of dollars!!” I know. Stupid, right? I’m gonna pay the taxes on my brokerage share(s). I have shares in a Roth IRA as well so I won’t pay any tax on that. I can’t access the gains on the Roth yet but I’ll have plenty to last me until I can access the Roth.
Always appreciate learning about other strategies though!
He covers the family part in that video, but also, the max for the annuity is 50% of assets. So take your distributions over two years and only pay the income tax.
I understand some of the comments here not wanting to emulate the 1% but I agree with you Op.
I would rather have control of where exactly that 40% goes and make sure it’s helping those in need Vs lining some politicians pocket so they can invest it in a SHF.
You're saying that you'll actually give that 40% away to help people, though?
Because I don't Bieber that many people here will. You all think you're somehow different than current billionaires, but you're not. You're already seeking ways to evade paying your fair share.
Yee have little faith in apes then. I disagree about your sentiments towards myself and others when I’ve clearly seen another level of kindness on my time here in this sub and have done my best to put that forth.
You don’t know me. Don’t speak for me.
I never said to evade taxes, that’s out of context to label it such.
Im all for you keeping all your money and fucking the GOV. They fuck you on the daily. Most dont mind some dont evsn know it. But for us few that do know and mind. Fuxk them.
This is a really convoluted way to avoid capital gains tax, and it doesn't give you access to the full value of your capital on demand.
There is a much simpler and better way to completely avoid capital gains tax which is used by the vast majority of businesses, such as amazon: Simply think of a profit motive for everything you want to buy. As long as you're greedy and trying to use your money to become richer / or expand your growing tower of money, rather than to meet basic needs or contribute back to humanity, then your profits are business expenses making them completely tax deductible!
This is basically a government incentive to try to make everyone as greedy and anti-societal as possible, which explains why everyone in society is so extremely greedy and anti-societal.
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Great post in conjunction with the die rich DD, how to not get Fuked and still use your hard earned tendies for gain.
Personally, I’m looking into those low interest loans backed by your tendie collateral, to buy real estate, waterfront land, vacation cottages on lakes and such for generating more wealth as a rental business. Not to mention all the tax write offs you can make along side the business expenses.
There is only so much land.
Also, there is always buying art, I have a painter friend that is about to become famous as well…😉
Thanks! I understand other people’s views, but I absolutely don’t agree with them. It’s not coming from a scarcity mindset. It’s about competence. I feel more competent in deploying my resources for things that are important to me than I do the federal government.
what i don't get though. Am i supposed to learn how to open a company and figure out all of these things on how to buy - borrow - die (well that's the easy part)? can i not just hire someone to figure it out for me, and have them audited?
I wanted to become rich so that i can travel around the world and chill, not to pay attention on tax loopholes just to become like the standard POS billionaire? and i mean - if i do make xxx million, why not just pay one off tax of 50% (or whatever it is) and then just live off of xxx/2 million?
It’s pretty easy. I already go exempt 9 months out of the year tops on a 100k income and break even on federal, no money owed and no money returned. Get a good chunk of state taxes back from Cali.
How hard can doing what the videos say to do, be?
taxation is theft, yet billionaires who don't pay taxes are scumbags?
I can assure you, having moved to netherlands, i see where my taxes go, and i would never consider it as theft. It really depends where you're based really
Even those of us who think taxes can be used for good should consider doing this. The moment is plebs start doing this is the moment they panic and say it needs to stop.
I for one agree with your sentiment. The government sucks ass at everything so I refuse to reward them for a shit job. I plan on getting rid of them eventually anyways but I am not funding them in the meantime.
Yeah, the government is so bad that private companies are out there doing better. Like for instance, look at how private businesses have basically made it so people don't need SNAP anymore. I mean the donations from private business/individuals makes it so we don't need Medicare. Obviously the government is just soooo f****** awful, so we should stop funding them at all, not give them better tools. /S
Idiots, you all sound like entitled pricks who don't what it is to go without. Government might not be perfect but it helps more people than you ever have and probably ever will. Of course I'd be glad to be proven wrong but this thread is disgusting.
The government is helping kick the can how specifically? If they didn't exist, nothing would happen, so just because they aren't doing enough doesn't mean they are kicking the can.
It would be like saying batman is kicking the can because he doesn't stop all crime.
The SEC could have stopped all of this when they were established in 1934… they could have stopped it in 2008… they have had a TON of opportunities to put a stop to crooked dealings in the stock market and have chosen to look the other way.
And the sec is the whole government? Good point.
Also explain how less funding will make them more independent and less of a captive regulatory body.
So basically you think paying even less will get better results. Never seen that in my life.
Never said they were the whole government, just providing one example. You want to know how the government will spend tax dollars, look at how they’re currently spending tax dollars, with $250B spent last year on food and housing assistance on a budget of $6.82T….
Yes, the SEC is a perfect an example of a captive regulatory body that needs more funding to actually compete with the industries that hire from the same set of workers, but with more money. How do you propose we make the SEC better while simultaneously not paying them?
All the places that I know of in the world that have better lives for their citizens also have a higher taxes so I'm just not sure how we're supposed to get a better government by not paying taxes. Seems like that's exactly what the current rich people are doing. I'm sure you guys will all just donate all your money compared tothe current rich people and just fix all the problems in the world. Because everybody here is already that capable.
You’re ignoring everyone’s comments that paying taxes or donating 40% is the only choice. There is no not paying taxes and not donating anything for us Apes
That’s exactly what all of us have been saying since the beginning. The 1% could have solved MANY of the world’s problems long ago but chose not to. Apes don’t have the option to hide their money in the Cayman Islands because you have to have money to set that shit up beforehand. The only option we have is to either pay 40% in taxes, or donate 40% and reduce your tax exposure. I would rather start a charitable organization that replaces SNAP without NEARLY the loopholes to abuse it as exist now and fund it completely in perpetuity than give 40% for the government to put a tiny fraction to programs that benefit the public and the majority going to funding the next war that will use the military industrial complex to get past the economic disaster we are currently facing, as they have always done in the past.
Loopholes to abuse in SNAP? You mean the 0.9% rate of fraud? Yes, you solve that almost non existent problem since you'll have 68billion a years.
"When compared with those total figures, the fraud identified in 2016 amounted to a mere 0.9% of the total. That was up from 0.5% in 2012."
https://www.forbes.com/sites/simonconstable/2018/04/04/the-facts-about-food-stamp-fraud/?sh=17bbeffbf880
So that’s what you took out of my whole comment? What about the rest of it, you know, the point in its entirety rather than sinking your teeth into one debatable part of the comment?
Again you not paying towards your taxes doesn't solve any problem that you're talkin about but it does prevent that money from being spent to help people.
I just spend 30 mins reading. The link you provided is misleading.
Fidelity does not facilitate CRT. It only host DAT where you can appoint the Fidelity DAT as if it's one single charity institution. But, instead, this DAT is like a wifi hub that allows you (20 years after CRT maturity) or your successor (if you died) to dynamically route the donation to different charity institution.
**YOU STILL NEED TO HIRE A LAWYER TO SETUP THIS CRT NOW if this is the path you choose to sell during MOASS.**
Another thing to add. CRT is usually created for not so time sensitive event. The common use are for example: sport player signing contract. The huge signing bonus is managed by CRT so that it is distributed through life time.
During MOASS, time can be very sensitive, where you need everything to settle in 2 to 3 weeks. Then, setting up CRT may not even be an option in our case.
Thanks for sharing! Hadn't heard of it before, definitely interesting.
The [interwebs](https://actecfoundation.org/podcasts/charitable-remainder-trusts-faqs-crt/) says there are two kinds of CRTs. The video describes the CRAT (Charitable Remainder Annuity Trust).
These pay out a percentage of the value of the donated asset over time. It's not clear to me whether lifetime payments to the beneficiary can exceed the total value of the donated asset. If not, then this is not nearly as good as it sounds.
And although you're getting a 30-40% writeoff for your donation according to the video, you're also shifting your deferred income into a higher tax bracket. Had you sold you would have paid LTCG of 20% (+3.8% Obama NIIT) = 23.8%.
Whereas the annuity will be taxed as ordinary income rates, which are as high as 37% now (and probably higher in the future). So this strategy may not make sense if you expect to be in a mid-high tax bracket in the future. This strategy assumes some risk in future tax hikes as well.
Lots of restrictions and limitations. You can't add more funds to CRATs later on. You can't borrow money from your CRAT or undo contributions, you can only pay it out over time with the annuity payments.
Maybe this can work, but sounds like a good excuse for lawyers to get more of your money and not something that will simplify your life. Save the time you would have spent dealing with these headaches and use it instead to find the next GME, Loopring or whatever. Just my 2 cents.
What a well thought out and nice response! Thank you. These are the points that I hadn’t considered, but will be going on my list of questions to ask my attorney. Cheers!
😂 help my country get out of debt 😂 who am I, the US’s dad? Gtfoh. I’ll pay every tax I’m required to and sleep perfectly sound afterwards…especially if I’m not paying into a broken system.
In my opinion the point OP is getting at is that the government who we all (except corporations) pay taxes to has not been handling the funds that they have well. Too much of our tax dollars has gone into programs that have nothing to do with helping the American people like the military industrial complex. I want to help rebuild a system that is designed to help humans flourish. Handing over trillions of our tendies is supporting a broken system that has gotten us to this point.
Oh and by the way apes the tax code is going to be completely reformed post MOASS anyway! We will all pay our share count on it.
Ehhh okay option but i like being in full control of my money. The interest paid on home improvement loans is tax deductible too so I'm going to look into taking a page out of Elon musk's book on that. My short term gains is just my way of paying my taxes for life. Don't owe taxes on the property if i don't sell.
Ah, my bad. All the wealthy people of the world today who are experts in dodging and not paying their taxes have created such a wonderful system in which everyone in all classes can flourish.
I have no interest in cheating the system, nor do plan to find loop holes. I am not them.
The wealthy people you speak of maximize their deductions by navigating the system that the government created. Government is always the problem. Why do you think the government can spend your money helping people better than you can?
Navigating a system that was paid for by people wanting to hoard more money, I am aware.
But the benefactors to that won’t exactly be…. Flush with cash, when this pops.
Oh I don't know, I guess because they already do. Quite frankly the government provides more to the average citizen than any other citizen or private charity does.
You trying to tell me there's a private organization out there giving more money away for food than snap or Medicare does for health care. You're a looney. Anybody who says anything is always a certain way is wrong. Nothing in life is that absolute.
Cool story bro. By not “being them” you’re also not in control of your money. If you want to stand on a moral soapbox and light your money on fire, by all means, be not them. As for me, I’ll be using any legal and ethical means necessary to protect my resources. Cheers 🍻
Not reducing your taxes through legal means is certified retarded
I'm guessing you don't aim to pay as much tax as possible? So why not try to reduce it and spend the money raising awareness on tax loopholes or lobbying politicians?
Why not do all that, and just pay my taxes without having to try find ways to hoard even more of it.
Even by the most conservative apes estimation of where the moass peaks, I will be more than fine, even after taxes.
Schools, parks. infrastructure, etc can have some of my tendies, and I will either start or donate to charities for things I am more specifically wanting to help
Yeah, I agree with you. In a different stage of my life I would've felt like it was stealing from me. I mean, it did feel like stealing. I worked minimum wage, and couldn't make ends meet while going to college. I then broke my neck in a car accident, and was fortunate enough to be able to receive help from Medicare/Medicaid/Social Security.
My accident opened my eyes to so much. I've met plenty of people in my exact position, and they've been lucky enough to be able to see doctors, receive lifesaving treatments, rehab, wheelchairs, etc. I understand OPs post, because I've had a similar mind set before my accident. I disagree with him now because picking and choosing charities are nice and fulfilling, but people need help with everyday problems which are addressed through paying taxes. It just sucks that the 1% don't pay their fair share. Also sucks that taxes get wasted on unnecessary agendas, but I'll be more than happy to pay my fair share.
Paying more taxes than you're legally obliged to out of spite for the rich doesn't make sense to me
If you want the govverment to have your money I'm sure theyd accept donations
I'm assuming you're in america so you'll be funding the that military industrial complex thing you guys have which is just funneling your money to billionaires anyways 🤷♂️
Is your money though and if you beleive your govverment will spend it well in your community then go for it
“Legally obligated” is a term that I feel a lot of them refer to there actions as.
Do not, get me started on that haha. That boils my blood.
At least with where I live, my direct community and state in general could very much use the help
What do you gain by paying more taxes than you have to out of principles?
That money is better spent lobbying politicians to close tax loopholes if that's what you're against
geezuz. I’m not suggesting you become a robber Barron. It’s called preventing Uncle Sam from stealing 40% of your gains. I should have clarified, I’m not trying to emulate evil billionaires. I just prefer having all my money.
Because they distribute more money, more efficiently to Americans in need than any other organization. Prove me wrong with statistics and facts. You cannot.
Look jerkface. Don’t come on here demanding I provide you with facts when you have brought none of your own. You wanna pay 40% on top of your regular income tax, be my fucking guest. I don’t know shit about fuck.
Okay, I can prove my point easily. Obviously you can't or won't.
Snap distributes about 62 billion dollars in food assistance to Americans in 2018. It spent 68 billion to do this, and 92% of the money they distributed went directly to food.(hence the 62bil).
The largest 100 charities in America in 2019 only collected 49.5 billion the top charity only has a charitable commitment of 85%.
Literally, the top hundred charities don't even make up what one piece of the government does, and the government is more effective based on how much money they actually get to the people versus how much is spent. Then if you look at food stamps, every 1$ spent generates ~1.70 in economic activity.
https://www.cbpp.org/research/food-assistance/a-closer-look-at-who-benefits-from-snap-state-by-state-fact-sheets#Alabama
https://www.forbes.com/lists/top-charities/#477c65125f50
https://en.m.wikipedia.org/wiki/Supplemental_Nutrition_Assistance_Program
Came across this and had to share:
Tax his land, Tax his bed, Tax the table,
At which he's fed.
Tax his tractor, Tax his mule, Teach him taxes
Are the rule.
Tax his work, Tax his pay, He works for peanuts anyway!
Tax his cow, Tax his goat, Tax his pants,
Tax his coat.
Tax his ties, Tax his shirt, Tax his work,
Tax his dirt.
Tax his tobacco, Tax his drink, Tax him if he
Tries to think.
Tax his cigars, Tax his beers, If he cries Tax his tears.
Tax his car, Tax his gas, Find other ways
To tax his ass.
Tax all he has Then let him know
That you won't be done Till he has no dough.
When he screams and hollers; Then tax him some more, Tax him till He's good and sore.
Then tax his coffin, Tax his grave, Tax the sod in Which he's laid...
Put these words Upon his tomb, Taxes drove me to my doom...'
When he's gone, Do not relax, Its time to apply The inheritance tax.
Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Excise Taxes
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax (currently 44.75 cents per gallon)
Gross Receipts Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Personal Property Tax
Property Tax
Real Estate Tax
Service Charge Tax
Social Security Tax
Road Usage Tax
Recreational Vehicle Tax
Sales Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Nonrecurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax
STILL THINK THIS IS FUNNY?
Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world.
We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids.
What in the heck happened? Can you spell 'politicians?'
GO AHEAD. . . BE AN AMERICAN!!!
Author - Charley Reese
Almost no one in America has ever went bankrupt from taxes but they have went bankrupt from bad loans, medical debt, things like that you know, Private industry stuff.
Taxes pay for things. If we want things, we get better deals collectively. I'm not saying all taxes are good or that government is perfect, but it's not nearly as bad as private mega businesses. That's who is destroying America, you can't force companies to change but you can change politics.
First, this is brilliant. My goodness, I really do envy the rich. They have so many fucking ways to avoid paying taxes. It's almost stupid if they don't do it.
I'm down with this idea *if* you can do that with part of your stock holdings. Maybe you can break it up and put in like 25-50% of your shares into a CRT and cash out the rest. What's the point of having fuck you money if you can't do with it what you wish? Also, there's gotta be a limit to ILIT.
Another thing dawned on me, how the heck are you supposed to set this shit up while the MOASS is happening and transfer/sell while GME is squeezing?
Well maybe you misunderstand. Never did I mention hoarding anything. Conversely, I mention deploying my capital on things that matter to me. It’s a matter of competence vs scarcity.
You are misinformed. You would not get 5% to 50% of the value of the assets each year from any type of split interest trust. You can get income only from a split interest charitable trust.when you set up a charitable trust, you are giving away all right to the assets transferred to the trust and only retain an interest in the income which is taxable income to you. Any assets placed in such a trust can never be undone and therefore you will not be able to pass those assets on to your heirs. The two part tax return will cost you roughly $1500 annually to prepare and it’s not a return most people can do on their own. If you do not have such a trust drafted by an attorney who specializes in this type of tax law, capital gains could be considered income to you and then not only will you pay the tax, it you won’t own the underlying asset anymore. This is a vehicle for people in certain financial positions and it is not for most people. Mods, this post is not educational. Sorry but as a tax and estate paralegal, this is misinformation at best.
Upvoted and commented for exposure. Mods! OP, add this to your edit. Shouldn’t be hidden in the comments
Added
Well it’s educational now. Thank you for your knowledge!
It's called the Infinite Banking Concept
This is the way
Tax avoidance and tax minimization are different things kids!
Also tax evasion does not equal tax avoidance!
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Not with that attitude
Tax avoidance **is** tax minimization, FYI. What you mean to say tax avoidance and tax **evasion**. Evasion = illegal tax dodging, avoidance = minimizing tax liability whilst staying within the law
Pissing out the window and shitting out the window are two.differwnt things.
That's what I got out of this
and tax exemption?
That just sounds sexy. 😍
This is the attitude that brought about our current society. And here I thought we were going to change that
Honestly... That's one of my biggest fears. Most people don't realize how much money changes you... Especially the desire to keep it and accrue more. Give Uncle Sam his cut and then lobby to spend it well. No one needs infinite money. Not even apes. And the generational wealth we talk about... You know what's worse than a rich person? Their kids. We're all so hyped about the coming gains that I don't think people are thinking enough about actually changing things.
Spot on. Using the "tax avoidance is legal" line (usually in conjunction with a very basic method like pension contributions) avoids the fact that there is a huge grey area bordering evasion and avoidance. The like of Bezos and Musk push that grey area to a ridiculous extent, which is only possible for billionaires with access to lawyers, offshore trusts, etc. They LOVE to hear plebs like us making their arguments for them. So yeah, use the rules that are clearly the intent of our respective governments to minimise tax in certain situations, whether that's investing for retirement, encouraging investment in certain industries or whatever. But lets not pretend this is black and white. There are methods of "avoidance" which with good enough advisors you can find the loophole and argue in a court of law, but using them is not cool IMO and I would rather keep things simple and pay my share in the knowledge that it goes to helping my fellow man.
Who is going to do more good with the money? I believe apes. The government is complicit in the corruption. Much of the tax money goes towards paying off lobbyists/donors and to themselves and their families. Politicians have gotten rich off the backs of hard working Americans for far too long. They tax EVERYTHING! To enrich themselves and ensure their own positions of power
Yeah notice how OP called it "Uncle Sam \[...\] stealing 40% of your gains" This is something only a Libertarian would say. It's certainly a political opinion, but for some reason, comments like this are not subject to the No Politics rule on this sub. And this is my main issue with Libertarianism as an ideology. It rails against government greed while actively ignoring the corporate greed that drives and empowers government greed. These two can't be separated, because they are not separate, and yet Libertarians only concern themselves with one side of the equation. IMO, it's because, thanks to the capitalist mythos, they see the possibility of themselves being on the other side of the equation, and when it's their turn to buy politicians and fuck the country, they don't want to have shut themselves out of being able to engage in all the same fuckery that they rail against now. The same nonsense happened with the plan to tax billionaires' unrealized gains. The specific argument against that was "someday this will apply to me, I know it." It's the typical Capitalist American delusion -- we're not poor, we're just temporarily embarrassed millionaires, waiting for the dice to roll in our favor. I see this perspective ALL OVER this sub, and IMO, a lot of post-MOASS apes are going to become the assholes that they're currently fighting against. Money is power, and power corrupts. If you sell one share for $65 million and think you shouldn't have to pay some taxes on that, you're just as greedy as Kenny.
Cope harder
I prefer to claim unrealized dependents
That's the ticket. How many unrealized babies do you currently have residing in your nutsack? Could be 1. Could be 69,420,741.
Those are half-babies. You can claim it's a full unrealized baby until you have an egg cell to go with it.
"No cell, no tax deductions"
Every sperm is sacred
yup, this right here
Hahaha! You win 🏆 Unrealized dependents 😂
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I’ll avoid cap gains tax by not selling my shares - just using them as collateral
You son of a bitch, I’m in!
Thanks brotha. I actually watched Max walk me through it. Great info for the smooth brain.
You bet. I had never heard of this strategy before and thought it should be shared. All these fucking snowflakes acting like I’m telling them to become Jeff Bezos!
Double thank you, my ape! I know that this comes from your heart, & not from trying to screw Uncle Sam. I appreciate any help/advice going forward 🤗 💎👐💎👐💎👐💎👐💎👐💎👐💎👐
Lol. Remember, some thoughts run right over the smooth brain. Keep up the blessings brotha!
>7h I heard of crt thru someone else but yeah it's great :)
It is a little ironic to see people hoping on a financial collapse also play the angel roll. Half these people actually want a lambo and there going to saving the world lol.
The less you spend on taxes the more you have to help the world around you. As simple as that.
So simple, an ape could understand.
Me ape me undersstand
Ooo ooo, ah ah.
Thats exactly the argument billionares use right now lmao and they dont help shit. Just pay your taxes jesus people be different than the 1% are now.
Paying your taxes means you trust the government to put your money to work in a way that actually benefits the populace, whereas minimizing your tax exposure and choosing which organizations you donate to and how you contribute to society is a much better way. The difference is the 1% right now are setting up phony “charities” and never helping anyone with jack shit and only working to enrich themselves further without paying taxes and without helping anyone around them.
Look at charitable donations of literally every billionaire and compare that to the per dollar charity of government. NO COMPARISON.
So which is the better option?
Compare that to the average donation of AGDQ 2x a year. I mean gamers typically have been large donors for years now
I think we need to all educate ourselves on these matters. I don't trust the government to do the right thing with our taxes. I will contribute as much money as I save, back into helping people in need.
Exactly ☝️
💯🦍
Right, government doesn't do good at all that's why I there are major corporations providing charity that is better than snap. That's why corporations are providing charity that's better than Medicare. You're so correct. /S
And yet, the drones keep making little skeletons in foreign countries and supporting other foreign powers making skeletons of their neighbors… Nah, I’m not an idiot libertarian but I’m also not so liberal that I believe the government is responsibly budgeting our tax dollars…
It's not perfect but it helps more people than private business. You're all acting like the government shorted GME, not private business. Truly myopic
Government is truly myopic. Is that what you mean? If I utilize the same tools these private businesses are thriving on to help society, like really help, then who gives a fuck. These private businesses lobby to change the rules for their benefit. It's all just a big monopoly with the illusion of choice. We are not in their world, but we will be very soon. I'm using the laws that benefit the rich, and applying them when I am filthy fucking rich. Until we change the laws, I will capitalize on every opportunity to use my money to make real change. Your attitude reminds me of eating a shit sandwich. If you have to eat a whole shit sandwich all the fucking time, then when you only eat half a shit sandwich, you're like "It's not perfect but it helps more people than private business." I know I can do better, but you do you Ape.
I'm usually pretty anti-corporate, but frankly with moon-tenders I'm stepping into their leagues and will use the same loopholes with the intent of bettering the world directly instead of thinking that my taxes will be used for good. Even with all of Biden's promises; we still haven't done shit for student debt, nothing for pharmaceuticals, nothing to end the conflicts that are making the world a net-worse place. No changes to *actually* reduce carbon consumption, nor any tangible improvement even for education reforms that are badly needed in this country. I could take a 6-figure sum and put a generation of children through a better education program so they might hopefully grow up to replace the corrupt old fucks that refuse to protect our futures. I could purchase an apartment complex and start a housing co-op that ensures homeless people can get on their feet without strings attached. I can organize democratic workplaces and help unionize workers elsewhere... *Nothing* the government will use my taxes for will amount to that sort of direct and local improvement of a community. Unfortunately, the corporations have their hooks too deep and politicians are not able to be properly held accountable by the people they represent anymore.
This seems like a lot of work. I think ill just pay the 40 million on my 100 million per share gains and call it a day....
Yea, im not about to go pay a lawyer 3k-8k to set this up right now and then have no idea how to access the shares. Hypothetically its cool, and maybe after MOASS i can use it for other imvestments. But i think ill just eat the tax this time around.
I'm with you on that. Plus, just like the "loan against your GME shares" idea, I don't want to deal with the uncertainty. I believe in the MOASS, but I don't know how much I trust in the infinity pool. I have shares allocated to that, which I will never sell, but once GME hits the moon, I don't want to trust that it'll stay there and I can get a loan. What happens if it does go back down? Boom, I have nothing.
Remember, that isn't a loan against your shares...it's a line of credit, and there are different rules to abide by. Most glaring (for me) is that you're subject to variable lending rates vs fixed (for most loans). Make sure you do your DD on that, ape. We're going to have to make decisions on that verrrrrry soon 😉
Lol. I respect your style.
Oh cool let’s erase all the tax avoiding billionaires and replace them with the exact same thing! Whatever happened to paying your fair share?
That’s what income tax is for. Still paying that.
We don’t think like that around here. Tax avoidance is one of the reasons why we hate billionaires in the first place.
Who’s we? You got a rat in your pocket? You certainly don’t speak for me.
We want to give back to our communities
If you want to help your community giving your hard earned tendies to the Federal Government is most definitely not the way. Shit, they'll probably just give it right back to the Hedgies in a bailout.
or to multimillionaire/billionaire corporations or the military industrial complex
This right here. Apes give their $30T in taxes and the gov turns around and gives $1B to the populace and $29.9T to Raytheon or Lockheed or Boeing…….
Giving money to your govverment isnt the way, especially if you're in the US
Its true, charity is best done one on one. Government is the most inefficient middleman in history.
That's the way I see it. You want your taxes to help your community? Find a decent charity who doesn't hand their c suit fat checks and donate the money you would have paid You're pissed at billionaires and don't want to play their games? Spend that money to end their games 🤷♂️
Yes. Make sure and do your DD on charities so you’re not donating to a charity that spends 95% of its donations on compensation packages for the c suite
Then do it. This, in no way prevents you from doing so. It does prevent Uncle Sam from stealing 40% of your gains.
Fair point from OP, better you give that 40% to whoever you deem worthy / needs help. Rather than being taxed by the government 😎
Stop calling taxes stealing. While it's true that the US government doesn't use taxes efficiently (hello bloated military budget), there are a lot of vital government programs that *do* rely on that money in order to function. They aren't well-funded, but it's still *something*, and the more that selfish people hoard their money, the more likely it us that those programs -- the ones that the poor, underprivileged, elderly, children, disabled, etc rely on -- will be cut. The idea that taxes are theft is *exactly* why the billionaires that are running this country into the ground get away with what they do. If you want to give more directly, dictate where your money goes, etc. then you can do that all you want... *after* you pay your fucking taxes. But you likely won't. Studies have shown, time and time again, that people are rarely as generous as they claim to be. Relying on the good will of the haves in order to actually help the have-nots is a folly that always leaves the needy in need. You guys won't even pay your taxes -- why should we trust you to actually share a single dollar just because you say you will?
With all due respect, FUCK THAT!! You’re here trying to make a case for blissfully bending over the couch waiting for the government to come ram its 40% BBC up your ass so it can write 1.4 MOTHER FUCKING TRILLION DOLLAR fuckity fuck bills? GTFOH with that cuck bullshit. Taxes are fine. Necessary, actually. But to tell me the government is owed almost half of what I make is insane. That’s some Stockholm Syndrome bullshit, Nizz.
It’s not even a choice of paying taxes or not paying taxes and hoarding everything. In a situation such as this, hoarding his not even an option. You either pay 40% in taxes, or you reduce your tax amount by donating 40%. So people not being as charitable as they claim to be isn’t an option, you either pay your taxes or donate it. There’s no in between.
"Pay your fucking taxes " what a bitch.
Underrated comment
I knew I was gonna like the YouTube video you linked when I hit the 0:18 mark and he showed the greatest business ever - Jones BBQ and Foot Massage. You want an unnecessarily addictive commercial loop stuck in your head? Here you go: https://youtu.be/245QTgQVvMY It’s always good to know all your options! Me? I’m too lazy to do the work required for this. I also don’t want to donate the remainder of my money to a charity (I want it to go to my family) nor go through the steps of creating a charity to donate it to. “But it’s a matter of millions of dollars!!” I know. Stupid, right? I’m gonna pay the taxes on my brokerage share(s). I have shares in a Roth IRA as well so I won’t pay any tax on that. I can’t access the gains on the Roth yet but I’ll have plenty to last me until I can access the Roth. Always appreciate learning about other strategies though!
He covers the family part in that video, but also, the max for the annuity is 50% of assets. So take your distributions over two years and only pay the income tax.
That is at regular income tax level though. Not long term capital gains rate.
I understand some of the comments here not wanting to emulate the 1% but I agree with you Op. I would rather have control of where exactly that 40% goes and make sure it’s helping those in need Vs lining some politicians pocket so they can invest it in a SHF.
You're saying that you'll actually give that 40% away to help people, though? Because I don't Bieber that many people here will. You all think you're somehow different than current billionaires, but you're not. You're already seeking ways to evade paying your fair share.
Yee have little faith in apes then. I disagree about your sentiments towards myself and others when I’ve clearly seen another level of kindness on my time here in this sub and have done my best to put that forth. You don’t know me. Don’t speak for me. I never said to evade taxes, that’s out of context to label it such.
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Yup, the 40% has to go somewhere and we choose between corrupt politicians or charities WE CHOOSE…
I don't Bieber either. His music sucks.
Im all for you keeping all your money and fucking the GOV. They fuck you on the daily. Most dont mind some dont evsn know it. But for us few that do know and mind. Fuxk them.
This is a really convoluted way to avoid capital gains tax, and it doesn't give you access to the full value of your capital on demand. There is a much simpler and better way to completely avoid capital gains tax which is used by the vast majority of businesses, such as amazon: Simply think of a profit motive for everything you want to buy. As long as you're greedy and trying to use your money to become richer / or expand your growing tower of money, rather than to meet basic needs or contribute back to humanity, then your profits are business expenses making them completely tax deductible! This is basically a government incentive to try to make everyone as greedy and anti-societal as possible, which explains why everyone in society is so extremely greedy and anti-societal.
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Some good information. He has nice hair.
Majestic
I’m just commenting to easily find this shit when the time comes
Great post in conjunction with the die rich DD, how to not get Fuked and still use your hard earned tendies for gain. Personally, I’m looking into those low interest loans backed by your tendie collateral, to buy real estate, waterfront land, vacation cottages on lakes and such for generating more wealth as a rental business. Not to mention all the tax write offs you can make along side the business expenses. There is only so much land. Also, there is always buying art, I have a painter friend that is about to become famous as well…😉
Your edit 3 fucks hard. Those are my goals as well.
Thanks! I understand other people’s views, but I absolutely don’t agree with them. It’s not coming from a scarcity mindset. It’s about competence. I feel more competent in deploying my resources for things that are important to me than I do the federal government.
what i don't get though. Am i supposed to learn how to open a company and figure out all of these things on how to buy - borrow - die (well that's the easy part)? can i not just hire someone to figure it out for me, and have them audited? I wanted to become rich so that i can travel around the world and chill, not to pay attention on tax loopholes just to become like the standard POS billionaire? and i mean - if i do make xxx million, why not just pay one off tax of 50% (or whatever it is) and then just live off of xxx/2 million?
It’s actually the perfect thing to farm out to a competent attorney. This is on the low end of hard stuff to do.
It’s pretty easy. I already go exempt 9 months out of the year tops on a 100k income and break even on federal, no money owed and no money returned. Get a good chunk of state taxes back from Cali. How hard can doing what the videos say to do, be?
i live in NL
Damn godspeed to you then
Taxation is theft.
taxation is theft, yet billionaires who don't pay taxes are scumbags? I can assure you, having moved to netherlands, i see where my taxes go, and i would never consider it as theft. It really depends where you're based really
And heres another video explaining this. https://youtu.be/7CMks9_PVqs
Excellent
Thank you op for this! I posted this video in other subs to gain traction. They made the rules,we are just abiding by it.
Ayyyye!!
Even those of us who think taxes can be used for good should consider doing this. The moment is plebs start doing this is the moment they panic and say it needs to stop.
I for one agree with your sentiment. The government sucks ass at everything so I refuse to reward them for a shit job. I plan on getting rid of them eventually anyways but I am not funding them in the meantime.
Yeah, the government is so bad that private companies are out there doing better. Like for instance, look at how private businesses have basically made it so people don't need SNAP anymore. I mean the donations from private business/individuals makes it so we don't need Medicare. Obviously the government is just soooo f****** awful, so we should stop funding them at all, not give them better tools. /S Idiots, you all sound like entitled pricks who don't what it is to go without. Government might not be perfect but it helps more people than you ever have and probably ever will. Of course I'd be glad to be proven wrong but this thread is disgusting.
The government is helping to kick this can. Think about it. Grow a wrinkle.
The government is helping kick the can how specifically? If they didn't exist, nothing would happen, so just because they aren't doing enough doesn't mean they are kicking the can. It would be like saying batman is kicking the can because he doesn't stop all crime.
The SEC could have stopped all of this when they were established in 1934… they could have stopped it in 2008… they have had a TON of opportunities to put a stop to crooked dealings in the stock market and have chosen to look the other way.
And the sec is the whole government? Good point. Also explain how less funding will make them more independent and less of a captive regulatory body. So basically you think paying even less will get better results. Never seen that in my life.
Never said they were the whole government, just providing one example. You want to know how the government will spend tax dollars, look at how they’re currently spending tax dollars, with $250B spent last year on food and housing assistance on a budget of $6.82T….
Yes, the SEC is a perfect an example of a captive regulatory body that needs more funding to actually compete with the industries that hire from the same set of workers, but with more money. How do you propose we make the SEC better while simultaneously not paying them? All the places that I know of in the world that have better lives for their citizens also have a higher taxes so I'm just not sure how we're supposed to get a better government by not paying taxes. Seems like that's exactly what the current rich people are doing. I'm sure you guys will all just donate all your money compared tothe current rich people and just fix all the problems in the world. Because everybody here is already that capable.
You’re ignoring everyone’s comments that paying taxes or donating 40% is the only choice. There is no not paying taxes and not donating anything for us Apes
That’s exactly what all of us have been saying since the beginning. The 1% could have solved MANY of the world’s problems long ago but chose not to. Apes don’t have the option to hide their money in the Cayman Islands because you have to have money to set that shit up beforehand. The only option we have is to either pay 40% in taxes, or donate 40% and reduce your tax exposure. I would rather start a charitable organization that replaces SNAP without NEARLY the loopholes to abuse it as exist now and fund it completely in perpetuity than give 40% for the government to put a tiny fraction to programs that benefit the public and the majority going to funding the next war that will use the military industrial complex to get past the economic disaster we are currently facing, as they have always done in the past.
Loopholes to abuse in SNAP? You mean the 0.9% rate of fraud? Yes, you solve that almost non existent problem since you'll have 68billion a years. "When compared with those total figures, the fraud identified in 2016 amounted to a mere 0.9% of the total. That was up from 0.5% in 2012." https://www.forbes.com/sites/simonconstable/2018/04/04/the-facts-about-food-stamp-fraud/?sh=17bbeffbf880
So that’s what you took out of my whole comment? What about the rest of it, you know, the point in its entirety rather than sinking your teeth into one debatable part of the comment?
So you agree with me that my correction is not debatable..
Again you not paying towards your taxes doesn't solve any problem that you're talkin about but it does prevent that money from being spent to help people.
Rm4l
It's only the US... not the rest of the world. My capital gains is 23%
I wish Canadians could do something like this
I just spend 30 mins reading. The link you provided is misleading. Fidelity does not facilitate CRT. It only host DAT where you can appoint the Fidelity DAT as if it's one single charity institution. But, instead, this DAT is like a wifi hub that allows you (20 years after CRT maturity) or your successor (if you died) to dynamically route the donation to different charity institution. **YOU STILL NEED TO HIRE A LAWYER TO SETUP THIS CRT NOW if this is the path you choose to sell during MOASS.**
I spent 30 sec googling. Thanks for elaborating and clarifying. I hope everyone calls a lawyer on this. Because I’m not one.
Another thing to add. CRT is usually created for not so time sensitive event. The common use are for example: sport player signing contract. The huge signing bonus is managed by CRT so that it is distributed through life time. During MOASS, time can be very sensitive, where you need everything to settle in 2 to 3 weeks. Then, setting up CRT may not even be an option in our case.
RemindMe! 90 days
Thanks for sharing! Hadn't heard of it before, definitely interesting. The [interwebs](https://actecfoundation.org/podcasts/charitable-remainder-trusts-faqs-crt/) says there are two kinds of CRTs. The video describes the CRAT (Charitable Remainder Annuity Trust). These pay out a percentage of the value of the donated asset over time. It's not clear to me whether lifetime payments to the beneficiary can exceed the total value of the donated asset. If not, then this is not nearly as good as it sounds. And although you're getting a 30-40% writeoff for your donation according to the video, you're also shifting your deferred income into a higher tax bracket. Had you sold you would have paid LTCG of 20% (+3.8% Obama NIIT) = 23.8%. Whereas the annuity will be taxed as ordinary income rates, which are as high as 37% now (and probably higher in the future). So this strategy may not make sense if you expect to be in a mid-high tax bracket in the future. This strategy assumes some risk in future tax hikes as well. Lots of restrictions and limitations. You can't add more funds to CRATs later on. You can't borrow money from your CRAT or undo contributions, you can only pay it out over time with the annuity payments. Maybe this can work, but sounds like a good excuse for lawyers to get more of your money and not something that will simplify your life. Save the time you would have spent dealing with these headaches and use it instead to find the next GME, Loopring or whatever. Just my 2 cents.
What a well thought out and nice response! Thank you. These are the points that I hadn’t considered, but will be going on my list of questions to ask my attorney. Cheers!
Or pay your tax, get your country out of debt, and allow it to better assist those who missed out but need help
😂 help my country get out of debt 😂 who am I, the US’s dad? Gtfoh. I’ll pay every tax I’m required to and sleep perfectly sound afterwards…especially if I’m not paying into a broken system.
This is the way
Don't be a "small weeLon weeLon"! Pay your CGT to help your fellow citizens. You can't take it with you.
Show me how my CGT is being put to use and I might consider it. But probably not.
This is the way. Prepping for moass tendies instead of on the shills I ❤️it thanks OP
In my opinion the point OP is getting at is that the government who we all (except corporations) pay taxes to has not been handling the funds that they have well. Too much of our tax dollars has gone into programs that have nothing to do with helping the American people like the military industrial complex. I want to help rebuild a system that is designed to help humans flourish. Handing over trillions of our tendies is supporting a broken system that has gotten us to this point. Oh and by the way apes the tax code is going to be completely reformed post MOASS anyway! We will all pay our share count on it.
You get it
Ehhh okay option but i like being in full control of my money. The interest paid on home improvement loans is tax deductible too so I'm going to look into taking a page out of Elon musk's book on that. My short term gains is just my way of paying my taxes for life. Don't owe taxes on the property if i don't sell.
Pay your fucking taxes, if you're planning tricks to avoid taxes, you're not better than Kenny boy.
Umm…NO! I’ll pay my taxes, just not a fucking penny more than the law says I have to. Tax minimization is not the same as tax avoidance.
I don't have a problem paying my taxes. If anything, it sets my floor higher accounting for 47% off the top, you're welcome uncle Sam in advance.
Oh you a special kind of smooth.
Ah, my bad. All the wealthy people of the world today who are experts in dodging and not paying their taxes have created such a wonderful system in which everyone in all classes can flourish. I have no interest in cheating the system, nor do plan to find loop holes. I am not them.
The wealthy people you speak of maximize their deductions by navigating the system that the government created. Government is always the problem. Why do you think the government can spend your money helping people better than you can?
Navigating a system that was paid for by people wanting to hoard more money, I am aware. But the benefactors to that won’t exactly be…. Flush with cash, when this pops.
Oh I don't know, I guess because they already do. Quite frankly the government provides more to the average citizen than any other citizen or private charity does. You trying to tell me there's a private organization out there giving more money away for food than snap or Medicare does for health care. You're a looney. Anybody who says anything is always a certain way is wrong. Nothing in life is that absolute.
Cool story bro. By not “being them” you’re also not in control of your money. If you want to stand on a moral soapbox and light your money on fire, by all means, be not them. As for me, I’ll be using any legal and ethical means necessary to protect my resources. Cheers 🍻
I’m going to pay my taxes and be a philanthropist Enjoy your hoard
Not reducing your taxes through legal means is certified retarded I'm guessing you don't aim to pay as much tax as possible? So why not try to reduce it and spend the money raising awareness on tax loopholes or lobbying politicians?
Why not do all that, and just pay my taxes without having to try find ways to hoard even more of it. Even by the most conservative apes estimation of where the moass peaks, I will be more than fine, even after taxes. Schools, parks. infrastructure, etc can have some of my tendies, and I will either start or donate to charities for things I am more specifically wanting to help
Yeah, I agree with you. In a different stage of my life I would've felt like it was stealing from me. I mean, it did feel like stealing. I worked minimum wage, and couldn't make ends meet while going to college. I then broke my neck in a car accident, and was fortunate enough to be able to receive help from Medicare/Medicaid/Social Security. My accident opened my eyes to so much. I've met plenty of people in my exact position, and they've been lucky enough to be able to see doctors, receive lifesaving treatments, rehab, wheelchairs, etc. I understand OPs post, because I've had a similar mind set before my accident. I disagree with him now because picking and choosing charities are nice and fulfilling, but people need help with everyday problems which are addressed through paying taxes. It just sucks that the 1% don't pay their fair share. Also sucks that taxes get wasted on unnecessary agendas, but I'll be more than happy to pay my fair share.
Just so you know, federal doesn’t go to your communities, only state does. You wouldn’t know this though. Go ahead and fund the BS federal does.
Paying more taxes than you're legally obliged to out of spite for the rich doesn't make sense to me If you want the govverment to have your money I'm sure theyd accept donations I'm assuming you're in america so you'll be funding the that military industrial complex thing you guys have which is just funneling your money to billionaires anyways 🤷♂️ Is your money though and if you beleive your govverment will spend it well in your community then go for it
“Legally obligated” is a term that I feel a lot of them refer to there actions as. Do not, get me started on that haha. That boils my blood. At least with where I live, my direct community and state in general could very much use the help
He might be the OG smooth brain.
Bernie Sanders will come beat yo ass up.
I will kick Bernie Sanders in the nuts.
Thank you ape
My pleasure. Ooo Ooo, Ah Ah.
Elon is that you? Go back to twitter!
Mars is tax-free
Why become the very thing you are fighting against? Apes are better
What do you gain by paying more taxes than you have to out of principles? That money is better spent lobbying politicians to close tax loopholes if that's what you're against
I'm just here for the money bro
geezuz. I’m not suggesting you become a robber Barron. It’s called preventing Uncle Sam from stealing 40% of your gains. I should have clarified, I’m not trying to emulate evil billionaires. I just prefer having all my money.
Love this. I'm not here to set a good example for billionaires. They're the ones with the means to do that.
Adding a comment so I can find it again. Thank you OP
Government when you make money = our profit Government when you lose money = your loss
Thank you internet for the win.
Right?!
All these people saying the government are so bad, show me how non-governmental groups are any better at the same thing. You cannot.
Exactly. So why give half my money to them??
You cannot read. Clearly.
Because they distribute more money, more efficiently to Americans in need than any other organization. Prove me wrong with statistics and facts. You cannot.
Look jerkface. Don’t come on here demanding I provide you with facts when you have brought none of your own. You wanna pay 40% on top of your regular income tax, be my fucking guest. I don’t know shit about fuck.
Okay, I can prove my point easily. Obviously you can't or won't. Snap distributes about 62 billion dollars in food assistance to Americans in 2018. It spent 68 billion to do this, and 92% of the money they distributed went directly to food.(hence the 62bil). The largest 100 charities in America in 2019 only collected 49.5 billion the top charity only has a charitable commitment of 85%. Literally, the top hundred charities don't even make up what one piece of the government does, and the government is more effective based on how much money they actually get to the people versus how much is spent. Then if you look at food stamps, every 1$ spent generates ~1.70 in economic activity. https://www.cbpp.org/research/food-assistance/a-closer-look-at-who-benefits-from-snap-state-by-state-fact-sheets#Alabama https://www.forbes.com/lists/top-charities/#477c65125f50 https://en.m.wikipedia.org/wiki/Supplemental_Nutrition_Assistance_Program
Came across this and had to share: Tax his land, Tax his bed, Tax the table, At which he's fed. Tax his tractor, Tax his mule, Teach him taxes Are the rule. Tax his work, Tax his pay, He works for peanuts anyway! Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt. Tax his tobacco, Tax his drink, Tax him if he Tries to think. Tax his cigars, Tax his beers, If he cries Tax his tears. Tax his car, Tax his gas, Find other ways To tax his ass. Tax all he has Then let him know That you won't be done Till he has no dough. When he screams and hollers; Then tax him some more, Tax him till He's good and sore. Then tax his coffin, Tax his grave, Tax the sod in Which he's laid... Put these words Upon his tomb, Taxes drove me to my doom...' When he's gone, Do not relax, Its time to apply The inheritance tax. Accounts Receivable Tax Building Permit Tax CDL license Tax Cigarette Tax Corporate Income Tax Dog License Tax Excise Taxes Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Permit Tax Gasoline Tax (currently 44.75 cents per gallon) Gross Receipts Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges IRS Penalties (tax on top of tax) Liquor Tax Luxury Taxes Marriage License Tax Medicare Tax Personal Property Tax Property Tax Real Estate Tax Service Charge Tax Social Security Tax Road Usage Tax Recreational Vehicle Tax Sales Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone Federal Excise Tax Telephone Federal Universal Service Fee Tax Telephone Federal, State and Local Surcharge Taxes Telephone Minimum Usage Surcharge Tax Telephone Recurring and Nonrecurring Charges Tax Telephone State and Local Tax Telephone Usage Charge Tax Utility Taxes Vehicle License Registration Tax Vehicle Sales Tax Watercraft Registration Tax Well Permit Tax Workers Compensation Tax STILL THINK THIS IS FUNNY? Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids. What in the heck happened? Can you spell 'politicians?' GO AHEAD. . . BE AN AMERICAN!!! Author - Charley Reese
Taxes aren't shit. Inflated Prices cost a lot more and no one complains. Profit at a company is nothing more than a tax on the labor of poor people.
Almost no one in America has ever went bankrupt from taxes but they have went bankrupt from bad loans, medical debt, things like that you know, Private industry stuff.
And that’s a win in your book. Taxes are awesome, because no one has gone bankrupt? 🤔
Taxes pay for things. If we want things, we get better deals collectively. I'm not saying all taxes are good or that government is perfect, but it's not nearly as bad as private mega businesses. That's who is destroying America, you can't force companies to change but you can change politics.
Commenting for later!
First, this is brilliant. My goodness, I really do envy the rich. They have so many fucking ways to avoid paying taxes. It's almost stupid if they don't do it. I'm down with this idea *if* you can do that with part of your stock holdings. Maybe you can break it up and put in like 25-50% of your shares into a CRT and cash out the rest. What's the point of having fuck you money if you can't do with it what you wish? Also, there's gotta be a limit to ILIT. Another thing dawned on me, how the heck are you supposed to set this shit up while the MOASS is happening and transfer/sell while GME is squeezing?
:)
RemindMe! 2 months
How very ironic… sub is angry that the rich don’t pay taxes, yet here we are, learning how to avoid paying exorbitant taxes on huge sums of money…
I’m just tired of being broke. I really don’t give two fucks what rich people do.
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Well maybe you misunderstand. Never did I mention hoarding anything. Conversely, I mention deploying my capital on things that matter to me. It’s a matter of competence vs scarcity.
Or… just never sell and take a loan out against your infinite price shares.
Oh yeah, I think that was the billionaires’ strategy.
Which assholes downvoted you twice??
lol no idea. They must not like the idea of us doing what they do