Our
‘Representatives’ let the rich pay less tax than we pay
A married couple
making $200,000 a year could end up paying higher tax rates than a person
making $200 million a year. That is the conclusion we see from analyzing
the 15
top income earners. Some pay nothing just like the most profitable
corporations. Who makes the rules that make the American progressive tax
system a lie? They are the people we elect who take campaign
funds (bribes) from these same
wealthy folks. As one of the wealthy admitted: "We don't pay taxes.
Only the little people pay taxes." When our Reps create systems that help wealthy
folks hide their income, the tax rules can’t be used. The rich have
no earned ‘income’ to tax. They hide
their assets in legal entities that can’t be taxed by any method. Meanwhile working people pay about
32.9% total tax. We can’t avoid SS, Medicare, property, Fed and state
income taxes. We can’t hide from taxes since we don’t have dummy corporations,
trusts, oversees entities and many other legal tricks. For instance, Jeff Bezos
with $177 BILLION net worth had so little ‘income’ in a couple of recent years
that he was able to pay $0 in federal income taxes in those periods. Our
Congress creates loopholes so the rich have NO income—so no taxes—and never get
audited. For instance, they
can live on a loan financed by their assets. Loan income isn’t taxed: a $
billion asset can produce $100 million a year. The IRS can’t even
figure out their schemes. We live under “socialism for the rich.” We pay for the airports, highways, sports
teams, courts, police, military, subsidies
they use. They pay little.
https://www.amazon.com/Americas-Socialism-Rich-little-people/dp/1535218584
When to start taking
your Social Security benefits?
Use this free
calculator to maximize your benefits: https://opensocialsecurity.com/.
There are a lot of issues in this decision for some people. SS benefits are
usually taxable. For others like myself, I had to begin early because I could
find no work in my career field. For others like my wife who was still working
and building her final pension, the wait till age 70 was a way to increase her
benefits to the maximum—about $1 million. Your situation is unique and this
decision is worth between $500,000 to $1,000,000 in income over a lifetime. Get
help using free sources, including a visit
to your local SS office or pay a fee-only
financial planner to help you calculate all your income sources and potential
tax situations. A commission or paid-fee sales person may not provide the best
unbiased advice. Always get a second opinion if a certain product is
recommended.
https://www.amazon.com/Lets-Do-Numbers-Creating-Retirement/dp/1502775522
How much did you
have to pay for Twitter?
Musk bought Twitter
with loans instead of selling his stock. He paid no
taxes by using his ownership of Tesla to get the loan. You and I would need
to pay capital gains tax if we sold our new car to buy an older car. When
people buy a car from him, you and I give Musk a $7,500 subsidy—total
$7,021,290,000 on 936,172
sales in 2021. Despite selling all those cars, Tesla
paid nothing in taxes on a record profit of $5.5 billion in 2021. You and I
pay more taxes/national debt since Tesla paid nothing. Elon Musk's net worth
has surpassed $300 billion but he pays taxes at a rate much lower than ours. Elon
Musk paid less than $70,000 in federal income taxes between 2015 and 2017, and
he did not pay anything in 2018, according to recent reports. But even
though we helped Elon pay for another asset he owns, we will receive nothing
except paying for his avoidance of taxes. We and our kids will pay for the
subsidies over time as we pay off the national debt. When people sue Musk for
his mistakes, we pay for his use of court and judges from the taxes we pay and
he doesn’t. It is a great system for the wealthy and powerful.
Avoid paying the taxes
he should pay: https://www.amazon.com/Tax-Shelter-Avoid-taxes/dp/1985448300
Tax-refund
Millionaire-- https://www.irs.gov/refunds
Most people spend their tax refund—your refund could be a retirement nest egg
Michele had trouble saving. She seemed to always be waiting for her next paycheck. She never had enough to save for a rainy day like her Mom did. She used to make about $35,000 as a shop manager but with federal, social security, Medicare and state taxes, unemployment, disability, and health insurance, she was not able to put anything away for retirement. Years ago, her local tax preparer suggested she use her tax refund to create a retirement fund. Usually Michele would use her refund to pay bills or buy something special. The tax preparer said that if she agreed to start an IRA with $2,000 of her refund, she would be able to increase her refund—Uncle Sam would help her save. The amount she invested would reduce her income and make her refund larger. The $2,000 could grow over time, if she left it in stock mutual funds in her IRA account. Over time, it has grown large enough that she will have enough for retirement.
I will help you start in 1 hour: https://www.amazon.com/Tax-Refund-Millionaires-Let-Uncle-Help/dp/149595644X
Which portfolio is the best for you now?
We are entering a time of high inflation and higher interest rates. What your
advisor should be emphasizing now is a broadly diversified portfolio. Some
advisors are pushing crypto
for retirement even thought crypto is a speculative asset. Crypto may sell
TV time but beware
the dangers. Stocks are necessary because they are the most likely to
overcome inflation in the long run. When interest rates are rising, fixed rate
bonds are going to decrease in value. The bonds you can buy today will provide
less interest in the future so few will want them and they will be reduced in
price. When you compare the potential value of commercial real
estate, you will hold on to your REITs. Commodities have been on a wild run
recently with the Vanguard Index
hitting 56% for 1 year. This fund represents a potential hedge against
inflation risk and as further diversification for a traditional stock/bond
portfolio. Keeping your money in a portfolio with a set of low-cost funds
may be the best way to deal with the current uncertainty. No advisor can know
the future so controlling your costs and taxes may be the best choice for now
and the future. Learn
yourself and save.
https://www.amazon.com/Millionaire-Mutual-Funds-Save-taxes/dp/1534939490
Annuity substitute
The annuity industry is pushing for Congress to have your employer include these expensive products in your 401k retirement options. Instead of moving your money to an IRA and taking the money for retirement income monthly, you would pay an insurance company extra to send you a monthly check. Employers used to offer a pension that you could count on to never run out of money. In return for your loyalty working for your company for 20-40 years, your boss would make sure you had income for the rest of your life. Sometimes employers even continued paying your spouse and included health care too: no longer. Since the 1980s, employers took the money for pensions and increased payout for senior management and stockholders. Employers passed the expense and investment risk to working people. Managements were still guaranteed their $ millions. The employees were given a couple of bucks to invest without knowing about investing. Most have done a poor job of guaranteeing a living retirement income. Employers are happy to pass on the responsibility to the insurance industry by encouraging workers to pay more for an annuity. The selling point is lifetime guaranteed income—but at a much smaller amount.
Consider annuity alternatives: https://www.amazon.com/Best-Annuity-Strategy-Income-Growth/dp/1497532019
A cost-effective emergency fund
If you own your home with some equity, you can set up an emergency fund at no cost. If you had an emergency expense like medical emergency surgery that was not covered by your health plan, where would you get the money? Would you go to your family, a 25% credit card, or file bankruptcy? A low-cost alternative would be a HELOC—a home equity line of credit. At the current 4% interest, you would be able to handle your emergency now and pay back the self-loan at your own pace and avoid overpaying for interest. HELOC amounts are tied to the equity in your home, a good credit rating and home appraisal. There are no closing, administrative or lawyer costs—little or no out of pocket costs until you use your line. Save $3,000 on fees, commissions, overcharges. Save $3,000 a year: https://www.amazon.com/Insiders-Guides-Discount-Financial-Services/dp/143480593X
?**********ACCOUNTABILITY**************?
Like 1776, this period is a test of democracy—We rejected an "American fascist" once
The
Path to Dictatorship: 2010-2030
Nov 2020 Wealthy
discredit election process
Jan
6 2021 Direct
assault failed: guns
& bombs ready
Fascism: ‘Everywhere
Babies,’ a picture book banned
Terrorist: “just
followed Trump’s orders”
250
terrorists guilty: nonviolent misdemeanors.
Judge: Trump
guilty contempt of court: lawless
How Govt wastes our money:
Disney
punished for free speech by FL: residents
will pay for its services and debts
FL will now regulate how
you think in your school and your business
FL
residents sue county for banning books, closed meetings: violates 1st
Amend
GA
bans teaching "divisive" concepts like structural racism: whites
don’t want to know it
FL
judge now regulates national health criterion for shots, masks,
disease, flu, etc
Trump judge, not
doctors, not FDA, to decide covid treatment for children under 12
OK
bans abortions: felony crime 10 years if doc caught
US
and Russia sell the arms to end the world: will Putin or Trump
pull the trigger?
FL election police
(brown shirts) seek and destroy voter ‘fraud’: Trump mail-in ballots ok
SCAMS/SPINS:
HighPoint Advisor caught
overcharging clients: wrap program costs more: no disclosure
Beware: advisors
switching from “personal interaction to digital technology” to cut costs
Ex-FBI Official Accuses Tucker
Carlson Of Aiding And Abetting Terrorism
Giuliani to explain to Congress the
plot to overthrow the government: lawyers do sedition
Whistleblower
on Trump’s Russia funding probe is dead: DeutscheBank-oligarch
link
Trumpist lawyer Meadows voting in 3 states: GOP
voter fraud proved no jail time
GOP Trumpist: “I’ve Had It With This Guy” but fear
of fascist’s power made him kiss up
Trump
picks MI chief elections officer/law enforcement: lock in next election for
GOP
Trumpist Green:
not remember a thing re: “fomenting violence,” facilitating overthrow
Trumpist
Brian Kolfage Andrew Badolato stole money for Mr T’s wall: 46
yrs prison
Trump
Jr can’t count either: makes up math like he makes up news
More
Black, Latino and Asian Americans turning to firearms for self-protection …
but
Mass
shootings are on the rise: anger, alienation, grievances or minor slights
revenged
Ban
guns not the books: no one was ever killed by a book: we are killing off
our young
Fake
Microsoft virus helpline steals $ 1.7 million from computer victim: ask Avast.com
Fake bank contact: legit
looking call, text, email looking to steal your money.
Tesla Model 3 sedan on Autopilot
crashed into a parked fire truck in IN: killed wife
Recall
48,000 Tesla speed display software upgrade: ‘over-the-air’ software update
Gambling
addition: will US become like
Inflation
from gauging not higher wages: 54% from profit margins; 8% from labor
costs
Jobs
KY jury
awarded employee $450,000: asked employer not to celebrate birthday, did it
anyway
Top
10 states for tech jobs: TX, CA, NY, VA, FL,
When you need a little push to enter your highway lane: make
a 3-D at home
Fidelity 12,000
new financial jobs
Study says: CA
police do not like people of color, immigrants, women and LGBTQs.
Who owns your account now?
Tesla crashes into $3.5 million jet after being ‘summoned’:
“autopilot”
kills their jet
Vehicle
Dependability 3 year olds: Kia, Genesis, Hyundai, Buick and
Musk gives Trump and other fascists the floor to make more hate: it’s their right to hate
NJ E-coli beef recall: check your packages
Mastercard
Free ID Theft Protection and Credit Monitoring: why pay up to $120 a year
Miracles:
A packed train TO Kyiv: going
home to rebuild: will Marshal plan help?
Monarch
butterfly is back: after years of decline: insects
in decline from heating/farming
Belarusian
railway workers who helped thwart Russia’s attack on Kyiv
A pet lover’s courage
to save the animals in war: true
grit by example
What the
world needs now: Sympathy
Warming
planet’s tangible impact on Alaskan native culture’s food traditions
97,500 square miles
of trees
vanished last year: 1/3 by fire alone
Trumpist
head USPS buying all gas fleet: no electric deliveries
Manchin gets paid
$500,000 a year to keep his coal
company in the pollution business
16,000
foreign volunteers assist
Everything in the
universe from sun to stones is made of subatomic ‘vibrations’
A subatomic ‘particle’
is the smallest possible vibration (quantum) of a quantum field.
Mass–energy equivalence:
E=mc^2 Everything at smallest level is
moving!
We can apply for
Medicare online: https://blog.ssa.gov/apply-for-medicare-online
We can apply for Social
Security online: https://www.ssa.gov/benefits/retirement/
We can apply for
health care online: https://www.healthcare.gov/
IAN
973.746.2014
www.InsuranceAdvisorsNetwork.com
Alerts available
at http://dankeppel.blogspot.com/
