Another way the wealthy avoid paying taxes—a good tax lawyer
Jenkens & Gilchrist were the best tax lawyers in the
country—even the IRS
admitted that by pursuing them for years for tax evasion and fraud. After
lead attorney Paul Daugerdas forged a tax shelter scheme used to generate
fraudulent losses and eliminate income taxes worth nearly $7 billion for
wealthy clients, the firm grew to 600 attorneys and was bringing in millions. Imagine
something like the story in The Firm:
Mitch (Tom Cruise) learns that most of the Firm's work involves helping wealthy
clients hide large amounts of money in off-shore
shell corporations and other dubious tax-avoidance schemes. Mitch goes
to a seminar on taxes in Washington ,
probably given by Paul to other lawyers. Trump
could teach that seminar based on his
record of tax evasion and asset value manipulation in buildings, casinos,
and golf courses. The best minds in the world aren’t curing cancer or world
hunger, they work for the 1%
who own more than 50 percent of the world’s wealth. “Only the little people
pay taxes” one of them said.
Trump new tax plan—cut the personal deduction, raise lowest
bracket
A middle-class family of five — two parents, three children
— would gain $17,000 for their standard deduction but lose $20,250 in
personal deductions. Their remaining income would be taxed at 12 percent,
not 10 percent. Extra child-care benefits might not be enough to make up the
difference, so they
would pay more. Trump eliminates what is called "head of
household" filing which raises single parent taxes. “Single parents
get hit with all three of the tax increases.” On the other hand, Trump
gives a government match of up to $500 per year, per child, for parents who
put money into a tax-preferred dependent care savings account. A match
requires you to put $500 in an account per child. Because of the huge tax cuts
for higher income families, Trump's plan would reduce federal revenue by up to
$5.9 trillion over a decade. China
will need to buy more US
savings bonds to cover the gap since fewer wealthy person and corporations pay
tax.
Avoid the Trump/Clinton tax increases: https://www.amazon.com/Your-Tax-FREE-Account-IRS-approved-shelter/dp/153735292X
Are you the 1% in your county?
You need only $97,000 income to be a 1-percenter in Holmes
County , Miss. Grayson County , Va. Teton
WY it takes over $2.2 million and growing. In
Massachusetts, 1-percenters’ incomes jumped 130 percent from 1979 to 2013;
they’ve increased by 112 percent in New York and 113 percent in New Jersey. In New
Mexico , they’ve grown only 22 percent over the same
period, and in Nevada , only 15
percent.
So the wealthy flock together and have been growing their
wealth faster. The huge middle
class has lost buying power since the 1970s. That may account for the
populist era we are experiencing and the
anger Trump is counting on to improve his personal wealth. The 1% has
doubled its income since 1979 by capital accumulation and tax advantages we
don’t have. The wealthy are not working harder – most of us are working two
jobs just to keep up. 1%ers can double their pleasures by avoiding taxes AND
compounding their assets. Compounding can double your wealth in 8-10 years.
Use compounding like they do: https://www.amazon.com/Miracle-Compounding-Turn-day-into/dp/1470176513
Special Needs child tax-FREE account
ABLE is a way to save $14,000
a year for anyone under age 26 blind or disabled without them losing their
SSI benefits. IRS
does not tax earnings in this account so it is like Roth IRA. Contributions
to $14,000 can be made to an ABLE account on an annual basis up to $100,000,
and tax-free distributions if used to pay qualified disability expenses. Check:
http://www.ablenrc.org/ For those with
greater lifetime needs a trust may help. Trust document available in book at https://www.nolo.com/products/special-needs-trusts-spnt.html.
You can also use a Roth IRA to create a tax-FREE inheritance for your
beneficiary.
No tax is due on the earnings. https://www.amazon.com/Your-Tax-FREE-Account-IRS-approved-shelter/dp/153735292X
GOP ‘trickle down’ economics failing so KS cancels its
scorecard
The end of the council's economic assessment tool is an
attempt to minimize public exposure of weaknesses
in Brownback's program to build the state's economy by exempting
330,000 businesses from the income tax and reducing individual state income
tax. "He specifically asked the council to hold him accountable through
rigorous performance metrics," a critic said. "Five years later, the
metrics clearly show his tax experiment
has failed while business leaders and local chambers of commerce across the
state openly ask him to change course." Schools and basic services have
been cut to balance the budget since revenues have fallen. Koch
Industries has taken its tax cut to other states to invest. Business does
not expand because taxes are cut. There must be buyers and consumers with
money. KS has proved ‘trickle down’ only works in state controlled economy like
Russia and China .
Wall Street is betting
on Clinton’s plan to raise taxes on the wealthy and business. 79%
of Americans favor her plan.
Avoid the tax increases: https://www.amazon.com/Create-Your-Tax-FREE-Financial-System/dp/1466367466
Pensions for public employees failing—Wall Street tricks
don’t work
Create your own tax-FREE supplement just in case: https://www.amazon.com/Your-Pension-Box-tax-FREE-employer/dp/1481945157
Are “fulcrum” fees in your mutual funds right for you?
Several mutual fund companies such as Fidelity,
Janus, and Saturna Capital now use a special kind of performance-based fee
structure, known as ‘fulcrum’ fees, in some or all of their funds. Fulcrum fees
are modified hedge fund fees for index funds sold by salespeople. A base fee
like 0.75 is assessed and then slides up or down depending on how well your
fund did compared to its index. So if your fund fell -2% while the S&P 500,
your fund index, fell -3%, you would be charged the higher fee. This means that
if your salesperson sold you on an index called “smart
beta” ETF (sounds cool) for large stocks, you might pay 0.85-1% because
your fund lost LESS than the market index. Clearly, this is an attempt by
wealthy fund companies to make their expensive funds more attractive by giving
their customers the illusion
of a price break from the hedge funds charging “2-and-20”—2% plus 20% of
any gain. Fidelity and most funds have seen customers
jumping to cheaper vehicles—namely Vanguard. Even Vanguard’s
managed funds are cheaper than these ETFs since you don’t pay a
salesperson—Vanguard’s registered reps are on salary. Morningstar: “cost
is best predictor of success”
GOP plans to win elections by limiting voting by Dems
Federal courts struck down restrictive voting laws in KS and WI
where the court found “The Wisconsin experience demonstrates that a
preoccupation with mostly phantom election fraud leads to real incidents of
disenfranchisement, which undermine rather than enhance confidence in
elections, particularly in minority communities.” TX courts struck down
its suppression law in July. Voter impersonation fraud is essentially
non-existent in practice and has virtually no chance of affecting an
election even in theory. These requirements fall disproportionately on racial
minorities and the poor. So these laws have racially disparate effects while
providing negligible legitimate benefits. GOP
has filled state houses with conservatives because only the die-hards vote
in off year elections with the support of NRA and other GOP-leaning
groups. Some observers see “a coordinated attack on democracy.” Others see
a repeat of old GOP tactics with a twist. Clearly, without the Voting Rights
Act and ‘conservative’
Federal courts, long lines may be the least price to pay for citizens of
the USA to vote. NC
has continued to block voters despite their own Circuit striking the
legislature’s suppression and Supremes’ NO. KS has refused
to follow a court order to reinstate voters taken off the rolls by the GOP.
FBI said hackers have attempted more
intrusions into voter registration databases. If they are Putin’s
men, you can guess which voters will be cut from the rolls.
If FL or OH have
fewer Dems on voter lists, could Putin actually pick the winner?
Don’s Apology?: “Sometimes in the heat of debate, and
speaking on a multitude of issues, you
don't choose the right words or you say
the wrong thing. I have done that."
Hill’s Apology?: “I
just followed advice of Colin
and other Sec. State before me.”
Don vs Hill 2016 – “debate” as reality TV show? Do Nothing Congress
decide US future.
“I guess
I’m having an Aleppo
moment,” Johnson joked when asked for name.
Don: Ted’s 180: “I am
not in the habit of supporting people who attack my wife and attack my
father.” But like Christie I need a job next year.
I
pay Ted for my mailing list outreach—he needs money; I need Bible thumpers.
I have been
successful at business so I
can save America; Fortune disagrees Marla
Maples was not an affair like Gennifer Flowers with Bill. “Another planet”
“They
gave me a defective mic,” My mic was defective. I don’t sniffle.
Giuliani: I
wouldn't participate in another debate unless I was promised Hannity”
‘You are
our country's only hope’ my
email to foreigners. “It’s not illegal is it?”
If I did
pay taxes, “It
would be squandered, too, believe me.” So he does not pay?
“Another
person would be in jail for that,” Jamilla Hawkins ,
NC
“Raise your hand if you're not a Christian
conservative. Should we keep them?”
Mike: Don has
answered ALL
questions about his Foundation paying debt, political pay.
Hill: I prepared for
the debate. Even the Arizona Republic
I am sending
Bill to FL to inspire the Black and Latino voters
Tim: GOP John Warner
former Senator and Navy Dept helped me in VA
Regulators are the only protection we have since we
can’t sue anymore
“It is nearly
impossible for one individual to take on a corporation with vast resources.”
(GOP bill requires
impossible: every person in class
action suffer “same type and scope of injury”)
Leon Cooperman Omega Advisors caught as part of an insider
trading scheme. Jail?
Colin Whelehan caught
insider trading on ADT Apollo Global deal for $24,000.
Jail?
Wells Fargo execs will
not receive future stock awards; no cash returned; no jail.
Is your vendor honest: http://www.consumerfinance.gov/data-research/consumer-complaints/
IRS announced it
will eliminate more than 7,000 jobs by 2024 so NO
wealthy audited!
Wells Fargo caught unlawfully
repossessing servicemembers cars for seven years; no jail
Banco Santander SA improperly confiscated
over 1,000 vehicles from military members
HSBC caught improper
repossessions of 75 cars. Not liable; no jail
In 2012 Capital One fined improper
seizures. “it might not be in compliance with law.”
BlackRock fund manager Mark Lyttleton caught
profiting from insider trading
We need regulation—GOP wrong—companies/cities
wouldn’t fix bad products on own
Police want gun control.
When everyone has guns; your
chance of being killed goes up. Police don’t know who to
shoot. They assume everyone has gun hidden. You and real criminals both have
guns.
If you are black, you
get killed even with no gun, hands up, and after stun gunned. They assume
you are a “bad
dude”; don’t wait to find out. Later say “found PcP in car.” If you act
erratically and ignore
commands, you are “put down.”
MO just eliminated licensing and training for anyone
to carry concealed weapon—crazy!
FL man called NRA group BEFORE victim died from “stand your ground”
killing.
SCAMS
Wells Fargo exploited a binding
arbitration clause to deflect customers' fraud allegations
ignoramus Award: New
laws to keep police videos away from public view—24 states
How our government wastes our money
We are paying $ millions for defrauding
for-profit colleges to keep profits Apollo still
600
more troops to retake (3rd time?) Mosul—we already trained Iraq
to do this once.
Where have all the jobs gone?
Driverless
trucks safer and
cheaper so 3.5 million drivers need training for …
Student in Melbourne
discovered way to kill superbugs
without the use of antibiotics: "a breakthrough that could change the face
of modern medicine" Drug company jobs gone!
IRS cuts more than
7,000 jobs by 2024 so NO
wealthy audited!
Progressive
to hire 1,300 IT developers, systems engineers, software engineers,
managers
9
year old graduates HS; college to ‘prove God exists’ with astrophysicist degree!
Who owns your account now?
GM
buyouts to 400 of its smallest U.S. Cadillac dealers—find a new mechanic
Jefferson
National to Nationwide
IAN
41 Watchung Plaza, B242
973.746.2014
Alerts
No comments:
Post a Comment