Friday, December 10, 2021

Congress allows wealthy to avoid paying any taxes

 

Great gift idea: tax-free ‘Wealth Reserve’

Help you child or grandchild get off to a great start in life: open a tax-FREE account for a secure future. You can open an account with them for $1000 and as they make contributions from earnings and holiday gifts, you can show them how their money compounds at over 11% a year. There are no broker fees, charges, or commissions so every $1 works for their future benefit. They never have to pay Uncle Sam either. This is a legal IRS tax shelter. It is the ultimate wealth management system for their whole life. A ‘Wealth Reserve’ is the New American Retirement System: all earnings are tax FREE.

Get them started right: https://www.amazon.com/Give-your-child-leg-manage/dp/1096505355

 

Another way the wealthy avoid paying their fair share

Tax avoidance is the avocation of the wealthy and their ‘team.’ More popular now is the “Split the Masterpiece in Two.” With this trick, they “give away” a short time use of their collection ownership. They get a tax benefit tied to surging art values without donating a painting outright. In a typical arrangement, the piece goes back and forth between the donor and a museum. The owner gets an income-tax deduction based on the fair market value, potentially giving away more slices over time, for as long as 10 years. They can take $1,000,000 deduction every year on a $20 million piece while still viewing it at home. The IRS doesn’t release data on how often taxpayers claim deductions for these types of donations, so it’s impossible to track how much tax is being avoided with the strategy. Wealthy investors don’t typically tout it with the same publicity they might for donating an entire piece of work to a museum. Soaring prices for fine works are also helping to popularize yet another tactic that comes with tax advantages: art financing. Borrowing against the value of artwork allows people to get ample cash without having to sell, which means no capital gains taxes due. They have income they never have to pay income tax on. The rich have their cake [art] and eat [cash] it too. NO taxes ever.

American Socialism for the Rich: https://www.amazon.com/Americas-Socialism-Rich-little-people-pay/dp/1535218584/

 

Can you always “only pay for what you need”?

Liberty Mutual says: “You could save $947. Only pay for what you need with customized insurance from Liberty Mutual. Get my customized quote.”

Yes you can! Every insurance company offers to customize your coverage. Why would you pay extra for roadside assistance if you have a credit card with customer service? Why pay extra for accident forgiveness, low deductible, uninsured motorist (states that don’t require it), medical payments (if you have health care already), lost income (if you have other income), comprehensive (if your car is over 8 years old), theft (if your car type is not stolen often), bundling (if multi-policy cover is more expensive), monthly and paper billing, full year mileage, etc. Most people overpay for years: save $22,000. Discounts are not always explained—you must ask since fewer premiums means less commission to the agent. You should compare at least 3 carriers since they change their rates all the time. I have been quoted $500 to $900 for the same coverage.

Ask and save: https://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634

 

Congress helping insurers sell annuities

Many bills are being considered this year so that insurers can sell their high-cost products directly to retirees. Fee structures for annuities make it seem like you pay nothing. However, an agent may earn 10% or more on your 401k transfer--$20,000 on $200,000 for example. The insurer makes so much on your money that they pay the agent with an up front advance. Then each year you pay 2-3% of the total usually by deducting it from your account before you see the bill. The costs of an annuity are hidden in 5 or more fees and expenses charged each year. Of course there are benefits to a guaranteed income for life. However, most agents don’t mention that you are giving up the purchasing power of your money when you hand it over to an insurer. Insurers will be earning an average of 11% a year on your cash so they, NOT you, offset rising prices. Your guaranteed income may lose HALF the buying power in 20 years because of inflation. Since your family does not receive your money, they may lose a legacy if you die early. If you need your money for medical or living expenses, the insurer takes surrender charges of up to 7% of the value out of your check.

Consider alternatives: https://www.amazon.com/Retirement-Income-Annuity-Guaranteed-Life/dp/1497337313

 

Congress allows wealthy to avoid paying any taxes

Example: Stephen Ross, who developed the Time Warner Center and Hudson Yards in Manhattan, paid no federal taxes for years. He doubled his net worth from 2008 to, according to Forbes Magazine’s annual list, by adding $3 billion to his fortune. Though the developer brought in some $1.5 billion in income from 2008 to 2017, he reported even more — nearly $2 billion — in losses. And because he reported negative income, he didn’t pay a nickel in federal income taxes over those 10 years. While ProPublica has shown that some of the country’s absolute wealthiest people, including Jeff Bezos, Elon Musk and Michael Bloomberg, occasionally sidestep federal income tax entirely, this group does it year in and year out. Take Silicon Valley real estate mogul Jay Paul, who hauled in $354 million between 2007 and 2018. According to Forbes, he vaulted into the ranks of the multibillionaires in those years. Yet Paul paid taxes in only one of those years, thanks to losses of over $700 million. And we pay Congress to legally help these people pay nothing for their subsidized life in America.

Use your tax shelter: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

 

Saving $9 a day makes big difference

Those who save early don’t need to save a lot to reach all their goals. Time is money because when money is compounded in large businesses, it multiplies like rabbits. Many readers started investing late and so tell me over and over how they wish they had started when they were younger. They help their grandchildren get started with the new tax-FREE account. Saving $9 a day, $250 a month, $3,000 a year, compounds to $2,060,000. You actually deposit $120,000 over 40 years in a low-cost stock index fund (no advisor fees necessary) and your money compounds because you reinvest the profits and dividends from the Apples, Google and Amazons of this world. You pay 0.04% not 1-2% to an advisor-managed fund, so you earn the market rate of 11% a year on average. If you pay 2% per year for “advice” about securities you lose up to 63% of what you could have earned over time, according to Vanguard’s founder John Bogle.

Try compounding: https://www.amazon.com/Miracle-Compounding-Turn-day-into/dp/1470176513

 

 

 

?**********ACCOUNTABILITY**************?

 

 

Like 1776, this period is a test of democracyWe rejected an "American fascist" once

 

 

The Path to Dictatorship: 2010S-2030

 

 

The Coup is ongoing

 

Rule of law demoted

 

Coup enabler takes Fifth

 

Foreign donors paid for Coup

 

Special interests undermine our votes

 

 

How Govt wastes our money:

Supremes: taxpayers must pay for religious education (creationism) in some states?

Manchin holding up debate on Biden’s social-spending package: delay is GOP way

 

SCAMS/SPINS:

MI 15 year old school killer’s parents: “You have to learn not to get caught." Xmas gift

GOP to control women’s choice not control of gun choice: guns for Christ’s birth?

KY Massie shows future Christmas morning: it is scary compared with Christ’s message

 

Supremes are supreme liars: confirmation session promises on Roe by conservatives

Supremes confirm TX ban on abortions: no exceptions rape incest: pills not available

GOP crying about running up deficit again: 2017 tax break for rich cost us $4 Trillions

 

GA judge stops Biden vac mandate for fed contractors everywhere: GOP going for million dead

NYC private company vaccine mandate: more delayed openings

Athletes lie about vac: Rogers White fined $14,650; Brown, Edwards suspended 3 games

 

Easy to create fake vaccine news: we are persuaded so easily and 800,000 dead so far

Trump blames Biden for Covid deaths: irony of ironies: Trump: “just like the flue

Covid-19 hospitalizations have increased 40% compared to a month ago

 

Study: People in states voted for Trump are at 50% higher risk of dying from COVID

People in states voting Trump forming their own national propaganda network: fake news

Trump’s GOP working to upset GA gov voting process thru fear of Blacks

 

RECALL: Veklury Remdesivir because of the “presence of glass particulates

Drug companies pay to change Congress rules re: lowering drug prices: we lose

 

Scammers favorite ways to take your money: fake warnings, holiday jobs, fake charity

GOP dismisses pro-consumer bank regulator: fake label kills nomination

Phillip W. Conley FL caught stealing $ millions; fake ventures statements 7 yrs prison

Matthew Clason caught stealing $600,000 did errands got confidence: 30 mo prison

 

Life insurance rates to climb after 800,000 Covid premature deaths: make up lost profits 

 

CA bans gas leaf-blowers mowers in ‘24:

Gov will no longer buy your utility, phone, cable info from credit cos. Hackers get it free

Amazon’s ads have been deceiving us since beginning: gov not trace every complaint

 

Jobs

Toyota Battery Manufacturing plant Liberty NC create 1,750 new U.S. jobs.

3,000 open positions for Kris Kringle lookalikes at malls, homes and corporate events

500 LA school employees out of work: declined Covid protection

 

Shortage snowplow drivers: state agencies have to get legislative approval to up salaries.

 

Who owns your account now?

Drivers Give These 5 Car Insurers the Highest Marks: Auto Clubs, USAA need ID

Routers: best brands: Linksys and Netgear considered below average.

Google catches 2 Russkies stealing your data, bitcoins: can gov prosecute?

 

Miracles:

One-arm gymnast: “…when you practice hard and try even harder, it becomes easy”

230 skiing Santas come down the mountain

Warming may take the school house: coastal housing in jeopardy since 1950

 

Heat takes Christmas tree seedlings: years with fewer trees

Which experiences make you happy?

New Zealand makes it illegal for anyone 14 or under to smoke ever in their lifetime

 

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

41 Watchung Plaza, B242

MontclairNJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts available at http://dankeppel.blogspot.com/

 

 

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