/biz/ - Business & Finance

[Anonymous No.22816744]

is it true that rich people dont pay taxes?

how do they do that?

[Anonymous No.22816761]

>>22816744
they just don't

[Anonymous No.22816799]

depends how rich, there’s a huge dead zone in the 7-8 figure range where you’re not quite wealthy enough to fully game the system so you get pounded in the ass by taxes

[Anonymous No.22816800]

>>22816744
Offshoring their taxes. Americans have it more difficult because taxation is related to citizenship instead of residency though.

[Anonymous No.22816828]

All these people are ill researched morons. Rich people don't pay taxes by either moving to costa rica for 180 days, or they have a ROTH IRA for examples.

[Anonymous No.22816864]

>>22816744
They move to Alaska

[Anonymous No.22816908]

>>22816744
it just is
the rules of the game is if you're rich, you pay no tax
only poor and middle class peasants pay tax
been this way for thousands of years

[Anonymous No.22816913]

Rich people pay 15%, much less than you.
Rich people can pay 0% by making an LLC. For example instead of buying a personal helicopter. A rich person makes a helicopter company for personal use. The helicopter then is a tax write off. Also a way a lot of rich launder money.

Richest companies can pay 0%, through IP in cayman islands and then sell to their same company based in USA

[Anonymous No.22817034]

>>22816744
I used to do taxes for rich people. They pay out the ass. You think faggots making <100k a year are funding our bloated fucked up government? Google it, rich people pay almost all of the income taxes.

[Anonymous No.22817125]

>>22817034
average us citizen pay 10k in taxes annually
300 million people x 10k usd = 10 trillion average annually

[Anonymous No.22817136]

>>22816913
> be single member managed LLC
> buy one asset
> LLC doesnt earn income
duurrr why doesnt my LLC have to pay taxes. are you 16 years old or something?
If your helicopter LLC made money, LLCs have pass through taxation like a partnership. Meaning profits go to the sole member, you, which you then have to pay taxes on.

[Anonymous No.22817161]

>>22817125
30 trillion*
pretty sure the middle class alone is enough to fund the government

[Anonymous No.22817184]

>>22817136
lol why would you ever allow an LLC to make money? you ever heard of amazon?

[Anonymous No.22817189]

they do that by establishing residence in a tax haven, having LLCs registered in places like the cayman islands and owning their business through it, investing in irish etfs, the list goes on
>>22816799
you have no idea what youre talking about lmao

[Anonymous No.22817286]

>>22817136
LLC claims the helicopter as a business expense. It saves sales tax on luxury items. Same for yachts, etc.
I really shouldnt help you with info given your rudeness but whatever

[Anonymous No.22817304]

>>22816744
I'm not even rich but self-employed. The amount of shit I get to just claim as 'expenses' is ridiculous. Have drinks with your friends and casually happen to ask for advice about a new business idea? Well, then you can just claim the entire night's expenses off by saying it was a business dinner with a consultant (my friends are actually consultants and I actually do ask them for advice so its not even wrong).

Cars, computers, phones - everything is an "expense". I got myself a $2.5k system to play vidya last year that I claimed as "business expense". Because really, I do use it for work occassionally

I also live in a country with non kiked healthcare so I don't lose much from employer health insurance. Self-employed is extremely comfy

[Anonymous No.22817386]

>>22817304
I remember reading about someone “employing” a family member and writing their tuition off as a business expense

[Anonymous No.22817457]

>>22817304
As far as the US goes, you can't deduct that computer unless it's 100% business use. Except you can deduct a portion of it based on personal and business use. So if you use it half the time for personal you can deduct half but it literally requires logs of the time you are using your computer just like driving logs for mileage. I passed on that one. The best business expense is home office though especially if you've got a smaller house with inventory storage. I'm deducting 30% of all living home living expenses, even home repairs can be deducted at 30%

[Anonymous No.22817546]

>>22816744
Rich people pay nearly all the taxes, its true that gains are taxed diff then regular income, but saying they dont pay is a meme

[Anonymous No.22817582]

>>22817457

Yea how can they prove otherwise .. cuck

[Anonymous No.22817730]

>>22817582
Anon please explain why you need an alienware computer for your business. AUDIT TIME

[Anonymous No.22817844]

>>22817582
When it comes to Israel's money, you're guilty until you prove yourself innocent. Jews drop the act/mask off pretty quickly when it means an extra shekel is at stake.

[Anonymous No.22817962]

I reduce my tax by using a shell company to put my self-employed profits though to a "company" essentially having no earnings, and having the company tax rate, which is a lot slower than the employee tax rate.

Pay me via a dividend. Reduces it from 50% higher rate to 20% flat.

[Anonymous No.22817969]

>>22817546
Because there's probably no one poor present to speak up. I will do so. Your comment is bullshit. The rich pay the most by gross $. The rich pay way less by %%. Regressive taxes as you even said yourself barely make up much of the taxes so its almost like we're doing it just to keep people poor. Property tax was the beginning of the end for the poor. Then sales. And now 12% of the paycheck to medicaid and social security. For what? As you said it adds up to nothing but destroys the poor.

[Anonymous No.22818017]

>>22816744
Rich people pay almost all of the taxes nominally.
In terms of
>this guy is worth $100 Billion why he no pay half that in taxes
This doesn't happen because that $100 Billion is largely paper gains and unrealized, ie he holds many stock shares and the value rised but he no sell

[Anonymous No.22818028]

>>22816744
They probably mean property owners don't pay taxes, they borrow from the bank to buy properties then live off the rent they get, but even that's not true because the rent would be taxable.

[Anonymous No.22818059]

Anon, you put $10,000 in the basket at church over the course of this year. I saw you . Praising the lord and donating to the church . What a guy. Now always put on your taxes that you put $10k into the church basket over the year. Other than that idk

[Anonymous No.22818101]

>>22816744
The 1% pay more than a third of all income tax.

[Anonymous No.22818171]

>>22818101
The rich arent rich from income, jew rat

[Anonymous No.22818241]

>>22818171
>you no allowed to make money
>gib me half your linkies it not fair you bought linkies for yourself and not me
Communists are the women of men.

[Anonymous No.22818367]

>>22818241
My point is your jew deflecting. Its like concern trolling. The rich care ONLY about capital gains tax, not income tax. Youre here pretending to cry about something if you are the rich. Misdirection

[Anonymous No.22818451]

>>22818241
And if somehow youre being genuine you should realize the only reason people should want to raise capital gains would be to totally eliminate unfair taxes, including income

[Anonymous No.22818454]

In most countries the income tax isnt the highest actual taxation.
Please keep in mind that inflation is the biggest tax of all in almost all countries (except Japan for example).
Apart from inflation you also pay tax every time you buy something, even if your income is 0 or 100% free of tax.
Even if there was a country that had actually 0 taxes you would most likelly still pay tax through imported goods.

t. economics master

[Anonymous No.22818502]

>>22816744
http://www.taxhavens.org/offshore-trusts/nevis-trust/

[Anonymous No.22818572]

>>22818171
basically this

tax optimization comes from maximizing your costs and minimizing your income
amazon does this and so do most rich people

[Anonymous No.22818588]

>>22817304
What you're describing is fraud. Yeah, you can probably get away with it, but if you ever get audited, I hope you enjoy being Jamal's new boytoy.

[Anonymous No.22818630]

>>22818572
by income i meant profit

[Anonymous No.22818674]

>>22818572
by income I meant profit

Feels good to be EUfag
all I need to do to withdraw my crypto 100% tax free is move to Portugal for a year

[Anonymous No.22818829]

>>22817136
based retard

[Anonymous No.22818979]

>>22818059
For donations to church. If its a sizeable amount the church records these donations and give statements for tax purposes.

>t. worked at a church and did data entry for thr tidings given every week.

[Anonymous No.22818989]

>>22817286
youre saying to form a legitimate helicopter company? like full on manufacturing or sales? or just helo tourism? either are insanely regulated and complex ventures that require tons of time and personel and revenue. just to write off a helicopter? are you retarded? they still pay taxes on helicopter profits once they go to members. do you think partners in law firms dont pay taxes because they use an llp? duurp

[Anonymous No.22819055]

>>22817286
Also, buying a helicopter is NOT a taxable event. So what you're saying doesn't even make sense

[Anonymous No.22819107]

>>22816908
Explain how though?

[Anonymous No.22819138]

Richfag business guy here. There's lots of loopholes kept in place by the gubbermint, such as only paying tax on eoy profits instead of gross income, & not paying tax on certain types of income, & using the tax arrangement of where your assets are based.

But more importantly there are entire industries that exist purely to allow rich people to do this since they have more money than the entire rest of the population combined, making it more lucrative to side with them.
Simple example are industries where things of seemingly no value are ridiculously expensive, such as art, fashion, archaeological artifacts. etc
Why bother trying to launder 200 mill or pay 6 houses worth of bills when you can simply use a single van gough.
What's that? My company has been taken down due to tax fraud & i have to start again? good thing I have this pilot watch that can work at the bottom of the ocean worth 20k & these shoes kanye stuck wings on worth another 20k to get a legup.
Hmm how can I bank transfer all this yen from china to usa without the gubbermint getting their mits on it? What a dilema, guess i'll just go to a casino & gamble away my sorrows. Alright i'm done now...here are my chips, convert to dollars please. ye that's perfect thanks.

Remember, most people do not get rich by being stupid, so every time you see an industry handling ludicrously expensive items that are 100% not worth the pricetag, it is there for rich folk to be tax dodging money grubbing jews.

[Anonymous No.22819231]

>>22817969
>>22817546
you guys are both right
obviously rich people are in a privilaged situation since they have the means to avoid as many taxes as possible
meanwhile many poor people dont even know they are being taxed

[Anonymous No.22819300]

>>22819107
Your expenses (including research and design, other business parts, depreciation, etc) offset your profits. Real estate is really good. In the USA, you can depreciate your rental houses to offset any profits, so realestate state frequently loses money on an irs report even though cash flow is technically profitable. Also a lot of people can start a side business and deduct mileage, around 50 cents/mile. Those miles add up. Also half food.

[Anonymous No.22819353]

>>22819138
this is true

in EU you are taxed based on residency and you can easily set up companies in different countries with different taxation rules or you can just move between countries
my dream is to own properties in Portgual, Norway, Poland and Malta

[Anonymous No.22819370]

Lol rich people fund the government.

[Anonymous No.22819374]

>>22819138
So any advice for people that might make it next year?

[Anonymous No.22819411]

also one of the tax optimization tricks is that companies have access to much better financing options such as leasing and gubbermint grants / loans
my self-employed friend took out 20k$ loan with 0% interest rate
I drive a car on leasing that technically belongs to the bank

[Anonymous No.22819443]

>>22818989
Oh god im getting knickle and dimed by the jews for sharing their secrets. The point isnt helicopter. The point is small business loopholes can and are used by wealthy individuals, private jets, private yachts, etc. Most are used to launder and avoid taxes

[Anonymous No.22819518]

>>22817034
This disrupts my worldview REEEEEEE

[Anonymous No.22819581]

>>22819374
really depends how much you've got to work with. Generally you want an asset that will get you money or increase in value. When you're rich enough, your money is what makes more money for you.
Can't go wrong with a bond I guess?

[Anonymous No.22819599]

>>22818451
Lower the income tax to cap gains rate, don't raise the cap gains rate to income tax rate

[Anonymous No.22819637]

>>22816744
They are a lot of loopholes, I remember Trump did close some of them much to the annoyance of rich people living in New York, but IIRC, the top 20% of earners still pay the majority of income taxes. Also IIRC, on average only white and Asian males are net contributors over time, the rest, including white and asian women, are a net loss (i.e., the get more from the government than they pay in taxes).

[Anonymous No.22819648]

>>22819599
To me remove ALL taxes except capital gains, including and most prominently property, death, and income tax, but also all the new age smaller ones added later. Then we can talk about what to set capital gains at and cut social programs.

[Anonymous No.22819720]

>>22816744
look up cumex

[Anonymous No.22819761]

another important point is that most rich people are generationally rich
money breeds money through education and capital gains from bonds, gold, stocks, properties and even consooomer colllectioner items such as cars, watches, jewellery

[Anonymous No.22820603]

>>22819648
What social programs would you suggest be cut?

[Anonymous No.22820690]

>>22818674
That's precisely what I'm going to do anon. And it doesn't have to be one year, after just 6 months you can apply for fiscal residency from what I know

[Anonymous No.22821024]

>>22816744
Their friends work for the IRS.

[Anonymous No.22821102]

>>22820603
All of them. Brown people collectively cost us 50 trillion dollars over their lifetime, increase to 80 trillion by 2060 if their population keeps growing.

Deport all the mexicans too.

>he calls himself a fiscal conservative
>he supports the importation of people who are drains on finances

Pick one, cucks.

[Anonymous No.22821166]

>>22817189
> Irish ETFs
I'm intrigued, tell me more.

[Anonymous No.22821209]

>>22820603
K through 12. Nation owned roads. Usps. Are the first three.

[Anonymous No.22821233]

any communism really. I dont believe in industry operated by government. There needs to be a regulated profit motive

[Anonymous No.22821701]

>>22817189
If you're American, you get taxed regardless of where you made the money.
t. My dad has a bunch of money he made while still living in Europe, and if he ever wants to bring it to the US, it will be taxed by the US.

[Anonymous No.22822781]

>>22821701
False, look up Puerto Rico fren.

[Anonymous No.22822875]

>>22820603
all of them except national parks. and even those get their budget slashed.

[Anonymous No.22822956]

>>22818630
what in the world is this

[Anonymous No.22823480]

>>22816744
The majority of taxes come from rich people. It's just that there are elaborate schemes people can do to reduce their tax burden.

>>22817136
You're forgetting about pass-through losses provided by LLCs. Fuel, maintenance, depreciation - all of those can be used to offset other income.

[Anonymous No.22823598]

>>22821209
>welfare for spics and niggers is somehow more important than education and roads

[Anonymous No.22823689]

>>22817962
based and s-corp pilled

[Anonymous No.22823792]

"donating to charity"

[Anonymous No.22823807]

>>22818630
>when you can buy the whole cow

Americucks have shit taste

[Anonymous No.22823857]

>>22816744
they don't "own" anything.
that's how. and the ones that do pay the most taxes.

the poor/mid class pays like.. 5% of all taxes in the country. (usa)

the rich pay the bulk of it.

and the megarich, just don't own a god damn thing. they do business differently.

[Anonymous No.22823905]

>>22823598
Vouchers are far less harmful than communism. Vouchers such as making all schools charter and helping people get into them is way cheaper than running k-12. Especially with corona we are asking to quadruple or more the size of schools given new conditions. Instead of saying its a failed system we will never stop pouring money into it. Thats why regulated capitalism

But you just sound like a racist tool so not sure if you actually feel that way or you just like yelling racist shit. Yea dude im sure black people getting food stamps to eat food is why our system is failing while farming has gotten 25x more efficient

[Anonymous No.22824062]

>>22816744

[Anonymous No.22824942]

>>22818979
So whats the inside information? Are the sheep loaded or not, stingy or generous or what?

Christians are supposed to be donating a minimum of 10% of the net income every year.

[Anonymous No.22825471]

something something something bank line of credit on yacht as spending money something something

[Anonymous No.22826267]

>>22819648
Property taxes are the only thing standing in the way of the older generations permanently hoarding all land, and the only way to obtain property being through inheritance or paying half a lifetime's worth of money 'cause they can afford to overcharge.

[Anonymous No.22826348]

>>22826267
So how about a scaling property tax for starters? First time property owners of less than $3m is tax free. There is a show on the history Channel with a man i believe his name was Cleetus who is a subsistence farmer and his entire life revolves around not eating, thats the basic easy part, trying to come up with $1200 every 3 months for property tax. It ruins any american dreams of homesteading or small farms or even just poor owning a house. And that money is collected to fund communist k-12 system where you cant legally decline to send your kid and refuse to pay tax towards

[Anonymous No.22826530]

>>22826348
>So how about a scaling property tax for starters? First time property owners of less than $3m is tax free.
Not a terrible idea.
You have prompted me to consider the possibility of no property tax for owning only one residence / property, commercial or purely residential. That way, everyone gets their "fair share" of one slice of land for themself.
However, population growth will eventually make this untenable, especially if the tax break is applied to individuals and not family units.
>There is a show on the history Channel with a man i believe his name was Cleetus who is a subsistence farmer and his entire life revolves around not eating, thats the basic easy part, trying to come up with $1200 every 3 months for property tax. It ruins any american dreams of homesteading or small farms or even just poor owning a house.
I'm more concerned with people having a place to live rather than to conduct enterprise upon. If you're making money of your land, or you have multiple properties regardless, I think you should be charged something for it. Maybe the rates are currently much too high (certainly the case in Illinois), but $3m is extremely too high a threshold for paying nothing; most decent residences start at $100k.
>And that money is collected to fund communist k-12 system where you cant legally decline to send your kid
Homeschooling.

[Anonymous No.22826580]

yea i mean thats fair enough. Im a practical libertarian.

Population growth is easy, just stop all the immigration. We are being overrun with chinese and indian in my state.

[The Devil !!y9pM1O7kKh0 No.22826687]

>>22824942
No, they are not, only pozzed to fuck churches want 10% every week. Abraham gave melchizedek 10% and that was supposed to be the end of that.

[Anonymous No.22826770]

>>22826580
Agreed.

[Anonymous No.22827090]

>>22818989

[Anonymous No.22827103]

>>22816744
Jews don't pay taxes

[Anonymous No.22827171]

do you really want know ?

[Anonymous No.22827208]

>You follow based christian ethics
>This earns you excess wealth
>You owe God's sheep 10%

The inescapable repeating Goyim trap.

[Anonymous No.22827346]

>>22827171
memoryholed

[Anonymous No.22828018]

>>22816744
Tax evasion into tax havan (cayman islands, virgin islands...). Also, they hide behind foundation. Foundation publicly own the assets, and the owners of the foundation are anonymous. This also allow them to hide their true wealth.

[Anonymous No.22828033]

>>22816744
Rich people technically get taxed out the ass compared to lower and middle class. However there is a certain point where you are rich enough to hire a savvy Jew who knows how to game the system and has a brother who is a financial lawyer.

Basically there are a bought load of totally legal loopholes. For the most part unless you make nearly 6 figures you probably aren't actually paying taxes anyway and if you are you are fucking retarded.

[Anonymous No.22828162]

>>22824942
>tithing rules
Shoot I am Catholic and we don't even have strict tithing laws. The only thing we are told is provide for our priest and the church as we see fit and within our means. An old lady can make a meal for the Priest and that falls within tithing rules.