How Americans Avoid Taxes

Рет қаралды 791,696

Күн бұрын

Taxes. Individuals and corporations must pay them but it’s always a game of trying to pay the least amount.
At least 55 of the largest corporations in America paid no federal corporate income taxes on their 2020 profits, according to the Institute on Taxation and Economic Policy. Some of these companies include big names like FedEx, Nike, HP and Salesforce. Those 55 corporations would have paid a collective total of $8.5 billion. Instead, they received $3.5 billion in tax rebates, collectively draining $12 billion from the U.S. government. These estimates don’t include corporations that paid only some but not all of these taxes, like Netflix and Amazon.
The more money you make, the more you have to pay in taxes, right? Not always. The ultra-wealthy typically take advantage of rules in the tax code which enable them to lower their effective tax rate. Warren Buffet has often pointed out that he pays less taxes than his secretary and Amazon famously paid zero taxes in 2018. So how exactly are the country’s biggest earners using the tax code to avoid paying taxes?
And on a state level, to balance their budgets during the coronavirus pandemic, states including New Jersey and New York have raised taxes on the wealthy. Conservatives warn that it will cause many of those who left in the early days of the pandemic to make those moves permanent since they’re no longer bound to the physical locations of their offices as many businesses adopt remote or hybrid work. But available data from 2020 show that the so-called exodus wasn’t as pronounced as initially projected, and the urban exit that did happen, was to suburbs rather than low tax states.
CNBC explores how the most profitable companies in the country maneuver the complicated tax system to avoid federal corporate income taxes, how wealth individuals use the tax code to lower their taxes and if tax flight is a myth.
SEGMENTS:
00:00 How Companies Like Amazon, Nike and FedEx Avoid Taxes (April 2022)
11:23 How The Rich Avoid Paying Taxes (May 2021)
22:31 Are Rich People Fleeing Places With High Taxes? (April 2021)
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How Americans Avoid Taxes

Пікірлер: 1 300

@abcdLeeXY 2 жыл бұрын

Low income you got state and federal assistance High income you got state and federal loopholes Middle class pays the highest per dollar earned in America with the least state or federal benefits

@craigclermond8001 2 жыл бұрын

what i want to know is when more federal taxes are paid how does that benefit the poor and middle class? sounds like it only benefits the government to me. maybe we should think about decreasing taxes on everyone then instead of raising taxes on a few

@RobertoBlake 2 жыл бұрын

@@craigclermond8001 bingo

@hankwells2637 2 жыл бұрын

The top 1% of earners in the US pay 40% of the personnel income tax in the US

@jasondavis1949 2 жыл бұрын

The top 1% also own about 35% of the country's wealth

@karlabritfeld7104 2 жыл бұрын

Yes

@Kahoobb 2 жыл бұрын

Misleading title, I was gonna watch this as i am an american and want to avoid paying taxes but this is about corporations and ultra wealthy individuals. I want to know how to avoid taxes as a common person.

@justinle998 2 жыл бұрын

Same!

@riqqarddopv7918 2 жыл бұрын

Repeal the unconstitutional 16th amendment

@karlabritfeld7104 2 жыл бұрын

You are kidding, right? Only the little people pay taxes.

@NowAndToEternity Жыл бұрын

Open a business. Then you can write off expenses for the business. Thus, reducing net income and tax. Invest your money in stocks. Then use it as collateral for a loan. Rmb debt does not get taxed. Then when you sell your stocks to pay back the loans you only pay 50% capital gain tax. However, all of these option involved risks. The rich can do this on a regular basis because they can bear the risk. People should have a basic financial education before they complain about taxes.

@kevinlue4756 Жыл бұрын

@@NowAndToEternity how would people know if their education is sufficient and meets your standards before making a complaint?

@HexaBoxabl Жыл бұрын

Your business will make you rich but investment makes and you keep you wealthy, we all deserve to be successful and have financial freedom, I pray everyone here becomes successful

@royalhighness8383 Жыл бұрын

Assets that can make you rich Bitcoin Stocks Real estate

@lovecricket6736 Жыл бұрын

@@royalhighness8383 You're right, it's obvious a lot of people remain poor due to ignorance

@peterfaulkner8391 Жыл бұрын

I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings

@chrispaul3778 Жыл бұрын

@@peterfaulkner8391 Learn and trade under a guide I do same and I hardly make losses in the market

@josephfrys6969 Жыл бұрын

Starting early is the best way to getting ahead of build wealth, investing remains the priority

@stephenpotter21 10 ай бұрын

I personally put my money mostly in the stock market, since its appreciation is not taxable, and then when I sell, I find ways to make the income non-deductible in taxes. I 'm currently sitting on more than $327k of cash, and I'm throwing it in the market. Just thinking of how to not lose it all, since the market is red.

@ericmendels 10 ай бұрын

By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money, and and handle taxes. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.

@cloudyblaze7916 10 ай бұрын

Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work, and the money is not taxable. Inflation or no inflation, my finances remain secure.

@legacymedia8468 10 ай бұрын

@@cloudyblaze7916 Wow. I think I might want to do this. Could you recommend who your financial advisor is, please? I could use some help. Thank you.

@cloudyblaze7916 10 ай бұрын

I really don't like making such recommendations, because everybody's situation is unique. But I have been working with Sharon Louise Count for about four years now, and she's really, really good. I think she's got a contact website or something.

@victorlaranjahal 10 ай бұрын

@@cloudyblaze7916 Thank you so much for this. I just looked her up now and I sent an email. I hope she gets back to me soon.

@lindapoplin7150 Жыл бұрын

Every family has that one person who will break the family financial struggles, I hope you become the one 🙏

@samuelroyal3818 Жыл бұрын

Assets that can make wealthy Crypto Stock Real estate Gold

@danielmedina4953 Жыл бұрын

@@samuelroyal3818 You're right, Fear is one of the factors that hinder most persons to invest into crypto, most persons say ignorance..

@jeremygood3246 Жыл бұрын

When you invest in crypto you are buying days you don't need to work

@patienceoluchi5134 Жыл бұрын

Now is the best time to purchase and invest in bitcoin, stop procastinating

@claresmithy4667 Жыл бұрын

I'm enjoying working under a platform that brings good returns in my life and I've been making my weekly returns without stress all in crypto

@terpjr 2 жыл бұрын

The opening remark by Biden is priceless. He speaks as if he wasn't a member of Congress for the last 500 years. If he had a problem with the tax code, he should have done something about it.

@teddymoon3744 2 жыл бұрын

biden uses it. he is just playing to the plebs....no more career politicians and NO pay for politicinas. should be a VOLUNTEER JOB

@davydummy7660 2 жыл бұрын

Biden does n;t know anything except obama's puppet strings operating his filthy mouth

@johndoh5182 2 жыл бұрын

Umm, where have you been for the last 14 years? Yes he was in Congress for the 2001 tax cut, which wasn't the big benefactor for business. That tax cut happened in 2017 and was a Republican push. When is it Biden left Congress brainiac?? 2009??? You know he was VP from 2009 - 2016. Then he was out of office for 4 years, being a private citizen. Then he was elected pres. So, whatever CONGRESS has done over the last 13 years, he had nothing to do with, and for most that time, Republicans controlled Congress. So, REPUBLICANS controlled what went in front of Congress to vote on. Republicans also controlled Congress in 2001 for that large tax cut. They were also in charge of Congress in the late 90s when they lowered capital gains tax to the criminal level it is now, or has fluctuated around. Clinton went along with it because Republicans threw him a bone with some program or another he wanted. So, ALL the tax cuts over the last 25 years were Republican efforts that THEY put to the floor and passed. For two of those, they also controlled the Exec, in 2001 and 2017. BRAINLESS. Hey let me know when the Constitution changes and the minority in Congress gets to decide what bills go in front of Congress.

@terpjr 2 жыл бұрын

@@johndoh5182 Nice rant John. The corporate tax rates have been low for decades. If you need to make excuses for the POS Biden, then go right ahead. Dems don't do anything when they have control and the excuse is that they don't always have control. Managed to shove through the ACA - Just managed to spend $6 trillion! Speaking of brainless, John.

@Viviko 2 жыл бұрын

Not to mention he was the senator of the state that’s essentially America’s biggest tax haven (Delaware). There is a reason like all major companies are registered as Delaware companies. If he was really serious about stopping these tax breaks, he would have fought to change Delaware’s loopholes years ago.

@JK-zw8ec 2 жыл бұрын

We need a report about all of the tax money our federal government wastes.

@rvlifestylelivin 2 жыл бұрын

lol its easy 800billion on the military a year! wasting 500billion thats not needed, but as long as the government keeps growing the military they get to charge the Americans more each year

@Trtevoorryu 2 жыл бұрын

I think Rand Paul makes one every year

@mtk6125 2 жыл бұрын

How about a report of how taxes pay for all the benefits you receive? Roads, emergency response, etc etc. I’ll support your report if you support mine because I think you’ll find that a lot of what you pay in taxes is used by you and you are just completely ignorant of that. Let’s compare that to how much corporations waste on exec perks, golden parachutes, ill fated initiatives that workers know will fail. I’m guessing that most corporations will not show up so we’ll.

@rvlifestylelivin 2 жыл бұрын

@@mtk6125 If you got an actual look at government spending you would find that they are raping us! and every year they keep spending more and more to force us in to debt. They already destroyed this country and gave us away to china! America is on its way down while china is pushing up and we have joe biden gettng rich while he sells out the country.

@jl1695 2 жыл бұрын

Funny how cnbc are hypocrites the media doesnt ever pay there fair share of taxes lmfaooo yet they repeat the same thing to make money like they care anyways

@stevensmiddlemass2072 Жыл бұрын

If we are being honest with ourselves, taxes may be a major pain, just like they are for the wealthy. Taxes on income, goods and services, real estate, etc. It's wonderful to pay taxes, but we may also establish our own tax havens. Since stock market appreciation is not taxed, I personally invest most of my money there. When I sell, though, I discover ways to make the profit tax-deductible. I presently have about $327k in cash, and I will surely put it on the market. Considering how to avoid losing everything given that the market is in the red.

@ConradGosling Жыл бұрын

@Patricia Martin I've been doing this same thing myself. Can't get into trouble with the IRS when I have no income and all my money is in stocks. I don't like doing the work though. Lol. So I just invest through an advisor who does the stock picking. My money grows, and I'm tax-free.

@KingDavid-jj7tk Жыл бұрын

@@ConradGosling I've been thinking of going this route of using an advisor. Could you recommend yours? And also, how do you prevent capital gain tax?

@ConradGosling Жыл бұрын

@@KingDavid-jj7tk Do you know who Stacie Kristal Weber is? She frequently appears on CNBC. I keep my investments in tax-deferred accounts. I can evade capital gains taxes in this method. Your advisor could brief you on further possibilities.

@KingDavid-jj7tk Жыл бұрын

@@ConradGosling Thank you for this amazing tip. I just looked the name up, wrote her and scheduled a call

@marspark6351 Жыл бұрын

But how are you able to put money into stocks without getting a salary? That's the difference between the "average" person vs the rich. If you are paid in cash from your job, you'll be paying the tax no matter what. But the rich can have ways to be paid that are not via cash. They can be paid directly as stock for example.

@tigerrx7 2 жыл бұрын

CNBC: let’s show them something that won’t be FIXED because the beneficiaries ARE the authors of the tax laws. 🙄

@crakermac3818 2 жыл бұрын

The gov is the problem. They spend over 6 trillion every year and bring in 3.2. Getting all that 180 billion from corporations would raise that to 3.4. The gove would still be spending about 3 trillion they dont have. We dont have a tax problem. The gov has a spending problem. Dont believe the propaganda

@segredosdotiosam9989 2 жыл бұрын

"won't be FIXED"

@tigerrx7 2 жыл бұрын

@@segredosdotiosam9989 yes thank you for correcting. I shall update to reflect the most eloquent command of the English language.

@47shadows76 2 жыл бұрын

"Don't hate the players, change the game." This is totally the fault of Democratic and Republican politicians.

@craigclermond8001 2 жыл бұрын

what i want to know is when more federal taxes are paid how does that benefit the poor and middle class? sounds like it only benefits the government to me

@goldcicvibefel7628 2 жыл бұрын

@@craigclermond8001 - The government gives it to the larger banks who are The permanent private shareholders of The Federal Reserve Bank. They, in turn, receive requests from The government owned Centeral Banks and print or electronically invent fiat currency (dollars) & receive these fiat loans at 7% comounding interest Per annum repayable by taxpayers. This is not possible in this dimension. But as lingu as humans believe in The full faith and credit of The US government the bizzare system will continue. I like historically proven fallbacks that are are, non-reproduceable, proven, attractive or usefull, indestructable & divisable non- government backed things of value, like negative interest US Savings Bonds or Mob Loans.

@craigclermond8001 2 жыл бұрын

@@goldcicvibefel7628 I'm, not an economist miss. I have no clue what you just said. I ask a straightforward question so if I could receive a simplified straightforward answer id be grateful.

@youretheai7586 2 жыл бұрын

I'd like to think it's the banksters and the lawyers more then just blaming politicians. Politicians are used to keep the spotlight away from the real and systemic problems.

@goldcicvibefel7628 2 жыл бұрын

@@youretheai7586 - Politicians with no legal understanding of Constitutional Law basics or who make up their own laws can destroy a nation and not even see they have done so.

@dcDOC19 2 жыл бұрын

"Tax codes are written by millionaires and funded by billionaires..." Not surprised ordinary folks loose out.

@hectoralejandro9883 2 жыл бұрын

Do you work for a poor person?

@dcDOC19 2 жыл бұрын

@@hectoralejandro9883 No, I don’t work for a poor person. Why is that relevant?

@andreycham4797 2 жыл бұрын

@@dcDOC19 because rich do you a favor they hire you so do them a favor in return just work harder to keep them happy

@hectoralejandro9883 2 жыл бұрын

@@dcDOC19 increase taxes on the rich and your employer will cut your wages/benefits as customers are charged more for service. This moronic strategy of increasing taxes on the most productive in society has been tried a thousand times, it seems only the poor don’t invest in books to read the history of what happens when you do this which is why the government only pretends to want to do it and the rich pretend to be afraid 😂

@dcDOC19 2 жыл бұрын

@@andreycham4797 I totally agree with the wealthy providing jobs but the wealthy not paying their “fair share” has nothing to with me. Especially when they could afford to pay it.

@Pseudify 2 жыл бұрын

Here’s a thought. Instead of vilifying corporations for following the ridiculously complex tax code as well as they can, why not put the blame where it belongs - the US congress and the White House who makes and enforces these laws.

@JiaruiChen_ 2 жыл бұрын

u wanna do put their names down

@darleneatkinson6730 2 жыл бұрын

David, I truly agree with your comment, what is the reason for all these complex taxes any how? It all should be deleted toss out. My thoughts also.

@omegabat3986 2 жыл бұрын

I think it’s clear. The government outsourced their job to corporations. Now both are costing the people and like a lot of people neither will take responsibility only blame eachother.

@nunyabidness3075 2 жыл бұрын

If you go back and read the records from the debates about the 16th Amendment, most of the problems with income taxes were described in advance. You should pay taxes for what you damage and consume, not for what you produce. Cue the fools who have no idea how consumption taxes can be designed along with the cheats who like the existing system.

@ahgoon69er 2 жыл бұрын

It starts with getting corporate money out of the government

@43Danc 2 жыл бұрын

That’s like saying having locks on your home cost thieves millions each year.

@justinle998 2 жыл бұрын

Best comment

@bayaholic 2 жыл бұрын

Took me a while to get that one but it makes sense. They are gonna take it anyway. Thanks for getting those gerbils in my mind running.

@rosettejones5050 Жыл бұрын

What's like saying that? I don't get it

@hankwells2637 2 жыл бұрын

As a government auditor and economist don’t let this 8 billion dollars distract you from the fact the US government is spending TRILLIONS of dollars over budget. No amount of money/ tax increase will satisfy the horrific inefficient government spending. This is a distraction from the current financial crisis of the US.

@hazy626 2 жыл бұрын

You are 1000% correct. American government does not have a tax problem. It has a spending problem.

@nathanjarboe4927 2 жыл бұрын

@@hazy626 How the hell do they waste so much money?? I guarantee most of it goes right back to the rich people.

@hazy626 2 жыл бұрын

The government creates "government programs" that produce no product. Just gave $40 billion to Ukraine. That about $110 for every person in the US population.

@andymurto9879 Жыл бұрын

@@nathanjarboe4927 and you’d be 100% INCORRECT.

@blackeyedsusan727 Жыл бұрын

@@nathanjarboe4927 Yes, it does. Why are individuals taxed at a rate of 30+%,. but Amazon (which pretty much abuses the majority of its workers) pays 5% tax???? This is just barbaric

@rileyxbell Жыл бұрын

Being self employed for 5 years the difference in tax breaks you can get is huge compared to someone working a normal job. I barely paid any taxes for 5 years to expenses and other loopholes and tax credits

@johnmoore1495 Жыл бұрын

Did you figure it out all by yourself or did you hire a tax person? I’m looking into starting my own business in a year or 2 once I finish my schooling.

@rileyxbell Жыл бұрын

@@johnmoore1495 Yeah did it by myself with turbotax. With that software it's pretty easy to do. Updates the amount of tax you owe as you go. Some of the biggest deductions I had were business startup and organizational costs, vehicles expenses for business (mileage etc), home office deduction (standard deduction based on office square footage), office supplies expenses, other miscellaneous expenses like electronics. Theres a lot more ways to get deductions or credits but it's good to know ahead of time what will get you the most. How most business pay little on taxes is because they reinvest profit back into the company and write it off as expenses.

@AnhTran-ty6zx Жыл бұрын

You are not paying any tax because you are not making profit. If you are making profit but not paying tax, you are committing tax evasion. If your expense are genuinely for business purpose such asmileage, home office supplies, electronics as you said, they are all legitimate and fair deductions, they are not loopholes.

@rileyxbell Жыл бұрын

@@AnhTran-ty6zx The difference is people who have normal jobs dont get as many options for taking deductions on their taxes. Like an employee who bought a car to get to work and only used it for that purpose cant get any kind of tax deduction. But someone who is self employed can get huge standardized deductions for the cost of a car and its maitenence and mileage costs relative to the amount of time they use it for business. So in the end someone like me who is self employed can get a lot less tax liability at the end of the year with the advantage of having a "business" car that I can use for personal use any time I want. "Individuals who own a business or are self-employed and use their vehicle for business may deduct car expenses on their tax return. If a taxpayer uses the car for both business and personal purposes, the expenses must be split. The deduction is based on the portion of mileage used for business." "Employees who use their car for work can no longer take an employee business expense deduction as part of their miscellaneous itemized deductions reported on Schedule A. Employees can’t deduct this cost even if their employer doesn’t reimburse the employee for using their own car. This is for tax years after December 2017. "

@krzzzy19 Жыл бұрын

@@rileyxbell you're not supposed to use it for personal use. If you do you're supposed to keep track of the mileage and you are only supposed to deduct the percentage of business use. I work 1099 so I know. I also just deduct 100% because my tax person says to.

@FRISHR 2 жыл бұрын

"The Golden Rule: Whoever has the Gold makes the Rules."

@Dfgbuiiyyyybb 2 жыл бұрын

Bailouts for corporations that report record profits and pay little to no taxes are some how acceptable… bailouts for poor people that lost their jobs are seen as “hand outs”… “free loaders” and vilified.

@Karyabs 2 жыл бұрын

The poor don't have lobbying budgets. They're only remembered during voting time

@Charlesinfinite 2 жыл бұрын

People send expense gifts to their favorite celebrities and won't give .50 cents to a homeless person. Humans are grotesquely illogical!

@mtk6125 2 жыл бұрын

What’s worse is that the poor have been convinced to support the corporations by standing up for the via out-dated tropes, false narratives about what they really are and not recognizing that capitalisms no longer exists because no corporation really wants a free market.

@sten260 2 жыл бұрын

yes because poor people don't produce anything. So for the rest of us it doesn't matter if the poor person gets to eat or not but it DOES matter if mcdonalds exists or not

@jsebby2284 2 жыл бұрын

Bailouts for corporations that report record profits and pay little to jo taxes does not exist

@smokymacpot1733 2 жыл бұрын

As long as we allow companies to lobby in congress this will never change it time we make lobbying only for individuals again

@trance9158 2 жыл бұрын

Ban lobbying period.

@mulemule 2 жыл бұрын

After the infamous SCOTUS ruling equating corporations with individuals, that will (now) never happen.

@JoeyJoJoShabadoo-TTWNIEH 2 жыл бұрын

@@trance9158 they’ll just change from “lobbyist” to “friends of congress members” to duck the system. What we need are term limits. Companies will have less power over government if they can’t build 20+ year relationships with members of congress

@Eccentric-YURR 2 жыл бұрын

@@trance9158 I agree! Lobbying should be illegal.

@johnmonrow9981 2 жыл бұрын

So you want to ban planned parenthood, NRA, the wounded warriors project, the cancer society and other ngo's from lobbying?

@alan_clough Жыл бұрын

The question always seems to be how can we increase tax revenue, but very little is spent on the why.

@91dvaz 2 жыл бұрын

What is really lost in this video is the fact that it’s not the companies fault that they are not paying taxes but it’s that the government has written the tax code in such a way that they have done nothing illegal.

@MGPCycling 2 жыл бұрын

And who lobbies the government and pays politicians off via campaign contributions to achieve that desired outcome? The corporations you say are blameless. Our government is bought and paid for.

@lookingjust987654321 2 жыл бұрын

those corporations also pay your paycheck and mine. When they use that money to expand, they increase jobs and the ability to pay. If you feel otherwise, by all means go live in Europe, get taxed 55% and have very little discretionary income. Its not our fault that's how it works - and I work too (and am likely paying a lot more taxes than you *yeah it was a good year for the startup I am at) - its the way ECONOMICS works. Its not 'trickle down' either.

@FLAC2023 2 жыл бұрын

@Patmorgan235Us 2 жыл бұрын

who got the government to write the tax code that way?

@truezenithcreative 2 жыл бұрын

@@MGPCycling and those lobby groups are LEGAL. A public company is required by law as a duty to their shareholders to maximize profit and thus use lobbying groups. These companies are operating WITHIN the law. Maybe instead of complaining learn from them and start a business yourself. I did with $300 while I was homeless. I know people from all walks of life who have become millionaires. These companies are not stopping you or hurting you. They are operating in their duty to their shareholders to maximize their profits.

@ronkirk5099 2 жыл бұрын

My tax dodge is legitimate - In my retirement, I live on an income below the poverty level and I'm having a wonderful time on extended backpacking, bicycle touring, and paddling trips while living in my vehicle in between times. This lifestyle is keeping me happy and healthy at 72 and I'm still adding a little to my savings account every month. My main advantage is VA health care and long term care when I eventually need it.

@Lousasshol 2 жыл бұрын

Right on ! , I have a motorhome and I stay in California. Worked civil engineering for several years and I love this lifestyle. Freedom and minimalistic is a great way to live . Sounds like your doin it right. Happy trails!

@iansteel6403 Жыл бұрын

This is called "living within your means" and based off your own efforts being paid back to you. People who live off credit live off the effort of others with no intention of paying it back before they die. This is the inherent flaw with the system in that there is no mechanism to reward people like you who keep the system afloat by propping up the irresponsible ones that threaten to make it implode.

@Trtevoorryu 2 жыл бұрын

What do you expect when you have millionaire career politicians writing the tax codes?

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@asha8443 2 жыл бұрын

It may be legal, but it sounds like companies are keeping double books - which are considered crimes for individuals usually

@CanadianWealth Жыл бұрын

I do a lot of work with taxes, and it isn't true for all tax laws, but many were set up to encourage people to act in certain ways and incentivises them to do so by using tax breaks. I have made a couple video's on the subject.

@bluecollartradesman715 2 жыл бұрын

Eliminate income tax and replace with a sales tax. The governments spending would be tied to the economy meaning if we are doing well the government is doing well. The cumbersome process of every citizen and corporation filing their income tax would be eliminated which means more freedom for the people and a reduction in the size of government. The IRS could be reformed from a government organization that monitors the citizens to a citizen organization that monitors the government. Environmentally this would tax people/corporations on how much they consume rather than how how much they produce.

@myownlilbubble 2 жыл бұрын

Maybe sales tax should be incremental depending on the scarcity of goods...like higher sales tax for luxury goods. The rich can afford to pay premium price for the LV tote while placing lower sales tax on essential items like diapers, milk so as to not penalize the rest of the population.

@bluecollartradesman715 2 жыл бұрын

@@myownlilbubble So you want to give the government the power to define what is and what is not considered a luxury item.

@jessem4659 2 жыл бұрын

While I understand your justification and aligning government outcomes to output, the sales tax is a regressive tax - not a fair tax. It has more impact on low income earners than high income because expenses represent a higher percentage of total income.

@bluecollartradesman715 2 жыл бұрын

@@jessem4659 I can make the exact same argument about the cost and time of filing an income tax return. It impacts low income earners more than high income earners. In fact the entire income tax system impacts low income earners more than others. Income tax is intentionally designed to tax the poor and middle class while having the appearance of taxing the rich. Rich people usually own businesses and capital assets which means that they don't have a job that provides income that can be taxed. Their wealth is based upon the value of the shares of the business they own or other assets. That wealth is not taxable until it is realized which means that they must sell their shares or property to incur a capital gain. A sales tax ensures people who live a millionaire lifestyle pay tax based upon their consumption.

@Damedahall 10 ай бұрын

I had a corporate landlord in 2015. It was my worst landlord ever. They never wanted to fixed anything, had rude staff and they unethically charged for damaged that didnt exist. The property lived in was purchased as a package for roughly $65k and was updated to rent out for $1100 a month, it is currently being rented out for $2k

@FinanceMind 2 жыл бұрын

This is such a more nuanced discussion than “evil companies don’t pay taxes”. It’s a trade off. If the government allows them to write of expenses then they are incentivized to reinvest profits into the business, allowing the company to grow in both size and headcount. Thinking of Amazon, it’s not just Amazon employees, but think of all the tangential businesses that are positively impacted by their growth.

@dave35311 2 жыл бұрын

Yeah, all my money goes to tangential business too

@deedee7780 2 жыл бұрын

Not true. If these companies pay just 1% extra, it will make a huge difference to the economy, and these companies would still be around and grow. This is a misconception that by corporations not paying any tax they are somehow benefitting society, when in fact they pay their employees poorly and their CEO's take the rest of the pie, and then go to space for a 5 minute trip, while their employees can't even get bathroom breaks. These companies grow because people can buy their goods and services.

@timberwolfe1645 2 жыл бұрын

Yeah uh....NO!!!! Amazon is a PLAGUE! Underbidding it's competition, becoming a major Monopoly, all because they 'reinvest' into their business.

@mtk6125 2 жыл бұрын

Amazon should have failed and been replaced by a smarter business that didn’t need to fail for so long until inertia took them to the top. Also, think of all the tangential businesses that have been harmed by Amazon. I don’t get your argument that corporations would not be investing in themselves if they were taxed. They would be pretty bad businesses then and maybe should fail instead of being propped up by not paying taxes.

@antons1097 2 жыл бұрын

What really concerns me the most about taxes - is how the government mismanages the money I give them and how bad and ineffective government programs are. I would much rather have amazon or Google keep its money until the government starts spending more wisely and cut down half of it's useless programs.

@mtk6125 2 жыл бұрын

Have you ever seen how badly a corporation can mismanage money? Give me a break, in some cases corporate dysfunction eclipses government so bad because they have limited transparency and accountability.

@indyola9738 Жыл бұрын

34:05 "There are individual retirement accounts, some of which are not subject to federal taxes." -- I am pretty sure this is not true. An IRA is tax deferred. As its value goes up, so does the level of tax when the money is eventually taken out. A Roth IRA is taxed before you invest the money.

@JavierArellano Жыл бұрын

Thanks for the video. The content is great like always but I wish that when your guests have poor audio, you could add subtitles for better understanding of their words.

@plutobaby9996 2 жыл бұрын

The government is basically telling you to find a way to get rich because all that means is that you’ll probably creating jobs and aiding economic growth but that’s a large task at hand but these days it seems like there’s a wealth boom with how trendy it is to be an entrepreneur

@onjofilms 2 жыл бұрын

I thought Trump was going to fix all that because he knew the tax code like nobody else.

@UltraKipper 2 жыл бұрын

Correct ,, thats why he has loadsa money !!

@youtubesucks1499 2 жыл бұрын

Yeah, how was life under Trump v. Biden? I will take Trump.

@RADIUMGLASS 2 жыл бұрын

He wanted to fix it and a majority of fools 😂 voted for Biden.

@asha8443 2 жыл бұрын

Lol

@tioswift3676 2 жыл бұрын

Trump Derangement Syndrome…In your smoothbrains, rent free, for the rest of your miserable lives 😂

@linhhunt6248 Жыл бұрын

I make 2000/biweekly. They take 20% off for taxes which is $500. Definitely UNFAIR !!!

@John-thinks 7 ай бұрын

From my understanding of the difference between "Book Income" and "taxable income," the government actually generally ends up viewing your income as much HIGHER than they let you declare for investor reporting purposes. For example, if the NYT receives 100 dollars for a year-long subscription, that revenue is deferred until the subscription is delivered over the course of the year for BOOK purposes, but for TAX purposes, the government taxes you on the 100 dollars immediately.

@DougBrennanWgtn 8 ай бұрын

The IRS has some of the toughest tax rules in the world and double taxes in most countries. where the us worker is self employed in that other country. It is double taxed.

@MrWaterbugdesign Жыл бұрын

Retired 20 years ago at 45. Have funded this by selling the home I live in after remodeling, buying another. I've done that 3 times, working on #4 now. First $250k cap gain is excluded from income tax. This has made my reportable income under the requirement to even file. It also triggers Medicaid, free smartphone and now free internet at home. I just turned 65 and now Medicare Part B is paid for and I get $0 copay, $0 deductible. That's great insurance even if I had to pay. It's just easier. When I go to the doctor I don't have to try and figure out deductible and make choices based on that.

@RXI63 2 жыл бұрын

Good, no one should pay any taxes to the government. That includes a small family business to big businesses.

@kaseyc5078 2 жыл бұрын

Quite the fantasy, but ok…

@RXI63 2 жыл бұрын

@@kaseyc5078 Sadly it is =\

@davideyres955 Жыл бұрын

So how would you pay for the army? Hospitals, unemployment etc.

@elkiq95 2 жыл бұрын

Great piece for education. Thanks, guys.

@craigclermond8001 2 жыл бұрын

rather than focusing on fixing the economy and inflation, things that affect all Americans, let's focus on something that will only put more money in the government's pocket. so much for caring about the poor.

@HelenSinger Жыл бұрын

I remember my childhood friend telling me some story about how she was really distracted and wanted to leave her classroom before she was diagnosed her Teacher took a chair and threw it across the room to stop her wound up nature. I almost couldn't believe it. It is the self regulation that I empathize with the most, it is not easy for sure. I am the opposite of ADHD pretty much, studied the brain to understand things and I seriously think we need to give these kids a break and stop expecting them to change so fast.

@iamedyson Жыл бұрын

How does your comment relate to the video above?

@cedonuli 2 жыл бұрын

Start with Companies with employees on food stamps due to low wages- they should repay the government for that cost. government is subsidizing what companies like Walmart should directly pay for

@lucasmate1582 2 жыл бұрын

what about the company have the option to give some of the tax due to employees instead of government? Much more efficient.

@elevatedapples 2 жыл бұрын

So according to Sheneya Willson average workers don’t contribute to the economy 🧐😂😒 Wow, this kind of disconnect is destroying our humanity and our world.

@andrewfinn Жыл бұрын

I’m amazed how dumb the American systems such as: the electoral college system, the tax code, the penal system, Gerry mandating and on and on are. They have such a hard working one changing anything for the good of the citizens

@ss-pw4zj Жыл бұрын

A company “moves their headquarters” to another country and buy a P.O. Box or a 1 room office and call that their headquarters. Now the main branch where the ceo the sits around and drinks a coffee at his desk is apparently not the headquarters but the “main extension” not sure if this is how it works, but I think it does.

@johnmoore1495 Жыл бұрын

I work for a small company that has 3 employees excluding the boss. He definitely participates in tax evasion not just tax avoidance. But the amount of crap you can write off or claim as a loss is utterly ridiculous. It’s not just big business abusing the rules, it goes all the way to the bottom. His excuse is that if big business can do it then so should I, which to be fair I agree with but nobody should be able to do it to begin with.

@dabears1052 Жыл бұрын

Shut up John you’re fired

@Im_Ain_Ani_Li_Mi_Li 2 жыл бұрын

I have trouble seeing how tax avoidance to mega rich on housing doesn't crowd out middle class and poor while limiting city services to help regular people. Like housing mass transit and healthcare svces.

@Acteaon Жыл бұрын

If governments are counting on the rich / or corporations to balance their budget… then the problem is much deeper.

@IronCan88 Жыл бұрын

We need a government that will control spending and maximize efficiency like Walmart. When we stop wasting money, we will have surplus every year.

@TwilightMirage Жыл бұрын

Wealthy companies should be contributing to this country! Glad this video is addressing this problem.

@jwr754 Жыл бұрын

Yes because the government knows how to spend $$ on endless wars

@alexroman3682 Жыл бұрын

They are by employing people 🙄

@richardblack3385 Жыл бұрын

@@alexroman3682 lmaooo

@swiftMyDay Жыл бұрын

oh you are so sweet. I also admire your confidence in politicians. Glad we have wealthy companies providing jobs..

@chrisfrancis8446 2 жыл бұрын

I wonder how taxing the companies would change their spending.

@9fiveb180 Жыл бұрын

And to think this could all be a non-issue, or at least a considerably less contentious issue....... Simply by making income tax one set % across the board. Regardless of how little or how much the individual or business makes. Thereby evening out this whole mess of "loopholes, creative accounting, breaks, and evasion-nary tactics" whilst simultaneously helping people from all socioeconomic backgrounds to feel that the government is not favoring one group over another. But instead, they are being treated as equals. Which helps everyone focus on other things that need their attention within their lives. What a super crazy, mutually beneficial, and outlandishly practical idea!?!?

@zeusvalentine3638 7 ай бұрын

the owners of these corporations are indeed taxed. If the corporations paid tax and then the shareholders paid tax then it would be double taxation.

@user-sx6eu4rg2x Жыл бұрын

Also we need to get rid of citizen based taxation for regular citizens. It’s not fair for US citizens abroad to still be tied to the IRS it’s like you cannot escape the US unless you give up citizenship. Tax the corporations leave regular folk alone.

@robertcuminale1212 Жыл бұрын

You'll have to pay to give up your citizenship plus continue to pay for at least 10 more years.

@angiebank7901 2 жыл бұрын

This is the kind of world we've made for ourselves and our children, better have no enemies when the light goes out, due to the economic criss, wars and rate of unemployment I think now is the best time to invest and make more money for the future.

@vivianbrown5284 2 жыл бұрын

Investing today is priceless because tomorrow isn't promised, trading Bitcoin gold, sliver and crypto to secure a better tomorrow.

@stanleybright5023 2 жыл бұрын

Its nice for people to talk about investment because investment always beats cash..

@chrisparsonsjohn2118 2 жыл бұрын

I understand that tomorrow isn't promised to anyone but investing today is a hard thing to do because I have no idea of how or where to invest..

@arindematthew983 2 жыл бұрын

Good to see how you are busy came up here to show keen appreciation to Mr Donaldson this is how I got a recommendation him At first i was a bit scared.

@colleenbooker5997 2 жыл бұрын

Seriously guys, i Stumbled upon one of his clients testimonies and decided to try him out. I'm expecting my 3rd cash out in 9 days.

@josephfisher426 2 жыл бұрын

Why provide an April 2021 segment on tax flight in May 2022? Surely there is better information on that now.

@jamesrafael6794 2 жыл бұрын

Einstein's law of taxation. Its the greatest mystery of the universe. Honesty vs. logic.

@cliffcoutinho7255 2 жыл бұрын

I don't believe in the philosophy of 'the more you make, the more you pay' and call that fair. Instead how about you charge everyone the same percentage of income tax. No loopholes. So hypothetically if the tax rate for everyone was 20%. Someone earning 100,000 would pay 20,000 in taxes. And someone earning 10,000,000 would pay 2,000,000. The richer are still paying more in terms of numbers, why do you want them to pay more in percentage. How do they benefit more from that?

@urimasu1seller994 2 жыл бұрын

The question, why should they pay taxes to the government? What the government does in proportion to what they pay?

@politcallycorrect5816 2 жыл бұрын

The government educates, transports, feeds and provides medical care to these companies education. Among many other things.

@mtk6125 2 жыл бұрын

They pay zero now but get a helluva lot more than zero. Your logic is flawed badly.

@markus8143 2 жыл бұрын

@@politcallycorrect5816 and need infrastructures

@FRISHR 2 жыл бұрын

The purpose of taxes is to redistribute wealth back to the country's infrastructure and citizens in need, by everyone paying an equal amount of what they earned percentage wise. The rich also use roads, waste sanitation, water, energy and other subsidies that are funded by government taxes.

@edwinamendelssohn5129 Жыл бұрын

@@politcallycorrect5816 the money is not owed. That's the point.Totally arbitrary.

@InvestingwithKurt 2 жыл бұрын

That's how the cookie crumbles... all the big companies have ways to avoid taxes. Individual investors should get educated how to minimize ther taxes too.

@GoFastJames Жыл бұрын

The catch people seem not to get and even the irs / gov. Having the options to do what most companies use would take away from growth for many areas. Few examples, research takes people that are paid along with the tools that they have to buy. So if say that area is helped less and less people get that job to be paid and the products that are needed are not sold as much. In turn less are paid that would pay taxes and products would have increases in prices given less sales. Taking away parts would hurt more over all than the gain they think they would get. If any thing they should be finding ways to let them take more tax brakes by putting it in to other companies by buying products and bringing on more people to work.

@morganoox3838 2 жыл бұрын

The purpose of tax is to provide services for all people. Fun fact, business taxes are a tax on people who buy the goods. i.e. us normal people. INCOME TAX is a tax on individuals, and in principal, only the people who can afford to pay tax, and at a higher rate for wealthier people. It would be better to have ONLY income taxes, so the poorest don't pay taxes (just buiying things to live) and the rich pay a higher rate.

@JohnSmith9382 2 жыл бұрын

The wealthier also have more expenses than the poor. Wealthy people don't get cuts for education expenses for their kids reaching 80k a year. Not to mention living in a city like NYC where 1 bedrooms go for 5k. I cant fathom the rich paying a higher rate. It should be equal.

@tonyreyes1076 2 жыл бұрын

But then wouldn’t the rich just move else where, where they don’t pay high taxes, then tax would just move to the poor, it broken either way

@JohnSmith9382 2 жыл бұрын

@@tonyreyes1076 wealthier people tend to congregate to cities like NYC because more opportunities exist there.

@morganoox3838 2 жыл бұрын

@@tonyreyes1076 statistically they don't but if it were federal that might reduce the chance.

@edwinamendelssohn5129 Жыл бұрын

They are never satisfied. Always more. Much waste, always more

@edmundlively8137 2 жыл бұрын

When you tax corporations, corporations have less profit therefore move offshore to manufacture. When you tax production you get less production but when you tax real property there are still the same number of acres in the same number of square miles in this country you haven't lost anything

@mattarchibald4912 2 жыл бұрын

This is a lie. Corporations do not pay taxes. Consumers do. Every dollar paid by corporations will be passed down to the consumer through higher prices. Corporations do not have a problem making profits even when the tax rate increases because they just raise rates on the consumer. If you want to keep jobs in America, increase taxes on corporations who mov jobs overseas. Jobs will start staying here In The states then

@edmundlively8137 2 жыл бұрын

@@mattarchibald4912 in other words tax imports increase import tariffs but when you decrease corporation taxes capital gains taxes and payroll taxes then you decrease tax on production but you can protect against inflation by taxing assets

@edhuber3557 7 ай бұрын

If you tilt to tax mostly-to-only 'acres' then production will be narrowed to fewest acres, and most acres don't produce nearly enough to support US bloat. This DID work in an agrarian distant past, but not now.

@LordSandwichII Жыл бұрын

7:48 Someone should make a video game out of that story.

@Anedoje Жыл бұрын

Ngl I kind of don’t want those loopholes closed if i can exploit them in the future but I am also someone that wants more funding for social services and infrastructure

@Thor101101 2 жыл бұрын

"How Rich Americans Avoid Taxes" * there fixed your title for you

@RobertoBlake 2 жыл бұрын

Actually you can get these things as a small business owner abs you don’t have to be “rich”. You can be an investor without being rich. You can be a homeowner without being rich. People are claiming to be destitute tho while buying an Xbox or protesting their pay while wearing Jordan’s grills, and chains tho…

@truezenithcreative 2 жыл бұрын

You cannot be mad at the companies. They are doing what they are obligated to do for their shareholders and maximize profits. (It’s a legal obligation) they are operating WITHIN the law. If you want to be mad be mad at the government but the companies are within their rights and more than that they are legal obligated to maximize profits as long as it’s legal. You cannot be mad at them for following the law and maximizing their profits which again if it’s a publicly traded company they have a duty to their shareholders to maximize those profits. AND GUESS WHAT! You too can start a business. I started one with 300 to my name and was homeless. I know people from all walks of life who become successful. Stop finding reasons to complain and figure out how you can learn from these companies and doing something similar yourself.

@mustang8206 2 жыл бұрын

@TheRusschannel 2 жыл бұрын

Those same companies (indirectly) make all the tax laws, so WE can't do anything about it.. We do not have that much power... So that IS the companies faults...

@miked412 Жыл бұрын

It's tough to try and increase taxes on realized dividends & capital gains because there are intentional incentives to compensate for the risk involved with investing. W2 income is close to guaranteed income - you work 40 hours and typically receive a check the following week (hourly employees, paid weekly). - Yes, you can lose your job; but most people receive pay for the work they've completed. You can invest what you think are stable blue-chips and if they fail, there goes your investment. - Yes, you can "write-off" some of your annual losers up to a certain $ amount. But, that only helps you recoup a % (equal to your taxable rate, up to a certain amount) and the rest is lost. Also, the idea of no taxes on stock gains until you sell being a problem, is just wrong. - Look at few stocks on a daily chart and see how they go up & down. How would you even try to fairly tax that? - That's why they solved the problem and tax it when the gains are "realized". Until you turn that share into $$$, you only have a number on a screen. Bonds, they've got wrong (in general). Typical bonds, you pay ordinary income tax on the interest. - US bonds, you typically only pay Federal tax. Municipal bonds can avoid both. - If you are buying & selling bonds, the gain you get is capital gains similar to a stock. But, that's because you're trading them.... Loans on assets are great - but less great as borrowing rates increase.

@johanswart1730 2 жыл бұрын

MIN TAXES ON SMALL BUSINESSES..AND MAYBE A 10-20 %..TURNOVERTAX ON ALL STOCK EXCHANGE LISTED COUNTRIES..

@bcnicholas123 2 жыл бұрын

How *RICH* Americans Avoid Taxes

@by9diz8 2 жыл бұрын

Ultra rich

@psikogeek 2 жыл бұрын

Wisely.

@Banch3z 2 жыл бұрын

one easy way to fix this would be to put a progressive tax credit system, similar to how every American gets taxed on there income. Basically allow business to deduct all R&D and expenses like the current system allows, up to $10mm. This will incurring small business to grow and people to start new businesses. Once a business hits a $10mm for expenses and R&D then they cannot write off all the expenses to reduce there tax book income. They can only right off 80% of expenses from $10mm-$30mm, the next bracket say $30mm-$50mm you can only right off 60% of expenses and R&D. Next bracket $50mm-$70mm you can wright off 40%. then the last bracket $70mm -$100mm you can right off 20%. Any expenses that exceed 100mm cannot be written off against income. This would help bridge some of the gap between Book income and tax income and create more tax revenue for the government. Say a company makes $400mm income and has $200mm in Expenses and R&D Current system: The company could take all $200mm in expenses and R&D and wright it off against income to reduce there tax basis. So instead of paying tax on $400mm at say the corporate tax rate of 21%. They would owe 84mm in taxes but since they can reduce there taxable income by there Expense and R&D, the company would only pay taxes on $200mm or $42mm in taxes would need to be paid. Total Income $400mm Total Expense $200mm Total Taxable income $200mm Total Tax owed at 21% $42mm New system: In a progressive tax credit system it would allow corporations who make substantially more income to pay their fair share of taxes and not have as large of a brake between book income and tax income. $0-$10mm 100% $10mm $10mm-$30mm 80% $16mm $30mm-$50mm 60% $12mm $50mm-$70mm 40% $12mm $70mm-$100mm 20% $6mm Greater then $100mm 0% $100mm Total Expenses that can be reduced $156mm Total Income $400mm Total Expenses per above $156mm Total taxable income $244mm Total tax owed at 21% $51.24mm The difference between both is pretty small $9.24mm more in taxes but the big effect will be seen when a company it making billions of dollar and has billions in expenses like Amazon. If the American people are taxed like this why shouldn't our companies also pay like we do.

@GK-op4oc Жыл бұрын

Perhaps the top 10% that pay 90% of the personal income tax should pay even more

@nultari1 Жыл бұрын

Nobody reading all that jazz

@johnbrown3332 Жыл бұрын

I agree with some of the points but they pick bad examples. Amazon lost money for close to a decade before they started making profits, that's the central reason their tax rate is low. Also, most of those profits are passed onto consumers with more innovation and lower expenses while it would just disappear into the endless black holes of government spending should taxes be raised. Wealth inequality is a problem but this is not about people its about actual businesses. Amazon is not gonna buy a brand new Ferrari, its going to invest that money into some extremely fast delivery drone, which is better than the inexplainable disappearences of money by the government.

@paulbrungardt9823 Жыл бұрын

Corporations do not pay any taxes, anywhere.; their customers do. Corporate taxes are are a cost of doing business. Taxes, like other expenses, are reflected in the cost of their services or products. High corporate taxes are why products/ services are so expensive in Europe.

@uchihasurvival 2 жыл бұрын

No, those large corporations inspire me to become responsible with my budget, not the government.

@markus8143 2 жыл бұрын

Imagine if all the Americans act like Corporations. The US will collapse because where infrastructures, military, medical, and more! No, Corporations have to pay too. They know Americans are stupid and Governments have enough of Corporations’ behavior. Hell, Mcdonald's will never survive without the middle class if we follow Corporations’ behavior on tax then all the corporations will collapse. So they owed thanks to us instead they ditched us.

@spocksvulcanbrain 2 жыл бұрын

It seems to me that in order for offshoring to stop you must make it more expensive to do that than to keep your company in the USA. Tax rates should mimic those of those sheltering countries. That would make it more expensive to set up and conduct those multiple shell companies rather than just pay taxes straight to the US Treasury.

@merrymachiavelli2041 2 жыл бұрын

That's just the problem - tax havens have such low tax rates, they undermine the point of taxation. Mimicking them would defeat the whole purpose. The only reason charging such low tax rates makes sense for tax havens is that their populations and economies are small enough that the benefit from attracting offshore-seeking companies massively outweighs reduced income from charging companies such low rates. That is not a strategy a country like the US can mimic effectively.

@betterhomesnc2437 Жыл бұрын

Terrifs do that, but everyone lost their minds when Trump did it.

@kwan3560 2 жыл бұрын

The solution for the missing coporate tax intake is super easy, have IRS based their tax evaluation on the GAAP numbers. Companies will have no need to do 2 sets of books. Also raising tax rate is not the solution, the higher the tax rate, the more companies and individuals will seek out accountants and lawyers to find more creative ways to interpret the tax laws. Those money going to accountants and lawyers could have gone to the government instead. Lower the tax rate to a point where it isn't advantageous for people to pay accountants and lawyers to lower their taxes. If it cost a company $5 mil a year to avoid paying a $3 mil tax bill, they might as well pay $3 mil to the government and be done with it. Or even $4 mil. Or even the full $5mil they are paying lawyers and accountants.

@casparfamily Жыл бұрын

@Michaelwentsomewhere Жыл бұрын

Read "the win win tax stratagy" it explains the intent of the tax code and over all theroy

@Dottydawes 2 жыл бұрын

This video clearly has bias. First, if you increase taxes on corporations they pass it along to the consumer by increasing their price of their goods or services. Secondly, while taxes may not be the reason people leave a state they are certainly a consideration. One needs only to look at CA. We are people leaving in the numbers they are…. Not for family reunion. It is primarily cost of living, crime, homeless, deteriorating city environments and taxes. Also, the suggestion that CA, as an example, is not losing population is questionable- why did these lose a congressional seat? I also seem to recall that the rich 10% pay something close to 80% of Federal taxes. If I’m approximately correct then what percentage should they pay? I did note there was little to no mention of this in the video. Finally, those states who had surpluses only got there via a federal government handout. CA, again as an example, has north of $1.5 Trillion ( yes with a T) in unfunded pension and health liabilities- they are effectively broke. The simple fix is a flat tax. No deductions and everyone has skin in the game.

@teebrown27 2 жыл бұрын

…trying to raise emotions about companies avoiding paying billions to a government that wastes TRILLIONS annually. (The US gov doesn’t have a tax income problem, it has a tax spending problem.)

@Blaze6432 2 жыл бұрын

By that logic, stealing is ok as long as your stealing from parties that have a lot of money and can afford the loss.

@Kahoobb 2 жыл бұрын

@@Blaze6432 stealing is okay in the governments eyes. As taxation is theft. We had roads before federal income tax was a thing.

@Blaze6432 2 жыл бұрын

@@Kahoobb Yes, we also had food and a lot of things. But I guess the government needs 0 dollars for border security and to maintain anything.

@kylelaw7210 Жыл бұрын

There are two types of people. One will see this and complain, the other will take notes.

@rh1960 2 жыл бұрын

They need to get rid of the tax loophole that allows a person to come into the country for 7 years working income and not pay taxes on their business. All they end up doing is when it comes close to the end of the 7th year. They sell the business to a family member or friend and then that person doesn't have to pay taxes on the business for 7 more years. They've been doing that for several decades. AND NO ONE SEEMS TO BRING THAT SCAM UP.

@TheAlchemist1089 2 жыл бұрын

What I came here 3 years ago Been paying taxes since I started working Probably depends on visa ig Definitely not a scheme for indians too. US loves Indians for it's taxes

@rh1960 2 жыл бұрын

@@TheAlchemist1089 what's Visa ig??

@TheAlchemist1089 2 жыл бұрын

@@rh1960 ig stands for i guess Visa is just the document held by immigrants or visitors For example I'm on F-1 student visa in the US

@effend446 2 жыл бұрын

Like the local Chinese take out?

@johnsoncarl1812 Жыл бұрын

*Fantastic channel and fascinating video. I was able to attain financial independence by putting in practice your advice on investment, paying off bills, personal finance and building a passive income. In my wide experience, a sure and better way of being financially stable is through constant investing.*

@John-thinks 7 ай бұрын

Wouldn't the accelerated depreciation then have you showing a LARGER profit in every year other than the first year??? Seems like you just defer the taxes. Still have to pay eventually

@mihoda 11 ай бұрын

Income is income. Solution: Tax all income as income regardless of source or recipient. Rents => Income Capital gains => Income Inheritance => Income

@mikeschmitty4438 2 жыл бұрын

The repeated sentiment " oh they are just paying taxes according to the law" WHO DO YOU THINK CREATED/MODIFIED THESE LAWS IN THE FIRST PLACE!?! LOBBYIST ... who paid these lobbiest CORPORATIONS STOP THE LIES AND STOP DEFENDING THE MACHINE THAT MAKES YOU ALL SHEEP!

@blackxYx 2 жыл бұрын

stocks? money used to buy stocks have already taxed

@trance9158 2 жыл бұрын

Not necessarily.

@kekeshuoshuo 2 жыл бұрын

Money used to buy food have already been taxed. So maybe there shouldn’t be sales taxes?

@scienceoffinance1778 2 жыл бұрын

How about 0% Tax rate and we privatize everything?

@JF238xCreatingABetterFuture 9 ай бұрын

Financial freedom is my only hope...Knowledge is power. Use your power wisely!

@franciscodanconia4324 Жыл бұрын

I hope everyone that takes the time to watch CNBC videos is smart enough to realize that all these great ideas to "raise corporate income taxes" comes out of our pockets.

@Nazyaali110 Жыл бұрын

No they are in denial.

@Kiryu 2 жыл бұрын

When the United States government can't find 6 billion dollars to fund a southern border wall, but a few years later can scrounge together 40 billion for foreign aid in a war we shouldn't be involved in it should be an absolute encouragement to all Americans to pay as little tax or none if possible. When people are having their paychecks taxed heavily it's still driving on main roads littered with potholes people should pay as little or no tax as it clearly not being spent to address the real issues.

@christins.1481 2 жыл бұрын

Then wait to try and get government assistance. While it is correct that we all make A LOT of money. It's next to nothing by the time taxes get through with us. The government looks at our paychecks BEFORE they remove tax. If I'm gonna be screwed over and not given any assistance, at least have the money go to something useful, like roads or a better education system for our schools.

@MikeLi1019 2 жыл бұрын

Is this a repost? I feel like I've seen this multiple times...

@yengsabio5315 2 жыл бұрын

Was this video re-uploaded?

@dman7673 2 жыл бұрын

All taxes go into corrupt politicians pockets

@FRISHR 2 жыл бұрын

Corrupt businessmen to corrupt politicians is not much of a difference.

@mikeingeorgia1 Жыл бұрын

A flat rate sales tax would be the absolute simplest solution. Everybody would all be paying the exact same amount whenever they purchased an item. You would only be taxed that one time. The entire tax code could probably fit on a single piece of paper.

@TheSpartan3669 8 ай бұрын

The sales tax would have to be gigantic to make up for the loss of income tax. It would also hurt poorer individuals since those taxes will represent a greater proportion of their income compared to a wealthy person.

@connecticutaggie 2 жыл бұрын

There is one big tax avoidance path that only rich people can do. 1) Receive little or no income from the company/investments that you own but rather have that go to your assets/company/investments. 2) Take a loan out against your company/investments/assets to provide you with tax free income. 3) When you die have your estate use your company/investments/assets to pay off the loans (not income at that point since you are dead). 4) Repeat the process with the next generation. This seems like a really easy loop-hole to close. Why haven't we?

@myownlilbubble 2 жыл бұрын

Option 2 is shoving the burden of financial risk onto the banks....most.smaller.banks might not be able to sustain such a business model in the long run...during a downturn and stagflation......and thus depending on their value to the federal govt POV....federal bailout....again.

@connecticutaggie 2 жыл бұрын

@@myownlilbubble These aren't options, it is a 4-step process. For Step 2, anyone executing this strategy will already have a deep relationship with the bank they will use and has lots of capital to secure the loan with. Remember, this is not an investment loan. It is just a strategy to provide income. The loan will not be paid back from the return since there will be none. It is likely secured against the asset that will be used to pay it back.

@connecticutaggie 2 жыл бұрын

Re-reading the process, I realized that it works mostly like a reverse mortgage.

@blackumbrella6199 2 жыл бұрын

2:40 We have already seen this scene once though.

@Citizen-of-theworld 2 жыл бұрын

Tax news reporting is always an easy way of making people angry, generally who don’t understand how corporate tax works. Companies who spent years making a loss can offset future profits against those losses. Companies like Amazon spent decades making a loss. Also, capital gains are taxed at lower rate to income to encourage investment and growth as well as well as self sufficiency for people’s retirement. Take away the advantage and people will build their companies and investments somewhere else. Expenditure on R&D and on green new technologies are incentivised by the government to keep their countries at the cutting edge of technology and to encourage environmentally sustainable investments. You can remove all those incentives but then the US (or any other country) will not stay competitive and will not meet their environmental targets. Remember it’s not the government that offsets carbon, but the companies and residences under the remit of the government that do. Encouraging certain behaviour by offering tax breaks, then slamming companies for taking them is a dumb game. If you take all the incentives away, companies will shift their research and manufacturing to the place where it makes the most economic sense. A typical “you can’t have your cake and eat it problem”. Problem is that the reality is far more complex and nuanced than the lay person would like to think it is.

@kumara5492 2 жыл бұрын

Excellent explanation. To me, as long as 8 billion people have enough food to survive , me or Creator don't have issues with this system. As far as happiness is concerned , it's not the money that makes me happy , it's knowing the truth and the truth is Jesus Christ ( in my case ) . I am thankful to stay alive for 44 years ( so far ) and enjoying this blue planet everyday and I'll have no regrets if I am called in to be with my Master.

@nofear2792 2 жыл бұрын

Im sorry but who makes the laws in this country? Enough said.And for companies taking a loss doesnt make them any different than rest of us. You start a business and fail with losses its your own damn fault. Those companies are making huge profits and still aint paying.

@kumara5492 2 жыл бұрын

@@nofear2792 That's why I don't support most of the companies by not becoming their customer. I live frugal life, drink only water and avoid flavored fluids . Cook myself instead of eating outside. Overall I am not really a good citizen to boost the economy. Yet I am quite happy than most of the people I know who are so good in boosting the economy burning their wallets.

@Biker322 2 жыл бұрын

@@nofear2792 Its very common and pretty normal for a business to lose money for a long period when it first starts. You can and should always be able to uses the loses against tax years where you do make a profit. You are wanting people to pay tax when they haven't made a profit. Why would anyone start a business if they could not do this? doesn't make sense.

@mtk6125 2 жыл бұрын

Future tax benefits from loosing money is a good thing? What kind of capitalist are you? Their reward for losing money is not paying any tax and incentive to improve their business if you believe in market capitalism. This is another weird reasoning to justify corporate welfare. Corporations just want to play both sides and this nonsensical argument is a prime example. If you truly believe in capitalism, then this whole idea of tax losses is offensive and allows inefficient and poor businesses to survive. Which is it?

@Thor101101 2 жыл бұрын

So Company A giving stock to CEO = tax deduction expense CEO receiving stock from Company A = non-taxable income Makes total sense....

@Magnus0891 2 жыл бұрын

He has to pay taxes when he sales it tho… but don’t tell anyone it’s a secret 🤫

@IkaikaArnado 2 жыл бұрын

@@Magnus0891 long term capital gains tax which is more favorable.

@Thor101101 2 жыл бұрын

@@Magnus0891 But its not how it practically works. The rich take out a loan backed by their assets and then sell stock to pay off the debt, the interest on that loan is entirely tax deducible. And as stated above capital gains tax is no where near income tax.

@Thor101101 2 жыл бұрын

@@Magnus0891 Im saying corporations or the individual should be required to pay the income tax for those assets given as compensation. In that year

@probst9999999999 2 жыл бұрын

That is not true, when you receive stock from the company it is counted as part of regular income the same as a salary.

@daudikabaka7797 Жыл бұрын

do social media earners such as youtubers and tik-tokers pay income tax.

@edhuber3557 7 ай бұрын

The US, unlike most countries, taxes by nationality, not the location of the commerce. Plus, the US corp tax rates are high, which is often why corps move operations elsewhere. Why should the US be so different? What is the ethical defense of taxing what goes on in another country?

@edhuber3557 7 ай бұрын

Ref. Taxfoundation Org. US has 3rd highest marginal corp tax rate of ~39%, vs ave. world rate of ~25%.

@edhuber3557 7 ай бұрын

Ref. Globalization Guide Org: US and tiny, backward Eritrea are the only 2 countries that tax individuals based on citizenship. All others tax by location (i.e. commerce in their borders).

@richardshultz6834 2 жыл бұрын

I ask you to think about this "Companies do not pay taxes, Companies collect taxes" Do you think for one second that the tax load is not included in their expenses and driven into what they charge for their products?

@Cauthon75 2 жыл бұрын

Right, I have a hard time understanding why corporations should pay taxes at all. Seems like a cheap trick by the government to pretend that somebody else is paying the taxes so it is all free money to buy votes. If the companies can't make a profit they will go out of business. If they pay dividends to the stockholders, that is income for humans and they can pay taxes on that.