"70 billion US could be spending on infrastructure, law enforcement, healthcare oreducation is lost" Yea like US wouldn't spend that money on a bigger aircraftcarrier.
Actually in terms of total government spending, The US military only takes up 16%. It’s actually the most efficient branch of government, building absurd amounts of infrastructure across the world and at home, building floating cities, when our government can’t even fill potholes at home. But that’s what we get for wanting our government to do something for us, instead of ourselves.
This. People don’t realize that high salaried individuals pay damn near 50% of their income to state, local, federal, social security, and Medicare taxes. I personally made 162,000 last year and my wife made 110,000. We will pay about 40% of our income to state local federal and ss/Medicare. We paid like 16k alone to ss/Medicare last year! So yeah next time you get your Medicare help think twice before you start complaining about income equality. This doesn’t even include property taxes !!
Wrong backwordsbox, the wealthy still pay taxes. The top 25% of earners in the U.S. pay 86% of taxes. You can decrease your tax rate using offshore methods, but you can never totally escape taxes. This video is an overgeneralization for the weak minded who won't research it.
“The 70 billion dollars that could be utilized for healthcare,education etc..” If thats the case then cut down that 700 billion dollar of unneccessary “defence” budget which is paid for by the taxpayers
Yeah thats right...my point is that dont say you would’ve spent those 70 billion on health and education and because of tax evasion you cant do that when you are spending 700 billion on military which can be easily trimmed down and the US can still dominate the world with say a 100 billion less in the defence budget
It's not an exaggeration to say that the US economy is dependent on the military. Look at how much money goes into arms deals, research, development, etc.
There was a time i once lived in America and Canada. Paid about the same in taxes but get way more for my taxes in Canada. Most Americans hate the government (hate giving them their money even more) because they've never experienced good governance.
But honestly thinking, America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio
It is my goals is to employ the service of an asset-manager this year. I've seen some off social media but wasn't able to get a response. Could you recommend one?
So the upper middle class is kinda fucked with taxes because they aren’t rich enough to evade taxes but they aren’t low enough to have lower rates and returns.
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Bro he doesn't know any better. Nowadays people throw the word greedy around just to do it. You have a lot of money, and god forbid you want to keep it and use it how you want, now you're greedy.
Sean nonyuh I would make the argument that it's the cost of living in a civilised society. A great deal of the time as well, it's just redistributing the wealth that most of us in that tax bracket are actually more born into than anything else. I come from a privileged background where I went to private school and law school, but when I was young my parents were barely making ends meet. The social welfare system saved my mother's life when she had cancer (I live in the U.K., we have NHS), and put food on our table on days where we couldn't afford to eat. Now I'm halfway through law school and, having experienced where those tax payer dollars go and who they help, I am more than happy to start paying my share. That Rich CEO did not NEED that beach house in the Bahamas. I DID need my mother. As do so many other people. It's about recognising the privilege you have in society and paying like everyone else does to be part of a modern and civilised world which (should strive to be) kind.
if you are really in need of money for infrastructure, law enforcement, healthcare and so on why not cut down on the ludicrous obsolete military budget ?
I have a better idea. Eliminate ALL unnecessary things including medicare, medicaid, social security, welfare, food stamps, housing assistance, the EPA, NASA, common core, and all that garbage. I mean, think about that for a second. With the same taxes in place now, our debt could go to 0 dollars within as little as 10 - 20 years. Then, nobody making under $100,000 a year would pay taxes. The super rich would pay as little as 10 - 20% tax. Think of all those old cities and businesses that would flourish. Detroit and other bankrupt cities would thrive again
Actually, most innovation comes from the military, or related. What did social programs give you? Either free money or crushing taxes. they didnt innovate shit.
How about Universal Basic Income (UBI) ? Funding the space exploration, medicine , education system, improving infrastructure in rural areas, increasing awareness and dealing with homelessness and low income households. Maybe fund a research battling the questions of overpopulation and so on.
The only way Ubi could work is if public Health,School,Police,Road, were shut down and eveyone that "Will" work will have to pay 80% Taxes And thats only if Basic income is the same as miniwage + the us will still go 100billion over The tax budget if you want to live in a Commie shit hole with "jobs" North korea is a good place.
Average people don't pay that much in taxes anyway. The top 25% of earners in the U.S. pay 86% of taxes. You can decrease your tax rate using offshore methods, but you can never totally escape taxes. This video is an overgeneralization for the weak minded who won't research it.
If I was making like 800k a year, and nearly 400k of that was being taxed to the government, I would do the same too, our government takes way too much, that’s not fair, you work this hard in life and nearly half you hard earned money goes to the government.
Its not slavery when youre still have 400k in hand. If somebody earned 800k a year, you benefited the most from the gov spending, without that gov spending u wont get that 800k. Stupid logic
@@verosoedira3536 Lol, tell me more about how much I benefit from the government when running an online business which they played no part in building? If someone walks up to you on the street, holds you at gunpoint, and asks you to hand over 50% of your money when they played no part in earning it, it's called robbery and theft.
Not a very helpful video - it just throws around some buzzwords and goes straight into what could be said generally about tax avoidance. Right, so people set up “shell companies” - you or I could do it too. The video still doesn’t answer how people use them to avoid tax.
And it doesn't need to because orange probably isn't your best color. High risks,high reward. Learn math,pass a couple of test. Get better than think about coming to the table to tag people who.know about the world behind it
aucifer1001 I know this is an old post... but businesses get taxed differently than individuals. So bottom line, businesses no matter how successful don’t get taxed at 50% rates like the rich.
I love how this video tries to make shell companies and tax evasion seem like something bad, while most of us would do the same. Specially those of us who live in extremely corrupt and inefficient countries, I would never pay them 50% in taxes so it goes all straight to their pockets.
Ah, so instead of trying to improve your own country by voting in people that will try to make it better, it's better to ruin your own country and let other countries profit from being an annoying piece of shit to the rest of the world?
@@DaDARKPass I already do that, at least once every four years. But no matter who ever you vote, we are always back to square one. Every politician is a piece of shit, and a lot of voters are brainwashed idiots. So you are suggesting people should give half of their wealth away, to a government which will definitely mismanage it and use it for things that won’t make a change? Yeah no thanks. This ain’t Europe. You can’t even send your kids to public school, unless you want them to have a shit education that’s it. You can’t rely on the public healthcare system, so except you’re poor you better get paying cause you’re getting nothing for free. You are basically just paying for immigrants to get free shit they can’t get in their own countries, and receiving nothing in exchange of course. You can’t ruin something that’s already ruined, don’t worry.
LBVuitton your children will be billionaires in the future who will need to launder money. You will, having acquired such knowledge be able to enlighten them on such activities.
Because you are curious, be more curious and find out how to improve your financial situation. Get education and a better paying job or start a business.
We need to understand there's a difference between tax avoidance and tax evasion. Government allows its citizens to LEGALLY avoid taxes using means like getting credits for donations, offering us tax shelter investment options, and others (we have that in Canada, I think USA's tax system is fairly similar). Tax evasion is different. The government needs to properly REGULATE this process and say: okay, here's what you can do, and here's what you can't do. Using shell companies, running money through Ireland and Netherlands, and utilizing other methods is LEGAL. But if the government doesn't want to allow that anymore, they need to adjust the laws accordingly. Otherwise, this will keep happening.
You have to understand the government is paid by the super wealthy to specifically let this slide. Doing so would mean they lose money, job,and future. I personally don't care they can drown for what's good for them
I am a trusts lawyer and all these shell companies are completely legal guys! You dont have to be uber wealthy to create shell companies. Yes, there is money laundered illegally, however for the most part its completely legit
20% is spent on the military I think that's fair you would be delusional to think a war is not possible in coming time may not be super likely but it's good for the USA to have a powerfull military
Doesnt the goverment think that near 50% is waaay to big to take anyone's money? I'd say near 25% is the borderline for anything if they want to tax em.
And then through some incredible "coincience" the pentagon "plane strike" just so happened to utterly wipe out the exact area of the pentagon where they were storing ALL the files regarding the investigation into that mission 2.3 trillion dollars, apparently there were "coincidentally" no copies and "coincidentally" one of the other sites where this investigation was being held was in WTC building 7 (the 3rd building to fall on 9/11 that nobody reports on or talks about) because it was so badly done that anyone watching the video instantly says "controlled demolition")
This guy gets it. Whether it’s FedEx revolutionizing and showing how USPS should do it, or SpaceX showing how NASA wants to do it but can’t (they have a lot of facilities that for political reasons aren’t shut down, and a lot of red tape around regulations that could be streamlined)
Look up the name Benjamin ravies, that's the name of my fiduciary he trades the market for me with his expertise while I earn he charges commission on profits
Great stocks and I just bought in on them, but I'm interested in making short term profit, let say turn a $150K to $500k in 6months, I'd appreciate tips on how what stocks to buy to make this much profit.
Taxation is theft, but if the Government insists on it then i think everyone should be taxed around 10% of their salary. This way everyone is only losing an insignificant amount of money compared to their income.
So because a few politician's have used off shore accounts now it's there fault😂 you need to work on your thinking. Also not many politicians have billions your just yapping
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You grew up using there roads schools infrastructure etc and now when it's your turn to pay you cant😂 society would fall apart if everyone thought like you
CPA here, If anyone is wondering, how can an average person avoid tax through shell companies - you can register a company in the US and British Virgin Islands. After expenses, send the rest of your money from the US to BVI and write it off as expenses in tax returns. You don't need this anymore, just buy BTC, USDT or USDC and write the purchase off as an expense. Third way could be to register a trust in the US and send up to 60 percent of your AGI to the trust and get a hundred percent write off. Also, spend the donated money through the trust to avoid any tax liability. Fourth is buy an apartment with 10 percent down and write the entire amount off through bonus depreciation in one year, repeat every year.
See, this is your proof, if you don't have money, and you commit a crime, you go to jail. However, if you're wealthy, you can basically break as many laws as you want without facing jail time. Conclusion: There is no such thing as law and order if you're super rich.
We all still live under universal laws of compensation. No one can cheat or hide from these laws. Society is not at all justly ordered from the get-go. Change society and let men keep their hard-earned money.
Maybe the welfare bums in the lazy parasites demanding free stuff should get their hands out of other people's pockets and we should eliminate the IRS altogether.
They rich see economic crisis as a garage sale also the rich stays rich by investing and diversifying their portfolio with stocks, cryptocurrency and forex trading which is the widest thing every individual need to do and it's really profiting
Flat tax - 20% on your primary source of income. No deductions, no real estate depreciation deductions, no carried interest treatment as cap gains, nothing except a 20% flat tax. The first $40K belongs to you and your family, 20% above that.
I would like to focus on how the collected revenue is mis-spent rather than the political misdirection of the rich vs poor debate. As long as we focus on each other we are not focusing on them
so when someone commits a crime against a rich person, even if they are protected by their own security, they also own their own court systems and prisons? think before you reply.
"Poor people want government to increase the tax rate so the rich can pay more, but they didnt know it's causes a backfire to themself". -Robert Kyosaki
It's interesting that we as a society talk about tax evasion being criminal but we don't talk about taxation without representation being criminal. The IRS has it's fingers in the cookie jars of all the countries in the world and basically has it's on court that decides hose guilty or not. It's literally the greatest ponzi scheme ever.
Maybe if the US had more competitive tax rates for wealthy people and corporations, people wouldn't feel the need to switch to "legal tax evasion" offshore
These tax heavens are under control of US allies like Britain. If Britain would not allow such tax heavens to exists the superwealthy would be forced to pay taxes.
@@srnrn141 you dont understand how colonies work do you. while on paper they are kind of under British control they are also autonomous and the British don't really have the legal ability todo much
Did you miss the fact that the US is one of the leading tax havens for non-resident aliens of the US? The US is amongst the biggest tax havens in the world along side the UK, the Netherlands, Malta, Cyprus, Luxembourg and Ireland. I mean half of the EU is a tax haven and the US is a major tax haven as well.
It's not just the rich that register their businesses and acquire bank accounts in so-called tax havens! Videos like this (I've watched many) also imply that there's inherently something dodgy about doing so. There is nothing illegal in acquiring both in a nation other than the one in which you live in!
I don't see them doing anything wrong. Normal citizens don't take the time to understand the tax systems. If what they do is really wrong then why not make it illegal? If you could save a percentage of money on taxes wouldn't you? In this case they just have a higher total amount of money so they'd save a high percent.
But at the same time the US government gives $20-50 billion a year in US citizen taxes to other countries. So let’s not act like the government would use that money for good. Both sides should see that.
Not to mention what goes to Ukraine now. Why? To facilitate the big US companies operating there. Making the taxpayer pay, not the corporations is a good deal.
You could probably do something productive with that money elsewhere. Ukraine is also the proverbial bottomless barrel. Neighbourhood counts for more tha ideologies. But have it your way;, it worked very well so far in the last 30 years, didn't it.
@@hauptmannbalalaika quit being so ingnorant imagine if your country all of a sudden got invaded by a much bigger country. Im glad the US supports them just shut up with your waste of money. you proabbly live a very easy life and anythign that does not directly go to you is a waste lol
T. Thomas because they're indoctrinated all the way from the first day of kindergarten to the day they realize they just wasted 40k on a college degree.
"The Matrix is a system, Neo. That system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it."
When you’re a millionaire? You should pay 50%. Tough shit if you don’t want to, it’s not fair that an average person gets prison for tax fraud but the government knows about the tax havens and don’t care.
Martha B-C, is that so? Why must millionaires pay more than 50% taxes; whereas, others do not? Is it because they’re wealthier? Just because they were smart enough to access all that wealth? Even if some people had the money bequeathed to them, it still does not make sense for them to pay above 50% taxes unlike the rest. Do not think that just because millionaires have more money they should pay more in taxes than the rest. Just like you pay a certain fixed amount, so should they.
there is something like this, in Costa Rica....for as little as 200.000 USD.....they would set up some type of shell company and pay you one percent per month...
That's not quite accurate. Most people pay wages into a 401k and they money they put in is not counted as taxable. Then, in retirement, they draw on the 401k and what they withdraw is counted as ordinary income. They would pay less taxes if they could count it as long-term capital gains.
@@Holt775 To take the money out of the 401k, you sell the assets for lont-term cap. gains. The tax rate on the first $77k of long term cap. gains is 0%. See www.fool.com/taxes/2018/09/21/the-3-types-of-income-and-how-theyre-taxed.aspx section "Investment Income"
@@johnobrien6858 that's incorrect. The moment you take assets out of your 401k it counts as a distribution and is counted as ordinary income. Regardless, using tax differed accounts is still a way to legally avoid paying capital gains while the assets trade in the account. Taxes are evil. We should have a right to do this.
@@Holt775 You said: "...If you use a 401(k) or IRA of any kind you are 'avoiding' capital gains taxes." I then said: "...Then, in retirement, they draw on the 401k and what they withdraw is counted as ordinary income. They would pay less taxes if they could count it as long-term capital gains." As an example, suppose you put $100 into a 401 K retirement account. Years later, the $100 has appreciated to $400, and you withdraw all of it from the account. The way the law is, the whole $400 withdrawal is taxed as ordinary income. My point is that if the $300 in appreciation was taxed as long-term capital gains, the $300 would be taxed at a lower rate, and the first $77,000 in long-term capital gains income would be taxed at a rate of 0%. When you say "taxes are evil", I'm not sure what you mean. Do you mean we should not have a government, or do you mean we should have a government and fund it in a different way?
Title should have been; *"Campaign for the IRS to grow more bigger with more tax money 💵"* 😪 You can't have big government & big business...You either have small gov & big businesses or Big gov & small businesses. Choose❕
Taxes my boy. Thry are obligated by law to pay taxes on what they make. The mkre they make the more they have to pay taxes on. Anf if they dont do this, it would be called tax evasion and it is a felony in which you get fined and sent to jail
It has nothing to do with Not paying their fair share... it has everything to do with people in government wasting and or funnelling funds to enhance their lives... mostly wasteful spending though.... and people are sick of watching the government misspend their earned money. I cannot stand how our government puts more emphasis in giving money to other countries when its own citizen taxpayers experience poverty...our own veterans are not treated even closely in proportion to their sacrifice to our country. More efficient spending would reduce the taxation need and accomplish what is needed.
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More than half or half is worst thing. It should be max 10 % for rich and 5% for middle class . Else then ppl start looking for these ideas. Those politicians are using our money for their idiotic tours and luxury life. India's PM Modi spent over 360 crore ₹ or 65 Million $ approx till date for useless tours around half of the World . Don't know if he touches more mark. This is all tax payers money. Need to get rid of this Evil Tax system.
In our country we used to have very very high taxes on rich and ultra rich people due to which most of then started moving money illegally out of country, due to which now the maximum tax that can be implemented is reduced to around 30-35%.
There should be a law says if you donate a certain amount to education, medical and infrastructure, you pay no taxes. This way ordinary people will be benefited and no more tax evasion, a true win-win.
Here's a thought; stop stealing half of people's wealth, and maybe they'll actually start paying taxes. No government should take more than 10% of anyone's income. We learn to scrape by on tight budgets so the people who are supposed to serve us should do the same. The IRS and Congress is the sole reason tax evasion happens, and I don't blame evaders one bit. The ones hating on them are hating because they didn't have the foresight to do the same.
US citizens who try to hide their money via shell companies are taking a big risk. The IRS imposes stringent and detailed disclosure requirements on all US citizens who own foreign companies or foreign bank accounts. Merely neglecting to file a form can result in a penalty of $50K or more... even if no tax is owed.
It’s no longer that easy to hide money with a shell company, there is now the CRS agreement, Common Reporting Standard agreement, which includes most if not all of the countries mentioned in this video.
Lol I’m used to trading with 2-5ETH back in the days. Now it’s like hmmm, I should lower my risk with using less ETH.guess what Automate taught me how to minimize my losses.
This video doesn't even explain anything. And it never distinguishes between illegal and legal schemes, why offshore accounts are used, and why some things are legal and others illegal.
Most of the money foreigners use to invest in the US is from offshore accounts in tax havens where little or 0% tax is being paid. When the average US citizen is paying 40% or more in taxes and has no money to invest because of high taxation & FATCA!
avoid taxes by keeping the money overseas .once you gather enough money you slowly funnel the money into businesses and investments this will allow you to make a steady flow of laundered cash then you can take it overseas to avoid federal taxes keep repeating until you grow into an empire and hopefully people will just think you're just genius instead of a criminal
Another thing to look into is how businesses and individuals own income get taxes differently. Capital gains tax (tax on business profit) is usually a lower tax rate and therefore taxed less. The billionaires make most of their money through capital gains.
