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OFF-TOPIC The New US Tax Plan and Your New 50% Biz Partner (the US Gov)

eliquid

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Just gonna leave this here...

Did some of this recently change?

I don't keep up with it myself, but I was sure someone told me in the last 12 months some changes were made. Maybe changes not too drastic, but changes that impact some things.

Care to share more?
 

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Mike Partee

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Did some of this recently change?

I don't keep up with it myself, but I was sure someone told me in the last 12 months some changes were made. Maybe changes not too drastic, but changes that impact some things.

Care to share more?
Came across an A/B comparison chart outlining exactly what you're talking about.
Let me see if I can find it and get back to you.
 

MJ DeMarco

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Own a business as a sole-owner?

Actually you have a partner.

A 50% partner.

In Arizona, if I sell my business, I will be subject to a 49.4% tax. In other states, it's over 50%.

As I've said before, if confiscation of 100% of your effort is slavery. .. when does it STOP being slavery? 90% 60%?

Land of the Free ... blah blah, what a joke.

We've reached the point when non-productive citizens now vastly out number the productive. Now it's only a matter of time when the entire scheme collapses.

Screen Shot 2021-04-30 at 7.21.16 AM.png
 

thechosen1

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Own a business as a sole-owner?

Actually you have a partner.

A 50% partner.

In Arizona, if I sell my business, I will be subject to a 49.4% tax. In other states, it's over 50%.

As I've said before, if confiscation of 100% of your effort is slavery. .. when does it STOP being slavery? 90% 60%?

Land of the Free ... blah blah, what a joke.

We've reached the point when non-productive citizens now vastly out number the productive. Now it's only a matter of time when the entire scheme collapses.

View attachment 37805
This ain't even political - this is fundamental to the Fastlane.

Very sad... Creating bad times in America...
 

redshift

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Interesting. According to the same source, even the states with 0 tax would be higher than the highest cap gains in Europe (DK @ 42%).
Capital-Gains-Europe-2020-01.png
 

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Kak

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Peter Schiff has a bit about the feudal serf.

It was a period in time that was frowned upon because the poor serf was required to essentially rent his land from the land lord and pay him 25% of his production.

It could have been worse, that serf could have been an American. We rent everything, including freedom itself from the government.
 

thechosen1

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I think the reason Biden (Not him, but his administration) wants eye wateringly high capital gains taxes is to keep the stock market artificially high during his tenure.

That way nobody will sell drastic amounts of stock or businesses.

Meaning there won't be a crash.

So in 8 years, the "graph" will look nice and pretty.

edit: bear in mind, eventually we will have a president who cuts taxes again, unless the Democrats somehow take over the country and eliminate all dissenters.
 
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Lyinx

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I'm thinking it will pay to focus more on yourself during this time and not grow a business as much. Make what you must, but become self-sustaining.

Grow your own food, cut your own wood, don't borrow money from the banks, homesteader lifestyle.

I welcome any thoughts on this subject either way.
 

Lyinx

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Did some of this recently change?

I don't keep up with it myself, but I was sure someone told me in the last 12 months some changes were made. Maybe changes not too drastic, but changes that impact some things.

Care to share more?
I just read over this, looks like it's exempting from PR tax only (I'm not a legal expert, but I'm guessing you still need to pay Federal taxes)
 

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What none of you understand, is that the higher your taxes, the freer you are.

Why anyone doesn't get this is beyond me. By your master taking more of your money and then giving you back more of the things you need to live, you actually have more freedom.

It's obvious, but sadly too many are blind to understand this simple fact.

Ultimately, you want everyone to be taxed 100%. Until then, we will never have equality, and you will never understand what liberty and freedom truly are.
 

Kak

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I just read over this, looks like it's exempting from PR tax only (I'm not a legal expert, but I'm guessing you still need to pay Federal taxes)
Nope! That’s the cool part! Puerto Rico is one of the few places an American can go and NOT pay US federal taxes because your Puerto Rico taxes are essentially federal.

I had a Puerto Rican tax expert on the show about this! Check it out if you want to learn more about it.

For decree holders it goes like this:
-0% capital gains taxes
-4% corporate taxes for “exported services”
-Flowing after tax corporate profits to you as an individual is not a taxable event.

You have to actually live there though… Which is a deal breaker for many… but sounds amazing to me. A Caribbean island, with a decent sized city, access to the American economy, as an American, and a 4 percent income tax rate? What the hell is not to like?

Of course, talk to an accountant if you’re going to do this yourself like I will in the next few years. America is 90% dead to me.
 
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MJ DeMarco

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So awesome that Jeff Bezos, Buffett, Bill Gates, and Zuckerfuck amassed billions and paid at most, 20% taxes on their empires.

Now due to their political activism, we get to pay 50% on whatever we build.

Now you know why these billionaire assholes are all socialist f*cksticks...

America is 90% dead to me.

That's 9.9% less dead than it is to me.
 

Lyinx

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What none of you understand, is that the higher your taxes, the freer you are.

Why anyone doesn't get this is beyond me. By your master taking more of your money and then giving you back more of the things you need to live, you actually have more freedom.

It's obvious, but sadly too many are blind to understand this simple fact.

Ultimately, you want everyone to be taxed 100%. Until then, we will never have equality, and you will never understand what liberty and freedom truly are.
I hope this is satire, but never 100% sure these days...
Nope! That’s the cool part! Puerto Rico is one of the few places an American can go and NOT pay US federal taxes because your Puerto Rico taxes are essentially federal.

I had a Puerto Rican tax expert on the show about this! Check it out if you want to learn more about it.

For decree holders it goes like this:
-0% capital gains taxes
-4% corporate taxes for “exported services”
-Flowing after tax corporate profits to you as an individual is not a taxable event.

You have to actually live there though… Which is a deal breaker for many… but sounds amazing to me. A Caribbean island, with a decent sized city, access to the American economy, as an American, and a 4 percent income tax rate? What the hell is not to like?

Of course, talk to an accountant if you’re going to do this yourself like I will in the next few years. America is 90% dead to me.
Wow!
 

Kid

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We've reached the point when non-productive citizens now vastly out number the productive. Now it's only a matter of time when the entire scheme collapses.
Thats the part i wasn't getting about neo-communists.
Its not: "we work and nobody's getting rich"
but: "we don't work and lets entrepreneurials work their asses off and we get their money for free"
Makes sense now.

We should call it "neo-democratic-communism", they'll vote us into reversed slavery.
 

Tourmaline

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In more seriousness:

If we cannot defeat socialist rhetoric then they deserve to takeover.

This is a war of ideology. There are no shoulds. Anger is stupid.

The stronger ideology will prevail.
 

biophase

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Curious is this will make people sell their business for more money. A 4x exit becomes a 2x payout. Nobody is selling their business for two years worth of revenue.

This also makes the zero state tax states even more attractive.
 

Kak

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In more seriousness:

If we cannot defeat socialist rhetoric then they deserve to takeover.

This is a war of ideology. There are no shoulds. Anger is stupid.

The stronger ideology will prevail.
Yes, they deserve the economic disaster they so desperately want.

This is me “shrugging.”
 

Kak

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So awesome that Jeff Bezos, Buffett, Bill Gates, and Zuckerfuck amassed billions and paid at most, 20% taxes on their empires.

Now due to their political activism, we get to pay 50% on whatever we build.

Now you know why these billionaire assholes are all socialist f*cksticks...



That's 9.9% less dead than it is to me.
Yes. They already made their money. Their support of socialist nonsense has always been a massive hypocrisy.

Unless they offer to retroactively pay the tax rate they now support, with late penalties, they are egregious freedom thieving hypocrites.
 

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Tourmaline

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It’s sad that a God’s honest majority have those wackjob beliefs…

But @Tourmaline doesn't haha

:)

Yes, they deserve the economic disaster they so desperately want.

This is me “shrugging.”

Sometimes people have to learn the hard way. My biggest concern is that people won't actually learn.

Case in point: The War on Poverty

Yes. They already made their money. Their support of socialist nonsense has always been a massive hypocrisy.

Unless they offer to retroactively pay the tax rate they now support, with late penalties, they are egregious freedom thieving hypocrites.

In some ways I think it's them trying to keep social order by pandering to the masses. But who really knows?
 

Kak

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Here’s the other side of this coin… Republicans…

Yes the “bastions of market economics and low taxes.” (I just threw up in my mouth.)

Trump’s theft regime was also unacceptably horrible, but republican voters were somehow not upset. Don’t get me wrong, I prefer any Republican to any Democrat… but if they’re the best we can hope for, we are so screwed.

So he lowered the corporate tax rate. It was still unacceptably high.

So he lowered some income tax rates, but they were still unacceptably high.

He said “no tax cuts for the wealthy,”like the socialist he was.

He created opportunity zones like a hypocrite that understands taxes are a hindrance on prosperity… and simultaneously gloated that his tax plan was going to be hard on people like him, as if that was a good thing.

To top all of this off, he paid for it all with the following taxes:

Tarrifs and difficulties importing and exporting.

Making the GILTI tax way more burdensome for global American businesses.

Screwing up deductions of state and local taxes.

And inflation, a tax on buying power of workers and savers via a monetary policy that was street whore easy…

America should be THE opportunity zone. It isn’t. It sucks.

The truth in Apple terms:

Democrats= Socialist Pro
Hypocritical Republicans= Socialist Air (ie it’s only socialist when Democrats do it.)
 
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Tourmaline

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Here’s the other side of this coin… Republicans…

Yes the “bastions of market economics and low taxes.” (I just threw up in my mouth.)

There is nothing horrible about this tax plan that wasn’t also horrible under Trump’s theft regime.

So he lowered the corporate tax rate. It was still unacceptably high.

So he lowered some income tax rates, but they were still unacceptably high.

He said “no tax cuts for the wealthy,”like the socialist he was.

He ramped up trade costs which was a tax.

He created opportunity zones like a hypocrite that understands taxes are a hindrance on prosperity… and simultaneously gloated that his tax plan was going to be hard on people like him, as if that was a good thing.

To top all of this off, he paid for it all with the following taxes:

Tarrifs and difficulties importing and exporting.

Making the GILTI tax way more burdensome for global American businesses.

Screwing up deductions of state and local taxes.

And inflation, a tax on buying power of workers and savers via a monetary policy that was street whore easy…

America should be THE opportunity zone. It isn’t. It sucks.

The truth in Apple terms:

Democrats= Socialist Pro
Hypocritical Republicans= Socialist Air (ie it’s only socialist when Democrats do it.)

GOP shoots you in the foot
DNC shoots you in the gut
 

PapaGang

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Nope! That’s the cool part! Puerto Rico is one of the few places an American can go and NOT pay US federal taxes because your Puerto Rico taxes are essentially federal.

I had a Puerto Rican tax expert on the show about this! Check it out if you want to learn more about it.

For decree holders it goes like this:
-0% capital gains taxes
-4% corporate taxes for “exported services”
-Flowing after tax corporate profits to you as an individual is not a taxable event.
I'm looking at real estate listings now.

Screen Shot 2021-04-30 at 9.42.31 PM.png

Man, this thread has given me the itch.
 

PapaGang

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Another thought — we should not forget about this guy:

Screen Shot 2021-04-30 at 9.48.25 PM.png

This is Joe Manchin. Democratic Senator of West Virginia. Why is he important?

Because right now the democrats can only be as liberal as Joe Manchin. And he's pretty conservative in the democratic sense. Opposes the minimum wage hike, against defunding the police, opposes adding more justices to the supreme court, etc.

He seems to waver back and forth on fiscal policy and taxes, but he publicly stated he doesn't like Biden's plan, which means it probably won't pass as advertised. Also, it seems New York house democrats won't vote for it either.

Still, this Puerto Rico idea is very attractive to me. :cool:
 

Timmy C

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If I was living in America, I would be seriously looking at moving to Puerto Rico or just leaving the country altogether.

My uncle just arrived from America after living there for the past 10 years.
He is back in Australia as he said America is completely cooked.
Hey, it isn't that great here but it is certainly a big upgrade lol.
 

redshift

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Nope! That’s the cool part! Puerto Rico is one of the few places an American can go and NOT pay US federal taxes because your Puerto Rico taxes are essentially federal.

I had a Puerto Rican tax expert on the show about this! Check it out if you want to learn more about it.

For decree holders it goes like this:
-0% capital gains taxes
-4% corporate taxes for “exported services”
-Flowing after tax corporate profits to you as an individual is not a taxable event.

You have to actually live there though… Which is a deal breaker for many… but sounds amazing to me. A Caribbean island, with a decent sized city, access to the American economy, as an American, and a 4 percent income tax rate? What the hell is not to like?

Of course, talk to an accountant if you’re going to do this yourself like I will in the next few years. America is 90% dead to me.

From what I understand, the 0% CG rate would only apply on gains after the date you move correct ? So for someone with an existing business worth 10m, you'd still owe the 43.4% on that if you decide to sell and the 0% would kick in only on the valuation delta after the move to PR.

The whole concept of moving to Puerto Rico is bit ridiculous in the first place if you think about it.

Anyone from any other country could potentially just decide to move wherever they want in the world and start paying taxes there instead. So if they would move to a low or no tax country, start and sell a fastlane business within a few years, they would just owe whatever the tax rate is there and be done with it.

As for us, we would still owe the 43.4% or whatever the CG rate is at the time regardless of where we are living (unless its frikkin Puerto Rico lol), and not to mention the mountains of paperwork to be filed in every year which makes living abroad so much more complicated than it needs to be.
 

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