The desperation is starting to show on the federal level, as they seek to tax unrealized gains as a money grab at the uber rich.
Up to 37% of your income could be confiscated every year by the IRS alone. Not only that, up to 13.3% more of your income could go to state taxes if you live in California, for example.
When you stop and think about it, beyond what the mainstream reports, there are two tax systems in the U.S. But they aren’t what you might be thinking. The MSM wants you to think that taxation is class warfare, “rich vs. poor.” But the two primary ways of thinking about taxation often break down like this…
- “Pay your fair share” – A common refrain among Democrats and voters who are bad at math.
- “Pay as little as possible” – A strategy employed by the rich as well as all voters who value their own hard work.
There’s no denying that taxation is theft, especially once you take into account the way Government stooges end up spending the money. This is why, in my view, you have a moral obligation to take back as much of your hard-earned income that the U.S. tax system will permit.
That’s what intelligent people do in a free society. They actively look for loopholes in the tax system and exploit them to reclaim money that would have otherwise been wasted by politicians.
In just a minute I’ll reveal exactly how you can find all the legal tax loopholes you want. But first, I want to address the newest way the U.S. Government has dreamt up to put their grubby paws on even more of your hard-earned dollars…
Biden’s Proposed Tax on Unrealized Gains
The Biden Administration recently floated the idea of tax on unrealized capital gains, and it’s just as bad as it sounds. The OC Register laid out a clear example of how Biden’s tax could work:
Let’s say you bought stocks in 2010 for $50,000 and they now are worth $100,000, even though you have no interest in selling them. The IRS would calculate the current value of the investment and tax you for the theoretical $50,000 paper gain. You’d probably have to sell them off to pay the tax assessment.
Likewise, imagine if the federal government could tax the unrealized gains of your home. Investments go up (and sometimes down) in value over the course of the years, and investors often make decisions based on long-term calculations. This frustrates progressive politicians, who view it as a tax dodge whenever people keep their earnings – real or on paper – out of the hands of government.
Radical tax ideas like this one have to be sold to the general public to gain acceptance. So in much the same way the traditional U.S. income tax was “sold” to the general public to finance World War I, Treasury Secretary Janet Yellen took to the airwaves to “sell” the public on the idea of Biden’s new “wealth tax.”
“It’s not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals,” U.S. Treasury Secretary Janet Yellen told CNN on Sunday.
When I first read this, my B.S. detector went nuts. I assume yours did too.
Leaving aside the obvious political “doublespeak” (it’s not this, it’s really that), the idea that this tax would not be assessed on every U.S. taxpayer in some form is absurd.
To be clear, Biden’s “Unrealized Income Tax” would tax revenue before any profits were realized. Yellen says the tax would target only “exceptionally wealthy individuals.” But consider that people who successfully amass wealth take whatever steps they can to avoid paying taxes on revenue earned for as long as they possibly can.
Don’t you think the smartest and wealthiest members of society will develop new strategies to dodge this new tax? And don’t you think the new tax will ultimately hit the middle class much harder than advertised? Only a naïve person would think otherwise.
After all, this is exactly how the U.S. income tax was applied to every working American. It started by targeting the rich, then it slowly began to apply to the middle class and eventually even the poor.
The bottom line: Even if it irritates “progressive” politicians, it’s your moral obligation to find every possible way to keep as much of your income as possible. It’s what wealthy people do, and it’s what you should do too. With that in mind, here’s…
How to Keep More of Your Money Out of the Tax Man’s Hands
As you probably know, I’ve been living the life of a “digital nomad” since 2001. That means l have enjoyed the benefits of location independence.
During that time, I’ve also learned dozens of valuable lessons about how to maintain my independence free from the IRS, progressive politicians, and stupid tax ideas buried in thousands of pages of legislation.
On top of that I’ve learned the secrets to reducing taxes, sometimes even eliminating my tax obligations altogether (just like the wealthy elite). All while maintaining my freedom “under the radar” of various Government bureaucrats.
I created GWP Insiders to share those lessons.
In fact, I recently updated the entire membership area and I’m relaunching it as GWP Insiders 3.0. And, for a limited time, you can save 70% on membership.
Why should you seriously consider this?
GWP Insiders is a complete roadmap of internationalization strategies for location-independent entrepreneurs and investors looking for answers to tax, residency, wealth, and lifestyle questions.
Most importantly, you’ll learn about legal tax avoidance loopholes that can protect you from “unrealized income” taxes or any other taxes politicians dream up.
Bottom line, we believe in REAL freedom. Freedom to keep the money you earned. Freedom to travel where you want, when you want…
Freedom to be private and secure in your business affairs and day to day life.
When you become a member of GWP Insiders, you’ll have access to some of the most valuable and closely guarded secrets the wealthy use to protect and grow their wealth.
For example, you’ll discover:
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Location Independent Entrepreneur
P.S. Who knows what income-grabbing tax scheme U.S. Government officials will dream up next. Here’s how you can keep your assets safe from their clutches…
Become a GWP Insiders member today to discover how to keep your income safe, along with many more secrets to secure your future…