Hi guys, Welcome to the Advanced Video Search Engine, and you are watching The Tax System is Broken... in Just The Right Way. That video is uploaded by How Money Works at 2024-06-18T05:21:29-07:00. We are promoting this video only for entertainment and educational purpose only. So, I hope you like & enjoy it. [Rig-CSEz6f0]
| Name | The Tax System is Broken... in Just The Right Way |
| Video Uploader | Video From How Money Works |
| Upload Date | This Video Uploaded At 18-06-2024 12:21:29 |
| Video Discription | Looking to grow your business online? Get started today with a free 14-day trial from Odoo: https://www.odoo.com/r/xwl ------ Sign up for our FREE newsletter! - https://www.compoundeddaily.com/ Books we recommend - https://howmoneyworkslibrary.com/ ----- My Other Channel: @HowHistoryWorks Edited By: Svibe Multimedia Studio Music Courtesy of: Epidemic Sound Select Footage Courtesy of: Getty Images For sponsorship inquiries, please contact sponsors@worksmedia.group Sign up for our newsletter https://compoundeddaily.com 👈 All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind. #tax #finance #money ---- The Federal Tax Code when written out from beginning to end is about two thousand six hundred [2,600] pages long. Depending on who you ask it can be as SEVENTY THOUSAND [70,000] pages IF you include all of the relevant legal rulings on the contents of the code itself. This snowballing complexity would be a big enough headache by itself, BUT the biggest problem of all, is that the Federal government only collects about a dozen different taxes… The guidelines on what these taxes are, how they are calculated and how they are collected take up a total of about 250 pages… everything ELSE in the code is allowances, credits, deductions, offsets, incentives and deferments. And that’s just FEDERAL taxes, things become EXPONENTIALLY more complicated when local and state taxes are included as well. Now it doesn’t matter if you believe that all taxes are theft, or if you think that the rich should be taxed out of existence, the CURRENT system is broken in JUUSSTT the right way. Ok so it’s no secret that tax loopholes benefit the rich… and that’s for TWO reasons… HOWEVER most people choose to just focus on one. The first reason is because wealthy people can afford to pay the billable hours of accountants and tax lawyers to set up their personal finances and business structures to take advantage of these loopholes. According to the National Association of tax professionals the average cost to prepare an individual tax return in America in 2023 was two hundred and forty eight dollars [$248]. That’s ALREADY more expensive than it should be BUT tax services go way up from there. Tailored tax services that submit the paperwork required to take advantage of some of these loopholes can cost tens of thousands of dollars every year to put together. That means that it’s only worth it for people that can save hundreds of thousands of dollars in tax by diligently structuring their affairs. The SECOND reason that tax loopholes only benefit rich people is because… they are the ones that pay tax. But distorting already highly problematic markets is just the first problem with the loophole arms race. So it’s time to learn How Money Works to find out why our taxes are so hard to fix. Rig-CSEz6f0 |
| Category | Education |
| Tags | tax | tax code | tax offset | tax credit | tax loopholes | why are taxes so complicated | how money works | how history works | tax incentives | irs | tax return | paying taxes | tax avoidance | business | finance | economics | money | real estate | real estate taxes | 1031 exchange | real estate tax efficiency | capital gains vs earned income | passive income | investment income | the loophole arms race |
