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Yes.. and in this case he's claiming to own a holding company that is running the family trust.When your "family trust corporation" distributes assets to your family they pay income tax.Your corporation can only pay for your corporate related expenses. Anything else would have to be reported as income. If you have "no" income at all but money in the bank .. where did the money come from, FYI that is a red flag that usually indicates your millions came from illegal activities, such as selling drugs If you have no assets... you are broke. You can't be wealthy with no assets. If you have assets where did they come from, if not income?
Again your statements make no sense.
One of my corporations is a family trust that derives it's income from investments. What is the business of a family trust?
Your tax rates changed since last year? Why, and what is the difference?
Extrapolating from this context... when you claimed low effective tax rates what you were really doing is "deferring" taxes on income to some later time by not distributing accruing assets of the family trust. IOW your trust is acting like a 401k where you don't have to pay taxes till you take the money out for personal use. The business of your family trust is to grow the family trust for later withdrawals.
Since last year? Huh? Who's talking about next years taxes?
A family trust is simply an ordinary trust in which beneficiaries are members of the trust grantor’s family. Although trust assets are not taxed unless they earn income, trust income is generally taxed in the same way as personal income. Under some circumstances, however, you can use a family trust to obtain tax advantages.
Yes.. and in this case he's claiming to own a holding company that is running the family trust.When your "family trust corporation" distributes assets to your family they pay income tax.Your corporation can only pay for your corporate related expenses. Anything else would have to be reported as income. If you have "no" income at all but money in the bank .. where did the money come from, FYI that is a red flag that usually indicates your millions came from illegal activities, such as selling drugs If you have no assets... you are broke. You can't be wealthy with no assets. If you have assets where did they come from, if not income?
Again your statements make no sense.
One of my corporations is a family trust that derives it's income from investments. What is the business of a family trust?
Your tax rates changed since last year? Why, and what is the difference?
Extrapolating from this context... when you claimed low effective tax rates what you were really doing is "deferring" taxes on income to some later time by not distributing accruing assets of the family trust. IOW your trust is acting like a 401k where you don't have to pay taxes till you take the money out for personal use. The business of your family trust is to grow the family trust for later withdrawals.
Since last year? Huh? Who's talking about next years taxes?
A family trust is simply an ordinary trust in which beneficiaries are members of the trust grantor’s family. Although trust assets are not taxed unless they earn income, trust income is generally taxed in the same way as personal income. Under some circumstances, however, you can use a family trust to obtain tax advantages.
IOW... he's claiming income that he's deferring is somehow reducing his "effective" tax rate. My guess is that either his accountant is feeding him a load of bullshit, or he's just goggled up how do rich people shelter income. Either way he's confused.
When your "family trust corporation" distributes assets to your family they pay income tax.
Extrapolating from this context... when you claimed low effective tax rates what you were really doing is "deferring" taxes on income to some later time by not distributing accruing assets of the family trust. IOW your trust is acting like a 401k where you don't have to pay taxes till you take the money out for personal use. The business of your family trust is to grow the family trust for later withdrawals.
Since last year? Huh? Who's talking about next years taxes?
Yeah, he's full of shit. Either a trust pays the tax, same basic rates, or the trust pays the recipient and the recipient pays the tax, same basic rate. Either way, his single digit claim is BS.
Oh god I hope no one reports you to the IRS. What you said it not "legal." You might be able to come up with a way to avoid "STATE INCOME TAX" but you owe the IRS dude. Which is what we've been talking about, FEDERAL INCOME TAX rates, not state income tax rates.When your "family trust corporation" distributes assets to your family they pay income tax.
Extrapolating from this context... when you claimed low effective tax rates what you were really doing is "deferring" taxes on income to some later time by not distributing accruing assets of the family trust. IOW your trust is acting like a 401k where you don't have to pay taxes till you take the money out for personal use. The business of your family trust is to grow the family trust for later withdrawals.
Since last year? Huh? Who's talking about next years taxes?
It's called a private family trust. In Nevada, a private family trust is completely unregulated AND untaxed by the State. When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes. Distributions are seen by the IRS as using savings, which aren't taxable.
Nevada, New Hampshire, South Dakota, Tennessee, Texas, Wyoming, and now with the help of a guy named Bush, Florida has become the latest State to save the wealthy most of their money.
Oh god I hope no one reports you to the IRS. What you said it not "legal." You might be able to come up with a way to avoid "STATE INCOME TAX" but you owe the IRS dude. Which is what we've been talking about, FEDERAL INCOME TAX rates, not state income tax rates.When your "family trust corporation" distributes assets to your family they pay income tax.
Extrapolating from this context... when you claimed low effective tax rates what you were really doing is "deferring" taxes on income to some later time by not distributing accruing assets of the family trust. IOW your trust is acting like a 401k where you don't have to pay taxes till you take the money out for personal use. The business of your family trust is to grow the family trust for later withdrawals.
Since last year? Huh? Who's talking about next years taxes?
It's called a private family trust. In Nevada, a private family trust is completely unregulated AND untaxed by the State. When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes. Distributions are seen by the IRS as using savings, which aren't taxable.
Nevada, New Hampshire, South Dakota, Tennessee, Texas, Wyoming, and now with the help of a guy named Bush, Florida has become the latest State to save the wealthy most of their money.
When your "family trust corporation" distributes assets to your family they pay income tax.Your corporation can only pay for your corporate related expenses. Anything else would have to be reported as income. If you have "no" income at all but money in the bank .. where did the money come from, FYI that is a red flag that usually indicates your millions came from illegal activities, such as selling drugs If you have no assets... you are broke. You can't be wealthy with no assets. If you have assets where did they come from, if not income?
Again your statements make no sense.
One of my corporations is a family trust that derives it's income from investments. What is the business of a family trust?
Your tax rates changed since last year? Why, and what is the difference?
Extrapolating from this context... when you claimed low effective tax rates what you were really doing is "deferring" taxes on income to some later time by not distributing accruing assets of the family trust. IOW your trust is acting like a 401k where you don't have to pay taxes till you take the money out for personal use. The business of your family trust is to grow the family trust for later withdrawals.
Since last year? Huh? Who's talking about next years taxes?
A family trust is simply an ordinary trust in which beneficiaries are members of the trust grantor’s family. Although trust assets are not taxed unless they earn income, trust income is generally taxed in the same way as personal income. Under some circumstances, however, you can use a family trust to obtain tax advantages.
When your "family trust corporation" distributes assets to your family they pay income tax.
Extrapolating from this context... when you claimed low effective tax rates what you were really doing is "deferring" taxes on income to some later time by not distributing accruing assets of the family trust. IOW your trust is acting like a 401k where you don't have to pay taxes till you take the money out for personal use. The business of your family trust is to grow the family trust for later withdrawals.
Since last year? Huh? Who's talking about next years taxes?
It's called a private family trust. In Nevada, a private family trust is completely unregulated AND untaxed by the State. When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes. Distributions are seen by the IRS as using savings, which aren't taxable.
Nevada, New Hampshire, South Dakota, Tennessee, Texas, Wyoming, and now with the help of a guy named Bush, Florida has become the latest State to save the wealthy most of their money.
Yeah, he's full of shit. Either a trust pays the tax, same basic rates, or the trust pays the recipient and the recipient pays the tax, same basic rate. Either way, his single digit claim is BS.
A private family trust Nevada corporation pays the same basic rate?
Opinions like yours are why the rich are getting richer and you're not.
Keep voting Republican and make me wealthier!
Yachts as second homes. Private air travel. Private family trusts. All Republican.
When your "family trust corporation" distributes assets to your family they pay income tax.Your corporation can only pay for your corporate related expenses. Anything else would have to be reported as income. If you have "no" income at all but money in the bank .. where did the money come from, FYI that is a red flag that usually indicates your millions came from illegal activities, such as selling drugs If you have no assets... you are broke. You can't be wealthy with no assets. If you have assets where did they come from, if not income?
Again your statements make no sense.
One of my corporations is a family trust that derives it's income from investments. What is the business of a family trust?
Your tax rates changed since last year? Why, and what is the difference?
Extrapolating from this context... when you claimed low effective tax rates what you were really doing is "deferring" taxes on income to some later time by not distributing accruing assets of the family trust. IOW your trust is acting like a 401k where you don't have to pay taxes till you take the money out for personal use. The business of your family trust is to grow the family trust for later withdrawals.
Since last year? Huh? Who's talking about next years taxes?
A family trust is simply an ordinary trust in which beneficiaries are members of the trust grantor’s family. Although trust assets are not taxed unless they earn income, trust income is generally taxed in the same way as personal income. Under some circumstances, however, you can use a family trust to obtain tax advantages.
Not if it's invested in a 777 account. This is another Rich Persons way of paying zero interest. Even the profits are not taxed. Plus, you can take it all or part of it out and not pay a dime in taxes. Just when you think you have them where they pay taxes, the come up with something else. The 1% just don't pay taxes, much less, their fair share. And it pays about 5 to 6%. The poor have to settle for 0 to 1%.
When your "family trust corporation" distributes assets to your family they pay income tax.
Extrapolating from this context... when you claimed low effective tax rates what you were really doing is "deferring" taxes on income to some later time by not distributing accruing assets of the family trust. IOW your trust is acting like a 401k where you don't have to pay taxes till you take the money out for personal use. The business of your family trust is to grow the family trust for later withdrawals.
Since last year? Huh? Who's talking about next years taxes?
It's called a private family trust. In Nevada, a private family trust is completely unregulated AND untaxed by the State. When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes. Distributions are seen by the IRS as using savings, which aren't taxable.
Nevada, New Hampshire, South Dakota, Tennessee, Texas, Wyoming, and now with the help of a guy named Bush, Florida has become the latest State to save the wealthy most of their money.
When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes.
So the trust pays a top rate of probably 35%.
When your "family trust corporation" distributes assets to your family they pay income tax.
Extrapolating from this context... when you claimed low effective tax rates what you were really doing is "deferring" taxes on income to some later time by not distributing accruing assets of the family trust. IOW your trust is acting like a 401k where you don't have to pay taxes till you take the money out for personal use. The business of your family trust is to grow the family trust for later withdrawals.
Since last year? Huh? Who's talking about next years taxes?
It's called a private family trust. In Nevada, a private family trust is completely unregulated AND untaxed by the State. When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes. Distributions are seen by the IRS as using savings, which aren't taxable.
Nevada, New Hampshire, South Dakota, Tennessee, Texas, Wyoming, and now with the help of a guy named Bush, Florida has become the latest State to save the wealthy most of their money.
When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes.
So the trust pays a top rate of probably 35%.
Yes, but the new thing for the rich is investing in 777 accounts that even the interests draws zero interest.
When your "family trust corporation" distributes assets to your family they pay income tax.
Extrapolating from this context... when you claimed low effective tax rates what you were really doing is "deferring" taxes on income to some later time by not distributing accruing assets of the family trust. IOW your trust is acting like a 401k where you don't have to pay taxes till you take the money out for personal use. The business of your family trust is to grow the family trust for later withdrawals.
Since last year? Huh? Who's talking about next years taxes?
It's called a private family trust. In Nevada, a private family trust is completely unregulated AND untaxed by the State. When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes. Distributions are seen by the IRS as using savings, which aren't taxable.
Nevada, New Hampshire, South Dakota, Tennessee, Texas, Wyoming, and now with the help of a guy named Bush, Florida has become the latest State to save the wealthy most of their money.
When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes.
So the trust pays a top rate of probably 35%.
Yes, but the new thing for the rich is investing in 777 accounts that even the interests draws zero interest.
Show me.
Despite, or because of, the fallout from the 2007 Great Recession, annual earnings between the richest Americans and everybody else have exploded to record levels. Meanwhile middle- and lower-class wealth growth remains stagnant.
The median wealth for high-income families hit $639,400 last year, a whopping 7 percent jump from three years earlier and seven times greater than middle-class incomes, which stood at $96,500 according to Pew Research Center, citing data from the Federal Reserve.
Middle-class median wealth, which Pew defines as the difference between the value of a household’s total assets and debts, has not advanced since 2010.
The financial chasm now separating the rich and everybody else is the widest since the Fed began tracking earnings 30 years ago, which became even more pronounced following the 2008 global financial crisis.
America 8217 s wealth gap between middle-income and upper-income families is widest on record Pew Research Center
Wealth Gap between America s Rich and Middle-Class Families Widest on Record - Real Time Economics - WSJ
IMO The American Dream was always a myth, but now it has turned into a nightmare for 47% of Americans. This robbing of the poor half of the population has been quite deliberate, by allowing unchecked immigration to obtain cheap labor and by off shoring of jobs to India and China. The Federal minimum wage has remained at $7.25 per hour since Obama took office, while the cost of living has increased substantially. There is no justification for this, since corporate profits have never been higher.
When your "family trust corporation" distributes assets to your family they pay income tax.
Extrapolating from this context... when you claimed low effective tax rates what you were really doing is "deferring" taxes on income to some later time by not distributing accruing assets of the family trust. IOW your trust is acting like a 401k where you don't have to pay taxes till you take the money out for personal use. The business of your family trust is to grow the family trust for later withdrawals.
Since last year? Huh? Who's talking about next years taxes?
It's called a private family trust. In Nevada, a private family trust is completely unregulated AND untaxed by the State. When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes. Distributions are seen by the IRS as using savings, which aren't taxable.
Nevada, New Hampshire, South Dakota, Tennessee, Texas, Wyoming, and now with the help of a guy named Bush, Florida has become the latest State to save the wealthy most of their money.
When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes.
So the trust pays a top rate of probably 35%.
Yes, but the new thing for the rich is investing in 777 accounts that even the interests draws zero interest.
Show me.
Have at least 10 K handy. Go see your investment broker and confront him hard. He will hee haw around at first. The Banks know about it but don't pass it on. Big investors know about it but won't comment on it. Good luck. It's a Rich Man's Secret.
When your "family trust corporation" distributes assets to your family they pay income tax.
Extrapolating from this context... when you claimed low effective tax rates what you were really doing is "deferring" taxes on income to some later time by not distributing accruing assets of the family trust. IOW your trust is acting like a 401k where you don't have to pay taxes till you take the money out for personal use. The business of your family trust is to grow the family trust for later withdrawals.
Since last year? Huh? Who's talking about next years taxes?
It's called a private family trust. In Nevada, a private family trust is completely unregulated AND untaxed by the State. When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes. Distributions are seen by the IRS as using savings, which aren't taxable.
Nevada, New Hampshire, South Dakota, Tennessee, Texas, Wyoming, and now with the help of a guy named Bush, Florida has become the latest State to save the wealthy most of their money.
When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes.
So the trust pays a top rate of probably 35%.
Yes, but the new thing for the rich is investing in 777 accounts that even the interests draws zero interest.
Show me.
Have at least 10 K handy. Go see your investment broker and confront him hard. He will hee haw around at first. The Banks know about it but don't pass it on. Big investors know about it but won't comment on it. Good luck. It's a Rich Man's Secret.
It's called a private family trust. In Nevada, a private family trust is completely unregulated AND untaxed by the State. When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes. Distributions are seen by the IRS as using savings, which aren't taxable.
Nevada, New Hampshire, South Dakota, Tennessee, Texas, Wyoming, and now with the help of a guy named Bush, Florida has become the latest State to save the wealthy most of their money.
When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes.
So the trust pays a top rate of probably 35%.
Yes, but the new thing for the rich is investing in 777 accounts that even the interests draws zero interest.
Show me.
Have at least 10 K handy. Go see your investment broker and confront him hard. He will hee haw around at first. The Banks know about it but don't pass it on. Big investors know about it but won't comment on it. Good luck. It's a Rich Man's Secret.
$10k makes someone rich?? wth is a 777 account?
When you tie a private family trust with a corporation, the corporation is 100% responsible for all taxes.
So the trust pays a top rate of probably 35%.
Yes, but the new thing for the rich is investing in 777 accounts that even the interests draws zero interest.
Show me.
Have at least 10 K handy. Go see your investment broker and confront him hard. He will hee haw around at first. The Banks know about it but don't pass it on. Big investors know about it but won't comment on it. Good luck. It's a Rich Man's Secret.
$10k makes someone rich?? wth is a 777 account?
He made it up.
.
What is wrong with government regulating things?
too stupid who will regulate the regulators? Do you know why the USSR failed?? What does that teach you?
On the same note, before 1905, Corporations left denuded mountain sides after they took all the resources they could easily remove. Teddy R. made a lot of corporate enemies that cost him dearly the next time he ran. Take a good look at the most recent mud slides. These were common place before 1905. And don't forget the removal of most of the Regulations from WalL Street and Banks that led up to the 2000s crash.
The wrong regulations can harm but not having the right ones harm just as bad.
And don't forget the removal of most of the Regulations from WalL Street and Banks that led up to the 2000s crash.
Most of the regulations were removed? Who did that? When? Be specific.
