The Tax System is a Scam

[Part-Time Chad]

Example:

You have 3 million usd invested and cash out $500K to buy a house.

You now triggered a tax on that $500K you cashed out.

So you cash out $90K to pay for that tax.

But now you triggered yet another tax on that $90K you cashed out to pay tax on $500K.

And on and on it goes...

What a fucking scam. Where does this shit end?

There should be a rule that you don't pay tax on money you cash out of your investments to pay a fucking tax!!

 

[kiidz24]

Breaking news: Water found on the ocean

 

[Bryce]

My thirst for water has been quenched, thanks

 

[joshuaofnavi]

Example:

You have 3 million usd invested and cash out $500K to buy a house.

You now triggered a tax on that $500K you cashed out.

So you cash out $90K to pay for that tax.

But now you triggered yet another tax on that $90K you cashed out to pay tax on $500K.

And on and on it goes...

What a fucking scam. Where does this shit end?

There should be a rule that you don't pay tax on money you cash out of your investments to pay a fucking tax!!

agree but water

 

[Part-Time Chad]

If it's "water", why hasn't anyone ever proposed no tax on money cashed out to pay a tax??

 

[MilkywayDesu]

If it's "water", why hasn't anyone ever proposed no tax on money cashed out to pay a tax??

because the tax system is designed to punish the middle class.
The ultra wealthy have all sorts of lawyers and accountants to for “fiscal optimization”.

Moneypill is brutal

 

[Part-Time Chad]

because the tax system is designed to punish the middle class.
The ultra wealthy have all sorts of lawyers and accountants to for “fiscal optimization”.

No, it isn't.

You don't even pay long-term capital gains taxes if you cash out $48,350 or less.
But you'll pay a whopping 20% if you cash out $533,401 or more.

Doesn't look like the tax system is designed to punish the poor to me. Looks more like the rich are bearing the brunt. But maybe I'm just hallucinating and those numbers aren't real.

 

[MilkywayDesu]

No, it isn't.

You don't even pay long-term capital gains taxes if you cash out $48,350 or less.
But you'll pay a whopping 20% if you cash out $533,401 or more.

Doesn't look like the tax system is designed to punish the poor to me. Looks more like the rich are bearing the brunt. But maybe I'm just hallucinating and those numbers aren't real.

Lmfaooo jfl at you if you think the rich pay 20% on that 500 grand

Rich people borrow against investement (collateral loans) or use shielded assets (Roth IRAs, charitable trusts, foundations).

There is literally a million way to pay less taxes but they are inaccessible to your average Joe, I suggest talking to a tax attorney who actually knows about this more than I do.

 

[Part-Time Chad]

Lmfaooo jfl at you if you think the rich pay 20% on that 500 grand

Rich people borrow against investement (collateral loans) or use shielded assets (Roth IRAs, charitable trusts, foundations).

There is literally a million way to pay less taxes but they are inaccessible to your average Joe, I suggest talking to a tax attorney who actually knows about this more than I do

If the rich have to finagle and perform ridiculous creative acrobatics to not get ass-raped with taxes, that doesn't count. So my point still stands that the tax rates favor the poor, not the rich.

 

[Abdullahm06]

this is wicked bruv!

 

[korne]

just dont pay your taxes

 

[Il Slvione]

Instead of selling your $3M portfolio and triggering capital gains taxes, you can take out a low-interest collateralized loan (also called a securities-backed loan) from a bank or brokerage using your investments as collateral, borrow the $500k needed to buy the house, and avoid paying any taxes since you're not realizing any gains

 

[truthprovider1]

water.
fraud should be done everywhere, whether its financial or frauding your looks

 

[Part-Time Chad]

water.
fraud should be done everywhere, whether its financial or frauding your looks

No penalty for frauding your looks; jail time for frauding the IRS.

 

[Part-Time Chad]

Instead of selling your $3M portfolio and triggering capital gains taxes, you can take out a low-interest collateralized loan (also called a securities-backed loan) from a bank or brokerage using your investments as collateral, borrow the $500k needed to buy the house, and avoid paying any taxes since you're not realizing any gains

Or just take out a low-interest conventional mortgage, which I'd imagine is cheaper than a collateralized loan.

 

[canthus]

Example:

You have 3 million usd invested and cash out $500K to buy a house.

You now triggered a tax on that $500K you cashed out.

So you cash out $90K to pay for that tax.

But now you triggered yet another tax on that $90K you cashed out to pay tax on $500K.

And on and on it goes...

What a fucking scam. Where does this shit end?

There should be a rule that you don't pay tax on money you cash out of your investments to pay a fucking tax!!

Fork found in kitchen ahh comment. Time to convert to judaism

 

[5’9copiummaxxing]

Example:

You have 3 million usd invested and cash out $500K to buy a house.

You now triggered a tax on that $500K you cashed out.

So you cash out $90K to pay for that tax.

But now you triggered yet another tax on that $90K you cashed out to pay tax on $500K.

And on and on it goes...

What a fucking scam. Where does this shit end?

There should be a rule that you don't pay tax on money you cash out of your investments to pay a fucking tax!!

Obv when the system is ran by