15 Ways Rich People AVOID Paying Taxes
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- čas přidán 9. 06. 2024
- 15 Ways Rich People AVOID Paying Taxes
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In this Alux.com video we will be answering the following questions:
Why do the rich not pay taxes?
How to not pay taxes?
How to legally pay no taxes?
How to get away with paying no taxes?
Why don't rich people pay taxes?
How do billionaires not pay taxes?
Do rich people pay taxes?
Can billionaires end poverty?
Do billionaires use credit cards?
Which country has no tax?
Do rich people live longer?
Do middle class pay more taxes?
Do poor people pay taxes?
Who pay the most taxes?
Why do billionaires need so much money?
How much is Jeff Bezos Worth?
How many billionaires are there in the world?
How much is a billionaire taxes?
How do billionaires spend their money?
How do billionaires invest their money?
How much money does Bill Gates have?
How much would it cost to end world hunger?
How much wealth does the 1% own?
00:00 - Intro
01:13 - Invest all of it
01:48 - Everything you use is owned by a business
02:39 - Move somewhere with little or no tax
03:18 - Send it overseas
04:18 - Charitable donations
05:09 - Instead of a salary they take equity
05:56 - Buying art
07:32 - Multiple nationalities with no fixed residence
08:35 - Gift money away
09:30 - Hold it in privacy coins
10:57 - You have no money but you have assets you can borrow against
11:57 - Filing for bankruptcy
13:29 - Claim your yacht as your second home
14:15 - Using a trust to avoid paying estate tax
15:54 - Depreciating assets on paper to outweigh the cash income
17:26 - Question
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I was told by an investor 30 years ago -
“There are two types of taxes”
“The informed and the uninformed”
Upgrade
Hahahahaha 🤣😂😅
Upgrade!!❤️🧑🏻🦼
1776
@@platinumsky845 or wealthy enough to have tax shelter options available to you, or affording the best tax attorney.
1. Reinvestment of profit earned
2. Deduction of expenses
3. Move somewhere with no or little tax - Tax heavens
4. Send it overseas - Profit shifting - company in another country
5. Charitable donations
6. Equity instead of Salary - Elon Musk - Tesla
7. Buying an art - appreciation
8. Multiple nationalities with no fixed residence
9. Gift
10. Hold it in privacy coins - Bitcoins - Unregulated
11. Don't draw cash from assets
12. Filing for bankruptcy
13. Yacht as second home
14. Trust to escape estate tax
15. Depreciating assets
looking for a comment like this thank you so much❤️
I'm looking for something to venture into on a
short term basis, I have about $6k sitting in
my savings, what do you think I should be
buying?
@@larhondavattikuti7867 crypto investment, but you will
need a professional guide on that
Most people venture into investments to be a
millionaire meanwhile I just want to be debt
Free
I'm new to Bitcoin investment, how do I get
started with a professional?
DO YOU KNOW WITH A GOOD CREDIT YOU CAN DRIVE A CAR OF YOUR CHOICE? DO YOU KNOW THAT WITH A GOOD CREDIT YOU CAN OWN MANY BUSINESSES SO WHAT ARE YOU WAITING FOR? GET YOUR CREDIT FIXED NOW FROM RAUL! TIME WAIT FOR NO ONE
WHO SHOULD I THANK IF NOT FOR RAUL THAT FIXED MY CREDIT, I WAS SO SAD AND UNHAPPY HAVING 430 FEW WEEKS BUT I'M PROUD TO HAVE 810 TODAY THANKS
My accounting teacher said once: “If in 5 or 10 years I hear that any of you is paying taxes, I’m gonna break into your house, take your diploma, shred it, and sell it as hamsters bedding” 👍🏽
Then your criminals
@@djjlc How cute. Totally indoctrinated.
I'm guessing only people with a certain amount of money can really utilize those things
@@djjlc taxation is theft! Taking something you have earned and have it removed from you is stealing
@@blueeyedpunk not necessarily especially if you’re 1099
What I've gotten from this video, "Open up a business as fast as you can."
And being self employed you can save and pay only 10% taxes!!!! I thought that was so crazy. That's what lead me to this video
YES SIR, that's what I understood! 1776 Taxation without representation. I tell people about being your own boss aka self-employment aka entrepreneur.
Not quite. "Create legal corporations to run your businesses through as fast as you can." Is more like it. Multiple LLCs or C-Corps owned by an S-Corp seems to be a decent start.
Periodttttt ❗
@@nelliel8251s-corp only if you have >100 employees as it's taxed twice. Both corporate and income
ARE YOU TIRED OF BEING POOR ALL THE DAYS OF YOUR LIFE, THEN REACH RAUL TO HELP YOU OUT OF YOUR FINANCIAL PROBLEM NO MATTER WHERE YOU ARE IN THE WORLD!
Lol 😂 information is nice 👍 know, how do you figure out the operation to use it or discipline your self to actually get the money 💰 ha ha!!
Honestly, I´ve learned in this video more about taxes than my whole life in school.
Fuck school. Not really, but kinda
Same here!👈🏾💯
@Bee Dee realist comment ever
BLOCK CHAIN😊.
Schools teach you how to calculate taxes
The art buying technique, passing properties to trust technique, and filing for bankruptcy technique are pure gems.
We just saved you millions of dollars.
@@alux Thanks to Alux. These are high level tech games only rich play with but now we have learnt these. 🙂
Why pure gems? You have an extra $5,000,000 for art?
@@alux How about an in-depth video just on this art buying topic? 👍
@@stevenporter863 create your own painting
wow i just got my 38k unemployment benefit through the help of raul! i am so glad!
I pay 22% in taxes, living in the US. Im not a business owner yet but still find this video incredibly valuable.
And to think there are mcdonalds workers demanding 15 dollars an hour which moves them from paying 10 to 12% taxes to paying 22%of their income in taxes. And I bet none of them are educated enough to take advantage of tax deductibles.
@@John2r1 that’s not exactly how tax brackets work. You only pay the higher percentage on the remainder of income after the lower tax bracket. It’s a tiered/stepping stone bracket system, not a “all in on this bracket” type system.
@@two7plumbing thing is if you don't have any profits there's nothing to be to pay taxes on. You can't get 22% tax from 0% income. Which is what profit is when you own a business. If you don't take an actual paycheck and instead take equality out and use all company assets to run your company. Which only requires you to be able to say you use the asset to go to meeting's or whatever events required to run your company. Then you don't technically own anything your using and you don't have a taxable income as an individual. Your company still has to pay corporate taxes but you pass those cost on to the price of the product your company makes. Ergo your not paying taxes out of your own pocket.
It's the same with debts due to buying property if you buy a house then rent that house out. Your not paying your money to the bank your taking money from someone else to pay the bank. All extra money is profit to most people. But its really an asset to invest. So if on paper your not taking a paycheck and you don't personally own anything as an individual your not personally paying taxes.
The US Tax code treats the Company and the Individual who owns it as separate entities.
People like Donald Trump don't directly own anything their companies own it. They just use company assets. That's how the rich personally get around taxes while their companies pass the tax on to consumers.
It cost Nike about 20¢ an hour to produce their shoes in their Vietnamese factories. The cost to the consumer here in the US per pair of shoes is between 25 to over 150 dollars depending on the shoes. The reason why taxes .
It's a dog eat dog world. And the rich figured out how to get around the system.
@@John2r1 I agree completely. My comment was simply aiming to clear up the tax bracket situation as you seemed to be suggesting that McDonald employees who earn a higher wage are not in a better situation due to the higher tax percentage they’ll have to pay.
@@John2r1 That is just one reason upping the minimum wage is a political buzz word. The technicality of the tax system not withstanding, your point is valid.
Hello Aluxers! This is how the rich pay as little taxes as possible!
Mind Mastery: courses.alux.com/courses/meditation
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Use promo code ALUXER for 25% OFF at checkout!
Howz my comment there before you??🤣🤣🤣🤣🤣..stay safe Alux
Can you make a video on how to achieve financial freedom. Please it's a request
yeah so all you democrats out there? learn, "tax the rich" means "tax the worker"...that's why when you hear "raise taxes from Bozos like Bezos" you know they are screwing you.
Also the rich have teams of lawyers and accountants...
“ I never see you in the party,
Me: I never see you in the bank 🏦...”
UPGRADE
#UPGRADE!
I almost burned my account trying to use complicated scalping strategies. with this one I am halfway in regaining my lost capital. can this strategy be used in direct execution order or only in buy/sell stops? I need advise. thanks.
learn to get the full knowledge first before investing or get an expert to handle it for you
There will always be market fluctuations, you just have to be prepared for it.
I'm not good doing it alone but getting into the market has been my best decision so far in my road to financial independence as it turns out lucrative for me.
Exactly.....nice words. I agree with you
My utmost goal is $3million and a few passive income sources for sustainability.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you, prevent inflatio
What are you talking about and how could this be explain?
He's the man have been trading my coins with for the pass few months I started with him this year
Speaking of being successful. I know I am blessed if not I won't have met someone who's as spectacular as Josh...
Yes I am a living testimony of Mr. Josh
Mr. Josh has changed my financial status for the best. all thanks to my aunty who introduced me to her last year
I have also expirence his great work he's good in trading
My mentor said if you have to worry about taxes you’re not making enough money.
@@devmaycry4703
Well I rather bet my money on what he thinks than what you think….
Unless you’re worth more than half a billion..
You forgot stepped up value. When a person dies their inheritors can sell their assets like stocks and real estate and they only pay taxes on any increase in value since the death of the owner not from the time he purchases it:
Dad buys stock at 100 bucks. At Dads death is is worth a million. Son inherits it and sells it for 1millon and 10 dollars. He pays tax on only the 10 dollars...
Wow
Incredible tax lobby…
I don’t understand… how does he only pay 10 bucks in tax?
@@Momoko4ever1 The counter essentially resets for long term capital gains
@@Momoko4ever1it’s like this. If the father took out the money they would have charged him a considerable amount but when he died all those taxes were waived from his time of death. So it’s like he bought it a 1 million and if the shares increased by 10 dollars since the time of death. Then the son only gets charged on those 10 dollars.
As Robert Kiyosaki put it, schooling systems have been built to keep the poor poor. Never in your schooling time will they ever teach you finance or atleast the basics of it.
Yeah. That is a nice narrative when you sell books...
@@Karzacan Might be a nice narrative for selling, but it's true. Just think of it. An important subject like personal finance and money management, why have you not got that till your higher secondary education?
And its so much more levels to finances that we have yet to reach!
@@angelsantiago.1805 Correct! It's way convenient to self develop on these subjects with internet around. Haha
True, school teaches you how to be a worker and another part of the machine.
School doesn’t teach you about money at all. The rich just know this secret they never tell you at school.
As a CPA who specializes in tax this video triggered me. If you try half of these the IRS will come looking for you. Rich people don’t pay as much in tax as regular people because of safe harbor rules. The US doesn’t care where you make your money, there’s a worldwide tax and if you denounce your citizenship you have to pay taxes on everything you have before they let you leave. Not to mention estates, gifts, and trusts are taxed separately from federal income tax. Half of these “methods” are subject to AGI limitations. And the other half have different tax rules than GAAP rules.
Income taxes are designed for the middle class. The poor don’t pay anything since they get so many government handouts and get tax returns. And the richest pays the lowest percentage in taxes relative to their income.
The poor still pay in social security, etc. you also have to be poor enough.
I wasn’t getting any government handouts when I made $15k.
The art loopholes blew my mind. Makes so much sense now why wealthy people purchase art!
Also the creation of Charity Foundations, it's just mind blowing.
Do not trust @@user-xg8ep2hm5e
I remember Dave Choe talking about this and never got why until now.
@@timothytheyknow1278 at least the charity foundations actually help pp
A lot of what she said was inaccurate. Art is a business expense that isn't actually deductible.
Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for.
Very true
"A great work demands a great sacrifice and who is not capable of a great sacrifice is not capable of a great work"
Speaking of investment, I have been finding a tough time deciding between mutual funds, real estate, and crypto investment, anyone with ideas to help me with?
@@benildabituin1531 I'm into real estate investing.
Real estate lets people grow their net worth by amassing more and more properties. Its a good long term investment idea due to appreciation.
When it comes to the world of investing,most people don't know where to start. Fortunately, great investors of the past and present can provide us with guidance.
You're right
That is why I had to start forex trading 2months ago and l now am making benefits from it.
O' Yes I'm a living testimony of Mrs Alejandro Victoria.
Mrs Victoria has changed my financial status for the best
All thanks to my aunty who introduced her to me.
I really want a video about multiple passports and how the Rich travel across the world visa free and the easiest passports to take that is the best to travel please Alux
go to the channel nomad capitalist, its a gem for these kind of things
@@nicoleq8461 thanks bro
@@nicoleq8461 I find he babbles on alot and the info is more for the wealthy
I have a New Zealand passport and a British passport. I can travel anywhere 👍🏻
You can find all relevant info at 'Nomad Capitalist'.....'youtube channel'.....great info
Hey what are you guys ?? Mind readers ?? I was looking like crazy for something like this. The best as usual. Thank youuu
That's our magic sauce! We know what you need!
Hey Alux, Can you do a video on how to become an actor
@@mramericana1629 Unfortunately, it's outside of our area of expertise. Learn that from actors & learn money from us.
ALL THANKS TO RAUL FOR GIVING ME ACCESS TO MY CHEATING WIFE'S PHONE OMG I COULD NOT IMAGINE WHAT I SAW
Weird Sonya, you don't look the type to have a "cheating wife". And why the plug for Raul? Is he paying you? ALLof you plugging Raul and Nicholas in this video... STOP. Comments are for the content, not SPAMMING all comment readers!
"The people of Switzerland are fine with the high level taxes" Switzerland is a tax haven just saying, you propbably meant Sweden🤦
Switzerland 🇨🇭, is correct fahm
I am from Switzerland and I am finde with paying high level taxes which means about 30% in my case.
Low taxes for foreigners. Taxes on citizens are some of the highest in the world depending on the canton.
For anyone seeing this, I believe you can achieve your goals, all you have to do is to NEVER GIVE UP. I also believe that you will be among the rich people Alux is talking about
We see you :)
I plan to, if I don't die at least a millionaire than that means I've disappointed ALUX.😆
- @@darkcyborgsuperman9521 I am already a millionaire, and also almost 80. So if you have bad health or are handicapped or lack observational powers or have dozens of financial problems, the increase in wealth is WORTHLESS. All you 'wannabe rich" people here are ... I guess the word is "foolish". You buy on credit! (WRONG) and wind up paying 24% INCREASE of the price. You bu new instead of used. You buy into scams, instead of research. You want to '" do nothing- yet get rich". Why? You buy lotto tickets!
Work your butt off like I did for 25 first years- earning LESS than welfare! Meanwhile partners rip you off, employees steal your business, customers file bankruptcy, rather then pay for goods bought, equipment outright stolen. Government refuses legit expenses. Meanwhile burglar alarms are ringing every few days, (or hours). You suffer break-ins, all kinds of vandalism, car set on fire and containers set on fire, (we had people arrested for theft) etc. work until after midnight, 16+ hours... NOT fun.
Sometimes I wish I had been on welfare ;-)
Sweden, I work as a Sr. Engineer (12+ yrs exp), make about $600k -kr ($72k USD), for a large multinational, and I pay 31% of income in taxes, I take home $414k ($49.7k). I live cheaply, but I'll never be able to buy a house, rent is 12k-13k -kr. ($1.5k) for a 1bd apt, I can't afford a car, since they cost about 8,300 kr/mo ($1k usd), gas is about 15kr per liter ($7US/gallon), my monthly expenses are about $25-30k kr/mo ($3,200-3,600/mo). Again, I make more than my peers, and live frugally. I don't know how others can make it without help.
Try to get Saint Kitts citizenship
Create an info product that teaches aspiring engineers how to pass a specific engineering test/certification, or, get a promotion. This can be in the form of an ebook, video course, and or, monthly subscription. You could even build a media brand if you're comfortable creating content. It's a great semi-passive revenue stream, it's borderline infinitely scalable, and you obviously have the skill and expertise to make it happen.
I'm pretty sure there is some software(s) that you excel at that you can train others how to use, that would help them be more valuable at their jobs.
@@TheRonellCross thanks for completely irrelevant useless advice. As if you know he passed some exam that isn’t just inherently receiving a degree is all he did. The what should he do? Rewrite a college curriculum… that sounds like a productive use of his time.
That's why they say invest in stocks , hedge funds and many
I am new to cryptocurrencies such as bitcoin, but I am very interested and curious to start investing in it, although I do feel this is kind of late now. Can anyone tell me what I need to do?
Investing in crypto now should be in every wise individuals list, in some months time you'll be ecstatic with the decision you made today.
Crypto is the future and investing in it is a good idea
Bitcoin is the future
@Noemie Lemasson A friend that I referred to him just received 45,000USD last week I became so jealous
This video made me have an epiphany of my life an family all this time the video made realize that we don't have any structure, corporations, credit, assets , real estate to pass on ....better yet structured under a corporation for tax benefits...no paper assets or liquid assets...All this time I could have started with my credit built it up etc then went to business credit an built it up....educated myself hang around smart people , learn business basically an my life would have been in a different lane than the one it's in now...I understand now!!! I really do.....This has been the most eye opening video for me...Thank You so much....Please!!! make another one like this one very inspiring!!!!!!!!!!!!!!
🇰🇪.. 25 - 30% Employment Tax In Kenya.
30 - 37% Business Tax after deductibles.
However, income from Foreign Investments is untaxed, hence the rich from outside Love Kenya for their secondary or holiday homes.
Interesting...
@Melvin Usisahau VAT is at 13.32%
bana, they shulda expounded more on tax in high school, sa izi ndo?
The tax laws apply equally to all people, the rich are just playing the game better.
Earned my subscription
Well said
The rich or the smart?
We can do that too..
Exactly!
Poor people don't pay taxes, poor people are extorted for their hard earned money !
Well said.
GST goods and services tax poor people also pays them
Bullshit everyone pays tax even the rich
@@cia3653 In a much more roundabout way
Poor people get refunds for more than they paid in. Keep pretending though
Middle class has it the hardest. I knew plenty of broke friends who NEVER paid their taxes because the government would get almost nothing out of them anyway.
Then I have friends who make six-figures and have to give over 10k each year in taxes. Only the absolute wealthiest or poorest avoid paying taxes. I think the actual stat is the top 1% pay for 50% of the taxes or something crazy like that
Its closer to 30%-40% which is proportional to their share of national wealth.
It’s more and has nothing to do with national wealth whatever that is.
@@mauricio9564 I am not sure what you mean by "Share of wealth" because that implies the money was just donated to them which it was not. They earned the money by selling products or services that people willingly wanted to buy. No matter how you look at it, the government taking 50% of the money you earned is messed up. It does not even go back to the people who bought the products. It just goes straight to government who spends it on other things that may not even benefit most people.
Top 1% pay 53% of *federal* tax; bottom 51% pay *0; somehow the rich aren’t paying their ‘fair share’. MOREOVER 82% are 1st generation sole-proprietors who lived on hot dogs & ramen noodles for YEARS (as Elon Musk, Bill Gates, too many successful people to mention) w/o any guarantee they’d earn a nickel yet those w/ cushy near- guaranteed jobs do d!ck& refuse to realize their own lazy, self-entitled ass.. f ‘em
About 80% of ALL income taxes are paid by top 5% Earners. And now we want to Tax them More. People who earn 40k or less per year are considered Poverty Zone and PAY NO TAX which seems unknown by Americans.
Remember that this video is based on US tax law. If you’re not an American the specifics may not apply (for example, tax exemption for capital gains reinvested in the business). However the basic idea of structuring your affairs to take advantage of the tax laws of your own jurisdiction is good and it is worth investigating whether a specific technique would work in your country.
Yes tjats what Robert Kiowsaki used to tell. "The rich don't pay taxes, they take debts instead. Others do the reverse".
Pardon me for correcting, it’s Robert Kiyosaki.
I refused to work anymore overtime in excess of 10 hours due to the fact they tax so much nearly half of it is gone. Instead I just cover shifts which aren’t taxed the same at my job.
Currently paying 50% just on income tax. On top of that, mandatory social security costs amount to around 10%. From Japan.
I’m not a business owner yet, but it’s definitely a goal. In the US my Federal tax rate is 22% and my California State tax is 9.30%. I’m looking to move out of the state and possibly out of the country. The information you provide invaluable.
Washington State does not have any income tax! But they do have taxes on capitol gains, so keep that in mind. ;-)
This may not work for the US citizen, IRS chases you around the world
Good luck finding as much financial opportunity as the US in some other country. However, as a resident of California, I don’t exactly blame you for wanting to move to a different state, our tax rates are sort’ve crazy here.
You might like the Nomad Capitalist channel
@@RedPepper063 yes. I I’m subscribed to his channel
Alux, why are you the only YT channel that teaches so much valueable information?
Because we're the only one to talk based on experience..
@Alux.com it's hard to be humble. 😂
@@duduzilemthembu8938 We're not in the business of being humble.
@@alux Indeed! You speak real facts. The contents are genuine and worthy to practice.
whenever I see Alux's comments I hear the alux lady voice... it's so weird
Having more of your income confiscated,your entire life in exchange of substandard government run service isn't anything to brag about.
Welcome to the U.S. where our motto is; "come back when you are a little more richer."
We will endeavor to highlight the abuses and absurdities currently distorting our property rights and economy.
@@billcharleston3692 What is really happening to the world Economy? Economy crisis everywhere🤦♂️.
Clearly multiple actions are needed in order to achieve reform.
The real estate industry crackdown clipped Evergrande's wings, stopped it taking on more debt and had the flow-on effect of forcing it to sell apartments at a discount so cash would continue rolling in.
THIS PROFESSIONAL BR0KER RAUL JUST TURNED MY 2K TO 10K IN JUST FEW WEEKS
Who is this Raul person? How can they help my credit score
@@tyricarroll6808 IF YOU WANT TO REACH RAUL
@@tyricarroll6808 TXT+1
@@tyricarroll6808 407
@@tyricarroll6808 494
Just Two words to describe this channel:GOLD MINE!
Indeed Joel! Not that many people realise just how valuable everything here is.
Trump ….. this is called creative accounting and you will get caught if you get stuck in a large audit
@@laurel1865 May he go to tax hell !!, then jail
Major caveat to a couple of these…. If you’re a US citizen you’re taxed globally. You could spend ~30 days in 12 different countries and Uncle Sam is still coming for their taxes. You can renounce your citizenship but there’s definitely an exit tax on that. This is a lot more complicated than the video implies as well as a couple other things. With that being said, it’s correct in most ways.
"A fine is a tax for wrong, tax is a fine for doing right" Eye-opening.
As an individual, taking Profits on stocks (capital gains) if I were to reinvest it into more stocks, I don’t have to pay capital gains tax?
Thank you 🙏 Alux for this amazing information! I’m so happy that I’m already doing one of the things you have mentioned. I have started my LLC early in May of this year and I’m based as a home business. I’ll be taking a lot of deductions at the end of the year. I’m very excited. I wish only success for everyone on this channel.
And this what the school never teaches you...
By intent.
Making money is the plan and with Bitcoin Investment your Plans can be fulfilled.
Good knowledge about forex trade is a key to a profitable and a successful Investments. I can unequivocally say that forex trade is one of the most profitable and lucrative business for every investors with the right expert.
*Investing in bitcoin would be the wisest thing to do especially with It's current price.*
@Tesei Jessica *that's true, a lot of people today have been having a ton of disappointments in forex and crypto trading in light of helpless decisions awful specialists.*
Actually you got a good fact, but am so much in need of an expert that can help me handle my account.
@@geraldmartin3347 there are lots of good experts out there but most offer little ROI's. I will advise trading with Mr Nicholas Burke-Gaffney's team as I make over $35,000 on average per month from their trading bots.
This video is amazing! I feel like a blind person who got his sight back.
haha!!
The blind leading the blind....most of this is rubbish....as in illegal and big, flashing, spinning, neon signs to the IRS. As always, research what you're told and decide for yourself.
I have to disagree with you on one thing in this video. When it comes to maxing out contributions to a retirement account, you did not mention if it's a pre-taxed contributions or after tax contributions. I contribute to both a pre-taxed and Roth retirement accounts. As you already know, no one pays taxes with a pre-taxed retirement account and the money grows tax free. However, the money is taxed as ordinary income in retirement. With a Roth retirement account, the tax on the contributions are paid up front but the money grows tax free and is also withdrawn tax free in retirement. Both of my retirement accounts are well managed by me. Other than that, this video is very informative and shows how people can use the tax system to their advantage regardless of their wealth level.
I still don't understand how people who get paid in equity , pay there day-to-day expenses, like electricity bill, or buying a doughnut , or filling the gas tank of their car .
Can someone please explain ?
Well they get a salary or they can sell off a portion of those shares and pay for everything
They either sell of some of that equity or the have real estate and get money that way hope this helps
it is all paid by the company they own.
Interesting question
I'm a global dominist and I pay 0% taxes yearly. It's a game and you've got to play it right.
Omg thank you. I was extremely worried about where and how to spend the money...thank you...really
Countries that I live; in Turkey ; Income tax %20 once a year, VAT is %18 on construction materials. In Kazakhstan; %20 and %12 accordingly.
yeminlen ya.
Income tax in Bulgaria is 10% flat.
Reinvested profit IS taxed. Growth on corporate investments is considered revenue.
yess....!!!!
Watching this from my yacht with a foreign flag...solid video...sent it to my accountant.
The fact that this video only has 650k views but decpacito has billions tells why there are small number of successful people.
Sadly, in South Africa we have donation tax and we have such severe tax laws that don't allow you to deduct certain expenses and the property you use to live in for free provided by your employer also gets taxed.
Additionally, we have dual taxation. :(
@@uchihamadara7386 you have a great point.
@@uchihamadara7386 @DiamondGamer 101 indeed that is the plan, I've also come across Tom Wheelwright, he has some tips regarding this, and it probably works. However, I must add that SA does seem to make everything much harder 😅. Do you live in a low-taxed country?
Run for office as the anti dual taxation candidate... you'll win.
Amazing content! Thank you so much. Wish I had known this information years ago; however better late than never.
I can’t stop thinking about the irony and insanity of Elon Musk becoming the richest person in the world why they individual who has spent $20billon.
Prince of Brunei’s spent it all maybe he would have been among the rich if he invested his money
No amount of money can certify Elon Musk. I’ll say he needed more that’s why he is investing on Bitcoins. Investing over 1.5 billion dollars.
I wanted to trade cypto but got confused with the fluctuations of price
Her success stories are everywhere …she has really made a good name for herself.
@Rebecca flores You are on the right track
The best tax decision I ever made was to stop using the cheapest tax preparers and instead use an expensive CPA.
What are the advantage of a CPA
This video is by far the best video of this channel, opened my eyes!
At the end of the day it boils down to having a side source of income especially in stocks, crypto, NFTs and digital assets.I dont think you can evade tax completely but you can prepare your self to bear the brunt.
@@daanishbridges4304 Crypto, inflation hedge bonds, NFTs , ETH. These are the future.Go all in.
@@yourtourguide2807 Its funny you mentioned Crypto. BTC just took the dip, Are you suggesting I should buy the dip?
@@levisonbevan9512 Its obvious that you are a rookie, Every expert knows that after the dip comes the surge.
@Bark-shin mii I suggest you get in touch with Kimberly Anne Ritchey. She is quite efficient and certified in 30 states in the USA
scammers pile of **** all of your accounts have a one thing in common
almost all of your accounts have the same almost exact dates
Excellent video!! The concepts works even for non billionaires, thank you!! 30% average tax here in Peru
Hi @Alux , thanks for this video. I enjoyed it. Please did you have some reference where we can have more details on that. I plan to start some business but I'm worried about how to manage my personal finance with my current job, my business and keep my tax as lower as possible. Is there a book, an online training or anything else that you can recommend to me ?
Leona Helmsley will forever be remembered by "Only little people pay taxes".
Than why does the top 1 percent pay 40%of all federal income taxes in the u.s.
@@jlkkauffman7942 Please do not annoy us with facts
@@jlkkauffman7942 It's the top 0.1% or less that have the resources to exploit tax loopholes to maximum effect. The top 1% is made up largely of people quite well off but not super rich.
I'm in finance and my wealthy clients pay, on average, 40% income tax (fed + state). And they're in high finance, themselves, and have accountants do their taxes. So not all rich people pay low taxes.
do they live in the us? are they employess , self employed or business owners?
Yes, I think this is why so many people in the US think that the rich don't pay their fair share. On average the rich pay 27% in taxes while the working poor pay 4%. But because taxes are confusing and most don't understand how it works, plus it doesn't help when you hear Warren Buffett make comments about he pays less in taxes than his secretary. All this becomes very confusing and it's no wonder why Americans are angry towards the rich. This is why financial education and understanding taxes should be taught in high schools.
@@schoolofrandomthings Yes the rich ($300k-500k) shoulder the highest tax burden, especially those who earn money from work income. But once you reach $15million and higher mark, you can shield most of your money from being taxed.
That's because they don't know how to use the laws to their advantage. Also they should get new tax professionals.
@@ANonyMouse627 As long as the USA business is a capitalistic society. The rich will prosper ☑️
Couple clarifications plz 1.Taking bank loan does not waive taxes. You pay back bank loans with tax paid money. Loan is not an expense. 2. You do not have to reinvest money to save taxes. You have to pay corporate taxes on profit and then can reinvest it. However, tax paid income could be kept as cash asset in a corporation. You pay personal taxes only when you pay yourself salary or dividend.
"Taxes are for poor people my dear" it's such a funny quote. It's true though.
Taxes are for poor people and the middle class. Shouldn't be. But it is.
I LOVED this video. I moved jurisdictions because of taxes and I'm a "little guy." But compound that over a lifetime and it adds up.
Yep. It's was a smart move to make.
Good move. A successful person once told me "unless you win the lottery its about lots of baby steps"
What jurisdiction, if you don't mind sharing
This last year I did my taxes the IRS “Adjusted” my federal return and I didn’t receive $5000 which was rightfully mine.
They shafted me too
I’m still waiting for my 2018 and 2020 tax return 😡
This is golden! Is number 4 similar to the way you setup a trust?
As long as we can live in a society that is well protected from the taliban, drug smugglers, third world countries and their dictators and strongmen thugs, our own home-grown neo-nazi groups, corrupt government officials, unabated disease spread, and other irritations that plague our daily lives, we will be okay.
I love these ALUX videos. They truly make me feel better and more optimistic.
You forgot the biggest thugs in the world. Corporations.
It’s the western politicians who supports those dictators and Terrorists.If you don’t want third world people in your country,then ask your leader to help those countries tackle their problems
This is a super valuable video. Thank you so much for this video.
I don't know about an upgrade, but I watched the entire video! Thank you Alux!
Coming to Puerto Rico under the Law 20/22 and avoiding taxes. It’s a tax heaven for rich people
I'm grateful to have CZcams premium, I hate ads.thanks for this video.if I ever win the lottery im going to re-watch
My brother doesn’t do taxes and this was before he was making a lot .. yess he is well informed
So much tax knowledge from one video, more than what i learnt in my 29years of my existence.
That's because they don't teach about money in schools. They teach you how to get a job and that's it. My recommendation is that you go read the book Rich Dad Poor Dad by Robert Kiyosaki.
It's all about what the rich teach their kids about money that poor and middle class people don't.
Well the 1st Rule is you have to be rich for this tip.
As working class person who does not have money to own business, we can only pay tax because its taken out before it even reach us.
With that attitude, yeah. It literally costs maybe a couple hundred to start a business. That's all.
Some of these tips I knew already but it is definitely good to learn others! Good information
I am a CPA and have a master’s degree in taxation. Some of the info here is factually incorrect! I have few clients who got into trouble with the IRS for shady schemes portrayed in this video.
I suspected this too! Lol
This video is full of misrepresentation. Lots of the loopholes have already been closed, especially the art one.
Well considering Biden wants to fund tax evasion crackdown to pay for infrastructure, that tells me a lot of the wealthy are still doing it anyway.
Agreed!
Even if it is plausibly done it is loosely briefed in the video and would require completely proper setup and accounting beforehand.
Moral of the story - it pays to have a great CPA as well as audit your own books or pay for them to be audited if your organization grows to that point.
Yeah, an example is rich people using borrowed money to live on rather than having a taxable income. I looked into this (Australia) and the wording on the ATO web site was that borrowings should be used to directly benefit the company so personal expenditure does not qualify.
Great video and ideas, especially if you live in South Africa.
As a middle class girl I always used to think how rich peps manage all of them taxes nd all from government.. By curiosity I came upon here! Glad I saw this video😍
Can anyone explain how to execute no.15 as a driver utilizing TNCs, such as Uber and Lyft?
In Jamaica 🇯🇲 we pay up to 30% tax
Yup set a way breada
That' s quite good actually
Fi real bro g
In Australia it's up to 45% which is among the highest in developed nations. Despite that there are some benefits like a health system which is accessible by anyone and affordable university. For example my engineering degree cost approximately A$42,000 which is a little under US$32,000. I know university is free in some countries but it's still a better deal than what some people pay.
So, step 1: basically start a company.
That's how to get started!
In Trinidad and Tobago, we pay about 20% on salary, but business tax is slightly different. But as a small business owner I don't pay the same amount as my employees, I actually pay less.
I always love the excellent advice !
I have 2 of those " Future Billionaire " Shirts .... 1 T-Shirt , 1 Hoodie ❤🙏🏾👍🏾✌🏾
Interesting published author as side gig, working on 2nd; leveraging to begin a speaking side gig & ALWAYS think how I can use both to decrease as much tax liability as possible
#upgrade is seriously needed in Nigeria 🇳🇬
Also in India
In the example given about art work..
If I sell my 6 million dollar worth art I have to pay 2 million taxes and 4 million goes to my pocket instead if I choose to dontae 6 million worth of art I get tax break for 6 million which is only 2 million. So only 2 million goes to my pocket compared to 4 million if I sell it.
Which is still a donation for my passion and sacrifice of 2 million right?
What am I missing?
4:15 Eye opener ! As always, thank you Alux
Hey Alux, watched this video to save tons of taxes for the future me.😁
Thank you ❤️
Now you know how the rich do it.
please make video on multiple passport
Really appreciated all the lesson Team. Thanks you very much.
Upgrade!!
In the 11th point "Borrow against your assets"
I have always heard about that but I still dont know how do you pay that borrow to the bank.
Does the bank get your assets?? I dont get it
Alux, I have a question … what about taxes for employees ? Is there a way of getting around paying taxes as an employee ?
There are certain loopholes, for example: we technically have 0 employees. We helped everyone who works for us incorporate into a business themselves and they're invoicing us for their services.
We’re all paying inflation tax with all the “money printing” career politicians are doing to keep their positions. This video is very enlightening 🙏🏼 UPGRADE
You are correct, but how many ppl understand that?
@@johnstrato9795 Thank you. I wrote this 11 months ago, hardly anyone was concerned about inflation back then and this was pre-Ukraine 👀
People will find out the hard way when the stagflation/depression comes to past.
Please make a video on how to achieve financial freedom.
Every video on our channel is specifically about that! We have playlists over playlists teaching you everything you need to know!
Thanks for replying honestly didn't expected, but can you make a specific video on financial independence meaning of it and ways to achieve it. Please it's a humble request.
@@bookworld5299 follow Dave Ramsey on the 7 Baby steps .. after those are completed this videos are the building blocks after that and more understandably appreciated