The Mind Money Spectrum Podcast

#38. The U.S. tax system is screwing you over. Here's what you can do about it.

September 01, 2020 Aaron Agte and Trishul Patel Season 1 Episode 38
The Mind Money Spectrum Podcast
#38. The U.S. tax system is screwing you over. Here's what you can do about it.
Chapters
The Mind Money Spectrum Podcast
#38. The U.S. tax system is screwing you over. Here's what you can do about it.
Sep 01, 2020 Season 1 Episode 38
Aaron Agte and Trishul Patel

In this episode, Trishul and Aaron discuss more ways the U.S. tax system helps the wealthy. Qualified Small Business Stock, self-directed IRAs, and Grantor Retained Annuity Trusts are all legal means by which rich people can side-step millions or potentially billions in taxes. But these are not just random loopholes. Now, corporations can legally spend unlimited sums of money lobbying politicians to write laws that favor, you guessed it, the wealthy. That's why it makes fiscal sense for a corporation to spend a billion dollars lobbying to save ten billion in taxes. In the end, if we think income inequality is a big deal, the first step to change is to understand how easy it is for the wealthy to avoid paying their fair share.

Episode References

MMS #37. How to get rich and never pay a dollar in taxes.
MMS #27. Can a UBI really pay for itself?
MMS #32. These estate planning tips can save you big time.
The Veil of Ignorance
The Biggest Companies Pay the Least in Tax
Facebook and the IRS Prepare for a 9 Billion U.S. Tax Court Fight
The 100 Million Dollar Mitt Romney IRA
How the Super-Rich Ducked 100 Billion in Estate Taxes since 2000
How Walmart's Waltons Are Using Charitable Trusts
The Walton GRAT
CRAT, CRUT, CLUT, GRIT, GRAT, and GRUT
U.S. Deficit by Year
Citizens United Explained
Who Pays More Taxes: Rich or Poor?
Who Are the One Percent in the U.S.?
Richard Wolff on Economic Inequality
Qualified Small Business Stock (QSBS)

Podcast Description

Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.

Show Notes

In this episode, Trishul and Aaron discuss more ways the U.S. tax system helps the wealthy. Qualified Small Business Stock, self-directed IRAs, and Grantor Retained Annuity Trusts are all legal means by which rich people can side-step millions or potentially billions in taxes. But these are not just random loopholes. Now, corporations can legally spend unlimited sums of money lobbying politicians to write laws that favor, you guessed it, the wealthy. That's why it makes fiscal sense for a corporation to spend a billion dollars lobbying to save ten billion in taxes. In the end, if we think income inequality is a big deal, the first step to change is to understand how easy it is for the wealthy to avoid paying their fair share.

Episode References

MMS #37. How to get rich and never pay a dollar in taxes.
MMS #27. Can a UBI really pay for itself?
MMS #32. These estate planning tips can save you big time.
The Veil of Ignorance
The Biggest Companies Pay the Least in Tax
Facebook and the IRS Prepare for a 9 Billion U.S. Tax Court Fight
The 100 Million Dollar Mitt Romney IRA
How the Super-Rich Ducked 100 Billion in Estate Taxes since 2000
How Walmart's Waltons Are Using Charitable Trusts
The Walton GRAT
CRAT, CRUT, CLUT, GRIT, GRAT, and GRUT
U.S. Deficit by Year
Citizens United Explained
Who Pays More Taxes: Rich or Poor?
Who Are the One Percent in the U.S.?
Richard Wolff on Economic Inequality
Qualified Small Business Stock (QSBS)

Podcast Description

Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.