Sep 17, 2021
Summary:
Should we ‘Eat The Rich?’ It seems that this is not necessarily a
viable solution, and today we have Jeffrey Socha on the podcast to
break down the new tax proposal for us. While it may seem logical
to impose higher taxes on large businesses, same corporations have
tactics they will use as a result—tactics that will only hurt
consumers and the rest of the economy. Tune in to hear about this
interesting phenomenon in light of recent announcements, and to
find out where this may put you in terms of taxes.
Highlights:
-With the democrats’ new tax proposal, the effective tax rate in
NYC will be close to 62%, and in California it will be around
59%
-Businesses find ways to alter their business/cut costs/raise
prices to avoid the effects of taxing
-People will not give you extra money without making decisions that
affect everyone else
-Many of the tax shelters are available to average business
owners
-Big companies have the best resources available to help them be
efficient as possible
-The people that lose the most are smaller, local businesses
-The government should start with having a balanced budget
-There’s no incentive for fiscal responsibility with this modern
monetary theory
-You can’t control taxes, but you can control who you vote for
-Take control of your own finances; be proactive
-This new proposal is very realistic, and we don’t know what will
end up sticking until it is finalized
Useful Links:
Financial Survival Network