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Kerry Lutz's--Financial Survival Network

Sep 17, 2021

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.

-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

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