| v> | | | | there are two tax systems - one for the educated |
| | | | and one for the uneducated and you get to pick |
| The next biggest obstacle we have is taxes. | | | | which one you are in. |
| We’ve already established the fact that we | | | | The first system works like this: |
| are paying somewhere in the neighbourhood of 50% | | | | Income |
| in taxes between State, Federal and FICA. Guess | | | | - Taxes |
| how much the big boys are paying in taxes? About | | | | Spend what’s left |
| 4% - 5%! | | | | This is the system for the uneducated. |
| The work that we do and the things we’re | | | | At the very same time there is another tax system |
| about to teach you comes from two U.S Supreme | | | | operating right along side the first one that is |
| Court decisions. This isn’t stuff that | | | | completely legal, that has the endorsement of |
| we’ve made up; they are backed by the U.S. | | | | Congress, and the IRS and it works like this: |
| Supreme Court. | | | | Income |
| The first decision says that it is your constitutional | | | | - Spend |
| right to set yourself up so that your taxes are | | | | Pay Taxes on what is left |
| minimized and you are paying the least amount of | | | | Which system do you want to be in? |
| taxes possible. How many people got a call from | | | | You’re saying, Wow I get to spend all the |
| your CPA or accountant saying Did you know | | | | money that I want first and then pay taxes on |
| that you can legally minimize your taxes? I never | | | | what’s left. That sounds pretty good. |
| got that call. And it was because of that, that I got | | | | What do we call that spending? Business expenses, |
| so infuriated and motivated that I decided to do | | | | business write-offs, and business deductions. The |
| something about that. I decided that I had to teach | | | | problem is that you aren’t taking but about |
| myself how to save a bucket of money because I | | | | 10% of the deductions available to you. The most |
| know that there are people out there that are | | | | sophisticated and savvy investors and businessmen |
| paying a lot less tax than I am. The point is that | | | | that come into our program are not taking but 10% |
| these strategies have been around for decades but | | | | of the deductions available to them. And where do |
| our accountants and CPAs aren’t teaching | | | | you think the other 90% goes? Right down the |
| them to us. | | | | toilet. |
| The other US Supreme Court decision says that | | | | |