Have you heard of news where thr rich claim not to pay taxes or where they boast of paying lesser taxes than their employee? At a point in time, Warren Buffet said that his Secretary paid more tax than he did, people like Trump, Elon, and Bezos claim not to pay tax. While a lot of is might say that this individuals are evading taxes, the truth is that they are avoiding taxes.
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With Tax Evasion, most people put their money in offshore account where they do not declare the money as income thereby not allowing the government to tax them for their income. This is always accompanied with jail time and fine.
Tax Avoidance on the other hand is legal and this time the individual uses the Internal Revenue Service (IRS) Law to their advantage. This people are able to use their entire income as well as use debt to their advantage.
Getting into debt doesn't require a manual at all but using debt properly to grow wealth requires proper learning and knowing. Most financially free and educated people use the Buy Borrow Die system to live their life and not pay debt.
Debt shouldn't be used to purchase cars for personal use, wristwatches for fancy and so on, rather debt should be used to generate income. If they are going to borrow, they will take that debt so they can invest it in either businesses, real estates, market or cryprocurrency.
It is important that know that Johnny is taxed on his income which he pays but then if Johnny decides to create a business which he doesn't make any income from but rather borrow against his investment, or business, then he isn't taxed against the debt. What Johnny needs to be sure of is that his investment or business is generating above the percentage that the bank requires him to pay ad interest.
If Jonny decides to build 1 billion dollar worth of company and don't pay himself salary, then he wouldn't be taxed. You wonder how he would get money, he could pay himself in stocks just like Elon Musk did and then he just have to go to the bank to borrow against his shares and ensure that his shares is gaining above the loan amount.
With Buy Borrow Die, the rich keeps living on borrowed money without paying taxes until they die after which the property, business or shares is inherited with Stepped up Basis. Stepped up basis makes the inherited asset go for no profit as at the time of inheritance and so if the heir sells the asset, there will be no taxes applied since there was no profit on the investment when inherited.
You do not have to be a billionaire or millionaire to do this, you just need to understand finance. If you get paid from your job in salary, or wages, one thing you can do is invest it in the Leofinance ecosystem. While you should be clear that this is not a financial advice, I am sure that @leofinance will see my decision to use my earnings from jobs and freelancing to purchase LEO, PolyCub, stake them, or lease them to get revenue.
Polycub is the next generation Token and it will be disheartening to hear that you missed out of purchasing and investing in it.
You can learn more about PolyCub from https://cubdefi.com/
Posted Using LeoFinance Beta