Estate Taxes Quotes

I don't know how you feel, but I'm pretty sick of church people. You know what they ought to do with churches? Tax them. If holy people are so interested in politics, government, and public policy, let them pay the price of admission like everybody else. The Catholic Church alone could wipe out the national debt if all you did was tax their real estate.

this fear of growing to resemble Europe was part of the reason why the United States in 1910–1920 pioneered a very progressive estate tax on large fortunes, which were deemed to be incompatible with US values, as well as a progressive income tax on incomes thought to be excessive. Perceptions of inequality, redistribution, and national identity changed a great deal over the course of the twentieth century, to put it mildly.

When you get rid of the estate tax,” he (Warren Buffet) said, “you’re basically handing over command of the country’s resources to people who didn’t earn it. It’s like choosing the 2020 Olympic team by picking the children of all the winners at the 2000 Games.

With small companies, my investment strategy is to be out of the stock in a year. My real estate strategy, on the other hand, is to start small and keep trading the properties up for bigger properties and, therefore, delaying paying taxes on the gain. This allows the value to increase dramatically. I generally hold real estate less than seven years.

If an heir is equal to his money, it serves him; if not, it destroys him.

You should waste it.” “What’s that?” “You should be at the beach, like today. You should get stoned and drunk and have loads of sex.” She takes another drag off her cigarette. “I think the saddest thing in the world is a twenty-five-year-old talking about the stock market. Or taxes. Or real estate, goddamn it! That’s all you’ll talk about when you’re forty. Real estate! Any twenty-five-year-old who says the word refinance should be taken out and shot. Talk about love and music and poetry. Things everyone forgets they ever thought were important. Waste every day, that’s what I say.

In the first place, just as income tax returns allow us to study changes in income inequality, estate tax returns enable us to study changes in the inequality of wealth.

just as income tax returns allow us to study changes in income inequality, estate tax returns enable us to study changes in the inequality of wealth.

It’s like that John Steinbeck quote about how Americans never think of themselves as poor, but “as temporarily embarrassed millionaires.” Everybody thinks they’re just one promotion or one lottery ticket away from having to pay the Estate Tax. They forget that the lottery itself is a tax on hopelessness and dreams.

There are laws and regs so as to prevent just that sort of money laundering. Or people gifting money above the annual limit without paying the requisite tax. Otherwise, people can transfer their wealth to their kids or other third parties without any monies going to the Treasury Department, thereby completely circumventing the estate tax. And a six-

All you have to do is look at Colorado: real estate is up, 30,000 jobs added, retail is up, state tax [revenues] up.

Such refinements, under the odious name of luxury, have been severely arraigned by the moralists of every age; and it might perhaps be more conducive to the virtue, as well as happiness, of mankind, if all possessed the necessaries, and none the superfluities, of life. But in the present imperfect condition of society, luxury, though it may proceed from vice or folly, seems to be the only means that can correct the unequal distribution of property. The diligent mechanic, and the skilful artist, who have obtained no share in the division of the earth, receive a voluntary tax from the possessors of land; and the latter are prompted, by a sense of interest, to improve those estates, with whose produce they may purchase additional pleasures.

she says, "Well, I hope you're making good use of youth." Less, cross-legged on his towel and pink as a boiled shrimp:" I don't know." She nods, "You should waste it." "What's that?" "You should be at the beach, like today. You should get stoned and drunk and have loads of sex." She takes another drag off her cigarette. "I think the saddest thing in the world is a twenty-five-year-old talking about the stock market. Or taxes. Or real estate, goddamn it! That's all you'll talk about when you're forty. Real estate! Any twenty-five-year-old who says the word refinance should be taken out and shot. Talk about love and music and poetry. Things everyone forgets they ever through were important. Waste everyday, that's what I say.

Among other strategies, he set up a “charitable lead trust” that enabled him to pass on his estate to his sons without inheritance taxes, so long as the sons donated the accruing interest on the principal to charity for twenty years. To maximize their self-interest, in other words, the Koch boys were compelled to be charitable. Tax avoidance was thus the original impetus for the Koch brothers’ extraordinary philanthropy. As David Koch later explained, “So for 20 years, I had to give away all that income, and I sort of got into it.

What inducement has the farmer, while following the plough, to lay aside his peaceful pursuit, and go to war with the farmer of another country? Or what inducement has the manufacturer? What is dominion to them, or to any class of men in a nation? Does it add an acre to any man's estate, or raise its value? Are not conquest and defeat each of the same price, and taxes the never-failing consequence? -Though this reasoning may be good to a nation, it is not so to a government. War is the Pharo table of governments, and nations the dupes of the game.

The rental income served as a dividend, so to speak, but even at an early age, I focused more on the home appreciation. I came to understand the tax advantages of home ownership, implications of depreciation, and the opportunity to use the homes as leverage in borrowing money.

We still own 38 percent of the company’s stock today, which is an unusually large stake for anyone to hold in an outfit the size of Wal-Mart, and that’s the best protection there is against the takeover raiders. It’s something that any family who has faith in its strength as a unit and in the growth potential of its business can do. The transfer of ownership was made so long ago that we didn’t have to pay substantial gift or inheritance taxes on it. The principle behind this is simple: the best way to reduce paying estate taxes is to give your assets away before they appreciate.

The fact that Trump paid no tax came to light when casino regulators issued a public report on his fitness to own a casino. Trump’s tax returns showed negative income. That’s because Congress lets big real estate investors offset their income from salaries, stock market gains, consulting fees, and other income with losses from depreciation in the value of their buildings. If these paper losses for the declining value of their buildings are greater than their cash income from other sources, real estate investors can legally tell the IRS that their income is less than zero and no federal income tax is due. Trump

For example, “1031” is jargon for Section 1031 of the Internal Revenue Code, which allows a seller to delay paying taxes on a piece of real estate that is sold for a capital gain through an exchange for a more expensive piece of real estate. Real estate is one investment vehicle that allows such a great tax advantage.

Neofeudalism: Much as warlords seized land in the Norman Conquest and levied rent on subject populations (starting with the Domesday Book, the great land census of England and Wales ordered by William the Conqueror), so today’s financialized mode of warfare uses debt leverage and foreclosure to pry away land, natural resources and economic infrastructure. The commons are privatized by bondholders and bankers, gaining control of government and shifting taxes onto labor and small-scale industry. Household accounts, corporate balance sheets and public budgets are earmarked increasingly to pay real estate rent, monopoly rent, interest and financial fees, and to bear the taxes shifted off rentier wealth. The rentier oligarchy makes itself into a hereditary aristocracy lording it over the population at large from gated communities that are the modern counterpart to medieval castles with their moats and parapets.

Using other people’s money is literally the best way to reduce your taxes in the I quadrant. That’s because you can take deductions for the purchases you make with other people’s money. Depreciation on real estate is a particularly great way to take tax benefits on someone else’s money. You get a deduction not just for the portion of the real estate you paid for with your own money, but you also get a depreciation deduction for the portion paid for with the bank’s money.

Yessir, they’s big money involved in this park fight, that’s the story. Dyer’s the mouthpiece for them east coast developers that has fought that park idea for years; them boys are workin day and night to grab that real estate before all them nature-lovers and such get the Glades nailed down by the federl gov’mint. You ain’t seen all that stuff in the papers? Gettin the public fired up against the feds for wastin half of Florida on this big green nothin? Stead of sellin off that land and cuttin taxes?

You should be at the beach, like today. You should get stoned and drunk and have loads of sex.” She takes another drag off her cigarette. “I think the saddest thing in the world is a twenty-five-year-old talking about the stock market. Or taxes. Or real estate, goddamn it! That’s all you’ll talk about when you’re forty. Real estate! Any twenty-five-year-old who says the word refinance should be taken out and shot. Talk about love and music and poetry. Things everyone forgets they ever thought were important. Waste every day, that’s what I say.

Though domestic black money is an expression of no-confidence in the government of India, some part of the domestic black money is used in productive activities like real estate, trade, construction, mining, transport, restaurants and other businesses. As previously stated, illicit money kept abroad is a no-confidence vote in India itself—its stability and its people. The illicit money kept in tax havens abroad is, by and large, not used for domestic purposes unless it is round-tripped through share markets or foreign direct investment (FDI) to domestic operations.

Death duties in Harcourt’s time were a comparatively modest 8 percent on estates valued at £1 million or more, but they proved to be such a reliable source of revenue, and so popular with the millions who didn’t have to pay them, that they were raised again and again until by the eve of the Second World War they stood at 60 percent—a level that would make even the richest eyes water. At the same time, income taxes were raised repeatedly and other new taxes invented—the Undeveloped Land Duty, the Incremental Value Duty, the Super Tax—all of which fell disproportionately on those with a lot of land and plummy accents.

Robert Jordan, wiping out the stew bowl with bread, explained how the income tax and inheritance tax worked. 'But the big estates remain. Also, there are taxes on the land,' he said. 'But surely the big proprietors and the rich will make a revolution against such taxes. Such taxes appear to me to be revolutionary. They will revolt against the government when they see that they are threatened, exactly as the fascists have done here,' Primitivo said. 'It is possible.' 'Then you will have to fight in your country as we fight here.' 'Yes, we will have to fight.' 'But are there not many fascists in your country?' 'There are many who do not know they are fascists but will find it out when the time comes.

She says, “Well, I hope you’re making good use of youth.” Less, cross-legged on his towel and pink as a boiled shrimp: “I don’t know.” She nods. “You should waste it.” “What’s that?” “You should be at the beach, like today. You should get stoned and drunk and have loads of sex.” She takes another drag off her cigarette. “I think the saddest thing in the world is a twenty-five-year-old talking about the stock market. Or taxes. Or real estate, goddamn it! That’s all you’ll talk about when you’re forty. Real estate! Any twenty-five-year-old who says the word refinance should be taken out and shot. Talk about love and music and poetry. Things everyone forgets they ever thought were important. Waste every day, that’s what I say.

Ultimately, the World Top Incomes Database (WTID), which is based on the joint work of some thirty researchers around the world, is the largest historical database available concerning the evolution of income inequality; it is the primary source of data for this book.24 The book’s second most important source of data, on which I will actually draw first, concerns wealth, including both the distribution of wealth and its relation to income. Wealth also generates income and is therefore important on the income study side of things as well. Indeed, income consists of two components: income from labor (wages, salaries, bonuses, earnings from nonwage labor, and other remuneration statutorily classified as labor related) and income from capital (rent, dividends, interest, profits, capital gains, royalties, and other income derived from the mere fact of owning capital in the form of land, real estate, financial instruments, industrial equipment, etc., again regardless of its precise legal classification). The WTID contains a great deal of information about the evolution of income from capital over the course of the twentieth century. It is nevertheless essential to complete this information by looking at sources directly concerned with wealth. Here I rely on three distinct types of historical data and methodology, each of which is complementary to the others.25 In the first place, just as income tax returns allow us to study changes in income inequality, estate tax returns enable us to study changes in the inequality of wealth.26 This

Do you have no big proprietors?” Andrés asked. “Many.” “Then there must be abuses.” “Certainly. There are many abuses.” “But you will do away with them?” “We try to more and more. But there are many abuses still.” “But there are not great estates that must be broken up?” “Yes. But there are those who believe that taxes will break them up.” “How?” Robert Jordan, wiping out the stew bowl with bread, explained how the income tax and inheritance tax worked. “But the big estates remain. Also there are taxes on the land,” he said. “But surely the big proprietors and the rich will make a revolution against such taxes. Such taxes appear to me to be revolutionary. They will revolt against the government when they see that they are threatened, exactly as the fascists have done here,” Primitivo said. “It

In regard to justice, one might also ask: What of same-sex, heterosexual couples who live with and cherish each other, but who do not engage in homosexual acts? Are they less worthy of marriage? If the only thing that distinguishes them from homosexual couples is sodomitical behavior, and if only homosexual couples are to be extended the privilege of marriage, then something of special merit must obtain precisely to the act of sodomy itself. Why should sodomy be privileged in this way? Otherwise, why would marriage not be appropriate for chaste or heterosexual same-sex friendship? The tax advantages obtaining to an estate left by one spouse to another are great. Should they be only for lesbian and homosexual couples and not, say, for brothers, sisters, or others who may love each other and live together?

If government had declined to build racially separate public housing in cities where segregation hadn’t previously taken root, and instead had scattered integrated developments throughout the community, those cities might have developed in a less racially toxic fashion, with fewer desperate ghettos and more diverse suburbs. If the federal government had not urged suburbs to adopt exclusionary zoning laws, white flight would have been minimized because there would have been fewer racially exclusive suburbs to which frightened homeowners could flee. If the government had told developers that they could have FHA guarantees only if the homes they built were open to all, integrated working-class suburbs would likely have matured with both African Americans and whites sharing the benefits. If state courts had not blessed private discrimination by ordering the eviction of African American homeowners in neighborhoods where association rules and restrictive covenants barred their residence, middle-class African Americans would have been able gradually to integrate previously white communities as they developed the financial means to do so. If churches, universities, and hospitals had faced loss of tax-exempt status for their promotion of restrictive covenants, they most likely would have refrained from such activity. If police had arrested, rather than encouraged, leaders of mob violence when African Americans moved into previously white neighborhoods, racial transitions would have been smoother. If state real estate commissions had denied licenses to brokers who claimed an “ethical” obligation to impose segregation, those brokers might have guided the evolution of interracial neighborhoods. If school boards had not placed schools and drawn attendance boundaries to ensure the separation of black and white pupils, families might not have had to relocate to have access to education for their children. If federal and state highway planners had not used urban interstates to demolish African American neighborhoods and force their residents deeper into urban ghettos, black impoverishment would have lessened, and some displaced families might have accumulated the resources to improve their housing and its location. If government had given African Americans the same labor-market rights that other citizens enjoyed, African American working-class families would not have been trapped in lower-income minority communities, from lack of funds to live elsewhere. If the federal government had not exploited the racial boundaries it had created in metropolitan areas, by spending billions on tax breaks for single-family suburban homeowners, while failing to spend adequate funds on transportation networks that could bring African Americans to job opportunities, the inequality on which segregation feeds would have diminished. If federal programs were not, even to this day, reinforcing racial isolation by disproportionately directing low-income African Americans who receive housing assistance into the segregated neighborhoods that government had previously established, we might see many more inclusive communities. Undoing the effects of de jure segregation will be incomparably difficult. To make a start, we will first have to contemplate what we have collectively done and, on behalf of our government, accept responsibility.

If you look at the estate planning industry today, the basic strategy begins with identifying the number of heirs. Why? To divide the estate up amongst as many heirs as possible, utilizing all the gift and transfer techniques. One of the first rules of war is to “divide and conquer.” And so, if I'm dividing the assets up, I'm setting that family up for failure. Our findings show that in all too many situations, traditional planning has done more to destroy families than taxes will ever do. Traditional estate planning operates around the four D's: Divide the assets, defer those assets downstream as far as possible, then dump them on what most times are the ill-prepared heirs, and watch those ultimately dissipate. It's been said that only two percent of family wealth ever makes it past the third generation. So I think that's all you need to know about the effectiveness of traditional estate planning.

In the meantime Chancellor Schleicher went about—with an optimism that was myopic, to say the least—trying to establish a stable government. On December 15 he made a fireside broadcast to the nation begging his listeners to forget that he was a general and assuring them that he was a supporter “neither of capitalism nor of socialism” and that to him “concepts such as private economy or planned economy have lost their terrors.” His principal task, he said, was to provide work for the unemployed and get the country back on its economic feet. There would be no tax increase, no more wage cuts. In fact, he was canceling the last cut in wages and relief which Papen had made. Furthermore, he was ending the agricultural quotas which Papen had established for the benefit of the large landowners and instead was launching a scheme to take 800,000 acres from the bankrupt Junker estates in the East and give them to 25,000 peasant families. Also prices of such essentials as coal and meat would be kept down by rigid control. This was a bid for the support of the very masses which he had hitherto opposed or disregarded, and Schleicher followed it up with conversations with the trade unions, to whose leaders he gave the impression that he envisaged a future in which organized labor and the Army would be twin pillars of the nation. But labor was not to be taken in by a man whom it profoundly mistrusted, and it declined its co-operation. The industrialists and the big landowners, on the other hand, rose up in arms against the new Chancellor’s program, which they clamored was nothing less than Bolshevism. The businessmen were aghast at Schleicher’s sudden friendliness to the unions. The owners of large estates were infuriated at his reduction of agricultural protection and livid at the prospect of his breaking up the bankrupt estates in the East. On

When the time comes, & I hope it comes soon, to bury this era of moral rot & the defiling of our communal, social, & democratic norms, the perfect epitaph for the gravestone of this age of unreason should be Iowa Senator Chuck Grassley's already infamous quote: "I think not having the estate tax recognizes the people that are investing... as opposed to those that are just spending every darn penny they have, whether it’s on booze or women or movies.” Grassley's vision of America, quite frankly, is one I do not recognize. I thought the heart of this great nation was not limited to the ranks of the plutocrats who are whisked through life in chauffeured cars & private jets, whose often inherited riches are passed along to children, many of whom no sacrifice or service is asked. I do not begrudge wealth, but it must come with a humility that money never is completely free of luck. And more importantly, wealth can never be a measure of worth. I have seen the waitress working the overnight shift at a diner to give her children a better life, & yes maybe even take them to a movie once in awhile - and in her, I see America. I have seen the public school teachers spending extra time with students who need help & who get no extra pay for their efforts, & in them I see America. I have seen parents sitting around kitchen tables with stacks of pressing bills & wondering if they can afford a Christmas gift for their children, & in them I see America. I have seen the young diplomat in a distant foreign capital & the young soldier in a battlefield foxhole, & in them I see America. I have seen the brilliant graduates of the best law schools who forgo the riches of a corporate firm for the often thankless slog of a district attorney or public defender's office, & in them I see America. I have seen the librarian reshelving books, the firefighter, police officer, & paramedic in service in trying times, the social worker helping the elderly & infirm, the youth sports coaches, the PTA presidents, & in them I see America. I have seen the immigrants working a cash register at a gas station or trimming hedges in the frost of an early fall morning, or driving a cab through rush hour traffic to make better lives for their families, & in them I see America. I have seen the science students unlocking the mysteries of life late at night in university laboratories for little or no pay, & in them I see America. I have seen the families struggling with a cancer diagnosis, or dementia in a parent or spouse. Amid the struggles of mortality & dignity, in them I see America. These, & so many other Americans, have every bit as much claim to a government working for them as the lobbyists & moneyed classes. And yet, the power brokers in Washington today seem deaf to these voices. It is a national disgrace of historic proportions. And finally, what is so wrong about those who must worry about the cost of a drink with friends, or a date, or a little entertainment, to rephrase Senator Grassley's demeaning phrasings? Those who can't afford not to worry about food, shelter, healthcare, education for their children, & all the other costs of modern life, surely they too deserve to be able to spend some of their “darn pennies” on the simple joys of life. Never mind that almost every reputable economist has called this tax bill a sham of handouts for the rich at the expense of the vast majority of Americans & the future economic health of this nation. Never mind that it is filled with loopholes written by lobbyists. Never mind that the wealthiest already speak with the loudest voices in Washington, & always have. Grassley’s comments open a window to the soul of the current national Republican Party & it it is not pretty. This is not a view of America that I think President Ronald Reagan let alone President Dwight Eisenhower or Teddy Roosevelt would have recognized. This is unadulterated cynicism & a version of top-down class warfare run amok. ~Facebook 12/4/17

Then, in 1950, Andy became something more than a model prisoner. In 1950, he became a valuable commodity, a murderer who did tax-returns better than H & R Block. He gave gratis estate-planning advice, set up tax-shelters, filled out loan applications (sometimes creatively). I can remember him sitting behind his desk in the library, patiently going over a car-loan agreement paragraph by paragraph with a screwhead who wanted to buy a used DeSoto, telling the guy what was good about the agreement and what was bad about it, explaining to him that it was possible to shop for a loan and not get hit quite so bad, steering him away from the finance companies, which in those days were sometimes little better than legal loan-sharks. When he’d finished, the screwhead started to put out his hand . . . and then drew it back to himself quickly. He’d forgotten for a moment, you see, that he was dealing with a mascot, not a man. Andy kept up on the tax laws and the changes in the stock market, and so his usefulness didn’t end after he’d been in cold storage for awhile, as it might have done. He began to get his library money, his running war with the sisters had ended, and nobody tossed his cell very hard. He was a good nigger.

As a candidate, Trump’s praise of Putin had been a steady theme. In the White House, his fidelity to Russia’s president had continued, even as he lambasted other world leaders, turned on aides and allies, fired the head of the FBI, bawled out his attorney general, and defenestrated his chief ideologue, Steve Bannon. It was Steele’s dossier that offered a compelling explanation for Trump’s unusual constancy vis-à-vis Russia. First, there was Moscow’s kompromat operation against Trump going back three decades, to the Kryuchkov era. If Trump had indulged in compromising behavior, Putin knew of it. Second, there was the money: the cash from Russia that had gone into Trump’s real estate ventures. The prospect of a lucrative deal in Moscow to build a hotel and tower, a project that was still being negotiated as candidate Trump addressed adoring crowds. And then there were the loans. These had helped rescue Trump after 2008. They had come from a bank that was simultaneously laundering billions of dollars of Russian money. Finally, there was the possibility that the president had other financial connections to Moscow, as yet undisclosed, but perhaps hinted at by his missing tax returns. Together, these factors appeared to place Trump under some sort of obligation. One possible manifestation of this was the president’s courting of Putin in Hamburg. Another was the composition of his campaign team and government, especially in its first iteration. Wherever you looked there was a Russian trace.

sighed. “I can’t say that you weren’t expected.” “I’m just going to be walking around here and taking some measurements. It says here… you own eighty acres? That is one of the most gorgeous mansions I have ever seen,” he rambled on. “It must have cost you millions. I could never afford such a beauty. Well, heck, for that matter I couldn’t afford the millions of dollars in taxes a house like this would assess, let alone such a pricey property. Do you have an accountant?” Zo opened her mouth to respond, but he continued, “For an estate this size, I would definitely have one.” “I do have an accountant,” she cut in, with frustration. “Furthermore, I have invested a lot of money bringing this mansion up to speed. You can see my investment is great.” “Of course, it would be. The fact of the matter is, Mrs. Kane, a lot of people are in over their heads in property. You still have to pay up, or we take the place. Well, I’ll get busy now. Pay no mind to me.” He walked on, taking notes. “Clairrrrre!” Zo called as soon as she entered the house. “Bring your cell phone!” Two worry-filled months went by and many calls were made to lawyers, before Zoey finally picked one that made her feel confident. And then the letter came with the totals and the due date. “There is no way we can pay this, Mom, even if we sold off some of our treasures, because a lot of them are contracted to museums anyway. I am feeling awfully poor all of a sudden, and insecure.” “Yes, and I did some research, thinking I’d be forced to sell. It’s unlikely that anyone else around here can afford this place. It looks like they are going to get it all; they aren’t just charging for this year. What we have here is a value about equal to a little country. And all the new construction sites for housing developments suddenly popping up on this side of the river, does not help. Value is going up.” Zo put her head in her hands. “Ohhh, oh, oh, oh!” “Yeah, bring out the ice-cream and cake. I need comforting,” sighed Claire. The cell phone rang. “Yes, tonight? You guys have become pretty good to us, haven’t you?! You know, Bob, Mom and I thought we were just going to pig out on ice cream and cake. We found out we are losing this estate and are going to be poor again and we are bummed out.” There was a long pause. “No, that’s okay, I understand. Yeah, okay, bye.” “Well?” Zo ask dryly. “He was appropriately sorry, and he got off the phone fast, saying he remembered he had other business to take care of. Do you want to cry? I do…” “I’ll get the cake and dish the ice cream. You make our tea and we’ll cry together.” A pitter patter began to drum on the window. “Rain again. It seems softer though, dear.” “I thought you said this was going to be a softer rain!” It started to pour. “At least this is not a thunder storm… What was that?” “Thunder,” replied Claire, unmoved and resigned. An hour had gone by when there was a rapping at the door. “People rarely use the doorbell, ever notice that?” Zo asked on the way to the door. She opened it to reveal two wet guys holding a pizza, salad, soft drink, and giant chocolate chip cookies in a plastic container. In a plastic

If there was anything really wrong with Shady Hill, anything that you could put your finger on, it was the fact that the village had no public library – no foxed copies of Pascal, smelling of cabbage; no broken sets of Dostoevski and George Eliot; no Galsworthy, even; no Barrie and no Bennett. This was the chief concern of the Village Council during Marcie’s term. The library partisans were mostly newcomers to the village; the opposition whip was Mrs Selfredge, a member of the Council and a very decorous woman, with blue eyes of astonishing brilliance and inexpressiveness. Mrs Selfredge often spoke of the chosen quietness of their life. ‘We never go out,’ she would say, but in such a way that she seemed to be expressing not some choice but a deep vein of loneliness. She was married to a wealthy man much older than herself, and they had no children; indeed, the most indirect mention of sexual fact brought a deep color to Mrs Selfredge’s face. She took the position that a library belonged in that category of public service that might make Shady Hill attractive to a development. This was not blind prejudice. Carsen Park, the next village, had let a development inside its boundaries, with disastrous results to the people already living there. Their taxes had been doubled, their schools had been ruined. That there was any connection between reading and real estate was disputed by the partisans of the library, until a horrible murder – three murders, in fact – took place in one of the cheese-box houses in the Carsen Park development, and the library project was buried with the victims.

Stanley Perlman. She hurried out of the building at One Market Plaza, stepped off the curb, and hailed a cab. It occurred to her, as it always did, that one of these days when she met with him, it would really be for the last time. He always said it was. She had begun to expect him to live forever, despite his protests, and in spite of the realities of time. Her law firm had handled his affairs for more than half a century. She had been his estate and tax attorney for the past three years. At thirty-eight, Sarah had been a partner of the firm for the past two years, and had inherited Stanley as a client when his previous attorney died. Stanley had outlived them all. He was ninety-eight years old. It was hard to believe sometimes. His mind was as sharp as it had ever been, he read voraciously, and he was well aware of every nuance and change in the current tax laws. He was a challenging and entertaining client. Stanley Perlman had been a genius in business all his life. The only thing that had changed over the years was that his body had betrayed him, but never once his mind. He was bedridden now, and had been for nearly seven years. Five nurses attended to him, three regularly in eight-hour shifts, two as relief. He was comfortable, most of the time, and hadn't left his house in years. Sarah had always liked and admired him, although others thought he was irascible and cantankerous. She thought he was a remarkable man. She gave the cabdriver Stanley's Scott Street address. They made their way through the downtown traffic in San Francisco's financial district, and headed west uptown, toward Pacific Heights, where he had lived in the same house for seventy-six years. The sun was shining brightly as they climbed Nob Hill up California Street, and she knew it might be otherwise when they got uptown. The fog often sat heavily on the residential

How is money created? An example: You buy a house or take out a mortgage on the excess value of your property. You want 200,000 Dollars. The following happens. The bank’s computer adds these virtual numbers - because that is what they are - to your bank account, and then you have to bleed for the next 30 years, WITH INTEREST. The bank attached a fictional number to your name and for 30 years you need to work to pay the money back. The bank didn’t build your house, nor did it pay for the materials. That was done by people like you and me. They too have to pay, because they also have a mortgage. And when you die, your kids will have to pay taxes on your estate. Often, they have to take out a mortgage of their own to do so[74]. Another example of how banks create money out of nothing: You go to the bank to lend 1,000 Dollars. One year later, you have to pay 1,100 Dollars back, including interest. The additional 100 Dollars come from fellow citizens, for instance in the form of wages or profit sharing. In other words, the extra 100 Dollars come from society. This can only happen when the total amount of money in circulation increases. That increase – inflation – is created when the bank creates more money. In other words: “Interest payments are a direct way to create money.” All the money that exists comes from the bank. This remarkable phenomenon has been described as follows by Mr. Robert Hemphill, Credit Manager of the Federal Reserve Bank in Atlanta: “If all the bank loans were paid, there would not be a dollar in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible - but there it is.”[75]

Professor Joseph Stiglitz, former Chief Economist of the World Bank, and former Chairman of President Clinton's Council of Economic Advisers, goes public over the World Bank’s, “Four Step Strategy,” which is designed to enslave nations to the bankers. I summarise this below, 1. Privatisation. This is actually where national leaders are offered 10% commissions to their secret Swiss bank accounts in exchange for them trimming a few billion dollars off the sale price of national assets. Bribery and corruption, pure and simple. 2. Capital Market Liberalization. This is the repealing any laws that taxes money going over its borders. Stiglitz calls this the, “hot money,” cycle. Initially cash comes in from abroad to speculate in real estate and currency, then when the economy in that country starts to look promising, this outside wealth is pulled straight out again, causing the economy to collapse. The nation then requires International Monetary Fund (IMF) help and the IMF provides it under the pretext that they raise interest rates anywhere from 30% to 80%. This happened in Indonesia and Brazil, also in other Asian and Latin American nations. These higher interest rates consequently impoverish a country, demolishing property values, savaging industrial production and draining national treasuries. 3. Market Based Pricing. This is where the prices of food, water and domestic gas are raised which predictably leads to social unrest in the respective nation, now more commonly referred to as, “IMF Riots.” These riots cause the flight of capital and government bankruptcies. This benefits the foreign corporations as the nations remaining assets can be purchased at rock bottom prices. 4. Free Trade. This is where international corporations burst into Asia, Latin America and Africa, whilst at the same time Europe and America barricade their own markets against third world agriculture. They also impose extortionate tariffs which these countries have to pay for branded pharmaceuticals, causing soaring rates in death and disease.

Not only did Trump disregard the potential conflicts of his business deals and real estate holdings, he audaciously refused to release his tax returns. Why should he if he wasn’t going to win? What’s more, Trump refused to spend any time considering, however hypothetically, transition matters, saying it was “bad luck”—but really meaning it was a waste of time. Nor would he even remotely contemplate the issue of his holdings and conflicts. He wasn’t going to win! Or losing was winning.

In the change-over from the village to the city, there is some further confirmation of this reading of communal ways: for the land and all it brought forth became the property of the temple and the god; even the peasants who worked it belonged to the temple, and all the other members of the community belonged to the land, too, and were obliged to give part of their labor to the common tasks of digging and embanking and building. These posessions, with the extension of the secular powers of kingship, would become the royal estate; and identification of the common domain with the sovereign power sank so deep that even in modern states most sharply conscious of the rights of private property, the state itself is the ultimate owner and residuary legatee, with that power to commandeer and to tax which is ultimately the power to possess or destroy.

Prospect just one new FSBO each day. Drive to that home, take a photo. Enter the owner and address in the SOC contact manager. Be sure to check where the tax bill is sent in case the owner lives somewhere else.  You want to mail information where the tax bill goes. Upload photo of home to the SOC system.  With SOC you can create campaigns which will send multiple custom cards at times you designate to the seller. Send a four card FSBO campaign.  They’ll get four customized cards from you over the next two weeks.  Each card will have the photo of their home on the front.  Each card will have reasons they should list with you inside.  It’s important that the message inside is different on each card.  Then follow up with each FSBO you’re working on with one phone call a week.

First, he’s a billionaire, and a seventy-year-old man. Meaning, he doesn’t give a rat’s ass anymore about anything other than what matters. He’s lived a wild life already—so he doesn’t care who his casual comments offend. When he makes a joke it’s like when a baby farts. It’s nothing personal, the baby’s forgotten it, while everyone is choking out in the room. But the baby doesn’t care. I also had to admit that he’s never been in public office, so he doesn’t know how to be that particular kind of phony. I mean the phony that we all accept—which I call the “mandatory fake.” The mandatory fake is the married news anchor who condemns unseemly sexual behavior while banging Dalmatians in a nearby hotel. Being an old rich uncle who’s never been in politics, Trump has no familiarity with mandatory fake. There is, however, a different kind of fakery in Trump’s world of real estate fibbery. But such lies—salesman’s lies—are deliberately obvious by their excess. You know a salesman is lying when he tells you the car you’re buying from him was only driven by a little old lady once a week to church, which is great because she lives in the attic above the church! A salesman’s lie is done with a wink and an exaggeration (“This is the biggest crowd ever!”). A politician’s lie is a promise that could very well be true, but never is (“Read my lips, no new taxes”). You see the difference? Trump’s lies are common and do not insult us, because he assumes we’re all in on the joke. Politicians are daring you to go against your own innate skepticism (which is always a mistake). Am I “Trump-splaining”? Yes, I am. For now that he’s our president and up against so much, it’s no longer fealty to do so. It’s actually fairness. Anyway, as a Holmes, I’ve since reevaluated some positions that I’ve taken for granted. I’ve looked at the research on illegal immigration and its effects on unemployment. I’ve also looked harder at crime numbers, legal vs. illegal offenders. I’ve pretty much stuck to my original precepts, but I realize that ideology ultimately helps no one in that debate.

America. During the war, the New York legislature had passed a series of laws that stripped Tories of their properties and privileges. The 1779 Confiscation Act provided for the seizure of Tory estates, and the 1782 Citation Act made it difficult for British creditors to collect money from republican debtors. In March 1783, the legislature enacted the statute that most engrossed Hamilton: the Trespass Act, which allowed patriots who had left properties behind enemy lines to sue anyone who had occupied, damaged, or destroyed them. Other laws barred Loyalists from professions, oppressed them with taxes, and robbed them of civil and financial rights.

Retirement Lifestyle Planning There are four (4) major financial questions that you must be able to answer in order to know if your current or future plan will work for you. What rate of return do you have to earn on your savings and investment dollars to be able to retire at your current standard of living and have your money last through your life expectancy? How much do you need to save on a monthly or annual basis to be able to retire at your current standard of living and your money last your life expectancy? Doing what you are currently doing, how long will you have to work to be able to retire and live your current lifestyle till life expectancy? If you don’t do anything different than you are doing today, how much will you have to reduce your standard of livingat retirement for your money to last your life expectancy? Motto for Retirement Lifestyle Planning A solid financial plan is a powerful possession that offers a sense of peace and freedom. Our process allows us to determine appropriate strategies and help you understand how to achieve your goals and live your dreams. Our process stresses informed financial decision making. We encourage you to review all decisions with your team of tax and legal professionals. For the record, we are not tax or legal professionals and this information is not intended as tax or legal advice. Now we’d like to remind you that a well-executed financial plan requires diverse knowledge and utilizes some or all of the following strategies and services: -Retirement Lifestyle Planning Making the most of your employer-sponsored retirement plans and IRAs. Determining how much you need to retire comfortably. Managing assets before and during retirement including Social Security analysis. -Estate Planning Referring you to qualified Estate Attorneys to review your wills and trusts to help preserve your estate for your intended heirs by helping with beneficiary designations. Reducing exposure to estate taxes and probate costs. Coordinating with your tax and legal advisors. -Tax Management Helping to reduce your current and future tax burden by considering multiple strategies for review by your tax professional.Also, referring you to qualified tax specialists if needed. -Legacy Planning/Charitable Planning Creating a solid future for generations to come by ensuring that your legacy will live on through those you love or causes you care deeply about. -Risk Management Reviewing existing insurance policies. Recommending policy changes when appropriate. Finding the best policy for your individual wants and needs. -Investment Planning Determining your asset allocation needs. Helping you understand your risk tolerance. Recommending the appropriate investment vehicles to help you reach and exceed your goals.

Making money in real estate goes hand and hand with all of the other best money making strategies. The reason is the tax advantages you get blend very well together with all of the other money making strategies.

It was expected that a proper burgher would leave from a third to a half of his movable property for uses that would benefit the public and his own estate in the next world. Now the state takes over such functions by means of inheritance taxes. The judgment of the state is substituted for that of the decedent, and the merit of voluntary well-doing is lost.

Tax on income from investment in debt mutual fund, real estate and other assets

In the early years, top incomes were derived from capital, and the richest people were what Piketty and Saez call “coupon clippers,” who received most of their incomes from dividends and interest. The fortunes underlying these receipts were eroded over the century by increasingly progressive income and estate taxes. Those who used to live off their (or their ancestors’) fortunes have been replaced at the top by earners, people like CEOs of large firms, Wall Street bankers, and hedge fund managers, who receive their incomes as salaries, bonuses, and stock options. Entrepreneurial

Loans NRIs can give loans to resident Indians on a repatriable or non-repatriable basis. NRIs can also receive loans from residents. Loan from NRIs in foreign currency or on a repatriable basis A resident Indian can borrow up to US dollars 250,000 from NRI close relatives on a repatriation basis i.e. on repayment, the NRI can credit the funds in an NRE account and take this money back without any restrictions. The NRI should be a close relative of the borrower. Please check ‘Who is your relative’ for details. The amount of loan should be received by an inward remittance or by debit to the NRE/FCNR account. The loan should be a minimum of 1 year and without any interest. The funds cannot be used for agricultural/plantation/real estate business or for relending. Income: As the loan should be interest-free, no income can be generated. Taxability: As there is no income, there is no tax. Loan from NRIs in Indian rupees or on a non-repatriable basis A resident, not being a company incorporated in India, may borrow in rupees from an NRI on a non- repatriation basis. The period of loan should be 3 years or less and the rate of interest should not exceed 2% over the prevailing bank rate at the time of the loan. The loan has to be utilized for meeting the borrower’s personal requirement or for his business purposes. The funds cannot be used for agricultural/plantation/real estate business or for relending or for investment in shares, securities or immovable property. For example, Ms. Isumati has given an unsecured loan to her father’s firm earning 15% interest. If she goes to the UK for further studies and becomes an NRI, while she may continue with the loan, RBI rules would apply. The funds cannot be used for real estate business and if the bank rate is 10%, she cannot be paid more than 12% interest on her loan. Her father would also need to deduct TDS @ 30.9% on the interest. Income: Income from loans given to residents is interest. Taxability: The interest income on loans given is taxable for NRIs. Loans to NRIs NRIs are allowed to borrow from a bank/authorized

Everyone’s an equal shareholder. Birth shares are inalienable, and death duties are unavoidable. The estate tax is one hundred per cent. In between, you can buy and sell and earn as much as you like.

In 1818, Jackson spied a real estate opportunity in Florida. The opportunity was created by marauding Indians conducting raids from Spanish Florida. The Monroe administration sent Jackson to Florida to stop the raids. Jackson declared his purpose to “chastise” the Indians, which in his parlance meant to kill them. Although he had been specifically instructed to deal with the Indians and not occupy Spanish land, Jackson entered West Florida, captured Pensacola, appointed a governor there, and started collecting taxes.

It’s a big responsibility, too. Don’t think being a duke is all fun and games. I have to ride out on the estate every day, beat the serfs, deliver babies in the spring, send around baskets of food at Christmas, collect taxes—I tell you, there’s lots of work involved. Sometimes I wish I were one of the common people. Just sit around the cabin laughing and scratching.

Before Congress instituted the federal income tax in 1913, following the passage of the Sixteenth Amendment to the Constitution, America’s tax burden fell disproportionately on the poor. High taxes were levied on widely consumed products such as alcohol and tobacco. Urban property was taxed at a higher rate than farms and estates. “From top to bottom, American society before the income tax was a picture of inequality, and taxes made it worse,” writes Isaac William Martin, a professor of sociology at the University of California in San Diego.

Pthalo is a world of blue oceans, dry brown coasts, and golden sunlight. Massive floating luxury estates migrate from one party to the next. Only the best and brightest maintain a residence on secret, tax-free Pthalo. The House of Reason likes it that way. It’s a reward for those who give so much to the Republic. Arms dealers. Drug dealers. Crooked lawyers. Syndicate financiers. Everybody who pitches in and does all the stuff that needs doing but can’t actually be done—legally speaking, that is.

FAR MORE BY DEMOCRATS PHRASES USED FAR MORE BY REPUBLICANS Estate tax Death tax Privatize social security Reform social security Rosa Parks Saddam Hussein Workers rights Private property rights Poor people Government

In an attempt to head off such stinging and potentially damaging criticism both Rockefeller and Carnegie poured hundreds of millions of dollars into public works. In Rockefeller’s case the money went to Chicago University, the Rockefeller Institute for Medical Research (today Rockefeller University), and the General Education Board that announced it would teach children ‘to do in a perfect way the things their fathers and mothers are doing in an imperfect way’. In 1913 he and his son established the Rockefeller Foundation that remains one of the richest charitable organisations in the world. Carnegie too used his money to encourage education. His grand scheme was to fund the opening of libraries, and between 1883 and 1929 more than 2,000 were founded all over the world. In many small towns in America and in Britain, the Carnegie Library is still one of their most imposing buildings, always specially designed and built in a wide variety of architectural styles. In 1889, Carnegie wrote his Gospel of Wealth first published in America and then, at the suggestion of Gladstone, in Britain. He said that it was the duty of a man of wealth to set an example of ‘modest, unostentatious living, shunning display or extravagance’, and, once he had provided ‘moderately’ for his dependents, to set up trusts through which his money could be distributed to achieve in his judgement, ‘the most beneficial result for the community’. Carnegie believed that the huge differences between rich and poor could be alleviated if the administration of wealth was judiciously and philanthropi-cally managed by those who possessed it. Rich men should start giving away money while they lived, he said. ‘By taxing estates heavily at death, the state marks its condemnation of the selfish millionaire’s unworthy life.

Go to Part IV of Schedule I to figure line 52 if the estate or trust has qualified dividends or has a gain on lines 18a and 19 of column (2) of Schedule D (Form 1041) (as refigured for the AMT, if necessary).

Personal estate (as has been before remarked), from the difficulty in tracing it, cannot be subjected to large contributions, by any other means than by taxes on consumption. In populous cities, it may be enough the subject of conjecture, to occasion the oppression of individuals, without much aggregate benefit to the State; but beyond these circles, it must, in a great measure, escape the eye and the hand of the tax-gatherer. As the necessities of the State, nevertheless, must be satisfied in some mode or other, the defect of other resources must throw the principal weight of public burdens on the possessors of land.

Strategy #10 – Saving for Your Child’s Education with Maximum Tax Benefits The challenge I have with government-sponsored educational savings plans is that the government is in control of your money, how you use it, when you use it, and how it’s taxed. For example, in a 529 plan (also called a Coverdell IRA), you can deduct money you contribute to the IRA and then when you use it tax-free for your child’s education. Sounds almost too good to be true, doesn’t it? What sort of limitations do you think the government places on these funds in order to control your money? First, they control how much you can contribute. Then, they control what you can do with the money in the plan, even controlling how you invest the money. Next, they control what expenses you can pay for with the fund. Only certain educational expenses qualify. Finally, if you don’t use the funds for education, you have only two choices. One choice is to transfer the money to a relative who can use it for their education. The other is to distribute it to yourself and pay taxes and penalties. So, if you make too much money from your investments in the plan, you pay a penalty for not using all of the money for education. What if you could have all of the tax benefits of a 529 plan without giving the government any control over your money? Wouldn’t that be a lot better? In tax strategy #5 we talked about paying your children to work in your business. When I teach this principle in my Tax and Asset Protection class, the question always comes up about what to do with the money you pay them. This is the perfect opportunity to have your children pay for their own education without having to rely on Section 529 plans or other tax-deferred, government controlled educational savings plans. Your children can contribute their money to an LLC, limited partnership, or S corporation that owns a business or investments. Like a 529 plan, you get a deduction when you pay your child a salary. Like a 529 plan, there is no tax to the child when received. Like the 529 plan, with good planning, especially in real estate, there is no tax on the cash flow from the investment. But unlike a 529 plan, you have full control over the investment. Unlike a 529 plan, you can take it out and use it for any expense for your child (except for support, like food and clothing), and you can take it out any time you like. Unlike a 529 plan, there are no penalties for distributing the money or accumulating a huge amount over a lifetime. Now isn’t that a much better plan than a government-controlled savings plan? Stop using government plans and make your own plan. You will have much more control and

In 1934, Ahmed al-Jaber (r. 1920–50) signed an oil concession agreement with the Kuwait Oil Company, an Anglo-American joint venture.76 Because the agreement was made in Ahmed’s name rather than on behalf of Kuwait (as was common in all Gulf oil concessions), royalties went directly into the hands of the ruler, to be utilized in whatever manner he chose. This arrangement completely transformed the role of the ruling family in Kuwait. The concession guaranteed Ahmed a steady and independent income even before oil was found in commercial quantities in 1938, thereby granting the Al Sabah economic autonomy. Ahmed used the oil income for his own personal gain rather than on the town. He bought large estates abroad and spent money on such luxuries as yachts and palaces.77 For town revenues, the ruler continued to depend on taxes. The

Each part of the EKG system works together as a puzzle, and each part contains a number of potential strategies that you can choose from to create your desired Nomad Capitalist lifestyle: E - Enhance Your Personal Freedom ● Living Overseas - Whether in one place, a few places, or as a perpetual traveler. ● Second Passports and Residencies - Obtain a residence permit or citizenship in another country for better travel, better treatment, and more options. ● Digital Privacy - Host your website overseas or use secure offshore email. ● Socializing Overseas - Make friends, dates, or a lifelong partner in another country. ● Personal Happiness - Find the place where you feel totally at home. K - Keep More of Your Money ● Tax Reduction - Legally reduce or eliminate your personal taxes by relocating your business the right way. ● Offshore Banking - Protect your money in quality banks and earn higher returns. ● Offshore Companies - Legally choose the tax rate for your business. G - Grow Your Money ● Frontier Market Entrepreneurship - Start a business in a less developed market. ● Foreign Real Estate - Buy, rent, sell, or hold property in fast-growing markets. ● Foreign Currencies - Earn high rates of return just by holding another currency.

If you spend more time in real estate activities than you do in your regular job and the number of hours in real estate exceeds 750 hours in a year, you can fully write off your real estate paper losses against other income—no matter how much money you make and no matter how much your paper losses are. Of course, Jean kept good records to document her real estate professional status, so she had no worries from an IRS audit.

One of the benefits of real estate investments is that the real estate loopholes generally give you more deductions than you receive in cash flow. The best write-off of all is depreciation, which you can maximize to create paper losses. However, if your income is more than $150,000 per year, you cannot use those paper losses as deductions against your other income to reduce your taxes. That’s the spot Jean had been in.

In New York,” he said, looking directly at me, “people ask if you have a good internist. This is where true power lies. The inner organs. Liver, kidneys, stomach, intestines, pancreas. Internal medicine is the magic brew. You acquire strength and charisma from a good internist totally aside from the treatment he provides. People ask about tax lawyers, estate planners, dope dealers. But it’s the internist who really matters. ‘Who’s your internist?’ someone will say in a challenging tone. The question implies that if your internist’s name is unfamiliar, you are certain to die of a mushroom-shaped tumor on your pancreas. You are meant to feel inferior and doomed not just because your inner organs may be trickling blood but because you don’t know who to see about it, how to make contacts, how to make your way in the world. Never mind the military-industrial complex. The real power is wielded every day, in these little challenges and intimidations, by people just like us.

This is an asset I can leverage with good debt, the property covers all operational expenses, improvements, insurance, taxes, and debt while I patiently wait for the rents to increase and the value of the property then appreciates at which point we sell or refinance and own the property with no money invested. I never deviate from this criteria. I invest my surplus cash into income-producing machines, in great locations, where the rent is less than the cost of home ownership, and I am buying at or below replacement cost. When I do invest, I buy very large deals, typically 200 to 1,000 units at a time, in markets with decades of projected job growth, and market demographics more likely to rent than own.

really just set out to write a TV romance for my standard fee of $25,000 so that I could pay my back real estate taxes and keep my name from being listed in the local paper.

There are three key financial statements that are made up of 5 main elements. These elements include: 1. Assets: Assets are items of value that are owned by the company. Items that can be listed under assets include cash, equipment, real estate, etc. 2. Liabilities: These are items that decrease the net worth of the business. In other words, liabilities are what the company owes other companies, individuals, or investors. Liabilities include items such as accounts payable, long term and short term loans, etc. 3. Equities: These refer to cash or cash equivalents that are used to represent the ownership of the company. The term equity, as used in accounting, determines the value of the company and its ownership. 4. Revenues: Revenue is one component of financial statements that mainly appears on the income sheet and the cash flow statement. Revenue represents all the money that is earned by a business over a given trading period. The revenue of a business can vary from one accounting period to another. The revenue of a business determines the net income of business after expenses have subtracted. 5. Expenses: The expenses of a business are usually used in preparing the income sheet and the cash flow statement. Expenses represent the ways a company uses its funds. Among the expenses include direct expenses such as the cost of goods sold and indirect expenses such as rent and taxes.

We proceeded under the thinking that passing highly appreciating assets was a smart estate planning move. Indeed it was—from just that one lens. However, the assets in question appreciated dramatically beyond our expectations, which resulted in a higher proportion of wealth at the younger generation than might be ideal as compared to the older generation. This imbalance has created some regret within the older generation (“giver’s remorse,” if you will). From a lesson’s learned perspective, what I’d say to other family office principals is to give thought to the range of outcomes when passing assets to the next generation. How would you feel if the asset went to zero? If it appreciated twentyfold? While a potential gift or sale may be tax efficient, does it align with your goals and desires for you, your children, and the larger family office? I

income tax rates from 70 percent to 30 percent, cut estate taxes, and cut windfall profit taxes. At the same time, the administration slashed spending on public welfare programs while pouring money into defense spending, raising it from $267.1 billion in 1980 to $393.1 billion in 1988, from 22.7 percent of public expenditure to 27.3 percent. The national debt tripled from $738 billion

If you fully convert your home to rental property and use it that way for years before selling it, after you do sell you can either take advantage of the lower long-term capital gains rates or do a tax deferred exchange. For tax purposes, you get to deduct depreciation and all of the write-offs during the ownership and you can shelter up to $25,000 in income from active sources subject to income eligibility requirements. (Please

the EZ crisis should not be thought of as a sovereign debt crisis. The nations that ended up with bailouts were not those with the highest debt-to-GDP ratios. Belgium and Italy sailed into the crisis with public debts of about 100% of GDP and yet did not end up with IMF programmes, while Ireland and Spain, with ratios of just 40%, (admittedly kept artificially low by large tax revenues associated with the real estate bubble) needed bailouts. The key was foreign borrowing. Many of the nations that ran current account deficits – and thus were relying of foreign lending – suffered; none of those running current account surpluses were hit.

Real estate investors can accelerate their wealth building much faster than with other assets, such as stocks, bonds, and tax-deferred retirement funds.

They do not share the sentiment about one another: the hardest thing to do in Greece is to get one Greek to compliment another behind his back. No success of any kind is regarded without suspicion. Everyone is pretty sure everyone is cheating on his taxes, or bribing politicians, or taking bribes, or lying about the value of his real estate. And this total absence of faith in one another is self-reinforcing. The epidemic of lying and cheating

Our financial, tax, and legal systems are set up to reward property owners

Successful real estate investors realize the value of surrounding themselves with experts in a range of areas—taxes, the law, real estate, insurance, property management, etc.

The government grants tax and legal loopholes to real estate investors to encourage them to do a job that the government can’t.

income potential, full ownership, appreciation of equity, and tax deductions.

tax laws allow you to offset your earned income by up to $25,000 in passive losses from real estate, as long as your adjusted gross income is below $100,000.

Obama’s statements also use a narrative structure, complete with heroes and villains: Ending the estate tax is a threat to the most vulnerable people—taking away money for what they desperately need. They are the victims. The villains are those who would take it from them—conservative legislators and some of the nation’s wealthiest families, who have spent tens of millions to lobby for the repeal of this tax. The hero, the rescuer, is you, the voter, who can change the course of the nation. Persuade your legislators to vote for what is moral, and turn them out of office if they refuse to do the right thing. The

deductible, depreciable, and deferrable—are about reducing your taxable income. No investment does that better than real estate, which offers unprecedented tax advantages both while you own it and when you sell it. Millionaire

The third D is deferrable. Tax law allows you to use IRAs and 1031 exchanges to buy and sell investment real estate while deferring the tax hit to a more advantageous time. IRA funds can be invested in real estate, and as long as any profits from rental income or property sales remain in the IRA, those profits are tax-deferred. The 1031 exchanges give you a choice at the moment of sale either to realize the gain and pay taxes on it or to reinvest that gain in another property and defer the taxes. And when you choose to reinvest, the transaction is treated as if you simply exchanged equity in one property for equity in another. The government has established these tax-deferring vehicles as a way for investors to reinvest real estate profits without having to pay the taxes until later. Millionaire Real Estate Investors believe that taxes deferred until tomorrow are always better than taxes paid today. As a result, they make use of these programs to preserve their profits as they go, giving them more to reinvest and accelerating the growth of their real estate portfolios. U.S.

The American real-estate industry believed segregation to be a moral principle. As late as 1950, the National Association of Real Estate Boards' code of ethics warned that "a Realtor should never be instrumental in introducing into a neighborhood ... any race or nationality, or any individuals whose presence will clearly be detrimental to property values." A 1943 brochure specified that such potential undesireables might include madams, bootleggers, gangsters - and "a colored man of means who was giving his children a college education and thought they were entitled to live among whites." The federal government concurred. It was the How Owners' Loan Corporation, not a private trade association, that pioneered the practice of redlining, selectively granting loans and insisting that any property it insured be covered by a restrictive covenant - a clause in the deed forbidding the sale of the property to anyone other than whites. Millions of dollars flowed from tax coffers into segregated white neighborhoods. "For perhaps the first time, the federal government embraced the discriminatory attitudes of the marketplace," the historian Kenneth R. Jackson wrote in his 1985 book, Crabgrass Frontier, a history of suburbanization. "Previously, prejudices were personalized and individualized; FHA exhorted segregation and enshrined it as public policy. Whole areas of cities were declared ineligible for loan guarantees." Redlining was not officially outlawed until 1968, by the Fair Housing Act. By then the damage was done - and reports of redlining by banks have continued.

Frequent suggestions were made during the course of the trial that the motives of the donor and the donees alike, in carrying out this transaction, were to escape death duties. I feel constrained to dispose once and for all of these suggestions by the short answer that the existence or otherwise of such motives is irrelevant, excep as evidence for or against the bona fides of the transactions. There is the highest authority for the proposition that, if a man can lawfully so order his affairs that the payment of revenue duties of any kind is reduced or avoided altogether, there is no legal objection to his doing so. Whatever may be thought as the the morality of such transactions in these times from the point of view of patriotism and public spirit, there is no ground for ignoring their legal effect, unless such transactions be proved to be amere sham, such as those falling within the words 'not bona fide' in the act of 1894, or the phrase 'artificial transaction' in the Finance Acts of more recent years. Attorney General vs. Goneril Albany in re the estate of King Lear, MORE LEGAL FICTIONS

Congress went beyond merely enacting an income tax law and repealed Article IV of the Bill of Rights, by empowering the tax collector to do the very things from which that article says we were to be secure. It opened up our homes, our papers and our effects to the prying eyes of government agents and set the stage for searches of our books and vaults and for inquiries into our private affairs whenever the tax men might decide, even though there might not be any justification beyond mere cynical suspicion.      “The income tax is bad because it has robbed you and me of the guarantee of privacy and the respect for our property that were given to us in Article IV of the Bill of Rights. This invasion is absolute and complete as far as the amount of tax that can be assessed is concerned. Please remember that under the Sixteenth Amendment, Congress can take 100 percent of our income anytime it wants to. As a matter of fact, right now it is imposing a tax as high as 91 percent. This is downright confiscation and cannot be defended on any other grounds.      “The income tax is bad because it was conceived in class hatred, is an instrument of vengeance and plays right into the hands of the communists. It employs the vicious communist principle of taking from each according to his accumulation of the fruits of his labor and giving to others according to their needs, regardless of whether those needs are the result of indolence or lack of pride, self-respect, personal dignity or other attributes of men.      “The income tax is fulfilling the Marxist prophecy that the surest way to destroy a capitalist society is by steeply graduated taxes on income and heavy levies upon the estates of people when they die.      “As matters now stand, if our children make the most of their capabilities and training, they will have to give most of it to the tax collector and so become slaves of the government. People cannot pull themselves up by the bootstraps anymore because the tax collector gets the boots and the straps as well.      “The income tax is bad because it is oppressive to all and discriminates particularly against those people who prove themselves most adept at keeping the wheels of business turning and creating maximum employment and a high standard of living for their fellow men.      “I believe that a better way to raise revenue not only can be found but must be found because I am convinced that the present system is leading us right back to the very tyranny from which those, who established this land of freedom, risked their lives, their fortunes and their sacred honor to forever free themselves….” T. Coleman Andrews Commissioner of Internal Revenue, 1953–1955

Another argument: The rich are job creators. They are helping the poor. If their taxes are cut, they can create more jobs. Ah, facts again. The rich actually tend to keep their money by buying prime real estate, yachts, art, and the like—things that will appreciate in value without giving back much to the economy as a whole. Moreover, the rich don’t just give jobs out of the goodness of their hearts. Look at economics from the perspective of work: Working people are profit-creators. The rich only create jobs when they can get employees who can create profit for them. The poor create profit for the rich. Conservatives

U.S. Appeals Court Judge Learned Hand once observed, “There are two systems of taxation in our country—one for the informed and one for the uninformed.” I agree. When it comes to taxes, there are two kinds of people: consumers and investors. One group avoids planning for taxes, and the other plans for avoiding taxes. One sees doing their taxes as a painful chore that costs them money, and the other views their tax work as a necessary task that saves them money. Consumers think of tax refunds as found money they didn’t have. Investors see tax refunds as evidence of money they overpaid. When you connect tax work to the money you save versus the money you pay, thinking about and working on your taxes cease being so painful. It’s still work, but it doesn’t have to be your work. Accountants will do it for you, because they’re the only ones who think tax work is fun. In

Finally, Obama’s remarks are carefully constructed to undermine the arguments of conservatives, who frame the social programs funded by taxation as government handouts to the undeserving. Obama flips the taxes-as-handouts frame on its head, to yield a frame in which tax breaks are handouts to the rich, and the estate tax is a transfer of wealth from ordinary taxpayers to wealthy individuals—a frame that tells a vital truth. It

The resulting financial overhead consists of claims on the economy’s actual means of production. Yet most people think of these bonds, bank loans and stocks and creditor claims as wealth, not its antithesis on the debit side of the balance sheet. This inside-out doublethink is a precondition for the bubble economy to be applauded by the mass media, keeping its corrosive momentum expanding. From the corporate sphere and real estate to personal budgets, the distinguishing feature over the past half-century has been the rise in debt/equity and debt/income ratios. Just as debt leveraging has hiked corporate break-even costs of doing business, so the cost of living has been increased as homes and office buildings have been bid up on mortgage credit. “Creating wealth” in a debt-financed way makes economies high-cost, exacerbated by the tax shift onto labor and consumers instead of capital gains and “free lunch” rent. These financial and fiscal policies have enabled financial managers to siphon off the industrial profits that were expected to fund capital formation to increase productivity and living standards. The

In the end it’s the tax-deferred 1031 exchange that gets massive use by Millionaire Real Estate Investors. This program in the IRS tax code allows you to sell and buy properties without having to declare capital gains or pay those taxes. It’s a very straightforward procedure, but it takes some planning. First, you need to hire a 1031 Qualified Intermediary before you close on the sale of one of your properties. That person will act as your guide and escrow agent as you move through the sale of one property and the purchase of the next. After the sale of your “relinquished property” you have 45 days to identify the “replacement property” and a total of 180 days to close on that second property. You want to be looking for the replacement property before or during the marketing of the property you are selling. If you find a good opportunity, you can enter into a contract with a right to assign clause if your first property does not sell or with a 1031 clause in the purchase agreement if it does. Many people have the mistaken notion that you are exchanging your property with someone else: You take theirs, and they take yours. In some cases that can be done, but it is neither the purpose nor the requirement of a 1031 exchange. A 1031 exchange is designed for you to “exchange” one property in your portfolio (sell it) and replace it with another one that you wish to buy. It allows you to keep purchasing larger, more expensive properties without having to pay capital gains taxes on the ones you sell. This is a wonderful way to keep your money working for you.

A written agreement that defines each partner’s role, responsibilities, cash contributions, tax needs, and share of liabilities and that sets out criteria for the dissolution or modification of the partnership is an essential document.

Already, data showed that the American dream of rags to riches, the Horatio Alger story, was largely a myth. Economic mobility was extremely limited. The abolition of the estate tax could solidify these changes, creating a new “class” society, based not on ancient nobility as in Europe, but on the bonanza of the Roaring Nineties. The

Real-estate inflation is the tax that one portion of society – older, more affluent homeowners and corporate landowners in coastal areas – levies on the rest of society, especially younger, less affluent families,

Any idea what the land is worth?” Samantha asked. Mrs. Crump crunched her dentures and said, “A lot more than anybody knows. You see, the coal company came out last year and tried to buy the land, been trying for some time, but I ran ’em off again. Ain’t selling to no coal company, no ma’am. They’re blasting away not far from my land, taking down Cat Mountain, and it’s a real shame. Ain’t got no use for no coal company.” “How much did they offer?” “A lot, and I ain’t told my kids either. Won’t tell them. I’m in bad health, you see, and I’ll be gone pretty soon. If my kids get the land, they’ll sell to the coal company before I’m cold in the ground. That’s exactly what they’ll do. I know ’em.” She reached into her purse and pulled out some folded papers. “Here’s a will I signed five years ago. My kids took me down to a lawyer’s office, just down the street, and they made me sign it.” Samantha slowly unfolded the papers and read the last will and testament of Francine Cooper Crump. The third paragraph left everything to her five children in equal shares. Samantha scribbled some useless notes and said, “Okay, Mrs. Crump, for estate tax purposes, I need to know the approximate value of this land.” “The what?” “How much did the coal company offer you?” She looked as if she’d been insulted, then leaned in low and whispered. “Two hundred thousand and change, but it’s worth double that. Maybe triple. You can’t trust a coal company. They low ball everybody, then figure out ways to steal from you at the end.” Suddenly the simple will

Between federal, state, local, sales, and real estate taxes, more than half of my income goes to pay taxes. Since that is the case, you might say that I work for the government. This is certainly not the kind of situation that was envisioned by the founding fathers.

When you get rid of the estate tax,” he said, “you’re basically handing over command of the country’s resources to people who didn’t earn it. It’s like choosing the 2020 Olympic team by picking the children of all the winners at the 2000 Games.

only 0.27 percent of all estates were wealthy enough to be affected by estate taxes. The

energized and emboldened delegates of the Third Estate, the “99 percent”—in reality, closer to 96 percent—of the French population who paid the bulk of the taxes,