320: Wealth Destroyers: Inflation and Taxes with Tom Wheelwright
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 23 November 2020
⏱️ 41 minutes
🧾️ Download transcript
Summary
Learn how to keep insidious thieves from stealing your wealth - taxes and inflation.
Higher taxes = lower inflation. I tell you why.
The IRS does not recognize inflation in regard to capital gains.
I discuss property tax, income tax, and sales tax state-by-state. Many coastal states have high property tax and income tax; southern states have high sales tax.
A recent Harris poll showed that work-from-home types value saving money on lunch and gas more than being with their family or having extra time! (Geez.)
Subscribe to our Don’t Quit Your Daydream Letter here.
Tom Wheelwright joins me. Tax brackets are marginal, so use your childrens’ lower tax brackets.
The last dollar you earn is taxed at your highest taxable rate.
The first dollar of a tax deduction comes off your highest taxable rate.
Tax credits beat tax deductions.
Reducing your property tax can be fairly easy.
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Transcript
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| 0:00.0 | Welcome to Get Rich Education. I'm your host Keith Weinhold. Inflation and taxes are two insidious thieves that are out to steal your wealth. |
| 0:08.7 | Learn inflation and tax lessons from me and just what you can do to check their erosion on your wealth. |
| 0:15.2 | Later, Tom Wheelwright joins me yet again on new, actionable angles to permanently reduce your tax burden today on get rich education. |
| 0:25.8 | Congress just made it possible to get up to $100,000 out of your current 401k or TSP to invest in |
| 0:31.9 | real estate, gold, or even your own business. That's even if you're still working and avoid |
| 0:37.3 | the IRA Ubit tax. |
| 0:39.2 | The thing is, you can get your money tax and penalty free for a limited time. |
| 0:43.9 | The EQRP is your secret weapon. |
| 0:46.2 | With the CARES Act expiring soon, the EQRP company helps you unleash your retirement funds now. |
| 0:51.6 | Learn more and text message EQRP in all capital letters to 72,000. |
| 0:59.5 | You're listening to the show that has created more financial freedom than nearly any show in the world. |
| 1:06.8 | This is Get Rich Education. |
| 1:22.3 | Thank you. This is Get Rich Education. Hey, you're inside GRE, from T-neck, New Jersey to Turlock, California, and across 188 nations worldwide. |
| 1:29.0 | I'm Keith Weinhold. |
| 1:30.3 | This is Get Residication. |
| 1:31.6 | As we're talking about inflation and taxes today, understand that taxes are the overt thief of your wealth, |
| 1:39.3 | and inflation is the stealthy thief of your wealth. |
| 1:43.5 | That's because all of your life, you've seen various tax bills in various forms, |
| 1:49.5 | but you've never seen an inflation bill because a tangible inflation bill does not exist. |
| 1:56.7 | But there are all kinds of bills that you've seen for taxes on your paycheck stub, on your |
| 2:02.5 | property tax statement, and even on your Home Depot receipt, if your area has a sales tax, |
| 2:08.0 | inflation that diminish purchasing power of your dollar. |
... |
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