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Money Guy Show

Do Wealthy People Pay Taxes?! (The Answer Might Surprise You)

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 11 August 2021

⏱️ 40 minutes

🧾️ Download transcript

Summary

It's easy to believe that wealthy people don't pay taxes. In fact, an entire article about this subject was published on Pro Publica recently. Let's talk about what the article got right, what it got wrong, and hopefully, give you a little bit of a better understanding of our country's current tax rules. Then, we'll answer your financial questions from the chat! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Do wealthy people pay lots of taxes.

0:04.2

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:11.2

investing, taxes.

0:13.1

You've got financial questions, he's got financial answers.

0:16.7

It's Brian Preston, the money guy.

0:19.4

Yeah, Brian, I'm super excited about this one because I think this is true for you, but

0:23.9

I grew up in a household where the common thought was, you know, the wealthy people, the rich

0:28.7

people, that'll pay any taxes.

0:30.7

Taxes are those things that are left for all of the other folks to pay.

0:33.5

And I feel like there's even some of that in popular media today that like certain people

0:37.8

your stories about, oh, well, so and so doesn't pay any taxes.

0:41.1

And so it seems like it's a common thought that the more success that you have, the more

0:46.6

black box type access you have to things to get you out of paying any taxes at all.

0:51.0

Yeah, and this is one of those topics.

0:53.1

I typically try to defer this as much as possible because it might swerve into politics and

1:00.3

we don't do politics on the show.

1:01.7

I feel like that we just got back from podcast movement and I felt so bad for the presenters,

1:07.2

but like the third session on the first day was adding politics to your show.

1:13.3

And I'd probably say 65 to 70% of the room actually got up and left.

1:17.5

And I don't think it was because they were a different party than the speakers on the

1:21.4

state. I just think that we all get so tired of the politicization of everything.

1:25.7

So I'm going to try to navigate this, but here's why we have to cover this is because

...

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