Why Wealthy People Pay Less Taxes Legally
Valuetainment
Valuetainment Episodes
4.8 • 1.7K Ratings
🗓️ 2 June 2021
⏱️ 58 minutes
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Summary
Tom Wheelwright, CPA, author and entrepreneur sits down with Patrick Bet-David. In this interview they talk about taxes, the history of taxes, how it works and why governments use taxes to incentivize certain behavior.
Watch the full interview on the Valuetainment YouTube channel: https://youtu.be/bYECQDRqv54
Transcript
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| 0:00.0 | Was it so that's temporary? |
| 0:02.1 | Oh, this is here to stay forever. |
| 0:04.1 | Income tax is always intended to be temporary. |
| 0:06.9 | And then what happens is the government goes, |
| 0:08.9 | Hey, look, we've got all this money. |
| 0:10.5 | We can do all these projects. |
| 0:12.0 | They kind of like having all that money in that power. |
| 0:14.1 | So under a Biden tax plan, who wins, who loses? |
| 0:17.1 | I actually think everybody loses. |
| 0:18.8 | Somebody who is a mass, $100 million dollars a well, |
| 0:21.3 | with Biden's tax laws could potentially only transfer |
| 0:25.3 | upon death only $2 million of that 98 to their errors. |
| 0:28.0 | Correct. And 98 million would go to the government. |
| 0:30.7 | There is always a question whether a tax was even legal |
| 0:34.2 | until we got the constitutional amendment. |
| 0:36.4 | Out of all the tax increases that we can have, |
| 0:38.6 | capital gains, certain write-off, corporate taxes, |
| 0:41.5 | which one hurts the economy the most? |
| 0:43.7 | Taxes on small business hurts the economy the most. |
| 0:46.5 | When they say that the rich don't pay a lot of tax, |
| 0:48.8 | they kind of imply that it's because they're cheating, |
| 0:50.8 | but what I find, they just have better tax advice. |
... |
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