“If 800 other companies had paid the same (tax amount) as us, no other person in the United States would have had to pay a dime of federal taxes, whether income taxes, no Social Security taxes, no estate taxes”. Warren Buffett made this comment in May of 2024.
63% of audits were aimed at middle-class filers with incomes under $200,000.
At the World Economic Forum, over 250 Billionaires and Millionaires asked world leaders to levy an annual 2% wealth tax on their assets. This would generate approximately $250 billion annually for G7 countries. This was proposed by the wealthy and was only rejected by Janet Yellen, the United States Secretary of Treasurer.
In 2017, President Trump passed his Tax and Jobs Cut Act which is set to expire in 2025. In this election, you will be electing someone who will have a vote to raise or lower your taxes.
If Joe Biden is re-elected this November, he has proposed raising the corporate tax rate from 21% to 28%. My Democratic party has consistently acted as though we need to raise taxes to fund our government when in reality it is the Fortune 500 companies who continue to cheat the tax system through offshoring and other loopholes created by our politicians.
I am not a certified accountant; however, I managed the accounting books for my small business for almost six years. I am also a real estate investor and have had my license since 2021 with multiple investment properties under my ownership before the age of 30. I can tell you a lot about the tax code and how to LEGALLY lower your taxable income.
Have you ever heard of Act 20 and Act 22 for Puerto Rico where you can get your tax rate as low as 4%? Have you ever wondered why almost every single tech company has an office in Ireland? Why do billionaires buy so much artwork, or set up foundations in their name?
These are all legal ways for the wealthy to avoid paying taxes. Meanwhile, most politicians refuse to close these loopholes because it is the wealthy who fund their campaigns.
If elected, I would do the following:
Establish a tax rate that Fortune 500 companies would be willing to pay and uniformly set this rate for all businesses large or small.
Close offshoring tax avoidance strategies
Enforce a 2% billionaire wealth tax on their assets
Enforce a Wall Street Speculation tax to stabilize our markets