[Robert Kawasaki is] aware that there's a complete surveillance grid on everybody. --John Jay Singleton
The problem that people have is that the IRS has been given police authority.
It's a system that you can play.
Taxes are voluntary?
How did you incur a tax liability?
IRS is another financial risk. W4 is not legally required, but you will only get hired if you do it.
Taxes are mandatory; just don't put yourself in the way.
Average Joe who signs a W-2, works a 9-5 better pay their taxes because
Wages are only paid to public employees, but they're never going to acknowledge that. They're going to say that everybody who signs a W-4 is a wage earner.
4:00 IRS doesn't always have the right to do something, but they have the power to do it. The IRS is an accounting firm for the United States. If there weren't the IRS, it would be Ernst & Young, there'd be somebody else. The problem that people have is that the IRS has been given police authority. They have to make that distinction. If you understand how the police work, I mean we understand how the police work, we created them. So we understand what rights we have like that, we understand when those rights are being abused. Mostly we know what kind of remedies we have. So it's the same thing with the IRS.
4:22 So you're saying "Good luck to you in court . . . ."
4:25 You're not going to get anywhere. Look, if you don't want the wage item, then don't have wages. Go find to make money as a professional, or organize your income in a way that doesn't create a tax liability, or you can minimize it. Some people want to file returns, okay, well in that case you can pay less by getting deductions and real estate is the best way to do that.
4:44 We have a friend that you were talking to the other day about this and about you, and he hired a team of lawyers to do "Jump LLCs." I'm sure you've heard of these, which is a Wyoming or Nevada LLC because there's more privacy involved . . .
5:10 They're brands. They're just brand names.
5:30 If a PMA LLC works so well, why don't more accountants and entrepreneurs know about it.
5:40 The accountants I explain it to totally get it, they think it's great, and they'll never do it because they're afraid of the IRS. They think they're going to get caught at something. Even my own clients think the way they talked to me a year later, tells me that they think they're getting away with something. When I get that sense from them, I tell them, "Don't act like you're getting away with something, okay? All you've done is change your property rights so that you don't have a liability. Most people don't know how to do that, or if they do they're not willing to do it. I've done videos for 30 years and I'm more open about it now. Back in the early 2000s, I was writing books. How fast does that get out? But on YouTube, it gets out really fast. I offered several CPAs to do the Determination Letter on the cryptos and they don't want to touch it. But I'm getting the IRS to give me a letter back, saying, "You're right. The cryptos are not taxable."
6:47 Like you have said, attorneys, accountants, and even doctors, we're all worshipping our license, and we're so afraid that we're going to upset our licensing gods that we don't touch anything that we never learned about.
7:00 How is that a measure of doing something legal anyway, right, if more people do it that makes it legal?
7:06 Yeah, it's that herd mentality.
7:07 It is. And you know, the high net-worth people, I don't do this. I'm nowhere near this universe. But there are people who use life insurance and loans perpetually to increase their net worth immensely. That's the minority. Why aren't the rest of us doing that? Because we don't know about it. Doesn't make it illegal. You might think it's illegal because a politician gets elected and he becomes a millionaire if he's not already because he gets connected to these people. That's all.
7:44 Do you think people like Robert Kawasaki and others like him know these types of structures, and use them but don't openly talk about it?
7:54 Maybe. I don't think they care though. Those guys just have an accountant. They tell the accountant to "give me the most deductions. What do I have to do to get the most deductions? What do I have to do to get the most write-offs?" And that's all they care about, and that makes total sense. For them, that makes sense.
8:09 So they're not worried about privacy and liability?
8:15 I don't perceive that. I've listened to a lot of Robert Kawasaki's publications, videos, and books. I've read them and I don't know if that is something that he's concerned about. He's concerned more about the effective use of capital, and return on investment. We all have our things. Mine are consumers being exploited. His is in increasing your net worth. So that everybody has his own area of expertise, but I don't really believe he cares about privacy. He's aware that there's a complete surveillance grid on everybody. I don't think he really cares.
8:46 Great. So you would say to the person who is doing all of this, spending thousands of dollars on attorneys, creating all these different LLCs to protect themselves and still paying income taxes on their LLCs
9:04 They're just doing it unnecessarily. Let me just pose something different.
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