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If you are upper middle class it is possible to pay zero taxes. Between tax loss harvesting, 401ks, opportunity zones, and LLC formation, a citizen can legally
by Zarath 6y ago
If you are upper middle class it is possible to pay zero taxes. Between tax loss harvesting, 401ks, opportunity zones, and LLC formation, a citizen can legally pay no taxes some years. It's a bit of a learning curve but none of the mechanics are particularly difficult.
- bagels 6y agoWhere can we learn how to do this?
- triceratops 6y agoHere's one case study: https://www.gocurrycracker.com/never-pay-taxes-again/ https://www.gocurrycracker.com/never-pay-taxes-again/
- berdario 6y ago"Once income and spending exceed this level, taxes must be paid. Unless… Unless that income comes from qualified dividends or long-term capital gains. In this case, a married couple can have $24,400 a year in income AND $78,750 in investment income, TAX-FREE" If you can get 78k$ yearly investment income from index funds, you already have a net worth of several million $, and you're thus already among the people that don't need to work (or you had some incredible luck for smaller investments)
- lotsofpulp 6y agoBut according to that link, all you have to do is choose leisure over labor* *and have $5M+ in assets
- sokoloff 6y agoCloser to $2M will do it with a low risk of portfolio failure, $2.5M will do it with almost no risk of failure.
- triceratops 6y agoDon't hate the player, hate the game. Capital owners pay far less in taxes than worker bees.
- deleted 6y ago[deleted]
- lozaning 6y agoIf you're a salaried employee that gets a W2, you're gonna pay taxes.
- srtjstjsj 6y ago"some years" is bearing quite a bit of load there.