The Hole in the Code

Wilfred Don

Description

A professional businessman shows you how to avoid taxes the honest way in this self-help guide to building and keeping wealth.

A professional businessman shows you how to avoid taxes the honest way in this self-help guide to building and keeping wealth.

Wilfred Don observes that tax collectors from long ago were regarded as the lowest of the low as they charged and collected taxes from the poorest, who represented most of society. They kept large portions of taxes for themselves while contributing to the rulers. Today we call these lobbyists, who influence our lawmakers and leaders.

The tax system in place today allows self-employed individuals to keep more of their money. By studying the tax code, you can:

· lower your taxable income;

· get tax breaks by investing in real estate;

· make your money grow more than inflation.

The author highlights how important it is to get corporate tax rates and realize capital gains instead of earning money and paying personal income tax rates. You must hold your wealth in corporations, equities, and real estate and avoid paying yourself ordinary income at all costs.

Leverage the author’s decades of experience as a business owner to achieve your dreams with the insights in The Hole in the Code.

Sujets

• Taxation
• Droit et juridique
• Law
• IRS

Informations

• Publié par: Archway Publishing
• Date de parution: 18 juillet 2022
• Nombre de lectures: 0
• EAN13: 9781665723732
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

THE HOLE IN THE CODE
Simple and Easy Honest Taxation System
 
 
 
 
 
 
WILFRED DON
 
 
 
 

 
Copyright © 2022 Wilfred Don.
 
All rights reserved. No part of this book may be used or reproduced by any means, graphic, electronic, or mechanical, including photocopying, recording, taping or by any information storage retrieval system without the written permission of the author except in the case of brief quotations embodied in critical articles and reviews.
 
The information, ideas, and suggestions in this book are not intended to render professional advice. Before following any suggestions contained in this book, you should consult your personal accountant or other financial advisor. Neither the author nor the publisher shall be liable or responsible for any loss or damage allegedly arising as a consequence of your use or application of any information or suggestions in this book.
 
Archway Publishing
1663 Liberty Drive
Bloomington, IN 47403
www.archwaypublishing.com
844-669-3957
 
Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.
 
Any people depicted in stock imagery provided by Getty Images are models, and such images are being used for illustrative purposes only.
Certain stock imagery © Getty Images.
 
Scripture taken from the Holy Bible, NEW INTERNATIONAL VERSION®. Copyright © 1973, 1978, 1984, 2011 by Biblica, Inc. All rights reserved worldwide. Used by permission. NEW INTERNATIONAL VERSION® and NIV® are registered trademarks of Biblica, Inc. Use of either trademark for the offering of goods or services requires the prior written consent of Biblica US, Inc.
 
ISBN: 978-1-6657-2374-9 (sc)
ISBN: 978-1-6657-2372-5 (hc)
ISBN: 978-1-6657-2373-2 (e)
 
Library of Congress Control Number: 2022908803
 
 
Archway Publishing rev. date: 07/02/2022
CONTENTS
Chapter 1     The Greatest American Liar
Chapter 2     A Look Back in Time
Chapter 3     Imagine a Better Economy
Chapter 4     Internal Revenue Service Tax Charts
Chapter 5     Top Line vs Bottom Line
Chapter 6     How the Game Is Played
Chapter 7     Legal Way to Lower Your Income Tax
Chapter 8     The Code with the Hole in It
Chapter 9     Tax Me if You Can
Chapter 10   Smoke and Mirrors
Chapter 11   Time for a Change
Chapter 12   The New World Currency
 
References
Notes
CHAPTER ONE THE GREATEST AMERICAN LIAR
IT WAS THE WORST OF times leading into the year 2020 from a poor man’s perspective. Three years earlier, a new age of presidency had come in, along with a party concerned with only one thing: fooling the public by changing rules to benefit the rich, mostly at the expense of the middle class. Working Americans, who produce the wealth of our nation through sweat and dedication, were caught up in a system from which most cannot escape. The actual wealth created goes almost entirely to the upper 2 percent of the population and will not flow downward to any extent that might help the average American worker.
Our former president and his party had control of our banking system and have continued to manipulate the markets by lowering income taxes even further for corporations who already paid little, as the IRS schedules indicate on the next few pages. In addition, pressuring the Federal Reserve to keep lowering interest rates so they can keep the stock market rising to false heights will soon cause a collapse. Yes, there is a bubble developing in the housing industry, the tech stocks, construction businesses, and others that will soon come tumbling down. History is about to repeat itself the same way the e-commerce bubble popped in 2000.
Lowering corporate tax rates allowed the prices of equities to skyrocket over 15 percent on average across the board, while artificial lowering of interest rates has done the same. Neither method is more than a manipulation of the numbers rather than real economic growth. But what did you expect when the last administration’s financial advisor was a stockbroker? Now, some will have to pay the price for coming adjustments.
The same financial advisor from the last administration also worked for Reagan’s administration in the 1980s. Talk about history repeating itself. During the Reagan/ Bush era, which had the largest tax reduction act in history, three recessions—one every term—occurred. Millions lost their jobs, many corporations went under, and property values declined below their mortgage balances. The RTC was established to clean up and liquidate the mess. History is now about to perform the same antics because of actions of the TRUMP administration in the United States. Just a note to remind readers: Every Republican administration since President Roosevelt has produced a recession. However, no Democrat administration has produced a recession during the same time period. Time will tell if Honest Joe and his current Democrat administration will continue to avoid a recession during their term in the White House.
While our debt is rising at a faster rate than anyone can imagine, our trade deficit with other nations is rising even faster. Our national debt is $27 trillion, and each taxpayer has over $220,000 of this debt to service in the future. Actual federal spending in 2020 as of October 1, 2020, was over $7 trillion, exceeding the budget by $4 trillion. This is what a conservative president brought to the table. Our nation’s debt to total GDP is over 140 percent, compared to 1980 when it was 35 percent. Interest on our national debt is running more than $1 billion per day, even with the lowest interest rates in current history. Total unfunded interest incurred by the USA is close to $4 trillion or over $15,000 per adult in America. Personal debt of our citizens is over $20 trillion, amounting to over $60,000 per citizen. Now consider that there are generally two types of people in the USA: those who borrow money and those at the top who lend money. Those who make their money off their labor and those who make their money off their capital. Student debt from loans is at $1.7 trillion and growing to over $40,000 per student. This future shows a runaway train heading for a cliff!
With the average credit card balance at over $6,000, most Americans are paying the minimum amount monthly and charging their maximum every month just to keep up with bills. Inflation is running over 6 percent in 2021, although it may soften to just 5 percent next year.
Now how do we stop going further into debt? You can’t do it with only $1.5 trillion of personal income tax revenue coming in yearly. And you can’t get far on only $174 billion of corporate income tax revenue coming in. Corporate income taxes are coming in at only around 10 percent of what citizens pay. Noncorporations, about twenty-four million taxpayers, are paying the largest load, and over eight million self-employed taxpayers are paying much less because they have the biggest advantage: tax loopholes and being self-employed or being incorporated and living through their corporations.
There are over twenty-four million government employees, over fifteen million union employees, and twelve million taxpayers working in manufacturing—all receiving W-2 wages. They make up part of the 116 million private sector jobs. Things must change to make our taxation system fair for everyone and not just corporations and the wealthiest 2 percent.
Our nation’s GDP decreased to $17 trillion in the second quarter of 2020 from $19 trillion in just one quarter for many reasons. The largest reason was the uncontrolled COVID-19 pandemic, which could have been controlled with simple adherence to protective clothing and programs to prevent its rapid spread. In addition, our leaders shutting down the economy was a big mistake, but they were too proud to wear masks and failed to worry about their neighbors catching and spreading the disease. When your neighbor catches COVID, it’s an epidemic; when everyone in the nation catches it, it’s a pandemic. Now the problems go on as the unvaccinated continue spreading the virus to millions.
A young baby recently came down with COVID-19, which caused a blood clot in her lungs. Doctors are trying to prevent the clot from traveling to her brain with blood thinners and IVC filters to catch clots in her veins.
At the same time, the publicans are borrowing money and wasting it as fast as they can in the hope that some of those proceeds will circle back to line their pockets. Isn’t it nice to spend money from other people’s taxes without it coming out of their own pockets? These foxes figure out how to give taxpayers money in exchange for their votes to benefit themselves. Well, it’s time to stop this system and come up with a better way to balance our budget, reward the hardworking Americans who deserve the benefits, and prevent the United States from being held hostage by the rich and famous.

So what is this hole I am speaking of? You would have to agree that something is not right when a country as strong as the USA is going into debt at the speed of light. This black hole is sucking away at the tune of $20 billion per day. Then on the other side of that hole, the rich and famous are gathering up the bounty due to our unfair and unbalanced taxation system.
The code I am speaking of is the current Internal Revenue Code.
CHAPTER TWO A LOOK BACK IN TIME
AS FAR BACK AS SIX thousand years ago, and in ancient Egypt before there was written langua