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---------- Post added at 06:15 PM ---------- Previous post was at 06:04 PM ----------
I would love to see the tax code that you're citing since what you're describing is the complete opposite of my experience.
I also expect that you either don't fully understand the tax shelter your accountant is recommending or that you're just not describing it well enough for me to recognize what you mean. But, as you've described it, there is no grey area. It is illegal. Period.
If you really are going to have that much money coming in from your books and TV opportunities, then it is entirely possible to lessen the taxable burden significantly. For instance, you can transfer those properties to a corporate entity owned solely by you and/or your wife, with the expected proceeds paid to you personally as a forgivable loan. I'm not sure who's telling you that it's the kind of income that is difficult to shelter, because that's just not true. Not only do I know people who have done it, but I've done it myself. I know lots of traders who have the same issue, and they have multiple ways of dealing with tax liabilities.
That said, I still do not see your list of CEO's that are paying 15-22% on income over $1M. Again, that should be fairly easy to come by if you know where to look. But I don't believe your claim.
Corporate taxation is a completely different story and much more prone to loophole-grabbing and abuse. When ExxonMobile pays $0 in taxes in 2008, there's a problem.