Quote:
Originally Posted by Locke
Well, whether people want to acknowledge it or not, Taxes are often a high net worth individual's single biggest expense.
Especially when those individuals are employees rather than business owners with less flexibility in terms of Tax planning.
Walsh is correct in asserting that there are tax-deferral methods available to high net worth employees in this case, what he neglects to mention is the costs involved in those methods. They are complex and expensive to establish and furthermore to defer that tax one also needs to defer the income.
So if you want the house, cars, jewelry, etc. you're going to need your money so it isnt as simple as just getting all your pay and smoothing out your tax liability over time, there are opportunity costs as well.
So yeah, lower tax jurisdictions are certainly going to have an advantage.
He's going to be competing for attention with Kodak Black and that man puts on a show...
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Hit the nail right on the head. I was going to post about RCAs and wasn’t sure I should detail the thread. Truth is, they make some sense, but you’re not absolved from the taxes. It’s a deferral of the tax, which is good, but I’m not sure that it all equals out.