Taxes Are A Big Game – You Wanna Play?
Taxes are a big game that lobbyists pay Congress to create for them. If you wanna play you need to know a few rules of the game. the first rule is that there are no rules if you are rich enough. I define that at over $10 million. I have seen wealthy people do all sorts of things with their taxes that look questionable at best and illegal at worst.
It is bad a the personal income tax level. I know and have worked with many wealthy individuals and they are worth between $10-$300 million. They and their CPA’s and tax lawyers have found a way to not pay taxes through methods that border between tax avoidance (which is legal) and tax evasion (which is illegal.) They have the money to figure out how to learn the rules of the game and how to make those rules work in their favor.
But when you get up to the corporate level, it is a free for all. Did you know that all United States citizens and companies are required to pay U.S. Income tax on all monies earned in other countries anywhere around the world? This is different from other countries.
American multinational corporations have parked $2.6 trillion in foreign profits overseas in order to escape paying the IRS. The IRS and Congress know about this and let them get away with it. The companies acknowledge it. The estimated tax income from that amount of money would be based on state and federal rate of 39.1%. So this would yield about a trillion dollars in new tax revenue. Even half of that would be a huge prize to the Treasury and the National Debt. The fact that Congress burns through money is another issue.
RMS Tax Consulting can help you with your tax issues with the IRS. We have saved our clients hundreds of thousands of dollars and found way to get the IRS to back off. We can help you with your delinquent taxes and tax audits. Call Richard Schickel today at 520-668-3243 to play the game.