The IRS wants to do the UNTHINKABLE with this $50 Billion Tax Loophole #284

Financial Advisors Say The Darndest Things

Today we discuss the recent proposal by the US Treasury Department to close a major tax loophole for wealthy taxpayers, aiming to raise $50 billion over the next decade. He emphasizes the importance of understanding the true impact of such policies and the division they create among citizens. Ridgeway critiques the government's approach and encourages listeners to seek financial wisdom and unity in their Christian faith.

1. Understanding Tax Loopholes:
   • The US Treasury's proposal targets the practice of partnership bias shifting, where assets are moved among related parties to avoid taxes. This method has become common due to years of underfunding the IRS, resulting in less oversight of wealthy individuals. By closing this loophole, the government hopes to raise significant revenue, but it also highlights the imbalance in tax audits focused more on the average citizen.
2. Division and Hierarchy:
   • Drawing parallels with the Willie Lynch letter, Ridgeway discusses how division and hierarchy are used to control and manipulate. He warns against falling into the trap of viewing the wealthy as enemies and stresses that such divisions distract from addressing the real issues. Unity and understanding are key to overcoming these societal divides.
3. Christian Perspective on Wealth:
   • As Christians, Ridgeway urges listeners to consider how they view wealth and taxes. He emphasizes that being rich in spirit and righteous in action should be the focus, rather than harboring resentment towards the wealthy. Understanding and compassion are essential in navigating financial and social issues.
4. Taking Advantage of Legal Tax Strategies:
   • Ridgeway highlights the importance of utilizing legal tax strategies, such as contributing to IRAs and 401(k)s, to reduce taxable income and save money. These strategies are available to everyone, not just the wealthy. He encourages listeners to educate themselves or consult professionals to maximize their financial benefits and ensure they are not unfairly burdened by taxes.

Quotes

1. "The government wants you to believe the wealthy are the enemy, but in reality, the real issue is how the government misappropriates the taxes they collect."
2. "We are in an era of tribalism where if you are not like us, you are the enemy. And I am pretty much sick of it."
3. "As Christians, we need to focus on being rich in spirit and righteous in action. There is only one side that matters—God's side."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.