"People who complain about taxes can be divided into two classes: men and women."
In 1874, England made income tax a permanent levy on its citizens. In 1913, an income tax became permanent in the United States with the adoption of the 16th Amendment to the U.S. Constitution.
Average Americans today work five to six months for the government just to cover their taxes.
For example, "1031" is jargon for Section 1031 of the Internal Revenue Code which allows a seller to delay paying taxes on a piece of real estate that is sold for a capital gain through an exchange for a more expensive piece of real estate. Real estate is one investment vehicle that has a great tax advantage. As long as you keep trading up in value, you will not be taxed on the gains until you liquidate.
you want to earn more and pay less in taxes, you need to change the type of income you work for. There are three types of taxes for the following three types of income: Ordinary income: Taxed at the highest rate Portfolio income: Taxed at the second highest rate Passive income: Taxed at the lowest rate, with a possibility of zero.
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