A short transcript excerpt from a YouTube video by Mike Andes discussing taxes and wealth. Speaker A advocates for earning more (and even being happy when people pay taxes), explaining that accountants and tax rules (e.g., depreciation, Section 179) can reduce taxable profit; Speaker B expresses surprise, having been taught to avoid taxes through strategies like 1031 exchanges.
The people who pay the most taxes are the most wealthy. Just try to pay as many taxes you possibly can by making as much money as you possibly can.
My brain is like, what is going on? Because like I feel like I've been taught like, oh, you know, 1031, everything, don't pay taxes, don't give it to the government.
I would be thrilled if you had to pay taxes. Thrilled out of my mind. I mean, you have profit and if you have a good accountant, they're going to make sure that all of these, all this equipment that you purchased in the past six months will make sure you don't have any taxes to pay.
But If I have $100,000 in the bank, that means that that's the like, that's the profit that I've kept which is taxed. Right.
Unless you have a whole bunch of equipment that you can depreciate and accelerate to 100%. Section 179.
