Media Matters

[TorontoGold]

Don't disagree with closing tax loopholes like the one you mentioned. Incorporating in tax-friendly states is UltraWealth101. I'm specifically calling out Sanders/Warren's 2-3% wealth tax as a "Just because you have it" type tax. Adding more taxation without closing loopholes is a fools errand.

Right, without strict definitions then it becomes a joke and politicized. No idea why someone doesn't campaign on working to close corporate tax loopholes before messing with the personal tax rates.

 

[drayer54]

I see Biden's handlers handed out the pre-selected questions to the state media journos. The second tweet shows why they don't want him talking off the cuff. I'm sure the meeting with ole KGB went smoothly.

[TWEET]https://twitter.com/DailyCaller/status/1405217486610616326?s=20[/TWEET]
[TWEET]https://twitter.com/bennyjohnson/status/1405224709495660547?s=20[/TWEET]

America is back!

 

[BleedBlueGold]

Right, without strict definitions then it becomes a joke and politicized. No idea why someone doesn't campaign on working to close corporate tax loopholes before messing with the personal tax rates.

Carried interest is about the only loophole I've heard discussed on the political stage (it was Trump of all people). Truth is, we all know who butters the politicians' bread and that's the problem. Lefty politicians talking about the wealth tax is a way to target the emotions of their base, all the while knowing a wealth tax (w/o disrupting the escape routes) won't actually have an effect on their donors' estates.

 

[Irish#1]

The key issue to any sort of new wealth tax is should just be solidifying residency issues with where corporate income is earned. Big companies being able to shift around where the income is earned much more of an issue than Joe Schmo's place in the Hamptons being worth a ton.

This can likely be something done on an USMCA/NATO level by updating old tax treaties. There's a reason why almost all my big clients have Delaware corporations.

Any company worth their salt is a Delaware company. lol

 

[TorontoGold]

Carried interest is about the only loophole I've heard discussed on the political stage (it was Trump of all people). Truth is, we all know who butters the politicians' bread and that's the problem. Lefty politicians talking about the wealth tax is a way to target the emotions of their base, all the while knowing a wealth tax (w/o disrupting the escape routes) won't actually have an effect on their donors' estates.

Yep that's the problem. The Dems put the lipstick on a pig in terms of tax policies, and the GOP actively makes the wealth gap worse by giving tax breaks in an already healthy economy.

Looking forward to the 2024 campaigns! "The Democrats present the Whole Foods Family Tax Plan! 80% on people making 70k or more" and the "Sorry you're poor but get fucked plan by the GOP, a flat tax rate of 6.9%....we don't know why government revenues went down!"

 

[drayer54]

Yep that's the problem. The Dems put the lipstick on a pig in terms of tax policies, and the GOP actively makes the wealth gap worse by giving tax breaks in an already healthy economy.

Looking forward to the 2024 campaigns! "The Democrats present the Whole Foods Family Tax Plan! 80% on people making 70k or more" and the "Sorry you're poor but get fucked plan by the GOP, a flat tax rate of 6.9%....we don't know why government revenues went down!"

The only thing we agree on is that we're both looking forward to the 2024 campaigns. Can't wait to hear how many trillions they want to unload then and the Make America A Welfare State slogans. Should be a hoot. Biden is making it easier and easier, and so is Mrs. Laughs-A-Lot.

 

[TorontoGold]

The only thing we agree on is that we're both looking forward to the 2024 campaigns. Can't wait to hear how many trillions they want to unload then and the Make America A Welfare State slogans. Should be a hoot. Biden is making it easier and easier, and so is Mrs. Laughs-A-Lot.

Yep, hoping to see someone else behind the wheel.

 

[NorthDakota]

Any company worth their salt is a Delaware company. lol

Some banks/credit card companies are in South Dakota.

If I remember correctly from Corporations class, our professor said that there was not a huge benefit to being a Delaware corporation anymore. I think most of the laws Delaware has have been copied by many others. I believe the main benefit now is that the DE court of chancery has judges that are very specialized in corporate law and are reliable. Perhaps a corporate lawyer on the board could elaborate more or share their thoughts.

 

[BleedBlueGold]

I'd also love to hear from any estate attorney or CPA on the board who can explain how the ultra high net worth folks borrow money from stock portfolios w/o triggering a taxable event. I knew you could borrow against 401ks but I didn't know about regular non-retirement portfolios.

 

[TorontoGold]

I'd also love to hear from any estate attorney or CPA on the board who can explain how the ultra high net worth folks borrow money from stock portfolios w/o triggering a taxable event. I knew you could borrow against 401ks but I didn't know about regular non-retirement portfolios.

CPA (only licensed in CAD, though). Up here you can borrow against your non-registered portfolios and put them up as security against any type of debt instrument (prom note/LOC/loan etc.). When you do that you can use those funds to re-invest into other securities or re-loan that money out to one of your holdco's and charge interest on that. As well, any interest paid personally on debt for investment purposes is tax deductible personally, so let's say you have $100K in dividend income for your investments held outside of your registered investments you can apply the interest paid against your investment income. We often get clients to refi their mortgages and use that to invest in fixed income securities, so if they're paying 3.5% on a new mortgage that's tax deductible against the interest income they receive, plus the possibility of some small principal gains on the ETF/mutual fund.

TLDR - You need money to make money, keep your investments in your accounts and never trigger tax events, borrow against them and upon death your estate will pay any CG's tax at better rates.

 

[BleedBlueGold]

CPA (only licensed in CAD, though). Up here you can borrow against your non-registered portfolios and put them up as security against any type of debt instrument (prom note/LOC/loan etc.). When you do that you can use those funds to re-invest into other securities or re-loan that money out to one of your holdco's and charge interest on that. As well, any interest paid personally on debt for investment purposes is tax deductible personally, so let's say you have $100K in dividend income for your investments held outside of your registered investments you can apply the interest paid against your investment income. We often get clients to refi their mortgages and use that to invest in fixed income securities, so if they're paying 3.5% on a new mortgage that's tax deductible against the interest income they receive, plus the possibility of some small principal gains on the ETF/mutual fund.

TLDR - You need money to make money, keep your investments in your accounts and never trigger tax events, borrow against them and upon death your estate will pay any CG's tax at better rates.

Pays to have money to hire folks like you who know how all this works.

So essentially is this a far better option for retirement income versus just having a fixed amount siphoned from your nest egg each month? Basically, is this how the rich get their spending money?

*Not trying to sound hypocritical regarding taxation, but it would seem pretty irresponsible to your estate to not operate to maximum efficiency under the current tax law. Until things change, if you can't beat em, join em. Am I right?

 

[TorontoGold]

Pays to have money to hire folks like you who know how all this works.

So essentially is this a far better option for retirement income versus just having a fixed amount siphoned from your nest egg each month? Basically, is this how the rich get their spending money?

*Not trying to sound hypocritical regarding taxation, but it would seem pretty irresponsible to your estate to not operate to maximum efficiency under the current tax law. Until things change, if you can't beat em, join em. Am I right?

Nothing quite rattles you more than seeing your tax rate double than someone who's worth 100x your TNW.

As long as you have the cashflow to maintain the payments against the loan, then yep it's the most straight forward tax planning strategy out there. Like if you have a non-registered account that can generate you 40-50K a year from dividends, you use those against your fancy new 10/15/20 year loan to pay that. If you have 1.5/2M in easily liquefiable securities (any listed security) you can set something up like this easily. The best part of it, is at the end of the loan you have the principal of your starting investments (likely up a ton from 10/15/20 years ago) PLUS the value of the securities you invested in, oh and it's all at a lower rate because you were able to write off the interest.

This strategy is more set up for those that are 35-50, who are in the golden years of earning potential. If there is an interest rate shock they can use some of their employment income to take care of the higher payments. This way when you retire at 55/60/65 you have a much larger portfolio than just the traditional method of saving would have gotten you. Of course this all carries some risk and not recommended for anyone to do without a CPA advising them lol (Who do I send my invoice to? Whiskey?)

I'm Rand Paul during the working hours, and I pick up my hammer and sickle when I punch out lol. Essentially, if the government is too stupid to do anything about it go nuts take em for all their worth.

 

[BleedBlueGold]

Nothing quite rattles you more than seeing your tax rate double than someone who's worth 100x your TNW.

As long as you have the cashflow to maintain the payments against the loan, then yep it's the most straight forward tax planning strategy out there. Like if you have a non-registered account that can generate you 40-50K a year from dividends, you use those against your fancy new 10/15/20 year loan to pay that. If you have 1.5/2M in easily liquefiable securities (any listed security) you can set something up like this easily. The best part of it, is at the end of the loan you have the principal of your starting investments (likely up a ton from 10/15/20 years ago) PLUS the value of the securities you invested in, oh and it's all at a lower rate because you were able to write off the interest.

This strategy is more set up for those that are 35-50, who are in the golden years of earning potential. If there is an interest rate shock they can use some of their employment income to take care of the higher payments. This way when you retire at 55/60/65 you have a much larger portfolio than just the traditional method of saving would have gotten you. Of course this all carries some risk and not recommended for anyone to do without a CPA advising them lol (Who do I send my invoice to? Whiskey?)

I'm Rand Paul during the working hours, and I pick up my hammer and sickle when I punch out lol. Essentially, if the government is too stupid to do anything about it go nuts take em for all their worth.

Thanks for taking the time to explain it. Yeah, I have a tab with Whiskey . Send it his way. haha

Does this strategy have a name? If I approach my CPA and attorney about this, how do I not sound like an idiot?

Sorry to derail the thread w/ investment convo.

 

[TorontoGold]

Thanks for taking the time to explain it. Yeah, I have a tab with Whiskey . Send it his way. haha

Does this strategy have a name? If I approach my CPA and attorney about this, how do I not sound like an idiot?

Sorry to derail the thread w/ investment convo.

No problem, this is essentially the extent of my tax knowledge (more a assurance/advisory guy).

Not that I'm aware of, but it likely does. Essentially you would ask your CPA/accountant if interest charged on loan for investment purposes is tax deductible in the US, you can mention that they do it in Canada and if this is something the IRS allows. That would be my first step to make sure you can take advantage of the tax benefits, then I would make sure the bank you're going to will provide financing at a decent rate with your investments backing the loan. Last step would be getting a decent amortization period of the financing so your current cashflow or what you're comfortable with can sustain this without causing too much of a strain.

lol sorry, back to the regular scheduled programming! CNN bad! Big Media is cancer!

 

[drayer54]

Journalism is dead and this is a solid reason to defund PBS.[TWEET]https://twitter.com/curtishouck/status/1422299275430612997?s=21[/TWEET]

 

[NorthDakota]

Yamiche Alcindor is fucking dumb. Not only is her "reporting" generally terrible. She is not even good at pretending to be a journalist. At least most of them can periodically put on a serious face.

 

[drayer54]

Yamiche Alcindor is fucking dumb. Not only is her "reporting" generally terrible. She is not even good at pretending to be a journalist. At least most of them can periodically put on a serious face.

Nah, she's brilliant. She's just a tweeter lib activist who snuck into PBS and manages to pull a paycheck for peddling blue anon type crap.

 

[BrownerandFry]

Nah, she's brilliant. She's just a tweeter lib activist who snuck into PBS and manages to pull a paycheck for peddling blue anon type crap.

We New York natives have some familiarity with Alcindor criticism. But if she bothers you why your fasci nation with her?????.? Could it be that you suffer from Yamiche derangement syndrome.

 

[Irish#1]

I think they forgot that she didn't go to the border until the heat got too high or that she stated the U.S. didn't want immigrants from Central and South America.

Top Democratic women blame Kamala Harris' low approval on media's 'sexist overtones':

Report

Kayleigh McEnany pans sexism narrative: 'New straw man argument being used by team Kamala to cover for her poor performance'

By David Rutz | Fox New


In media news today, CNN execs reportedly suggested Chris Cuomo take 'temporary leave' to advise his brother, a reporter who accused Gov. Cuomo of bullying says CNN host needs to come clean about his role in brother's scandal, and MSNBC's Chris Hayes complains about how Sen. Rubio encouraged people to get vaccinated.

Top Democratic Party women are complaining that Vice President Kamala Harris' low approval rating is due to sexist media coverage and think "[making] sure the press knows this" is key to bolstering her image, according to a new report.

Axios reported Thursday on a group of leading Democratic strategists, including Donna Brazile, Stephanie Cutter, Karen Finney, and Jennifer Palmieri, who met in Washington last month to game out why Harris is less popular than her boss; a recent poll showed her at 45-percent approval with 48 percent disapproving.

A source told Axios the women felt there were "sexist overtones" to her press coverage, the Washington Free Beacon noted, that reminded them of the unfair headwinds Hillary Clinton faced during her unsuccessful 2016 bid

 

[drayer54]

I think they forgot that she didn't go to the border until the heat got too high or that she stated the U.S. didn't want immigrants from Central and South America.

This is the same Kamala who didn't even make it to the Iowa Caucus. She was put in charge of the border mess and has done nothing to make it better and demonstrated her true incompetence by screwing up a softball interview with CNN. She could screw up a two-car parade.Also, it's no mystery why she was picked and it wasn't brains or ability.

 

[BrownerandFry]

This is the same Kamala who didn't even make it to the Iowa Caucus. She was put in charge of the border mess and has done nothing to make it better and demonstrated her true incompetence by screwing up a softball interview with CNN. She could screw up a two-car parade.Also, it's no mystery why she was picked and it wasn't brains or ability.

Ah, the Iowa Caucus. Iowa, home of Draft Dodger Marion Morrison!

But I've Ragbrai'd it twice, sooooooooooooooo

You Iowa supporters must have a lot of commie brethren pinking up the cornfields.

Because, if memory serves me correctly was it not Bernie Sanders that won in Iowa?

What does that prove about Iowans and your restatement of facts???????????

Oh No! she would not
pander
like sanders
for the pinkos in Corn country??????????????

The runnerup??? The Fellow Hoosier to so many of our Indian posters on this board:

Pete Buttigieg

Iowa!!

Judge us by our primary votes!!!!!!!!!!!!

 

[Blazers46]

Ah, the Iowa Caucus. Iowa, home of Draft Dodger Marion Morrison!

But I've Ragbrai'd it twice, sooooooooooooooo

You Iowa supporters must have a lot of commie brethren pinking up the cornfields.

Because, if memory serves me correctly was it not Bernie Sanders that won in Iowa?

What does that prove about Iowans and your restatement of facts???????????

Oh No! she would not
pander
like sanders
for the pinkos in Corn country??????????????

The runnerup??? The Fellow Hoosier to so many of our Indian posters on this board:

Pete Buttigieg

Iowa!!

Judge us by our primary votes!!!!!!!!!!!!

How does each party pick a nominee? Straws?

 

[BrownerandFry]

How does each party pick a nominee? Straws?

Iowans (cf Iowa habits from Meredith Wilson, the Music Man) pride themselves on the Iowa Caucus.

Let's just say (the rules are hidden in plain sight on the internet and in the hearts and minds and habits of Iowa caucus goers)
that the caucus seems weird from the outside but is cherished by Iowans, as much as Nile Kinnick is.

They love having the rest of America bow to their strange and ancient, but surprisingly effective process.

 

[drayer54]

The caucus is primitive, but I did enjoy it. My point is that Kamala's political prowess and instinct didn't even survive to the caucus. People didn't like her.

 

[BrownerandFry]

The caucus is primitive, but I did enjoy it. My point is that Kamala's political prowess and instinct didn't even survive to the caucus. People didn't like her.

I agree with you, of course, as usual.

Harris is a complete and abject failure as a politician.

After all, outside of being elected
TWICE
as Attorney General of Claifornia (third biggest department after DOJ and NY)
ONCE
as Senator from California
and is the sitting Vice President of the United States

I mean really that is all chump change, right???
Her political prowess is nonexistent and further exposed as mediocre by the

Wink wink
Nod Nod'

Unbeaten record of stalwarts like

Poppy Bush
Bob Dole
John McCain
Mitt Romney
the great Kelly Loeffler
the 45th president.

Again, I completely agree with you that VEEP Harris has NO GAME as a politician.

How the hell is she the VEEP?

 

[drayer54]

I agree with you, of course, as usual.

How the hell is she the VEEP?

Dan Quayle was veep. Dick Cheney was veep. Al Gore was veep.

You are correct. She is awesome. I hope she is the nominee in 2024. I pray she is the nominee in 2024.

 

[BrownerandFry]

Dan Quayle was veep. Dick Cheney was veep. Al Gore was veep.

You are correct. She is awesome. I hope she is the nominee in 2024. I pray she is the nominee in 2024.

2024 will be awesom

Noles, Canes, Aggies and Helton wallowing in his own swill in Heritage Hall

Go Irish!

https://fbschedules.com/ncaa-2024/team/notre-dame

 

[Irish#1]

Apparently the Cuomo brothers share more than a bloodline.

Chris Cuomo's former boss at ABC News accuses the CNN anchor of sexual harassment

"I can do this now that you're no longer my boss," Cuomo allegedly told veteran TV producer Shelley Ross, according to an essay she wrote for The New York Times.


Shelley Ross, a veteran television producer and the former boss of Chris Cuomo at ABC News, accused him of sexual harassment Friday, saying he grabbed and squeezed her buttock at a party in 2005.

In an opinion essay published Friday in The New York Times, Ross described how she thought Cuomo, now a CNN anchor, "escaped accountability" for his involvement in managing the response to the sexual harassment scandal surrounding his brother, former New York Gov. Andrew Cuomo.

In May, Chris Cuomo admitted that he had "inappropriate" strategy conversations with his older brother and promised to steer clear of CNN's coverage of the scandal. After the governor's resignation, the broadcaster said in August he urged his brother to resign "when the time came," but "never attacked nor encouraged anyone to attack any woman who came forward."

After highlighting moments that, she said, "crystallized for me how Mr. Cuomo performs," Ross revealed details of the 2005 incident at a going-away party for an ABC colleague.

"When Mr. Cuomo entered the Upper West Side bar, he walked toward me and greeted me with a strong bear hug while lowering one hand to firmly grab and squeeze the cheek of my buttock," she wrote. "'I can do this now that you’re no longer my boss,' he said to me with a kind of cocky arrogance."

In response, Ross recalled she said, "No, you can't." She said she pushed him away at the chest while stepping back to reveal her husband, who had seen the entire interaction unfold.

At some point shortly after the incident, Ross wrote, Cuomo apologized for his behavior in an email, saying he was "ashamed."

"though my hearty greeting was a function of being glad to see you ... christian slater got arrested for a (kind of) similar act (though borne of an alleged negative intent, unlike my own)," he wrote in a screenshot of his email attached to Ross' essay. "... and as a husband i can empathize with not liking to see my wife patted as such ... so pass along my apology to your very good and noble husband ... and i apologize to you as well, for even putting you in such a position ... next time, i will remember the lesson, no matter how happy i am to see you ..."

Ross said that she “never thought that Mr. Cuomo’s behavior was sexual in nature,” but described it as “a hostile act meant to diminish and belittle his female former boss in front of the staff.”

She added his subsequent apology felt more like "an attempt to provide himself with legal and moral coverage to evade accountability."

In a statement provided Thursday night to the Times, Cuomo said: “As Shelley acknowledges, our interaction was not sexual in nature. It happened 16 years ago in a public setting when she was a top executive at ABC. I apologized to her then, and I meant it.”

ABC and CAA, the agency that represents Cuomo, did not immediately respond to requests for comment Friday. CNN spokesperson Natalie Pahz pointed NBC News to Cuomo’s statement to the Times.

Ross was the executive producer of ABC's "Good Morning America" beginning in 1999. She left the network in 2006 amid reported conflicts with staff members. At some point afterward, she was assigned control of CBS' "The Early Show" before eventually being ousted from her job because of staff resignations and conflict.

Ross wrote an essay for the Daily Beast in 2016 that accused former Fox News CEO Roger Ailes of proposing a "sexual alliance" after she was hired as a segment producer on NBC's "Tomorrow Show" in 1981. Ailes was the executive producer of the "Tomorrow Show" at the time of the alleged incident.

In her latest Times essay, Ross wrote that she is not asking that Cuomo lose his job.

“I hope he stays at CNN forever if he chooses,” she said. “I would, however, like to see him journalistically repent: Agree on air to study the impact of sexism, harassment and gender bias in the workplace, including his own, and then report on it.”

 

[drayer54]

Apparently the Cuomo brothers share more than a bloodline.

I mean, are you surprised? The dude is a douche supreme.

 

[NorthDakota]

I agree with you, of course, as usual.

Harris is a complete and abject failure as a politician.

After all, outside of being elected
TWICE
as Attorney General of Claifornia (third biggest department after DOJ and NY)
ONCE
as Senator from California
and is the sitting Vice President of the United States

I mean really that is all chump change, right???
Her political prowess is nonexistent and further exposed as mediocre by the

Wink wink
Nod Nod'

Unbeaten record of stalwarts like

Poppy Bush
Bob Dole
John McCain
Mitt Romney
the great Kelly Loeffler
the 45th president.

Again, I completely agree with you that VEEP Harris has NO GAME as a politician.

How the hell is she the VEEP?

Lol are you hyping a Democrat brown (relatively) attractive woman's political prowess for getting elected in California?

Bill de Blasio (Warner Wilhelm) got elected twice in New York City...the single biggest city in the US. Surely...he must be competent too, right?

Getting elected in ultra-partisan areas does not make someone competent or intelligent. Kamala had a close race with a republican in her first AG run....that should tell you all you need to know.

Everyone who can leave her shithole state is leaving. California will be all but dead within a couple decades. Unless Dems at the federal level continue to give them handouts like Biden and his Congress did.