The Multifamily Broker Podcast
Business:Investing
In today’s video I want to talk about how paying income tax to the IRS as a W-2 employee is hindering people from gaining wealth and ultimately keeping them from financial freedom. Rental property ownership is vital in building riches and decreasing taxable income to ZERO. Cost segregation should be used to reduce taxable income and a 1031 tax exchange can reset deprecation schedules. Overall, purchasing assets like real estate is road to entrain to deduct your taxes!
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Video Translation:
"Paying income tax to the IRS every single year is keeping you poor and it's keeping you at an income level that you just can't surpass and you probably don't even understand how bad it is if you're a W-2 worker and you're not a business owner because it just gets taken out of your monthly check or your biweekly check every single time. And in this video, I'm gonna show you exactly how you can stop paying so much in taxes if you don't know me. My name is Jason Lee. I'm a real estate investor and broker here in San Diego. I have over 17 properties in San Diego. Tolling over 119 units. And I've got about a $50 million portfolio value. We've sold real estate to my clients, to people in our industry and we've sold over $250 million worth of real estate in the last four years. This is according to my CPA. If you are single and you make in between $41,775 and $89,075 a year, you are paying 22% of your income tax directly to the IRS. If you make over $89,000 a year and you make up to $170,050 a year, you are paying 15,000 $213.50 directly off the top to the IRS, whatever you make. And then after that, you're paying 24% of what you have left directly to the IRS. That's national taxes. So everyone is paying that, that level of taxes. Now it gets even worse if you live in California, like I do, I live in San Diego. You are paying 9.3% to California. If you make in between $66,296 and 338,000 and $639 9.3 percent off the top on top of the federal taxes to make it worse. If you are a really high income earner, if you're making 338,000 $640 a year, up to $406,364 a year, guess how much you're paying in taxes? 10.3% to California. If you're a corporation like I own, you're paying 12.3% to California right off the top of whatever you make, whatever gains you make in your business. So basically, if you live in California, you're paying 31 to 38% of your income directly to Uncle Sam and the state of California. That hurts if you're making $200,000 a year, you think you're on top of the world, you're really not because in reality, you're giving about 70 to $80,000 to the IRS and you're left with about 100 and 25 $5000. If you're making 100 grand a year, you're not making 100 grand a year, you're making like 60 to 70 grand a year. And this is why it's so damn hard to get ahead in our country. So much of our income just gets wiped out by taxes and it's the most painful thing. Every single April, if you're a high income earner, you definitely feel my pain. Even if you're making six figures or 80,000 or 90,000"
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