Epic Real Estate Investing - How to Pay Less Taxes - the NEW IRS (87,000 more agents) | 1235

Episode Date: September 13, 2022

President Biden is hiring 87,000 new IRS agents — and they're coming for you, and they’re authorized to use deadly force even… it’s what the job posting said! Stay tuned and hear what you can do about staying out of the crosshairs of the newly funded IRS enforcement agenda and paying less taxes to save your American Dream. Are you ready? Let’s go! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. President Biden is hiring 87,000 new IRS agents, and they're coming for you, and they're even authorized to use deadly force. It's what the job posting said. It's getting weird out there. So let's take a look at what you can do about staying out of the crosshairs of the newly funded IRS enforcement agenda. Welcome to the all-new, epic real estate investing show. The longest running real estate investing podcast on the interwebs, your source for how, housing market updates, creative investing strategies, and everything else you need to retire early. Some audio may be pulled from our weekly videos and may require visual support. To get the full premium experience, check out Epic Real Estate's YouTube channel, epic rei.tv.

If you want to make money in real estate, sit tight and stay tuned. If you want to go far, share this with a friend. If you want to go fast, go to reiase.com. Matt. The Inflation Reduction Act signed into law last month by President Joe Biden empowers the IRS with nearly $80 billion in new funds. Not sure how we fight inflation by printing more money, but hey, that's what they're doing. The tax collection agency is using more than half of that budget, $45.6 billion, to go on a hiring spree to get tougher on tax enforcement. And it raises the question, who are they going after? I mean, do they really need

87,000 more people to go after just the 600 billionaires in the country. But the Biden administration said that these audits on steroids are just for the fat cats that ain't paying their fair share. Sidebar here. The fair share comment, it's getting tired. It's been debunked many times by many sources. I mean, that IRS itself reports that the top 1% paid a greater share of individual income tax, 38.8%, than the bottom 90% combined, 29.2%. But the fair share narrative it lives on. Story for another time. All right, so the new IRS,

the current administration says they would perform no new audits on anyone making less than $400,000 annually. So even the Republicans were like, okay, cool, let's leave the little guy alone. And so through an amendment, they tried to hold the Democrats to their promise. But the Democrats would not sign it.

Every Senate Democrat voted against the amendment, as well as IRS audit protection for those earning less than $400,000. So, in other words, the Democrats are saying, you are fair game, regardless of your income. So, strap in. I mean, how would your tax returns look right now under a microscope?

Because if you mess up, would your assets now be subject to seizure? By deadly force even? Seizure, perhaps. But what's all that talk about deadly force? Where's all that coming from? Well, it stems from an IRS job posting, of which has since been removed in early August sometime. The last three bullet points states it pretty clearly.

Maintain a level of fitness necessary to effectively respond to life-threatening situations on the job. Carry a firearm and be willing to use deadly force, if necessary. Be willing and able to participate in arrests, execution of search warrants, and other dangerous assignments. So yes, it's true. The IRS is hiring criminal investigators empowered to use deadly force. But here's some important context. Of the 87,000 projected new hires, it's just 300 special agents with these qualities that are expected to be hired and added to the existing special deadly force. agent team of 2000. But why the big new higher buildup? Well, when it was discovered that President Trump paid $750 in taxes the year he was elected president, and then just $750 again the following year,

that certainly didn't help. But the tax-rich thing, this really stems from a few big-eyed probing journalists that discovered a random year here and there in the histories of Buffett, Bezos, Musk, the Waltons, and others of the like where they paid zero in tax. So, how did this happen? Where multiple billionaires each escaped a year with a zero-dollar tax bill. Well, here's how. The majority of the money earned by the wealthy comes from financial assets, which might increase in value for many years before being finally sold. So deferring taxes during those years is an exceptional benefit and incentive to not sell. Further, when they need money, they take out loans against their assets.

The IRS doesn't tax borrowed money. Many mistakenly believe that these are loopholes reserved. for the rich. Not true. Every American has access to these benefits. And contrary to popular belief, a fancy high-powered CPA isn't required. Turv tax is sufficient. It's like this. Every time the value of our homes or our stock portfolios increase, we are not required to pay an income tax. That'd be insane. And the wealthy aren't required to pay it either. Americans, regardless of their economic status, they operate under a neutral set of tax laws. If you sell your home and make a profit, you pay taxes, and so does Bezos when he sells his, but only when you sell. Because Bezos has a bigger house,

he might benefit a lot more from this neutral law. That's all. Now, new laws have been proposed over the years. In fact, one is on the table as I'm recording this to tax one's wealth whether they realize the gains or not, whether they sell or not. Delusional Senator Ron Wyden of Oregon is the brainchild of the most recent version of this proposal and has been pushing for it. since 2019. The tax code doesn't work that way, however, and for good reason, I mean, if the housing market crashed, does that mean the government would send you a refund on your unrealized loss? Fat chance. But they're looking in every nook and cranny of every citizen to raise more tax dollars, specifically by restricting or eliminating the few tax shelters

and benefits we have left, like the 1031 exchange, bonus depreciation, the step-up basis, and the estate tax exemption. President Biden is even eyeballing your 401k. The very thing the average person leans into with great hope that will eventually produce their American dream. I mean, he doesn't need 87,000 new agents for just 600 billionaires, does he? Is he looking at you too? Likely.

But whether he is or isn't, taxes on income and profits can almost never completely be avoided. There is a valuable exception for the average person, though, to where they can legally be avoided. Investing in income property is the answer for this. And for many more reasons than just this, but to stay on topic, real estate is the most tax-favorit asset class. And this is no coincidence.

You see, governments strive to promote homeownership in the same way that they want to promote economic growth by supporting business creation. Due to this, the government offers tax incentives to real estate investors and others in their home building, home rehabbing, and home ownership endeavors. The typical desk jockey doesn't get to benefit from this.

They're clobbered with taxes every year. And so if you're not using this legal tax loophole, it's because there's a bigger payoff for you in screening tax the rich. Don't do that. Stop that. Give it up. That ain't putting food on the table. You got to position yourself right.

You see, investing in real estate aligns your interests with those of the most powerful entities that we know, central banks and governments. If you want to get rich, that's how you do it. If you want to stay rich, that's how you do it. It's positioning. You got to think different. if you want to pay less taxes. The 9 to 5, that ain't going to cut it.

You're on the path to financial mediocrity at best, if that's all you're doing. On top of that, the 9 to 5 worker bee gets taxed the most. And that's an all-out attack on your American dream if you don't do anything about it. And that ain't all of it. There's six other eminent threats to your American dream that you deserve to know.

And I just wrote a short book about it, just finished it. And if you want a copy, you're welcome to it. Go to epicfreedombook.com. You see, we've got to stick together because things are getting a little weird. And you know that's true. Prices are up on everything. The stock market is down, crypto is down, gold is down. We're in this recession. We've got more people now than houses. I mean, what are you supposed to do? And if you're taking advice from the guy in the cubicle next to you, you know, the one that's six degrees left of deranged, paying attention to him just might drive you right off the cliff. And you know that's true. To get through this funky place we're in, you got to think different. You got to position yourself different. You got to know stuff you don't know right now. And it's more important than ever to learn that grab a copy of this new book I just wrote. It'll get you started. Epicfreedombook.com,

and I ain't charging anything for it either. Ain't that refreshing. So health, peace, and blessings to you. Let's strap in. It's getting serious out there. And that wraps up the epic show. If you found this episode valuable, who else do you know that might too?

There's a really good chance you know someone else who would. And when their name comes to mind, please share it with them and ask them to click the subscribe button when they get here and I'll take great care of them. God loves you and so do I. health, peace, blessings, and success to you. I'm Matt Terrio. Living the dream.

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