You Can Legally Pay No Taxes by Tom Wheelwright, CPA

[Applause] how many of you pay taxes raise your hand thank you and how many how many of you would prefer not to pay taxes raise your hand thank you and how many of you know somebody who cheats on their taxes so they don't pay taxes raise your hand thank you i'm tom wheelwright i'm here to tell you today you don't have to cheat in order to not pay taxes now i grew up in salt lake city utah heart of mormonism and i spent as a result two years as a mormon missionary knocking on doors of all places paris france now i was very successful as a mormon missionary in two years i converted two people so i got used to rejection in fact you could say that that was really the start of my entrepreneurship training because if you can't handle rejection you'll never be successful as an entrepreneur now for the last 35 years i've dedicated my life to learning and studying the tax law i have a masters of tax degree from the university of texas at austin i developed and taught courses to thousands of cpas and accountants when i was in the national tax department of ernst young i taught hundreds of masters of tax students as a professor at arizona state university have taught thousands and thousands of entrepreneurs and investors like yourself around the world how to permanently reduce your taxes now as i travel around the world i hear the same thing every place i go you can't do that here i'm going seriously i'm a nice guy i travel halfway around the world to teach you how to permanently reduce your taxes and you tell me you can't do that here well let me tell you look around how many of you know somebody who's doing that here not paying taxes how many suspect that there are some who are doing it legally even raise your hand the reality is it's up to you on whether or not you legally pay taxes how many of you are willing to learn how to make more money and pay less taxes as an entrepreneur raise your hand you're in the right place so there's a reason that people tell me around the world you can't do that here and it's because of how they earn their money remember there are four ways you can earn money you can go to school and get a job and earn it as an employee or you can go to school even more school become a doctor a lawyer an accountant and be a specialist or a small entrepreneur or you can be a big entrepreneur a big business owner or you can earn it as a professional investor a true entrepreneur now interestingly enough as i travel around the world and it doesn't matter if it's santiago chile if it's sydney australia if it's johannesburg south africa or san francisco california what i find is the tax rates are approximately the same depending on how you earn your money so on average around the world if you earn your money as an employee you're going to pay about 40 in taxes now if you're going to then become a specialist get even more education and earn your money as a specialist small entrepreneur you're actually going to pay even a higher tax rate 60 on average now as you move if you can move over here to the big business owner the big entrepreneur you can actually reduce your tax rate to 20 percent but here's the magic if you can move down here to being a professional investor a true entrepreneur you can actually reduce your tax rates to zero now here's what happens with most people [Music] they go to school and get a job and to make even more money they become a specialist like a doctor or lawyer or they go i'm going to go to an entrepreneurship program most entrepreneurship programs around the world in fact every other entrepreneurship program besides edp the goal is to take you from here to here are you kidding me you're in other words the goal is to increase my tax rate that's crazy why would you ever do that your job is not go from here to here if you really want to reduce your tax rates you really want to become wealthy you have to go from here to here first but then as we teach in edp you have to go from here to here and ultimately you want to get to a zero tax rate and ultimate wealth and be the ultimately true entrepreneur you have to come down here now let me give you an example of this here are a couple of high profile people you may recognize them in a couple of different of these quadrants of how they earn their money watch or maybe he doesn't want the american people all of you watching tonight to know that he's paid nothing in federal taxes because the only years that anybody's ever seen were a couple of years when he had to turn them over to state authorities when he was trying to get a casino license and they showed he didn't pay any federal income tax so that makes it smart did you hear that because he's smart donald trump pays zero tax because he's smart so why would anybody want to come over here and stop here this is hillary and i'm not for trump or hillary i'm just telling you hillary she's an attorney she's smart attorney she's in a 60 tax bracket it's all she's ever known of course she's in a high tax bracket and of course trump is in a zero tax bracket in fact it would absolutely shock me if donald trump paid any taxes he would have to have the worst tax advisors on the planet to pay any taxes because he lives over here why in the world would you want to live over here and stay small when you can live over here and pay lower taxes and make even more money now don't want to leave anybody out here so think about who's over here this is our mr obama great guy in his when he ran for president he ran against a fellow by the name of mitt romney romney lives over here romney paid 13 percent tax obama he said he paid 30 tax was actually pretty low for an employee but obama's only known employment so if all you know is here or here then of course you can't do it here but if you can get over here which is your job your job in edp is to move from here to here and when you do that you can pay zero taxes there's a reason that people don't want to go from here to here and it's a single four letter word fear they're scared to death of moving from here to here what are they scared to death most they're scared to death of an audit see over here these people rarely get an audit these people get audits all the time in fact every year i guarantee donald trump's business gets audited every single year by two different organizations by the financial auditors and by the tax authorities these people are scared to death one audit maybe because they're cheating probably because they're not used to it see you don't have to have a financial statement over here you know you can you can live off of an income statement you don't have to have a balance sheet you don't have to have a statement of cash flows and all these other financial statements over here you do you can't operate over here without a financial statement you can't operate over here without an audit so these people love an audit it serves them it's like going for a checkup with the dentist or the doctor this is a good thing you know where you are you may be afraid of it you may not like the process of it but it's a good thing that's why these people love being audited and know they're going to be out every year these people are scared to death so it's true some people can't do it here if you're stuck in the e as an employee or self-employed you're not going to be able to do it here the people who can do it are the people who are willing to move over here and over here and with the right team around you with the right instruction around you you don't have to be afraid of this because remember that the real purpose of the tax law in your country is to provide incentives to business owners and investors it's the reason for the law in the first place the law would be three pages if it weren't for that and it's thousands of pages to give these incentives to the business owners and investors it's simply a matter of sit back learn things that you don't know don't be afraid of making mistakes these people aren't afraid of making mistakes that's why they don't mind an audit these people tend to be scared to death making a mistake there's no reason to fear as long as you do it legally you get the education you put the team around you then the government is more than willing to be your partner they'll contribute up to 40 for every investment you make and it doesn't matter if it's real estate energy or business remember the government wants you to create employment so you partner with the government to create employment and when you do that the government gives you tax benefits or the government wants you to build real estate they want you to build commercial properties they want you to build residential properties so you view huge tax benefits we call it depreciation or cost recovery huge tax benefits for building that real estate the government wants you to use debt in your real estate in your business so the government gives you tax breaks for using debt for your real estate and for your business if you're over here the government doesn't give you any tax breaks for debt only when you move over here but the government wants you to succeed see the tax laws set up to help you become more wealthy but you have to do what the government wants you to do when you do you make more money you pay less tax and you never have to lose sleep at night thank you

Channel: Tom Wheelwright

Views: 109,871

Keywords: rich dad, tom wheelwright, trump, hillary, taxes, entrepreneur, investor, investing, business owner, financial, finance, pay taxes, reduce taxes, tax-free wealth, tax free wealth, adviser, cpa, accounting

Id: 9ylEtjruQaM

Length: 13min 7sec (787 seconds)

Published: Tue Nov 23 2021