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Financial Horror Stories II
Letters from the IRS scare the bejesus out of taxpayers. Unless you can see a check through the envelope window it is doubtful it is good news.
Office policy is straightforward. When a client comes in with the nasty-gram from the IRS (or state taxing authority) we immediately get a power of attorney (POA). Once the POA is signed we contact the taxing authority to get what they have and determine what they are looking for.
Income tax audits are most feared. However, the real audits that require a fresh Depends are the state sales tax audits. Sales tax has so many moving parts and is so complex it is virtually impossible in many states to avoid running afoul of the rules. Wisconsin is one of those states.
Should We Soak the Rich Into Oblivion?
Let’s use The Sanders plan because it illustrates the negative consequences easier. An 8% wealth tax would be paid by those with say $50 million or more in net worth. You can go to a billion net worth if you want; the problem is the same.
The assumption of a wealth tax is that rich people only do stupid or irritating stuff with their money and don’t deserve it. I mean, thing about it. Elon Musk is building new businesses and technologies with his billions. How rude. Those created jobs are not worth it if we as a society must look at a billionaire like Musk.
Yes, I’m being facetious. That is the point. How can Musk create the technologies of tomorrow that will benefit the nation and environment, create jobs, and provide better products without the resources to do so? I don’t know if anyone has noticed, but it takes serious cash to start an electric car company, solar company and a space travel company. Without the super rich these dreams would go unfilled along with all the jobs.
Finding Solitude in a Life of Success
Life is filled with stress. Since I’m one of the few in the FIRE and PF communities taking consulting sessions I get to hear a lot of stories first hand. People have real challenges and they hurt, deep inside. They want so badly to unyoke themselves from student loans and debt. So badly want to reach financial independence so they can pursue their dreams. The ones feeling wanderlust to travel the world are the minority. So many want to start a business or explore their creativity. They have beautiful minds.
Ryan Holiday has always been a fan of slowing down and experiencing life. It is a lesson this author struggles to learn (or at least heed). In Stillness Holiday gives us 34 stories to motivate us to stillness, that peaceful calm where we are content.