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https://preservewm.com
We've been keeping up with the latest headlines...
here are two of our favorites worth sharing.
** Your Money
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The big news buzz this week was an article from ProPublica that analyzed IRS records of 25 billionaires and found that they paid an average of just 15.8% of their AGI in taxes over the past decade, and in some years had an outright zero-dollar tax liability (e.g., Jeff Bezos paid no tax in 2007 and 2011, and Elon Musk paid no taxes in 2018). The fact that ProPublica accessed such information directly from the tax returns has triggered Federal investigations into the source of the data, suggesting it may have been an illegal leak from the IRS.
ProPublica did not claim any illegal activity among these wealthy individuals. These individuals simply understood and used the existing system of deductions and credits.
In particular, the article highlights the strategy of borrowing against their illiquid assets to fund their lifestyles...and in the process, being able to generate 'income' from their assets, without triggering the recognition of capital gains, and even being able to claim an investment expense deduction for the interest (as the loans are often structured against investment assets).
This same strategy is available to not just the uber-wealthy, but to anyone with a security-backed line of credit.
US super-rich 'pay almost no income tax' (https://www.bbc.com/news/business-57383869.amp)
source: BBC
** Your Life
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You’ve probably read or heard of many stories of people that took a huge risk to follow their dreams and find happiness. Well, this one is more of a reality check on what the author discovered in between the palm trees, margaritas, and sunshine. It is great that she could share this because it’s important to point out challenges, as well as successes, to remind others of the reality and to help them decide or plan better.
7 downsides of living in a beach town for $1,200 per month (https://www.cnbc.com/2021/04/06/retiree-who-left-the-us-for-mexico-downsides-of-living-on-the-beach-for-1200-per-month.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Mail)
by Janet Blaser
https://www.linkedin.com/in/danheth/
https://www.linkedin.com/in/rosalynn-harvey-heth-mpa-ceps-3a3aa3191/
** Complexity Simplified
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Tired of timing the ripeness of avocados? It seems that they are not ripe yet when you need them or they are overripe when you can finally use them. Did you know that you can freeze avocados? Here are four easy peasy ways to freeze avocados and the best way to thaw them when you are ready to use them.
How to Freeze Avocado (https://www.favfamilyrecipes.com/how-to-freeze-avocado-4-easy-ways/)
by Erica Walker
** Trivia
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A: The Quarrymen
Q: What is the name of the Earth’s largest ocean?
https://www.youtube.com/watch?v=kfsO2ij6hKE
** Back in 1971, this song reached #1
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