The Billionaire Tax Loophole
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- Опубліковано 13 лип 2024
- They're rich so they deserve more
Twitch | / atrioc
Twitter | / atrioc
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VOD Channel | / @atriocvods
Reddit | / atrioc
Edited by ædish :) | / aedishedits
Outro music | @CMT8
#atrioc #clips #twitch
Playing Minecraft with my hedge fund manager, call that the SMP500
bars bars bars
+2 +2
This is super interesting to me. Atrioc does a really good job of explaining complicated things simply. He keeps following up with questions from the chat after he makes a statement and it usually answers all the questions I have.
2:36. Dane here.
The gorv tells you ahead of time how much they expect you’ll owe them by the end of the year.
You say, yeah sounds about rigth.
Then automaticly your employer sends the tax share of your paycheck to the gorv.
Then at the end of the tax year, if theres any disrepancy between the estimate and what your actual income ended up being that year, then your are either sent a bill or they pay you back.
Depending on wich way they guessed wrong.
God I wish
In Canada its about the same, we pay an estimated amount then do our taxes and either pay the difference or get a return.
im calling the government "gorv" now
@@chippym8316 it's "The gorv" 😂
kind of reminds me of the borg
The only reason it isn't a thing in America yet is tax filing megacorps bribed - I mean lobbied - the gov for decades to keep the process needlessly complicated so people would have a reason to use their shitty services
I haven't paid my taxes in 3 yrs lol
Delete this bro
lol not even half a decade keep going sonny 😂
@@schwartz_a1564 Never
Are you unemployed?
I haven't in a decade (the government is hunting me down as I type this)
3:20 10000%, we Europeans are mostly just on like a 10-20 year delay compared to the USA.
Like, the US elected Trump. Now every European nation is trying to their own version of that dude. It’s kinda weird.
Not necesarely, the economy is getting worse so we're turning to political extremes. That's how it's always been everywhere.
@@jcp1296 Trump or aproximately "every European nation" = political extreme 🤔
I hope you never run into a history book or an old person
@@Humineral They are the extreme of our current system it doesn't mean that they are literally hitler
@@Humineral did you even read what he said?
italians were first, we hab berlisconi before trump 😤😂
I remember seeing UA-cam adverts for TurboTax’s free version like yesterday lmaooo
It’s a lie it’s never free lol
Its free if you only have a W-2 and have nothing else that complicates your taxes@@nick.100
@@nick.100there is a legitimate free version of every tax software it's just hidden really well. They're legally obligated to provide a completely free version, but there's nothing preventing them from having another version that they advertise and plaster everywhere CALLED "Free" which actually charges you.
In Australia we have the Pay As You Go system - if you’re on a salary your pay is garnished at whatever your tax bracket rate is. At the end of the financial year you file it, with deductions and credits like normal, and you either have to pay a bit more or get a refund. This avoids hitting people with one huge bill that they can’t afford.
That’s how America does it as well if you are an employee
@@nick.100 it’s such a neat system
The government made tax guide in Estonia is 5 min long: ua-cam.com/video/l4Ncqee_26M/v-deo.htmlfeature=shared
The system is super simple and people actually want to pay their taxes because they compete in who can file it the fastest.
Everyone pays 20% tax (flat rate) on income exceeding 7848€/y (all your income is lumped together and taxed the same - dividends, capital gains, salary...).
And yes, we have universal healthcare, free public transportation and schools (you even get paid for certain subjects and Phds - also government schools are literally better than private ones).
I really like the idea of a flat tax rate across the board. In the US the tax rate is significantly higher for the rich with plenty of rules and exemptions. The honest rich are punished and the greedy rich find workarounds because of this. Would be better if everyone paid the same.
Estonia has had population decline since 1990 you have fertility of 1.6 your soon to be nonexistent country has really figured stuff out...
@@limitbreak2321 ah yes... Difference between the US is 0.06 and the immigration to compensate is definitely not causing any problems there.
Actually based wtf
@@OhsohLibre Greedy people would find workarounds to a 20% tax rate, too. Progressive tax system is better than a flat tax, period. Why does someone making millions per year need 80% of that income? Why should a working student making 15k per year need to throw away 20% of their income, when they need every penny? Letting those rich people keep their money will not "boost" the economy. They'll just sit on it and increase the income gap, as they have been doing everywhere since the dawn of time.
bayuuk's mom: "One day I might be rich...then people like ME better watch their step!"
its genuinly how a lot of people think, its probably well documented
@@Kiba114 better to have hope than despair brother
@@DaybreakPT im a realist
Better to find hope in something that wont shatter your worldview when you eventually realize how hollow it was@@DaybreakPT
Your mom has serf energy 💀
2:30 bro we got that shit even here in belgium. If you want you can still do your own taxes, *maybe* save a bit of money. Or you just pay the government estimation and don’t ever think about taxes ever again.
This is the same in the US. When you are hired at a Job you give information on your "W2" paperwork and based on that information the government automatically takes an estimated cut from each paycheck. If you overpayed, they send you a refund when you do your taxes, if you underpaid they send you a bill
@@OhsohLibrethis is not the same as what he said 😂 the US way is similar, but much worse. For obvious reasons if you watch the video.
@@OhsohLibreit's not the same lmao
@@OhsohLibre that's not what he was trying to explain. Each year we receive a pre-filled out digital tax form ("tax on web"). For most people, especially "normal employees", It contains already all your income, prep-aid taxes and most possible deductables. All information required is directly shared with the Finance ministry by the employers, banks, heath insurance companies, etc. Of course you still have the opportunity to review and make changes or add stuff that may be missing. The only think I usually have to check, is if my mortgage was entered correctly... At least we have one government IT program that seems to work relatively well :-)
@@JanHouben Interesting, yeah we do have to manually change that ourselves with our jobs and only if you are the type of employee that gets a regular income, there is so much complexities to it. Seems like you guys have a good system
that argument against passive investing has been around for decades in believe. Also it’s often from active managers having an agenda
Even the Joker won't take on the IRS
There used to be an H game that was basically free turbo tax on steam and it got sued and taken down 😂😂😂
The tax advanatage for long term capital gains is actually a good thing to help those with lower incomes. It icentivises ppl to invest long term which often makes them invest in safer options rather than gamble on short term success from a stock for a week. I dont have any numbers but theoretically it's a pretty good thing
taxes would not be too high if more of them actually went to help American people and infrastructure instead of going to fund foreign wars and line the pockets of politicians through embezzelment
Don't forget anyone from any country that just shows up here and gets everything they need but not our own homeless.
They would rather house someone who could be a serial rapist on the run from Guatemala and threw away all their ID but not our own people that paid into the system for decades and fell on hard times.
@@DaybreakPTthe migrants will most likely be housed by the state until they can process them it costs money but it stops even more people being on the street they may deport a lot of the migrants and some might stay but the ones that stay won’t be getting free housing forever it is a temporary band-aid
50/50 homeless people like being homeless they don’t want to work they like the freedom and they have mental issues probably leading them to think that way many homeless people can get housing and food programs it’s just the housing comes with prerequisites like don’t use drugs
Hey Big A! Just FYI here in Chile we also have automatic tax systems at least for individual tax payers. Bussineses still have to declare their income but its not that complicated. So yea its not just nordic countries that do better than the us but also third world shitty countries!!
im also from a third world and my taxes are paid automatically every pay day. i just get a document once a year summarising every thing i paid for that year.
Chile is the best from south america though, im proud to have that blood
In other words, the civilized countries have this system for taxes 😏
1:20, "simplicity" Tax systems begin simple, but after studying tax law for years you realize that both the to poor and the to rich complicate the tax code, 1 because of compassion and the other because of lobbying. The rules in place so that when you sell your main house as a profit so that you don´t pay taxes over its income, or the low brackets in wich you are not taxed at all are example of this. There is a constant struggle between compassion in laws and selfish people trying to claim benefits not ment for them, so they have to keep adding conditions and restrictions. Tax systems cannot be simple unless everyone is middle class, then no poor people to need exemptions and no rich people exploiting and creating holes in the law to avoid paying taxes.
Got it, placing short on the SMP500
I remember hearing stanz talk about how Big A didn't pay his taxes for the last 4 years
I've also heard read a lot of what you were talking about with the overly passive market problem. Very interesting stuff if you guys are inclined to read about shit like this I would recommend.
Do more finance videos btw pls. I work in finance now I'm out of university but as someone who never did it in school I love learning about all this shit.
2:57 i think thats the best summary of Europe ever. Just ad bad, just slower
0:00 "OOh, I got a loan and now I have a loan, smh"
answer about when CEOs or boards can sell:
ethical boards require a selling plan to be submitted 30+ days before any stock is sold. these plans shouldn’t coincide with earnings calls or board meetings. this means that there is no legal recourse that could happen, because the sell plan has been submitted before anything else happens and no information is used to justify selling.
3:55 I'm sure this was said on stream but it's not clarified in the video: the capital loss deduction against capital gains is not limited to $3000 per year. The limit is that if you have a net capital loss after deducting all your gains, you are able to take a maximum of $3000 of the remaining losses against your INCOME for the year, and then carry forward the rest.
I live in a nordic country at the start I can adjust my expected taxes and at the end I can adjust my calculated taxes meaning I always by default pay more or receive back more in taxes without doing math so you right
Last year, the tax office sent me a paper with a summary of all my income and a summary of the taxes I should pay. I was correct so I confirmed by sending them a code through SMS. It took 5 minutes.
12:00 Oh nooo jajjaja from your lips to God's ears, now we're going to see a correction somewhere and it's gonna be a bad time for whoever is in it...
I'm guessing one insanely bad month. We haven't seen Wallstreet people jumping from windows in this cycle, that happens once every so often doesn't it?
I think for that theory about passive investing to be true there would have to be some sort of systematic problem with all the companies in the S&P 500. The risk of the S&P is diversified across 500 different companies in a bunch of different industries. Passive investing isn't the only kind of investing there is and in general bad companies fall off the S&P 500 if they aren't producing value.
Bro doesn’t know that because of the weighting by market cap of the S&P 500 like 1/4 of it is literally just big tech companies and they carry most of the weight of profitability and general increase in stock prices across the whole portfolio
Glizzy Glizzy Gobbler Goblin
Just bought the UPST dip! To the moon!
3:20 so true xd
Pog
I have only paid my 2017 taxes
hell you don’t have to look to Europe in Mexico the equivalent of the IRS tells you how much you have to pay in taxes. If they don’t, you don’t pay taxes.
Our taxes aren't even too high. PAY MORE!!!!!!!!!!!!!!!!!!!!
Swede here, can confirm. It's crazy easy unless you want to contend stuff. even then it's easy. I spend maby five hours per year on taxes, and I contend some stuff.
I cant do single stocks any more, sold them as soon they were green. It was so nerve wracking. Knew about the long term capital gains tax but... nah.
Yeah me too I was able to keep with the stress until it finally reached the point where a bad day or 2 didn’t put me in the red and it became a leave it a forget it thing
7:34 that isn't quite true. Because you are getting to put pre tax money into the stock. If they paid you 100k you would have to pay income tax on all of it and that 50k would become 35k or what ever of stock.
I had $2000 split evenly in AMD and Nvidia in 2014. I sold it all after a small gain to get money for computer parts. I regret my decision regularly. Would have ballooned to almost $250K today. I would have owned a house by now. sadge
I know a guy that worked at First Republic for years. Apparently he had a big chunk of his net worth in their stock...
Fun fact. If you get debt forgiven you owe taxes on the amount as income. My roommate just found out the hard way on that one.
11:10 This is what Michael Burry has been warning about with Index Funds since like 2022. Bubble still hasn't popped but in a way hes right at least in theory.
Crazy the European said something about our taxes when they pay a tv tax 😂
Tax in the UK is pretty simple until you become self employed/run a company… I just pay a guy to figure it out for me 😅
I think we should give all our money to israle
You don’t pay social security tax on money made above 160,000?? Like no wonder it’s gonna run out literally such a pointless cap
Fuck social security. Ponzi scheme
Just spent $500 to do my 2020 taxes. Owe 5 grand. Inflation saved me a ton and currently I don’t think there are any penalties.
Bro it’s 2024 lol
i havent paid anything in germany since 22 years but got over 60.000€ from germany :)
My taxes are basically paid automatically, i barely had to do anything to set it up and thats why europe is great
Freetaxusa is a godsend for me. I'm gonna use that until some stupid law makes it go under
Taxes are so annoying cause most of it doesn't even go to worthwhile things. If I didn't have to pay taxes, that would be like 10k extra. And that could sterilize 200 stray cats. And that can prevent thousands of baby kittens being born on the streets.
Or it could be a kilo of coke but something tells me in most cases it would just be used for personal reasons
Crazy how the first thing your mind goes to is cutting off balls.
@@occamschainsaw3450 Crazy the first thing that comes to your mind is that and not the dying stray kittens it would help.
Its hard to say, I would argue that there is some value in actively buying and selling stocks but for a long time too many people were doing because so much money was actively managed. Has it swung back the otherway is hard to really know since actively managed funds should have more of an advantage now.
The Beauty of too much passive investment is if something bad were to happen the US would bail them out. 5head
I’ve never paid taxes.
I’ve also never had income….
That’s what you think… they coming for that money
Google doesn’t let you hold like that anymore. Many people took the risk at other software companies like the guy you showed and were in debt millions of dollars for stock that’s worthless so committed suicide.
Simple tax loophole, work 12h shifts every day, mo-fri, from 7am to 7pm, what are they gonna do? pay you for the missed day of work so you can pay taxes? didnt think so.. nice try feds, get outsmarted
Like amazon paying 0 federal tax ..
Not 0 but only 6 percent compare to the average of 25 percent
I owe money on taxes while claiming 0 and only making 38k a year in a high cost of living area. How the fuck?
Taxes are too high for the working middle and lower class
Turbo-tax will never ever let that happen. Politicians too corrupt, and have too much money on the line to do anything good. Hopefully this ages poorly lol
Does George Lucas still have a *pile* of Disney Stock? 🤔
As an accountant, there is a difference between cheating the tax code vs. following the code to your advantage. Goodluck trying to 'simplify' the code.
I don't really understand how taxes work in America, but it sounds overly complicated. In Sweden, our employers always pay the taxes for us and give us our share, so we never have to worry about taxes. It's simple. Althouh, im not entirely sure how taxes work here when you're a streamer and get un taxed income.
Sounds similar to America. You get a form from your employer that shows all the information of what you made and was paid and u just make sure it’s correct fill out the paperwork and send it. America is only complicated when you are self employed
12:00 this is claiming markets are inefficient, and that's one hell of a claim to make
well yeah, so?
all of investing is also just claiming that the market is inefficient (but on a smaller scale). if you think something is valued at the correct price, why would you ever buy it?
wasnt there a waifu dating sim thing that helped you do your taxes?
12:04 I get the glarketing here, he’s SAYING not to change our investment behavior so that the most clever people in his audience can get out ahead of everyone else.
It’s just a test, what he really thinks is that everyone should always just buy the dip.
Taxes? No thanks I’ll keep my money
3:02 the American gloating about winning wars is funny because they always think of WW1 or 2 and act like they didnt sit back for 3 years before joining either.
I mean you can just pay turbo tax for 100 and just login to your accounts thru turbo tax and it will be done in like an hour of filling out informations
100? Or $100?
I am 99% sure India will bring out a digital tax filing system before USA. India is just on top of all things digitalization with money. Chartered Accountants already have to file it digitally
America already did it lol
Actually shocking you guys don't get an easy & free tax return system.... Here in upside down land, assuming you just a simple job / not running your own business, tax time takes like 5mins of clicking to confirm and you are all done.
Tbf most people in the US have simple returns
@@naUGhtydoodRRA yeah I heard it's not as crazy as some people make it out to be. But you have like a free system that you can just do online quickly? Or does it still either cost money to be quick or takes time to do it yourself for free?
Like for us, we have our tax file number and account (via government). Log in and all the yearly earning is done. Bank interest is done too if get money through savings. Just confirm your details are still correct and done.
We have one of the highest progressive tax rates in the world lmao
Yeah but the US doesn't look at unrealised gains. The billionaires use it as collateral and get to spend like billionaires while paying barely any % in taxes
So as a licensed Financial Advisor, I've always wished we could make a youtube channel giving recommendations. Unfortunately, it's actually against the law for us to give free financial advice online. Crazy enough, it's also illegal for unlicensed individuals to tell recommend you buy any stock IF THEY CHARGE A FEE for the advice. So for now, there is no legal way to get trading advice online from a "qualified" individual.
It's crazy that insider trading is bad. Like they're acting on special information. That's skill.
Wild take man
That shit is not "skill." It's insider trading. That shit is literally illegal.
@@GoodlyPenguin I never said it wasn’t illegal, I’m saying it’s not bad
@cornheadahh It's fucking terrible. You're literally cheating using information that's only available by people that have insider knowledge. The free market is supposed to be free- not restricted to people to abuse the system. Sadly the system will never change, so you can just call it based if anyone abuses it instead
@@cornheadahhIt is literal fraud that lets you get money for free by having a higher more exclusive position, it's the house wins but you're the house
The Mom is unironically right, if you generate a full basis point+ of the US economy on your own you should be able to avoid taxes.
honestly we should be donating to billionaires for all the great work they do for this great country
@@8BitTurmoil Tip your landlord fr