Trump should do everything in his power to dispose of the BOI reporting requirements under the CTA.
The government loves imposing unnecessary burdens on small businesses.
#CTA#BOI
@vipwrldd@Bitcoin_Teddy Because the step up helps with capital gains taxes but there is also a 40% federal estate tax to be mindful of, not to mention potential state estate tax.
@vipwrldd@Bitcoin_Teddy You don’t need a trust to get a step up in basis at death and you don’t need a trust to borrow against assets.
The trust sounds fancy in this context but clearly there is a flaw in the logic.
With a high enough net worth, it maybe even be advantageous to not get a step up.
While everyone is talking about Gavin Newsom’s ‘California high-speed rail project’ thanks to 60 Minutes reporting, remember
Over $800 million American taxpayer dollars were spent to NOT WORK on the California High Speed Rail
“There's a clause in High Speed Rail called non-execution of contract where contractors are owed $170,000 a day if there are any delays whatsoever. We've been able to find out that over $800 million has been paid out on that clause, which means they paid $800 million for ZERO WORK to be done.”
@money_cruncher Another interesting fact -
Wash sale rules apply across accounts. You can’t realize a loss if you sell a stock in a taxable account and then buy the same stock in a 401(k) / retirement account.