- Idea of taxes was made popular, and accepted by the majority, by telling the poor and the middle class that taxes were created only to punish the rich. This is how the masses voted for the law, and it became constitutionally legal. Although it was intended to punish the rich, in reality it wound up punishing the very people who voted for it, the poor and middle class.
"Once government got a taste of money, the appetite grew".
- The problem is, the people who lose are the uninformed. The ones who get up every day and diligently go to work and pay taxes. If they only understood the way the rich play the game, they could play it too. Then, they would be on their way to their own financial independence. This is why I cringe every time I hear a parent advise their children to go to school, so they can find a safe, secure job. An employee with a safe, secure job, without financial aptitude, has no escape.
- You need to know the law and how the system works. If you're ignorant, it is easy to be bullied. If you know what you're talking about, you have a fighting chance. That is why he paid so much for smart tax accountants and attorneys. It was less expensive to pay them than pay the government.
- Financial IQ is made up of knowledge from four broad areas of expertise:
- Accounting
- Anvesting
- Understanding markets
- The law: tax advantages and protection from lawsuits.
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