Financial Gravity Responds to Attacks on Legitimate Tax Planning
AUSTIN, Texas, June 22, 2021 / PRNewswire / – Financial Gravity Companies Inc. (OTCQB: FGCO), responded to flaws in an investigative newsroom’s analysis of billionaire tax evasion.
At June 8, the independent editorial ProPublica published a report entitled IRS Secret Files, based on leaked tax returns, which concludes that US billionaires “pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, that their fortunes grow each year.”
ProPublica accuses them of exploiting “tax evasion strategies beyond the reach of ordinary people”. They compared how much the 25 richest Americans paid each year to the increase in their wealth over the same period, and called this their “real” tax rate. But, says Edward Lyon, chief tax strategist at Financial Gravity, “Tax practitioners understand that these gains don’t count as ‘income’ until they are sold. “
From 2004 to 2018 CEO of Berkshire Hathaway Warren Buffett wealth increased by $ 24.3 billion. He paid $ 23.7 million tax, what ProPublica calls a “real” tax rate of only 0.10%. However, Buffett just reported $ 125 million of real “income” – meaning he paid 18.96%, which is much less outrageous.
Billionaires like Buffett can borrow against soaring stock prices instead of selling. But borrowing against these gains is not limited to the rich. Americans who bought homes 10 or 20 years ago may have seen values double or triple. They can also borrow against their equity, just like Buffett. They don’t owe tax until they sell. When the time comes, they can rule out up to $ 500,000 of their gain. None of this is unethical – courts have repeatedly held that there is no obligation to pay more taxes than the law requires.
Financial Gravity’s Tax Master Network subsidiary converts CPAs and EAs into Family Office Managers who provide integrated tax and wealth management services using Financial Gravity’s proprietary planning and asset management platform . Members also benefit from comprehensive marketing and technical training resources. Interested professionals can visit www.TaxMasterNetwork.com/ to learn more.
About Financial Gravity Companies, Inc.
Financial Gravity Companies is a parent company of financial services companies including brokerage, wealth management, estate planning, family office services, risk management, business and personal tax planning, business advisory and financial advisory services. Financial Gravity’s mission is to synergistically bring together companies that create symbiotic advantages with each other in order to bring a complete financial experience to our clients. www.financialgravity.com
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, deter or change any of them, and could cause actual results to differ materially from current expectations. No forward-looking statement can be guaranteed.
The forward-looking statements contained in this press release should be evaluated with the many uncertainties that affect the business of Financial Gravity, and Financial Gravity does not undertake to publicly update any forward-looking statements, whether as a result of new information. , future events or otherwise. .
SOURCE Financial Gravity Companies, Inc.