Hello everyone
I will be starting my summer analyst stint in 2021 and will be coming back on full time if all goes well. Given that there have been recent talks of increasing or changing the tax code, I am curious to know what are some of the ways you all are sheltering income from tax without locking it up until your late 50s / early 60s?
Thanks
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As an American going to work in Asia, I would like to know as well. Fuck double taxation. The US is the only nation that taxes its citizens abroad. I think I may fall under the exemption limit as An1 (mayybee) but not at all after that.
Well not only, it's us and ...Eritrea
If the US government finds out you renounced your citizenship because you didn't want to pay US taxes anymore, they say they would actually ban you from ever entering the US again, though in practice, this has only been done like twice.
if you are a W2 employee, just buy some lube, cause you're going to be fucked for your entire life. in the 20ish years I've gotten a paycheck, the tax code really hasn't changed that much (at the top end, rates are relatively low, JFK had them at 65% and they've been higher in the past), so pissing and moaning about it in my opinion is wasted time. focus on growing your income so you don't give a fuck. just always assume that some government will take 40-60% of your wages, depending upon your level of income and the state in which you live. if you don't like it, open your own business and take advantage of America's tax code, your employer already does it.
I'd also argue that given our national debt and our addiction to more entitlement spending without one iota of desire on either side of the aisle to fix the arithmetic, taxes are going nowhere but up, so rather than deferring taxes now, I'd pay taxes now and put them in tax favorable investments (roth IRAs, mega backdoor Roths, ETFs, individual equities, etc.) for the long term.
If you have flex wall in your Murray Hill apartment, you DO NOT need to worry about Biden's tax plan
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