High income earners, you want to pay more taxes in 2024.

BLUF (Bottom Line Up Front) No matter how much you make, it may feel like you pay alot in taxes.  But a quick glance at our history tells a different story 📽️👇:

I recently drew up a financial plan for two amazing people.  Both were in the US Navy, were physician’s assistants, and were just generally the type of people I help on a daily basis.  I spent 20 years in the Marines, so we communicated well.

They were sitting on idle cash (like a lot of people, they didn’t know where to start investing, didn’t want to lose if the market tanked etc…) and combined they make around $500,000 per year.  They were also worried about taxes.

And…they aren’t my clients.

As with many times in my life, my lack of a filter and belief that people deserve the truth led me to give it to them straight.

One of the main things that people come to me for is tax planning.  Now reducing overall taxation is something that gets me out of bed in the morning.  But I had to tell them a couple truths:

• There is no legal way to pay net zero in taxes today (like a lot of folks, they heard real estate is a magic get-out-of-taxes-free card)
• You  want to pay more in taxes today.  

It doesn’t feel like it when you look at your paycheck but compared to where this country has been (and definately where we are headed), income taxes are near historic lows.

All of my tax planning surrounds one central theme: create tax free wealth, as mcuh as you can, as fast as you can, using whatever tools you can.

Some of those tools are known, some are less widely known but used by wealthy and high earning individuals alot.

• Roth contributions
• Roth conversions
• Mega Roth conversions
• Sec. 7702 plans
• Qualified Opportunity Zone investments
• Municipal bond investments 🤮

This quick video is a primer on why you want to pay as much income tax now so you can pay lesss overall.