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Latest revision as of 16:26, 21 September 2024
Through the proposed DTC / GST legislations, the government has acknowledged the need for new revenue system but the proposed new laws apparently appear pertaining to being even more complicated then the present one.
In our software company there are two strategies to build wealth and that is through intellectual property and maintenance legal papers. These two things used together will build a company that can be sold for 2-4X revenue. Now to foster that investment with leverage, I take advantage of the "Infinite Banking Concept" to lend money to the business through "my own bank." The money firm pays me comes back as investment income which means lower taxation. The new revenue extra maintenance contracts bring foster new agreements. The next step would be to use "good debt" to leverage our coverage and buying more maintenance contract revenue with our software basis.
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My personal finances would be $117,589 adjusted gross income, itemized deductions of $19,349 and exemptions of $14,600, making my total taxable income $83,640. My total tax is $13,269, I have credits of $3099 making my total tax for 2010 $10,170. My increase for that 10-year plan would go to $18,357. For that class warfare that the politicians like to use, I compare my finances for the median research. The median earner pays taxes of a couple.9% of their wages for the married example and a half-dozen.3% for the single example. I pay 12.7% for my married income, could be 5.8% the lot more than the median example. For the 10 year plan those number would change to.2% for the married example, 11.4% for that single example, and 12.6% for me.
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