A Few Words About Taxes

I don’t spend much time thinking, talking, or writing about tax-saving strategies. The reason is twofold:

1. Despite what you may have been led to believe, there are no significant tax loopholes for wealthy people. Except for the regular benefits you get from having your own corporation, high-income earners have to pay their 40 percent taxes or go to jail.

2. Even if there were any tax shelters left, they aren’t worth the time and trouble required to get into them. Everyone I know who has been involved in a tax shelter or some tax-avoidance scheme eventually has regretted it. If you want to pay less tax you’ll have to earn less income. As long as Uncle Sam is leaving you enough money to become financially independent, it doesn’t pay to work yourself up over taxes.

[Ed. Note: The above article was adapted from Automatic Wealth: The Six Steps to Financial Independence, published with permission from John Wiley & Sons. Get your copy today.]

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