People think tax write offs make things free. In reality it's a discount equal to your effective rate. Congrats spending $100 to save $20 on your taxes 😂

@Lillith.

25 күн бұрын

If you always intended to buy it, great deal. Through my job my gym is tax free, which is a great deal for everyone who goes to the gym. For the ones who just got it for the essentially cashback, it's an extra expense.

@justgaming6245

25 күн бұрын

@@Lillith. yeah those people are the ones buying Range Rovers to sit and rot at the end of the year to save on taxes. So dumb

@Theaverageazn247

24 күн бұрын

it depends. like lets say you want that shinny new f150. Buy it for your "LLC" save a bunch on taxes. That could be tens of thousands

@d_all_in

24 күн бұрын

@@Theaverageazn247 ok so spend $100k to save $20k. Genius move lol

@TonyCox1351

24 күн бұрын

@@d_all_in”I only dropped $80K on this truck I didn’t need!”

Former IRS agent here - that first clip, yes, he is full of it. Once I hear that he has put his family on as board members and then he is deducting family meals EVERY night at his house on his taxes, I am disallowing everything. Then I am going to dig into every aspect of his business because he is being incredibly aggressive and no sane person would buy that interpretation of the code. I'm also leaving that meeting thinking I may have a fraud case on my hands. Second, if he is doing this he isn't affording it because of the tax savings - for every dollar he is spending he is only saving 18.5 cents AT BEST (assuming 37% tax bracket - 1*0.5*0.37). Nobody stays in business spending $100,000 to save $18,500.

@Spencer1231

25 күн бұрын

Sorry, you lost me at former IRS agent

@Chris-ew9mh

24 күн бұрын

Got to love the fact that he gave a full admission on video for review. 😋😋

@heidiortiz9352

24 күн бұрын

But how does the Maritime Law work?? 😂

@rogergeyer9851

24 күн бұрын

Sounds great, but then WHY do so many super rich people get away with so much, re tax loopholes, special tax structures, etc. and "legally" pay far less taxes (as a percentage of their income) than the middle class? As a person who honestly pays all the taxes I owe (though I certainly take legal deductions, deferrals, etc), it really FROSTS me when rich people get away with lots of nonsense.

@Takito_Loko

23 күн бұрын

@@rogergeyer9851I think you answered your own question with the “legally”. What they do is actually legal, they hire the best of the best accountants to make sure of that. Doesn’t matter how shady it is as long as it is legal.

Im just gonna jump at midnight on 4/15. That way im not on US Soil and not subject to federal income tax

@epicvids9557

25 күн бұрын

The US government owns the air too. Sorry bud.

@carlgarrett5142

25 күн бұрын

😂😂😂

@Justchilling8261

25 күн бұрын

😂😂😂😂😂

@nicholasjackson8782

22 күн бұрын

I'm dead 😂😂💀💀

Teaching your daughters daytrading? They would probably be better off learning card counting in Vegas

@kevinkanter2537

25 күн бұрын

no - at least they don't have a pit boss or a "Guido" introduciing themselves to the girls ----- this is seriously a mother teaching her daughters how to get-rich-quick, next scamming - later card-counting (if they have the home-schooled mathematical ability for it) ----- definitely child abuse.

@M_SC

25 күн бұрын

At least that’s regulated out of the hands of children, legally

The guy in that second clip 1000% knows those cars are getting repossessed.

@elmateo77

14 күн бұрын

Hmm I wonder if you have to give back the tax write off when a vehicle is repossessed...

these influencers really gain any money by duping people into buying their "system" ........it is refreshing that there is a huge backlash now to all influencers

"401K is a way to hide money for the future" True, but the best part is that if you started contributing at 25, you will be taking out lots of money that you never put into the 401K plan. Living off that growth for a decade or two is a great thing even if you are paying income tax.

@rogergeyer9851

24 күн бұрын

There are LOTS and LOTS of highly tax efficient index funds and mutual funds. Vanguard for example, has a big crop of them. The idea that you must have an official tax advantaged account like a 401-K to defer taxes is nonsensical. And with such ETF's and funds, you aren't constrained re investing, by all the limits and rules for 401-K's, IRA's, etc. Or the massive fees of annuities.

@patternpaper4940

20 күн бұрын

@@rogergeyer9851Have fun paying income tax on what you put in AND capital gains taxes on what you pull out

@penguin12902

20 күн бұрын

Or you can just use a Roth 401k and pay the taxes now....

@gibblespascack1418

20 күн бұрын

@@penguin12902 That is if, your company offers a Roth 401K. They may not and to get the match, they might only match the regular 401k.

@Dschrec

20 күн бұрын

@@rogergeyer9851Yes but almost every company is going to offer some sort of match and I bet those index funds are giving you a 100% or 50% guaranteed return. So not contributing at the least the minimum to get the full match before doing the other stuff is just stupid.

One aspect of the tax benefits of a 401k not often talked about is how you likely get a tax deduction at a higher tax bracket than when you withdraw it. In my case, most of my money going into my 401k would be taxed at the 24% tax bracket. I expect my income will be lower in retirement, so I doubt I'd hit the 24% tax bracket then, but even if I did, a lot of my withdrawals would be filling the 10%, 12%, or 22% tax buckets. So, while it is true that I'll need to pay taxes when I withdraw from my 401k, it will be less than the savings going into it. And while it's possible taxes will be higher in the future, I doubt there will be the political will to raise taxes at the lower brackets, where I expect most of my retirement income to be.

@saraashkir5793

25 күн бұрын

Nope! Withdrawing 401k growth is still taxed at income tax rate, not capital gains tax! It’s seen as retirement income

@rffinances8567

25 күн бұрын

@@saraashkir5793 Right, it's taxed as ordinary income, but it's likely most of it would be in a lower tax bracket than it is when it's deposited. Again, in my example, the money I put in the 401k would be at the 24% tax bracket. But when I withdraw it, I won't have much other income, so at least part of it (and perhaps all) would be at the 10%, 12%, or 22% tax brackets.

@saraashkir5793

25 күн бұрын

@@rffinances8567 gotcha! I misread your comment earlier, thanks for the reply

@Kingolimar354

25 күн бұрын

Why are you assuming tax brackets will be the same in 40 years? If anything they will be higher

@markgordon6717

24 күн бұрын

​@@Kingolimar354You're missing the point. You get the tax deduction on the marginal tax rate, but when you take it out, you're paying the effective tax rate. In general. I think this is correct, however you have to be careful about if there are other sources of income as well.

I lose braincells anytime I hear Grant Cardone's voice😅

@zzzarkka

20 күн бұрын

Dude is cringe to watch. Even worse he’s getting his daughters to act like that like they aren’t nepo babies.

10:35 i hope i never have to see another video by this guy ever again in my life

@eedre4864

24 күн бұрын

If you have kids, this is the natural evolution of a lot of KZread Kids content creators.

@grace.1123

24 күн бұрын

@@eedre4864 thankfully I don't and this is another reason I never want to!

9:30 is my mom in a nutshell. She'd always say "I'm going to move out of my Section 8 apartment this year, watch." She's been saying that for the past 21 years.

@ The Money Guys. Perhaps do a simple model showing a younger person that keeps buying new cars vs one that buys a good used car and saves for retirement early (e.g. 88.3X multiplier).

@michaelellenberger3183

25 күн бұрын

I think about this nearly every time someone tells me they have nothing to save at the end of the month when they have over $500 car payments and I just think to myself if you put that in the market over 30 years, you could have half $1 million but instead you want a brand new car with nothing to show for it For example my sister was complaining about being broke and having no extra money at the end of the month however, in the same discussion making fun of me for still living with my dad and paying $400 for rent while she’s paying $2000 in rent to live in a “luxury apartment“ and her and her husband have a fairly new Jeep Wrangler and Nissan rogue with probably over $1000 a month in car payments on top of higher insurance premiums because they are newer cars and are now struggling to save payoff debt and get a down payment for a house

@rffinances8567

25 күн бұрын

Brian did a study like that in his book.

@jerrylundegaard2592

25 күн бұрын

Actually a vehicle, new or used, is an expense. All vehicles cost money. That expense is the cost of the vehicle spread over its life less the cost recovered at disposition. So a new vehicle bought at $40K used for ten years costs less than $4K a year. A used vehicle of the same make/model bought at $24,000 used for eight years costs less than $3K a year. A difference of about $80 a month, not a big deal for many folks. With the new vehicle, if purchased well, you have a manufacturer's warranty of 3-4 years plus more for the power train and you often have 3 years or so of free maintenance. The key thing about buying a vehicle, new or used, is to ensure the cost of the vehicle (including things like insurance, registration, fuel, etc) fits within your budget. The simple reality is if buying a new vehicle is an inherently bad concept those 16 million buyers of new vehicles each year would not buy new. Personally, I would not buy someone else's problems.

@matthewwalker5265

25 күн бұрын

@@jerrylundegaard2592 This. Just don't also forget about loan interest (if a loan) or opportunity cost (7% against S&P 500).

@dubnr3d

25 күн бұрын

​@@jerrylundegaard2592 You're forgetting a few variables like insurance, taxes, registration, etc. It's more than just the monthly payment.

The funny thing is she shows a bunch of individual stocks like Google and Palantir that are dragging down her portfolio by even more than VOO by her logic.

@Squirrel-ts7bb

25 күн бұрын

There's also the fact that all she does is show the stocks that outperformed and ignored the rest. Anybody's profile will look impressive if you just show the winners and stop. I also like that she conveniently plastered her face over the scroll bar, so you can't see how much further it goes.

Tik Tok Finfluencers are crazy. Highly recommend ignoring 99% of them

Thanks you so much Money Guy Show for all you do! You react and also educate. Keep up these videos coming, really enjoyable!

That Alameda Research chick also claimed she is not math wiz. I forget how that worked out.

The "oh ya, right back up" comment from Brian has me in tears hahaha 😂

I love these types of videos! I always find someone parroting one of these people on tax write offs. Also people thinking tax write offs being an infinite money glitch, they don’t understand you still pay for it.

3:08 (Brian’s Troll Here) …Nice video guys, seeing your reactions sprinkled with reality makes my morning

If you're so successful it's in large part because of the infrastructure and laws in this country. Just pay your taxes jfc.

I LOVE THESE EPISODES

Bo, is there ever a time you are not excited? Would love to see a (short video) of the things that bore Bo.

Kiana Danial; according to an article from business insider; was fired from Wall Street ( she was PR associate).. started “hustle jobs”.. ( KZread; books and courses in investing - from a washout PR associate 😂).. in mid-2021 has 2 million net worth ( less in her investment portfolio).. and now 3 years later.. 4.7 Million in her portfolio? Yes sure 🤦🏻‍♂️

I've watched a few of these react videos and Bo's face always sours once Grant Cardone pops up😅 I think it's the only time he's not excited to discuss a subject

I would love to see a “Financial Blunders” bingo card that they can mark off during these TikTok videos

Some of these Tik Toks can really be infuriating lol…. Thanks for keeping us grounded, Money Guy team!

Bo - "when I look at my portfoliio .... that's not what I do" ... OMy ---- ROTFL

You absolutely can access funds in a 401k pre retirement. Roth convert and wait 5 years or IRA SEPPs or a 401k loan. It just takes some planning.

@craigholland2274

24 күн бұрын

Rule of 55. And like you sd roth conversion ladder.

Everything about this homeschooling mom screams "I'm a good Christian!!!". Honey, why in the name of pedagogy are you teaching your children how to gamble? And it's not even the house you're boxing up against, it's whole ass computers and algorithms designed to do what you're teaching your toddlers to do, but 10.000 times better

What’s “NuhVidia”? 😂

"Was her name Diamond?" 😂😂😂

I love these, please do Brian Bishops credit card advice next time 👀

Good job editor. I got that yelling sound clip music video reference. I see you.❤

Lol you can deduct anything until they audit you.

This was a fun one!

Glad I have my Roth 403b / IRA and an HSA

Happy Friday yall! How excited are we this morning?

@tylersaunders3809

25 күн бұрын

I am so so so so excited.

New follower here. What’s the story with the $88 beer coozie?

@Chris-xt8io

25 күн бұрын

When you’re 20, 1 dollar can turn into 88 dollars in retirement

@rayzerot

25 күн бұрын

The coozie is a reference to how powerful compound interest is. How $1, compounded at average historical market returns, maths out to $88 by the time you hit retirement if invested it while you're young

Would love to see a collab with Dallen Haws from Haws Financial to do a TSP video.

Love the mini cyber truck

IIRC, boat guy is actually going through some issues with the IRS.

10:07 The Best Burn!

Money guy show, could you guys make a video about things to do 5 years before retirement

outrageous, it's difficult to believe that 1) there are people like that out there posting "advice" and 2) that they believe anyone would ever take their advice seriously. Surely when they make those slapstick videos it's only so viewers can have a laugh.

@carlgarrett5142

25 күн бұрын

Sadly, if you go over to Coffeezilla's channel, it turns out that there are tons of people falling for this kind of Cheap grifting. Patrick Boyle did a very insightful video about what he calls financial nihilism that explains a lot about why this keeps happening.

I underperform S&P. I best Dow Jones. Is that good?

Cardone was not wrong on three points. 401k does lock you in for decades, with no withdrawals. There is a penalty for early withdrawal. And taxes are likely to be higher in the future than today.

You can also take a loan from your 401k and some emergency cases you can do withdrawals early penalty free.

As a city boy who was homeschooled, I'm offended 😂

Hey Brian… fyi, it’s pronounced EN-VIDIA, not NUH-VIDIA. :) Great video as always!

@MoneyGuyShow

25 күн бұрын

Now do boiling point and naked 😉😂

@ShahedChowdhuri

25 күн бұрын

⁠ok.. - bowling point - nekkid Also if Bo is excited to read this comment… - soul security

Stevo may have done a lease. "I bought a car!" is a common thing to say whether leasing or buying. In the case of leasing it is best to put no money down.

@sambulthuis287

21 күн бұрын

Agreed, unless you intend to buy out the lease at the end of the term

If everyone buys index funds, then the system is not cleansing itself because you are indirectly buying those under-performing stocks because they are in the index!

If you are 30 years away from retirement, Roth 401k is much better. If you are 10 years away, maybe 401k.

@Yugiboii

Күн бұрын

Not really based on years but rather on your current tax rates

I've never heard of 20/3/8. Is that 8 supposed to be pre or post tax income?

Grant wants you to cash in your 401k so you can spend it all on his courses.

The maritime law guy looks like Bill and thinks like Dale. Good thing you all are honest like Hank.

These react vids make me so happy to not have stupid tik tok

I have to say there are faster ways to become rich than consistent index investing. It's just they usually also happen to better ways to end up broke. Anyone selling them as a guarantee is either blinded by survivorship bias, a scammer, or both.

"Growing Chickens." Tell me Bo is not a farmer/rancher without telling me you're not a farmer.

She didn't just get and out and the right time. She did that perfectly over and over again for a 1000 times. $500 to 4.whatever million.

That steveo guy should film the customer after 6 months and ask if they still would have bought the car

I would be converting that 401(k) to Roth right now

500 down on the Charger. That man’s paying 1273 dollars a month minimum

Can you please make a video about 17 year olds making 250,000 student loan college decisions without considering how that much debt for a piece of paper could potentially hinder progress in life. (my little cousins parents are walking her into this decision) i may not be able to convince her otherwise but what can i tell her so that she isnt surprised once she graduates?

The majority of her gains were like 20 something percent. How is that turning $500 into $4.7M?

9:28 plus if you could avoid paying income taxes by just chilling out on the ocean for a week, i'd think all of the wealthy ppl with fully stocked yachts would be taking advantage of it already.

The statement about retirees being in a lower tax bracket may be true while both are living. As soon as one goes there is a good chance of the survivor jumps up a bracket.

I think this guy just invented accounting

Can y’all talk about how we don’t really have to pay taxes because it’s illegal and there’s no law saying we have to pay taxes 😑…..😊

Why do people act as if index funds are guaranteed growth? Just because something worked in the past does not mean it will work in the future. Just because it worked for 30-40 years, it doesn't mean it will also work in the next 40 years. You can hand wave all you want but your course/book whatever is still shilling that "secret" while saying there is no secret.

@TonyCox1351

24 күн бұрын

It hasn’t just worked for 30-40 years it’s worked for over 100 years. The average growth of the S&P500 for 100 years is 10.5%. Will it work continue working next year? I can’t guarantee it, but probably yes it will

For the 401k topic, if $1 can turn into $88, then I'd rather pay 40% on the $1 than 1% on the $88 (assuming you can pay the tax in addition to funding the account, and it isn't eating away at contributions). It seems like traditional retirement accounts don't start to make sense until (maybe) close to retirement, and before that, Roth and brokerage accounts make more sense. I'd love to see a video going deeper into the math for this.

@stevenspencer306

21 күн бұрын

What? That 40c in tax you paid could have turned into another $35.2, versus the 88c in tax you paid in retirement... You were much better off taking the lower tax rate.

The index fund girl is funny, because there are a bunch of stocks under the index fund, which kind of invalidates her point. You basically have to be lucky.

I think there’s a lot to be said about the mental powers and sickness. While yes there is a fine line that that guy didn’t mention, I’d bet there is a fair amount of brain power that can go into how our bodies respond to it. It’s probably going to be mostly marginal differences but differences nonetheless

@11:00 Buddy forgot about Implied Volatility build into the options. When a security falls that hard that fast, the options will try to price in the rebound. Not to mention the widening of spreads between the bid and ask will make it hard to get in at the price you want. Kid is fulk of 💩!

Been more American if the guy on the boat if he had some PBR

Doctor: You have cancer. Me: I don't believe I have cancer. Doctor: Well, you are cured then. I need to go tell all my other patients to just not believe they are sick and we can close this hospital! You sir have cured all disease!!!!

A roth 401k would be tax free

1:11 do you both admit that he is correct but are afraid to be as assertive with the deductibles, as he. Say that opposed to making him appear to be a misleader. You guys are thinking algebra when he is thinking trigonometry. Yeah it’s similar, but your business industry, the number of business types and how they are interwoven, makes this a simple feat. The guy is in real estate, coaching, advising, consulting and accounting. Those are easy plays as a social media influencer, B2B as well as B2C and especially a person who does all there. If you sit on an accounting firm job role, working a simple w2, investing that money, you might want to be as soft as you both but please, don’t make different bad when you partially agree. Connect of business matters, especially when you have management and payroll companies. Explain, with context, instead of complain and shame.

The intro song sounds like farts

2:18 this is just sad. He is literally shackling that kid for years

13:45 Thanks Bo, i needed to hear that. in this post virus economy, stocks are going up.... a LOT. but as a conservative person, I only invested in blended funds rather than individuals stocks. so its good to hear that in THIS BULL economy that individual stock could outperform blended funds in the short term. while im not sure if I'd do that, since I dont personally invest my own funds but use a robo investor. But idk if I could temporarily do short term high risk stock then sell before the markets go back to their see-saw pattern. I still dont really wanna tell folks to invest but since I have a blue collar job, i want my generation to have what the boomers had. 1) get an education 2) hold a good career 3) get a home 4) save for retirement 5) live comfortably while I knew you guys arent Caleb Hammer, i love the way he guilt trips folks who dont plan for their retirement. Since the parents dont understand how their adult kids will inevitably feel. (if they had a heart)

there are two way to get rich overnight - casino or lottery. ROTH IRA - must have retirement account. tax free - do not require withdrawals . you are still supporting your family from heaven after you died. your account will still grow 9 more year Tax free. new rule for 2024. " 10-year rule for inherited Roth IRAs Notice 2024-35 will not apply to your account if you have an Inherited Roth IRA. Under the 10-year rule, Inherited Roth IRAs are not subject to RMDs in years one through nine, regardless of the deceased's age. If you don't need the money, you might want to leave the funds in your Roth IRA for as long as possible for as much of the 10-year period. Your account will grow tax-free and can be withdrawn tax-free in the future. "

: )

I think many of us financial mutants will be earning/collecting more income by the time we begin withdrawing money from 401Ks. 😀

A part if me really would like to see us abolish all forms of taxes just for a year so people can see what life without taxes look like. People are too damn happy about not paying taxes or reducing their taxes so why not make their dreams come through. And rest easy, those people will be fine. If you already have tge kind of income to qualify for many of these ridiculous tax breaks, you will be fine. But I think the regular people need to feel it in their souls.

@glasshalffull2930

25 күн бұрын

Sooo, you’d be fine with no air traffic controllers, no maintenance of interstate highway, border wide open( oops, that one already happened), no federal crimes investigated and on a local level no firemen, no police, no trash pickup, no code enforcement??? Certainly, the government could spend taxes more judiciously, but make no mistake that modern society, which is pretty damn nice, would exist without taxes.

@mrmistmonster

25 күн бұрын

​@@glasshalffull2930please read more carefully what you are responding to. You are trying to lecture somebody that agrees with you

@glasshalffull2930

25 күн бұрын

@@mrmistmonster Try presenting your ideas in a clear fashion.

@1violalass

19 күн бұрын

@@glasshalffull2930 Mrmistmonster was not the original poster, they are someone who /read/ the original post.

Without a doubt, this year will be worse than the previous one. I lost a lot of money last year as a result of bad investment choices that I would not have made if I hadn't been so worried about my portfolio. I kept investing, but I wasn't sure if I should start paying for a house. My jobs were eventually sold, and the house needed more maintenance than I had thought. I don't know how much longer I can carry on like this.

@BaileyJames-zv2ddd

25 күн бұрын

Yes, in fact. I was able to use high-yielding bonds, exchange-traded funds (ETFs), and shares to diversify my portfolio across several markets and achieve a net profit of more than one million dollars with the help of a financial planner. It's crucial to be exposed to a variety of businesses, especially ones that are already generating cash flows.

@AdamWright8fool

25 күн бұрын

Please let me know who your adviser is if it's acceptable with you, as my portfolio hasn't been doing well lately. I'm in need of suggestions.

@BaileyJames-zv2ddd

25 күн бұрын

*Leah* *Foster* *Alderman*

@BaileyJames-zv2ddd

25 күн бұрын

Just take a quick look at her details to find out more.

@SpazzMatticusTheGreat

25 күн бұрын

The bots are now talking to one another

My system is to listen to the best advice by the smartest people and then do the exact opposite of what they say b/c i assume they are trying to profit off me.

The guy on the boat the clip is stolen. He does not talk about money, just loving America.

That Kris guy is partially right. Your subconscious mind is the most powerful force. If your subconscious mind believes it then it will be true. There are books out there that discuss this.

@InesPerez-v5j

21 күн бұрын

​ @TheBusDriver98 This is my opinion on investing: I spent $12,500 and am currently sitting on $53,000. Do your own research to learn, and work with an investment adviser like "Mildred Geneva Hyder."

@9:30 so by his logic we can cure cancer by telling patients to keep saying " I don't have cancer. "

That managers not beating index funds is true now or just from the 70s? Why is FANG beating index funds by double. And, please don't pronounce it as na-vidia. It is pronounced en-vidia.

@TonyCox1351

24 күн бұрын

Managers not beating index fund is true over 9 of the last 10 years from what I read. And FANG is beating indexed because it’s more concentrated. NVIDIA is beating FANG. So by your logic, just put 100% of your portfolio in the winner, right? Wrong - too much risk.

14:40 I'm going to be slightly annoying, but nvidia isn't pronounced that way

@MoneyGuyShow

25 күн бұрын

You must be new here…. Wait until you find out about boiling point and naked 🤷‍♂️

@arh1234

25 күн бұрын

​@@MoneyGuyShow 😂

Am i supposed to trust the judgment of dudes with a cyber truck toy in the background?

Taxes will go uo and down over time. Regular 401k can be good when republicans are in office and taxes are low. Roth 401k is great when taxes are high and democrates are in office. Set up a brokerage and your social security you can turn the pre rax money into an annuity and now you have 4 streams of income. Add a rental property and you have 5. There is no one way to take money.

Keeping your kids from social interactions with kids their own age, denying them an education, and teaching them how to gamble...truly mother of the year.

Hallelujah!!!! Am Very happy to share this testimony God is good i was owning a loan of $47,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $8,000 and got my payout of $270,500 every months, God bless Kathy lien

@larryhenry2070

25 күн бұрын

I'm 37 and have been looking for ways to be successful, please how??

@andrewmikel7034

25 күн бұрын

Sure, the investment-advisor that guides me is..

@andrewmikel7034

25 күн бұрын

Mrs Kathy lien

@freddiearthur2151

25 күн бұрын

Her services is the best, I got a brand new Lambo last week and paid off my mortgage loan thanks to her wonderful services!

@annajack2371

25 күн бұрын

😱Sounds familiar, I have heard her name on several occasions.. and both her success stories in the wall Street journal!

If I just go out into international waters and wait until 12:01am on April 16th, I'm not subject to and don't have to pay taxes?!?! Genius. Amazed more people don't do that then... Quite possible the stupidest thing I have ever heard.

Oh that’s a fucking scam yet I can pay taxes on everything then still have to pay taxes at the end of the yr how bout no thx