It's a feature!
It's a feature!
“$150,000 Range Rover. It weighs 6,000 pounds. Section 179 of IRS says anything over 6,000 pounds, you can write off 100%. You could buy it on December 31, write it off that year, even though you didn't even drive the car,” he said. “Boom! $158,000 you get to write it off, that day, against your earned income, if you have self employment money, or an LLC producing other income.”
Cardone, who frequently travels on a Gulfstream G650ER private jet, also embraces leasing vehicles, such as a Rolls Royce Cullinan, which starts at around $392,000.
“The Cullinan that I have is a leased vehicle. I leased it with no money. I put it on a 24-month lease — never longer than that. Whatever the payment is, if you can't handle that payment, don’t do it. And then every 24 months I trade that car in. Why do I do a lease rather than own? Because I can write off 100% of that lease payment every month against my business income,” he elaborated.
source (finance.yahoo.com)
>“$150,000 Range Rover. It weighs 6,000 pounds. Section 179 of IRS says anything over 6,000 pounds, you can write off 100%. You could buy it on December 31, write it off that year, even though you didn't even drive the car,” he said. “Boom! $158,000 you get to write it off, that day, against your earned income, if you have self employment money, or an LLC producing other income.”
>Cardone, who frequently travels on a Gulfstream G650ER private jet, also embraces leasing vehicles, such as a Rolls Royce Cullinan, which starts at around $392,000.
>“The Cullinan that I have is a leased vehicle. I leased it with no money. I put it on a 24-month lease — never longer than that. Whatever the payment is, if you can't handle that payment, don’t do it. And then every 24 months I trade that car in. Why do I do a lease rather than own? Because I can write off 100% of that lease payment every month against my business income,” he elaborated.
[source](https://finance.yahoo.com/news/grant-cardone-believes-theres-only-103200301.html)
I'm not part of the rich need to pay their fair share bandwagon, but these loopholes are fucked up.
I'm not part of the rich need to pay their fair share bandwagon, but these loopholes are fucked up.
Agreed. But the only reason to keep them is possibly people like us can exploit them at some point.
Agreed. But the only reason to keep them is possibly people like us can exploit them at some point.
They leave this open while talking about increasing the capital gains tax which would fuck over a much larger portion of America's middle class.
They leave this open while talking about increasing the capital gains tax which would fuck over a much larger portion of America's middle class.
Capital Gains taxes shift wealth upward but the real problem is the Corporate Income Tax. Anyone with a small business pays that while the megacorps like GE and Exxon pay zero. Abolishing the corporate income tax would cost a couple of accountants their jobs but it was jumpstart small business in this country.
Capital Gains taxes shift wealth upward but the real problem is the Corporate Income Tax. Anyone with a small business pays that while the megacorps like GE and Exxon pay zero. Abolishing the corporate income tax would cost a couple of accountants their jobs but it was jumpstart small business in this country.
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