Austin, Texas, June 22, 2021 / PRNewswire / – Financial Gravity Companies Inc. (OTCQB: FGCO) responded to errors in an investigative newsroom’s analysis of billionaires’ tax avoidance.
On 8th JuneIndependent newsroom ProPublica released a report, The Secret IRS Files, Based On Leaked Tax Returns, Which Concludes That American Billionaires “pay income taxes that are just a tiny fraction of the hundreds of millions, if not billions, whose fortunes grow every year. “
ProPublica accuses them of using “tax avoidance strategies beyond the reach of the common man”. They compared how much the 25 richest Americans paid each year, how much their wealth grew over the same period, and called that their “true” tax rate. But, says Edward Lyon, Chief Tax Strategist at Financial Gravity, “Tax professionals know that these profits are not considered ‘income’ until they are sold.”
2004-2018 CEO of Berkshire Hathaway Warren Buffett’s Wealth grew around $ 24.3 billion. He payed $ 23.7 million in the tax that ProPublica calls a “real” tax rate of only 0.10%. Buffett only reported, however $ 125 million of actual “income” – which means that he paid a far less scandalous 18.96%.
Billionaires like Buffett can borrow against rising stock prices instead of selling them. But borrowing against these profits isn’t limited to the wealthy. Americans who bought homes 10 or 20 years ago may have doubled or tripled the values. You can also borrow against your equity, just like Buffett. They don’t owe taxes until they sell. When that time comes they can be up to rule out $ 500,000 of their profit. None of this is unethical – courts have routinely determined that there is no obligation to pay more tax than required by law.
Financial Gravity’s Tax Master Network subsidiary transforms CPAs and EAs into family office directors who provide integrated tax and wealth management services using Financial Gravity’s proprietary planning and wealth management platform. Members also benefit from extensive marketing and technical training resources. Interested professionals can visit www.TaxMasterNetwork.com/ to learn more.
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About Financial Gravity Companies, Inc.
Financial Gravity Companies is a parent company of financial services companies including brokerage, wealth management, estate planning, family office services, risk management, business and personal tax planning, business and financial advisory services. Financial Gravity’s mission is to synergistically bring companies together that create symbiotic advantages for one another to deliver a complete financial experience to our clients. www.financialgravity.com
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, redirect or change any of these, which could cause actual results and results to differ materially from current expectations. No forward-looking statement can be guaranteed.
Forward-looking statements in this press release should be assessed together with the many uncertainties that will affect Financial Gravity’s business, and Financial Gravity assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.
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SOURCE Financial Gravity Companies, Inc.