Comment on POV you are rich
CosmicTurtle0@lemmy.dbzer0.com 17 hours agoThe problem is that sovereign citizens try to do this in the wrong way. They often appear pro se in court with little to no research on how to actually argue their case.
I’m not an attorney but based on my understanding of current jurisprudence, here’s what you need to do to avoid taxes:
- Be rich. Like obscenely rich.
- Hire accountants and attorneys to align your income and assets into corporations.
- borrow against those assets, listing them as part of your collateral, and then use the money to live your life.
- if you get into trouble, say that it was the corporation, not you, making those decisions. Remember that corporations are people.
- if the corporation gets charged, bankrupt the corporation until it has negative assets and the shutter it.
That’s it.
I would argue that corporations actually have more rights than citizens or even religious organizations. The only thing they can’t do is vote. Companies can literally murder people and pay a fine.
some_kind_of_guy@lemmy.world 13 hours ago
That’s not far from how the wealthy actually operate.
They also use life insurance products in unique ways. Normies buy regular term or whole life insurance and pay out the ass in premiums, whoever sold it gets a big cut. The whole focus is on the death benefit for family in case you die, no benefits in life.
Wealthy buy specially designed whole life policies and don’t care about the death benefit. They will max out their contributions and paid-up additions, then just open more policies to dump more money in. They can borrow against their contributions at a low interest rate, say 5%, for as long as they want. At the same time (and this is key) all their contributions are earning a higher interest rate plus dividends (say 6-8%) uninterrupted even if they borrow from it. Compound interest does its thing after a few years.
This is like if you had a savings account at a bank that you have full control over, earning higher interest than anywhere else. You can make a “clone” of your money at any time and use it for as long as you want at a low cost and do whatever with it. Put that cash to work in investments, buy real estate or cars and boats, start a business, pay employees, anything. While you’re doing that, the “original” sum in your savings account is working away earning interest the whole time. As long as the “clone” of your money plus interest makes it back into the account (paying yourself back) you can do it all over again and continue piling it up. An infinite money machine.
If an LLC owns this vessel where all your wealth is, and an LLC formed in, say, Wyoming – a state which allows registrant anonymity – owns that LLC and you have everything under a living trust, now you have governance over it, can create rules for how it operates, draw up contracts governing who can use it and stipulations for that access, avoid it going through court after you die, etc. You’re now shielded from personal liability, no one can figure out who owns the assets underneath that umbrella trust entity. On paper, you own nothing and control everything, you’re nearly impossible to prosecute, you have 0 income that has to be reported to the IRS. You have all the power and control and reap all the upside, while suffering none of the usual downsides written in the social contract the rest of us follow.
It sounds to good to be true, but the wealthy and powerful have been following this playbook for centuries, almost as long as insurance has been a concept. If that doesn’t describe a sovereign citizen, I don’t know what does! The stereotype of the methed up poor white guy who drives around baiting cops and argues baseless logic in court that they got from some other methed up poor white guy they met in some godforsaken chat room that is Totally Not a Honeypot Run by Feds is a red herring imo.