Tax Reform Here and There
Upcoming & Ongoing Events
Starting Date: Sunday, February 23, 2025
Ending Date: None
AI and Wealth Management – On-Demand
https://truesdellwealth.com/events
Starting Date: Wednesday, March 5, 2025
Ending Date: Sunday, March 23, 2025
The Truesdell Military Portfolio – Seven Companies Profiled
https://truesdellwealth.com/events
Friday, March 21st, 2025 at 6:30 pm - All Reservations Taken
Casual Cocktail Conversation at the Stonewater Club
In-Person – Reservations Required – Text or Call 352-612-1000
“or” use the Contact Form: https://truesdellwealth.com/events/rsvp
https://truesdellwealth.com/events
Friday, April 18th, 2025 at 6:30 pm - Reservations Available
Fixed Cost Real Estate - The No Commission Listing Agent Process
Casual Cocktail Conversation at the Stonewater Club
In-Person – Reservations Required – Text or Call 352-612-1000
“or” use the Contact Form: https://truesdellwealth.com/events/rsvp
https://truesdellwealth.com/events
Meet the founder of Fixed Cost Investing™ and Fixed Cost Real Estate Agent Compensation. Paul Truesdell pioneered procedural estate document preparation, investing, and real estate agent compensation. Why pay more because you have more, or receive less because you have less? Combining Old School with NEw School
for a ONE School approach that works.
Friday, May 16th, 2025 at 6:30 pm - Reservations Available
Essential Florida Estate Documents
Casual Cocktail Conversation at the Stonewater Club
In-Person – Reservations Required – Text or Call 352-612-1000
“or” use the Contact Form: https://truesdellwealth.com/events/rsvp
https://truesdellwealth.com/events
The Living Trust, Irrevocable, Charitable, Pet, and Special Needs Trusts, Basic and Pour-Over Will, Durable Power of Attorney, Health Care Power, The Truesdell Living Will, The DNR, Probate, Trust Administration, Asset Protection, Medicaid Avoidance, Pre-Need Guardian, and more. Over 50,000 have attended since 1986.
Tunnel to Towers Benefit Concert
The Truesdell Companies was the primary sponsor of the Eirinn Abu benefit concert for Tunnel to Towers, which was held on February 28th at the Circle Square arena in Ocala, Florida.
https://t2t.org/
Podcast Personality
Paul Grant Truesdell | Founder & CEO
J.D., AIF, CLU, ChFC, RFC
The Truesdell Companies
The Truesdell Professional Building
200 NW 52nd Avenue
Ocala, Florida 34482
212-433-2525 - Switchboard
paul@truesdell.net - General Email
Websites
truesdellwealth.com
Truesdell.net
PaulTruesdell.com
youtube.com/@truesdellwealth
Find The Paul Truesdell Podcast also at:
Apple | https://podcasts.apple.com/us/podcast/the-paul-truesdell-podcast/id1586024560
Spotify | https://open.spotify.com/show/2BYDLetiMboIGRFPjIkglJ
Transistor | https://thepaultruesdellpodcast.transistor.fm/episodes
LinkedIn: https://www.linkedin.com/in/paul-grant-truesdell?lipi=urn%3Ali%3Apage%3Ad_flagship3_profile_view_base_contact_details%3BUuNTfp3aQRyLPjGywquQRQ%3D%3D
Rough Notes
0:00
Good morning, good afternoon, good evening. This is episode 422, of the Paul Truesdell podcast. We call it the Paul Truesdell podcast because that's my name. It makes sense, right? This is episode 422, and the title is tax reform here and there. Going to talk about Governor DeSantis, Donald Trump, the repeal of the 16th Amendment. We're going to talk about a consumption tax, property tax, and a whole lot more plus. At the very end, there'll be an invitation to attend a special cocktail conversation for those of you who have already attended one or our clients, that'll be for you. Okay, what do you say? We get started,
0:35
you are listening to the Paul Truesdell podcast, sponsored by Truesdell wealth and the other Truesdell companies note, due to our extensive holdings and our clients always assume that we have a position in all companies discussed and that a conflict of interest exists. The information presented is provided for entertainment and informational purposes only. Truesdell wealth is a registered investment advisor.
1:00
Property taxes in Florida have become a major concern for homeowners of all kinds and investors alike. Over the past decade, these taxes have quite literally doubled, creating a significant burden for property owners. Some clients of ours, who, for example, have beachfront properties, are now paying an annual property taxes? Well, it's in the six figures, and for unremarkable homes that were built 50 years ago, it's just not right for many Floridians, property taxes are now, well, competing with mortgage payments in size. Congratulations. Governor DeSantis has taken up this cause and is calling for a constitutional amendment to eliminate property taxes entirely. Several other states, including Wyoming, Kansas, Montana, are also considering significant property tax reforms. This potential shift away from property taxation would fundamentally change how real estate ownership works in our state. The current system essentially prevents true ownership. It really does. My father always said, You never own your property outright when they have property taxes. So as a matter of fact, failing to pay these perpetual taxes, well, it results in property seizure period, no if ands or buts. The possible alternative would be to implement a sales tax on property transactions instead. And this would create a one time cost, and it would eliminate the perpetual burden of annual property taxation. This change could make, well, property ownership more straightforward and potentially more accessible through the initial purchase that would be a well that would be a tax burden. However, now from a wealth management perspective, such reform would require adjustments to long term investment strategies and property holding plans, true property ownership without ongoing taxation, would change to calculus for many investment portfolios. Meanwhile, there are interesting developments in government operations that could affect a variety of market sectors. The current administration is implementing cost cutting measures at an unprecedented speed at the federal level, the recent case involving the United States Institute of Peace, for example, highlights its approach with reports of teams working at the speed of war, quite literally, to reduce government spending and bureaucracy. You know, the aggressive streamlining could impact companies that work closely with federal agencies, but those companies generally don't make anything. But I digress, financial technology sector is also seen in well notable developments. A recent study compared artificial intelligence and human judges in legal decision making. I think you're going to find this interesting. The finding is that artificial intelligence followed by legal they followed legal precedent more consistently than human judges, who are often influenced by emotional factors. And that's should not be a surprise. This has a well potential implications for financial regulations and enforcement, and as there's more predictable regulatory environments. They generally benefit the markets and investment planning. You know, we have judges out there. They're rogue, they're out of their minds, and their decisions are based upon, well, insanity. If you want to see insanity, look at the judge who presided over the case against General Michael Flynn, that was insanity. Well, these efficiency focused changes combined with potential tax reforms suggest that we're entering a period of significant institutional transformation now for wealth management strategies, this means staying alert to changes regulatory environments and tax structures. So.
5:00
That could either create new opportunities or present challenges depending upon individual financial situations. Now, when developing investment plans during such transitional periods, flexibility becomes crucial. Diversification across different asset classes can help mitigate risk associated with sector specific policy changes. But I want to make one thing perfectly clear. We're talking about investing for the long term. For those of you who are retired, it changes to income planning for the present, near term and long term. Now, let's talk about real estate investments, because they may need reassessment, depending upon the outcome of the proposed tax property tax reforms, the transparency and accountability of institutions that impact our financial system remain essential factors when evaluating market stability and investment opportunities. And recent disclosures of historical government operations have reminded us that institutional practices can significantly influence market conditions and investor confidence. And one thing's for sure, a lot of people have lost a lot of confidence when it comes to the government. Now to that regard, I want to talk a little about income tax reform and, well, economic circulation of money. I want you to consider something that's really more fundamental than property tax reform, and that's a complete elimination of income tax through the abolishment of the 16th Amendment. Now, along with this, we should examine repealing all we now should examine we must repeal all charitable deductions. We must eliminate all foundations, all charitable trusts, and we must reinstitute the rule against perpetuities. Now here's why this matters to your financial future and your children's if you look at consumer spending patterns, the top 10% of all income earners are responsible for 50%
7:01
of all consumer spending. Now I'm going to be rounding the numbers, but let me repeat that the top 10% of income earners are responsible for 50% of all consumer spending. Now this means that a consumption tax would naturally be progressive without requiring complex codes and regulations. People who make more spend more. It's always been that way. Put this in perspective, the top income brackets in our country break down as follows. To be in the top 10% you need to make about $200,000 a year. The top 5% starts at around 400 and the top 1% begins at approximately $900,000
7:48
a year. A consumption tax based on this system would simplify collections and ensure those who consume spend more the savings from eliminating our current tax system would be massive. Think about the countless hours and billions and trillions of dollars spent, not annually, but over just a decade, on tax accounting, compliance and planning all out the window businesses would no longer need extensive accounting departments focused on tax minimization. Individuals, you and I, we wouldn't we would not need to track receipts, maintain records for deductions and worry about audit risk, none gone, done. We would completely eliminate the need for income tax advantage. Retirement accounts, no more defined benefit. Pension plans, no 401, KS, 403, Bs, 457, plans, IRAs or Roths, no simplified pensions gone, the entire concept of tax deferred or tax free growth would become irrelevant because there would be no tax on interest, dividends and capital gains, your money would be truly yours if you don't want to spend it, you keep it simple as that. Now this creates a pure incentive for saving without complete tax implications. Also, this is important. We have to eliminate lock, stock and barrel, all estate taxes, and I'll tell you the reason why, in a moment, I want you to imagine a financial decisions based solely on what makes economic sense, rather than what is in the offering for tax advantages. Of course, prudent national finance would require establishing a sovereign wealth fund, just as President Trump has proposed, and as many successful nations already maintain. You see, this fund would act as a fiscal buffer for economic downturns, allowing the government to inject capital and stimulus.
10:00
When needed, without disrupting the simplified tax structure. This also means you eliminate all charitable deductions, which is fundamentally wrong. Taxpayers should never subsidize religious organizations of any kind. If you want to give your money, you give your money no loopholes, no exceptions. You make it, it's yours. You spend it, you pay a tax. It is the only true, fair way to tax everyone in the nation, and it winds up becoming both progressive and fair. Make no mistake about it, the forces against this kind of reform are huge. Tax Preparation industry alone would go nuts, charitable foundations, religious organizations, in the countless others that benefit from current tax complexity, they would do everything, including assassination, to keep this from happening. You know it, and I know it. That's why implementing this change would require the equivalent of a citizen revolt. I don't like what we're seeing with Trump right now, and people need to say, you and I across the board were done, and we're not taking it anymore. You might remember that movie network where the newscasters said we're mad as heck and were not taking it anymore. He didn't use heck. Now, many people are not familiar with something called the rule against perpetuities, but it's critically important to understand this in terms of economic health. It's a legal doctrine that has been skewered over the last few years, because, you see, it traditionally limits how long assets can be tied up in trusts or other entities. This is important. By instituting this rule, we prevent wealth from being locked away indefinitely in foundations, charities and religious organizations. Instead, that money would naturally return to the free flow of commerce. Now, some people worry that without perpetual trust, wealthy families could not preserve their fortunes indefinitely. Yeah, that's exactly right, because look, history shows us something very different. Most fortunes dissipate, banish, evaporate, gone within a few generations after the legal structures. Why? Because subsequent generations often lack the same wealth building schools or priority skills or priorities that the founders had. It's just the way it is. First generation starts it builds it. Second generation may take it to a whole new level, and the third generation just Piddles it away. This is the natural circulation of wealth, and it's healthy. It's healthy for the economy. It's healthy for every man, woman and child. Now, what typically happens by the third or fourth generation? When they have inherited wealth, they spend it, invest it in businesses, or they donate it, otherwise, again, it returns to the economy. This creates new opportunities for wealth, rather than stagnation, which is what we have right now. But to repeal the 16th Amendment would require navigating one of the most challenging political processes in our system of government. Process would demand a constitutional amendment, which requires either a two thirds vote in both houses of Congress or a constitutional convention called by two thirds of the state legislatures. After either one of these steps, the amendment would still need to be ratified, then by three fourths of the state legislatures. This is why every election is critical for those of you who live in the Ocala metropolitan area. This is a very red county we're in a red state, and it's the reason why you've got to expand your political focus and help those people living in those areas that are competitive. We're not going to get anything done. Now this is an enormously high bar that I just told you, intentionally designed to prevent frequent constitutional changes, but you can bet your sweet bippy. Most people think it's time for some real change. The political reality is that numerous powerful interests benefit from the current tax system, from the tax preparation industry, employing hundreds of 1000s of people, to charitable organizations, educational institutions and incredible wackadoodle religious entities that depend upon tax advantage donations for such a repeal to succeed, it would require a grassroots movement of unprecedented scale, citizens, we the people would need to organize.
15:00
Eyes across party lines. Okay, that means Kumbaya, drinking the Kool Aid, Republicans and Democrats crossing party lines, focusing solely on this issue, which unfortunately divides us on a partisan level. It needs to stop. It would demand coordinated education campaigns to help every single American understand how a consumption tax would work far more efficiency, far more fairly than income taxes. Most importantly, it would require sustained political pressure on representatives, both on the state and federal levels, making it clear that their political futures depend on supporting such fundamental reform. So congratulations, Governor DeSantis, now let's take this to the next level and do what's necessary. Now, with that being said, I will be giving a very special discussion on this topic, a casual cocktail conversation for those who have previously attended one of my StoneWater casual cocktail conversations, as well as for clients, we're going to be at the StoneWater facility in Ocala, and the reason for this, this presentation will be limited again, to existing clients or those who have already attended one of My conversations. And I'll go in detail. I'll talk about this, but then we're going to have a real honest to goodness conversation. You don't want to miss this one. So what do you do? Go to Truesdell wealth.com, look at some of my events. Attend one of them, and you'll be able to attend this special conversation that we'll be having about taxes. With that, I always end everything off with the same thing, typical New Tyler, too. I'm out of here later by
16:48
this concludes the Paul Truesdell podcast. However, before you go see the show notes for this podcast, for special offers in person and online events and a variety of booklets on a wide variety of investment, income, estate, risk and overall wealth issues to schedule a conversation with Team Truesdell, text or call, 352-612-1000,
17:13
the Paul Truesdell podcast is available on nearly all podcast players, such as Apple, Google, Spotify, as well as on Paul's personal website, Paul truesdell.com
17:25
Visit truesdellweth.com
17:28
That's truesdellwealth.com
17:31
Truesdell wealth is our primary sponsor for the Paul Truesdell podcast. Please like comment and share this podcast with family, friends, neighbors, relatives and co workers past and present. It is greatly appreciated and will never be forgotten.
18:00
They'll know you've arrived when you drive up in the 1958 Edsel the car that's truly new from nameplate to tail lights,
18:10
new from the front,
18:13
new from the side,
18:17
new from the rear.
18:21
Only Edsel has the sleek, clean line design that sets it apart from the look alike cars, and it combines new looks with the newest v8 engines in the world, the big new edso 400 and the power pack edso 475
18:37
it is unlikely you have ever driven a car with so much real usable power as the Edsel, and with Edsel's exclusive teletouch drive, you drive more safely, more easily than you ever have before, because both hands can stay at the wheel while the Edsel shifts electrically.
18:57
There's even the added luxury of new Edsel air suspension. That's just like riding on air because you are
19:08
and remember, of all the medium priced cars, car for car across the board, the 1958 Edsel is the one that's new and the lowest price too. So see your Edsel dealer. You.
Transcribed by https://otter.ai
Starting Date: Sunday, February 23, 2025
Ending Date: None
AI and Wealth Management – On-Demand
https://truesdellwealth.com/events
Starting Date: Wednesday, March 5, 2025
Ending Date: Sunday, March 23, 2025
The Truesdell Military Portfolio – Seven Companies Profiled
https://truesdellwealth.com/events
Friday, March 21st, 2025 at 6:30 pm - All Reservations Taken
Casual Cocktail Conversation at the Stonewater Club
In-Person – Reservations Required – Text or Call 352-612-1000
“or” use the Contact Form: https://truesdellwealth.com/events/rsvp
https://truesdellwealth.com/events
Friday, April 18th, 2025 at 6:30 pm - Reservations Available
Fixed Cost Real Estate - The No Commission Listing Agent Process
Casual Cocktail Conversation at the Stonewater Club
In-Person – Reservations Required – Text or Call 352-612-1000
“or” use the Contact Form: https://truesdellwealth.com/events/rsvp
https://truesdellwealth.com/events
Meet the founder of Fixed Cost Investing™ and Fixed Cost Real Estate Agent Compensation. Paul Truesdell pioneered procedural estate document preparation, investing, and real estate agent compensation. Why pay more because you have more, or receive less because you have less? Combining Old School with NEw School
for a ONE School approach that works.
Friday, May 16th, 2025 at 6:30 pm - Reservations Available
Essential Florida Estate Documents
Casual Cocktail Conversation at the Stonewater Club
In-Person – Reservations Required – Text or Call 352-612-1000
“or” use the Contact Form: https://truesdellwealth.com/events/rsvp
https://truesdellwealth.com/events
The Living Trust, Irrevocable, Charitable, Pet, and Special Needs Trusts, Basic and Pour-Over Will, Durable Power of Attorney, Health Care Power, The Truesdell Living Will, The DNR, Probate, Trust Administration, Asset Protection, Medicaid Avoidance, Pre-Need Guardian, and more. Over 50,000 have attended since 1986.
Tunnel to Towers Benefit Concert
The Truesdell Companies was the primary sponsor of the Eirinn Abu benefit concert for Tunnel to Towers, which was held on February 28th at the Circle Square arena in Ocala, Florida.
https://t2t.org/
Podcast Personality
Paul Grant Truesdell | Founder & CEO
J.D., AIF, CLU, ChFC, RFC
The Truesdell Companies
The Truesdell Professional Building
200 NW 52nd Avenue
Ocala, Florida 34482
212-433-2525 - Switchboard
paul@truesdell.net - General Email
Websites
truesdellwealth.com
Truesdell.net
PaulTruesdell.com
youtube.com/@truesdellwealth
Find The Paul Truesdell Podcast also at:
Apple | https://podcasts.apple.com/us/podcast/the-paul-truesdell-podcast/id1586024560
Spotify | https://open.spotify.com/show/2BYDLetiMboIGRFPjIkglJ
Transistor | https://thepaultruesdellpodcast.transistor.fm/episodes
LinkedIn: https://www.linkedin.com/in/paul-grant-truesdell?lipi=urn%3Ali%3Apage%3Ad_flagship3_profile_view_base_contact_details%3BUuNTfp3aQRyLPjGywquQRQ%3D%3D
Rough Notes
0:00
Good morning, good afternoon, good evening. This is episode 422, of the Paul Truesdell podcast. We call it the Paul Truesdell podcast because that's my name. It makes sense, right? This is episode 422, and the title is tax reform here and there. Going to talk about Governor DeSantis, Donald Trump, the repeal of the 16th Amendment. We're going to talk about a consumption tax, property tax, and a whole lot more plus. At the very end, there'll be an invitation to attend a special cocktail conversation for those of you who have already attended one or our clients, that'll be for you. Okay, what do you say? We get started,
0:35
you are listening to the Paul Truesdell podcast, sponsored by Truesdell wealth and the other Truesdell companies note, due to our extensive holdings and our clients always assume that we have a position in all companies discussed and that a conflict of interest exists. The information presented is provided for entertainment and informational purposes only. Truesdell wealth is a registered investment advisor.
1:00
Property taxes in Florida have become a major concern for homeowners of all kinds and investors alike. Over the past decade, these taxes have quite literally doubled, creating a significant burden for property owners. Some clients of ours, who, for example, have beachfront properties, are now paying an annual property taxes? Well, it's in the six figures, and for unremarkable homes that were built 50 years ago, it's just not right for many Floridians, property taxes are now, well, competing with mortgage payments in size. Congratulations. Governor DeSantis has taken up this cause and is calling for a constitutional amendment to eliminate property taxes entirely. Several other states, including Wyoming, Kansas, Montana, are also considering significant property tax reforms. This potential shift away from property taxation would fundamentally change how real estate ownership works in our state. The current system essentially prevents true ownership. It really does. My father always said, You never own your property outright when they have property taxes. So as a matter of fact, failing to pay these perpetual taxes, well, it results in property seizure period, no if ands or buts. The possible alternative would be to implement a sales tax on property transactions instead. And this would create a one time cost, and it would eliminate the perpetual burden of annual property taxation. This change could make, well, property ownership more straightforward and potentially more accessible through the initial purchase that would be a well that would be a tax burden. However, now from a wealth management perspective, such reform would require adjustments to long term investment strategies and property holding plans, true property ownership without ongoing taxation, would change to calculus for many investment portfolios. Meanwhile, there are interesting developments in government operations that could affect a variety of market sectors. The current administration is implementing cost cutting measures at an unprecedented speed at the federal level, the recent case involving the United States Institute of Peace, for example, highlights its approach with reports of teams working at the speed of war, quite literally, to reduce government spending and bureaucracy. You know, the aggressive streamlining could impact companies that work closely with federal agencies, but those companies generally don't make anything. But I digress, financial technology sector is also seen in well notable developments. A recent study compared artificial intelligence and human judges in legal decision making. I think you're going to find this interesting. The finding is that artificial intelligence followed by legal they followed legal precedent more consistently than human judges, who are often influenced by emotional factors. And that's should not be a surprise. This has a well potential implications for financial regulations and enforcement, and as there's more predictable regulatory environments. They generally benefit the markets and investment planning. You know, we have judges out there. They're rogue, they're out of their minds, and their decisions are based upon, well, insanity. If you want to see insanity, look at the judge who presided over the case against General Michael Flynn, that was insanity. Well, these efficiency focused changes combined with potential tax reforms suggest that we're entering a period of significant institutional transformation now for wealth management strategies, this means staying alert to changes regulatory environments and tax structures. So.
5:00
That could either create new opportunities or present challenges depending upon individual financial situations. Now, when developing investment plans during such transitional periods, flexibility becomes crucial. Diversification across different asset classes can help mitigate risk associated with sector specific policy changes. But I want to make one thing perfectly clear. We're talking about investing for the long term. For those of you who are retired, it changes to income planning for the present, near term and long term. Now, let's talk about real estate investments, because they may need reassessment, depending upon the outcome of the proposed tax property tax reforms, the transparency and accountability of institutions that impact our financial system remain essential factors when evaluating market stability and investment opportunities. And recent disclosures of historical government operations have reminded us that institutional practices can significantly influence market conditions and investor confidence. And one thing's for sure, a lot of people have lost a lot of confidence when it comes to the government. Now to that regard, I want to talk a little about income tax reform and, well, economic circulation of money. I want you to consider something that's really more fundamental than property tax reform, and that's a complete elimination of income tax through the abolishment of the 16th Amendment. Now, along with this, we should examine repealing all we now should examine we must repeal all charitable deductions. We must eliminate all foundations, all charitable trusts, and we must reinstitute the rule against perpetuities. Now here's why this matters to your financial future and your children's if you look at consumer spending patterns, the top 10% of all income earners are responsible for 50%
7:01
of all consumer spending. Now I'm going to be rounding the numbers, but let me repeat that the top 10% of income earners are responsible for 50% of all consumer spending. Now this means that a consumption tax would naturally be progressive without requiring complex codes and regulations. People who make more spend more. It's always been that way. Put this in perspective, the top income brackets in our country break down as follows. To be in the top 10% you need to make about $200,000 a year. The top 5% starts at around 400 and the top 1% begins at approximately $900,000
7:48
a year. A consumption tax based on this system would simplify collections and ensure those who consume spend more the savings from eliminating our current tax system would be massive. Think about the countless hours and billions and trillions of dollars spent, not annually, but over just a decade, on tax accounting, compliance and planning all out the window businesses would no longer need extensive accounting departments focused on tax minimization. Individuals, you and I, we wouldn't we would not need to track receipts, maintain records for deductions and worry about audit risk, none gone, done. We would completely eliminate the need for income tax advantage. Retirement accounts, no more defined benefit. Pension plans, no 401, KS, 403, Bs, 457, plans, IRAs or Roths, no simplified pensions gone, the entire concept of tax deferred or tax free growth would become irrelevant because there would be no tax on interest, dividends and capital gains, your money would be truly yours if you don't want to spend it, you keep it simple as that. Now this creates a pure incentive for saving without complete tax implications. Also, this is important. We have to eliminate lock, stock and barrel, all estate taxes, and I'll tell you the reason why, in a moment, I want you to imagine a financial decisions based solely on what makes economic sense, rather than what is in the offering for tax advantages. Of course, prudent national finance would require establishing a sovereign wealth fund, just as President Trump has proposed, and as many successful nations already maintain. You see, this fund would act as a fiscal buffer for economic downturns, allowing the government to inject capital and stimulus.
10:00
When needed, without disrupting the simplified tax structure. This also means you eliminate all charitable deductions, which is fundamentally wrong. Taxpayers should never subsidize religious organizations of any kind. If you want to give your money, you give your money no loopholes, no exceptions. You make it, it's yours. You spend it, you pay a tax. It is the only true, fair way to tax everyone in the nation, and it winds up becoming both progressive and fair. Make no mistake about it, the forces against this kind of reform are huge. Tax Preparation industry alone would go nuts, charitable foundations, religious organizations, in the countless others that benefit from current tax complexity, they would do everything, including assassination, to keep this from happening. You know it, and I know it. That's why implementing this change would require the equivalent of a citizen revolt. I don't like what we're seeing with Trump right now, and people need to say, you and I across the board were done, and we're not taking it anymore. You might remember that movie network where the newscasters said we're mad as heck and were not taking it anymore. He didn't use heck. Now, many people are not familiar with something called the rule against perpetuities, but it's critically important to understand this in terms of economic health. It's a legal doctrine that has been skewered over the last few years, because, you see, it traditionally limits how long assets can be tied up in trusts or other entities. This is important. By instituting this rule, we prevent wealth from being locked away indefinitely in foundations, charities and religious organizations. Instead, that money would naturally return to the free flow of commerce. Now, some people worry that without perpetual trust, wealthy families could not preserve their fortunes indefinitely. Yeah, that's exactly right, because look, history shows us something very different. Most fortunes dissipate, banish, evaporate, gone within a few generations after the legal structures. Why? Because subsequent generations often lack the same wealth building schools or priority skills or priorities that the founders had. It's just the way it is. First generation starts it builds it. Second generation may take it to a whole new level, and the third generation just Piddles it away. This is the natural circulation of wealth, and it's healthy. It's healthy for the economy. It's healthy for every man, woman and child. Now, what typically happens by the third or fourth generation? When they have inherited wealth, they spend it, invest it in businesses, or they donate it, otherwise, again, it returns to the economy. This creates new opportunities for wealth, rather than stagnation, which is what we have right now. But to repeal the 16th Amendment would require navigating one of the most challenging political processes in our system of government. Process would demand a constitutional amendment, which requires either a two thirds vote in both houses of Congress or a constitutional convention called by two thirds of the state legislatures. After either one of these steps, the amendment would still need to be ratified, then by three fourths of the state legislatures. This is why every election is critical for those of you who live in the Ocala metropolitan area. This is a very red county we're in a red state, and it's the reason why you've got to expand your political focus and help those people living in those areas that are competitive. We're not going to get anything done. Now this is an enormously high bar that I just told you, intentionally designed to prevent frequent constitutional changes, but you can bet your sweet bippy. Most people think it's time for some real change. The political reality is that numerous powerful interests benefit from the current tax system, from the tax preparation industry, employing hundreds of 1000s of people, to charitable organizations, educational institutions and incredible wackadoodle religious entities that depend upon tax advantage donations for such a repeal to succeed, it would require a grassroots movement of unprecedented scale, citizens, we the people would need to organize.
15:00
Eyes across party lines. Okay, that means Kumbaya, drinking the Kool Aid, Republicans and Democrats crossing party lines, focusing solely on this issue, which unfortunately divides us on a partisan level. It needs to stop. It would demand coordinated education campaigns to help every single American understand how a consumption tax would work far more efficiency, far more fairly than income taxes. Most importantly, it would require sustained political pressure on representatives, both on the state and federal levels, making it clear that their political futures depend on supporting such fundamental reform. So congratulations, Governor DeSantis, now let's take this to the next level and do what's necessary. Now, with that being said, I will be giving a very special discussion on this topic, a casual cocktail conversation for those who have previously attended one of my StoneWater casual cocktail conversations, as well as for clients, we're going to be at the StoneWater facility in Ocala, and the reason for this, this presentation will be limited again, to existing clients or those who have already attended one of My conversations. And I'll go in detail. I'll talk about this, but then we're going to have a real honest to goodness conversation. You don't want to miss this one. So what do you do? Go to Truesdell wealth.com, look at some of my events. Attend one of them, and you'll be able to attend this special conversation that we'll be having about taxes. With that, I always end everything off with the same thing, typical New Tyler, too. I'm out of here later by
16:48
this concludes the Paul Truesdell podcast. However, before you go see the show notes for this podcast, for special offers in person and online events and a variety of booklets on a wide variety of investment, income, estate, risk and overall wealth issues to schedule a conversation with Team Truesdell, text or call, 352-612-1000,
17:13
the Paul Truesdell podcast is available on nearly all podcast players, such as Apple, Google, Spotify, as well as on Paul's personal website, Paul truesdell.com
17:25
Visit truesdellweth.com
17:28
That's truesdellwealth.com
17:31
Truesdell wealth is our primary sponsor for the Paul Truesdell podcast. Please like comment and share this podcast with family, friends, neighbors, relatives and co workers past and present. It is greatly appreciated and will never be forgotten.
18:00
They'll know you've arrived when you drive up in the 1958 Edsel the car that's truly new from nameplate to tail lights,
18:10
new from the front,
18:13
new from the side,
18:17
new from the rear.
18:21
Only Edsel has the sleek, clean line design that sets it apart from the look alike cars, and it combines new looks with the newest v8 engines in the world, the big new edso 400 and the power pack edso 475
18:37
it is unlikely you have ever driven a car with so much real usable power as the Edsel, and with Edsel's exclusive teletouch drive, you drive more safely, more easily than you ever have before, because both hands can stay at the wheel while the Edsel shifts electrically.
18:57
There's even the added luxury of new Edsel air suspension. That's just like riding on air because you are
19:08
and remember, of all the medium priced cars, car for car across the board, the 1958 Edsel is the one that's new and the lowest price too. So see your Edsel dealer. You.
Transcribed by https://otter.ai