Thoughts on China’s Renminbi, Prosperity & Taxes (w/ Adam Taggart, Co-Founder of PeakProsperity.com)
On today’s episode, Marc talks with Adam Taggart about his new book, Prosper! How to Prepare for the Future and Create a World Worth Inheriting. Marc also discusses the International Monetary Fund’s decision to include China’s renminbi as a main world currency… and later, has an important conversation on taxes.
Regarding that last point, Marc wanted to share the following note with listeners:
There are few things in life I hate more than the U.S. tax system. I understand that taxes are required to pay for roads, schools, fire departments, the military, etc… and I’m willing to pay my fair share. But what I can’t stand is how complex the rules are.
It’s insane that a reasonably intelligent person needs to hire a tax professional or buy software to simply calculate how much money is required to be paid each year. There are so many regulations that even the simple ones can get muddled sometimes.
In fact, on this week’s show, I goofed big-time.
While talking about capital losses, I started thinking about another tax rule and misspoke. Here is the correct rule on capital losses:
Your capital losses can offset all of your capital gains. If your capital losses are greater than your capital gains, you can take up to $3,000 in additional losses, which will come off of your taxable income. Anything greater than $3,000 can be carried over to future years to offset future gains.
Even that simple rule sounds complicated. And as I always suggest when dealing with convoluted tax rules and regulations, consult a tax professional with any questions.
I apologize for any confusion.