The Government Just Passed A Generational Wealth Bill

Hinzugefügt: 2026-05-14

[00:00:00]what what are you seeing now? We got this big beautiful bill that just rolled out, right? And I know you have thousands of clients and you're very very busy. So, we do appreciate your time. Um, what are you telling your clients to do? What and and uh what are some of the moves they're making?

[00:00:14]>> It's pretty interesting. Of course, as you know, real estate was the probably the biggest beneficiary of this bill with the um bonus depreciation being made permanent. That's that was a big deal. some other things in this bill that I think are really interesting. One of course is the opportunity zones and uh the idea that you can take and they made it so much more clear. It was so fuzzy after 2017 and it was great. It worked. But you know, if you the the idea that you can take any capital gain, go out to an area that is kind of on the verge of development, develop something, postpone your capital gains for 5 years, when you do pay tax, only pay tax on 90% of it, and then eventually when you sell the project, don't pay any tax on the gain on that project. I mean, to me, that's like it's like ticks a lot of boxes, right? Checks a lot of boxes because I get to defer my capital gains.

[00:01:06]I get into a good project, I don't pay tax when I sell the project and I reduce my taxes and on top of it, you're, you know, developing areas of town that really need the development and that, you know, without a good incentive probably wouldn't happen. So, I think that that's a really big one. The other thing that um I'm seeing more and more discussions about is this great uh manufacturing building provision where uh new manufacturing uh buildings don't just get the bonus depreciation on the contents of the building and uh and also the uh improvements but they also get bonus depreciation on the building itself. So you're talking about you know you're building a new manufacturing building even if it's a small one and you're writing off 85 90% of the entire project in the first So, you can build a manufacturing plant and and write off 80 to 90% of the of the construction cost.

[00:01:59]>> Everything but the land. You're going to write off everything but the land the first year. So, it's like I mean it like blows out of the water anything else we've ever seen in a real.

[00:02:09]>> And just to be clear that that that could be financed too, right?

[00:02:12]>> Yeah, it can be financed. Um you could uh you could set it up so that you lease it to your company, right? so that you own it, you lease it to your company.

[00:02:21]We're just getting new regulations every day on things like this, you know, some of the new provisions, but you know, everything that was talked about, you know, all the big discussion was, oh, we're not going to pay tax on tips and we're not going to pay tax on on overtime. And those actually have become pretty small um items in here. But the deducting your research and development expense, huge one. And and one thing that we're seeing right now is of course people can go and actually that research and development expense that they capitalized over the last couple of years now they get to deduct it and they can do it retroactively. And so there's some pretty cool plays there in that.

[00:02:57]And then on top of of course we have all the old stuff that is still going. Oil and gas is now in everybody's thought process right now because we got oil at $95 a barrel. And so everybody's thinking about oh maybe I should be investing oil and gas. Of course, I'm sure Mike Nelli was talking about all of those great tax benefits there. I mean, but those tax benefits have been around since the 70s and 80s. So, I just think, you know, there's never been a better time uh for reducing your taxes legally and doing it in such a way that you're building wealth so that you're not doing it you're not just looking at tricks and tips, but you're actually looking at ways to seriously build wealth and at the same time seriously reduce your taxes. Now, I know uh we probably should say this. Whoever is in office, the administration has a massive massive effect on what we're able to do. So, what we're talking about today, you know, could only be maybe a a little bit, you know, 3 years of a window here, right? And then then the window can shut again just like just like we saw before, right? So, just be clear that some of these some of these things are available, but they might not be available, right?

[00:04:03]>> Right. So even when we say it's permanent, I mean the nice thing about making it permanent is that you know then a new administration would actually have to do something affirmatively to eliminate that. So where bonus depreciation was originally scheduled to phase out this year and now it's there until you know the the Democrats would have to come in and say, "Hey, we're not going to do bonus depreciation." Well, the good news about bonus depreciation is they wanted it in the first place.

[00:04:28]They were never against bonus depreciation. And so that's one of those things I don't expect that to change. I think that's a long-term um opportunity.

[00:04:36]I think the things you're going to see changes are I think you're going to see new tax rates on uh high income earners.

[00:04:43]I think absolutely if you had Democrats in office again, you're going to see massive increases in tax rates on on the high income earners. But the good news is is that if you're investing in real estate, oil and gas things we talk about a limitless, right? If you're investing those things, your income is never high anyway. So you're never in those tax brackets. So that, you know, I always tell people if the target if the administration's target, cuz remember last administration's target was $400,000, right? If you didn't make over $400,000, we weren't going to increase your taxes. Well, then don't make over $400,000 from a tax standpoint, right?

[00:05:16]So that's just to me it's just a target.

[00:05:19]It's kind of like Kenny when you were talking to to I remember you talking to Robert one time about the size of his boat and it was like what 52 feet. you go, "Oh, so I need a 53 foot boat."

[00:05:28]Right? So, it's the same kind of thing, right? I mean, if it's 400,000, then all you do is you just make sure that you're investing in such a way that you keep your income down below 400,000. I mean, to me, it's just not that.

[00:05:40]>> You know, it what's really interesting is we're starting to see this wealth tax and some stuff going on. You know, Washington and California and we're seeing people move around. Um and so there are the the Dems are already going after what they want to go after on a state level, right? So what do you see here?

[00:05:58]>> Well, well, so we s so just yesterday there were two proposals. Uh King Jeff um the minority leader in the House uh had one proposal where the standard deduction would be increased to 75,000 and another Democrat proposed 92,000 for the standard deduction. What they're trying to do is take people off the tax roles and put even more of the burden on the high income earners. And so what that's actually what they want to do.

[00:06:24]They they're not really looking for a tax decrease. They're they literally just want to soak the rich. That is literally that's that's their mantra, right? Tax the rich. I mean, we saw it on AOCC's evening gown, right? That is their mantra. So, um you know, we see it in in Washington state. 9.9% tax on people making over a million dollars. We know that's going to come down pretty rapidly over the next couple of years because politicians never saw a dollar they didn't want to spend. And so what that means is is that I and and that was by the way that's unconstitutional under under the under the Washington state constitution. It's unconstitutional to have an income tax and yet now they have a capital gains tax and an income tax and you know who knows what the courts are going to do. The court blessed the capital gains tax say well it's it's still okay. And so the challenge is you said that people can move around from states. So they move from California because of the billionaire tax. They can move from Massachusetts because of the the wealth tax. They can move from from Washington state. But what happens when it's a federal tax? You can't move because you're taxed on worldwide income as citizen or resident of the United States. And if you're a citizen, even if you revoke your citizenship, you've got 10 years of paying tax to the US before you stop paying tax to the US. But we're going to see I think we're going to see rate uh increases. I don't think we'll see a wealth tax. I I think that's totally unconstitutional. I don't think there's any way we I just don't see a Supreme Court. Of course, if the if the Democrats were to stack the Supreme Court, you might see that change, right?

[00:07:54]If we had 13 justices and so we had liberal justices on the Supreme Court controlling the Supreme Court, they might come up with an argument that we could have a wealth tax, which would be a horrible idea. But, you know, those things happen. I think more more likely we're going to see major rate increases when the Democrats take office because remember we barely got past that in during the Biden administration because we had two senators Mansion and Cinema no longer there who voted against it.

[00:08:22]But had it not been for them not voting against it, we'd have we'd have had a $6 trillion tax increase during the Biden administration. So as it was, we had a major tax increase which then of course Trump undid. So you're right. I mean, different administrations and and when you only have to have a 50% vote in the Senate or the House, 50 plus one, then um for tax increases, I think surely if the Democrats control all three houses in, you know, four years from now, we're going to see major tax increases.

[00:08:51]>> Yeah. Most of the real estate playbooks from 2023 and 2024 are breaking apart right now. The debt structures that made sense back then are aging in a different rate environment. Bridge loans are coming due, refinances do not pencil, and there's no equity. I had a deal that was sent to me just a few weeks ago. It was lender owned and went back to the bank. It was a 300 unit property in Texas, and that property only had 5% occupancy. And so, we haven't seen deals like this since 2008, 2009 during the GFC. Torl Yarbor and I are doing a free breakdown on many investments on May 20th of exactly what we're seeing right now. If you'd like to sign up, just register on the link below. Well, I know the reason I bring that up is cuz I'm from Washington, as you know, and and and we have properties and and you know, we're pretty active in Texas and Taro lives in Texas and and a lot of investments in Washington.

[00:09:51]>> We're seeing people move out of there.

[00:09:52]I'm I have friends and family that are, you know, relocating, you know, and and it is interesting to me, you know, one of the things I love that you say is who who this really hits is the high paid wage earner, right? I mean, the business owner has so many options. So, maybe you could tackle that a little bit. I mean, cuz what I see is like I see a physician that makes a lot of money or, you know, or somebody u you know, like that and and you know, they're they're not they're not bringing home much.

[00:10:19]>> Yeah. So, so it it's really interesting because wages weren't taxed at all until 1944. And um even then it was only the excess over what the average person standard of living was that was taxed.

[00:10:34]And now wage earners pay most of the taxes. And so you're right, the way that you know once the government in the 60s started going towards incentives, the incentives were towards business because they're the producers. So, it's really producer versus consumer and consumers are paying the taxes. Well, what the Democrats want is they want and and frankly Republicans, too. I mean, Trump's the one who increased the standard deduction the first time, right? So, it's not just the Democrats.

[00:10:59]The idea is take more people off the tax roles that are low-income earners and don't expect them to pay income tax.

[00:11:06]They're going to still pay payroll taxes, which by the way is still 15.3%.

[00:11:10]So, it's no, you know, small small number there. and they're still going to pay state taxes, right? So, the states aren't doing high standard deductions.

[00:11:18]And but what happens is that you have these incentives and the way we've got it set up right now, the losses we've been talking about, bonus depreciation, uh oil and gas, that kind of stuff typically can only offset a certain amount of non-b businessiness income and then they get suspended. So, they can offset any amount of business income, which which really tells you that the business owners are the ones who win, right? So, uh, the business owners, oh, another thing that we got this in 2025 was we got that the qualified business income deduction was made permanent.

[00:11:51]That 20% haircut on business income was made permanent. We're seeing the states, they're looking at raising revenue, but what they're not doing is eliminating the pass through entity deduction, which allows business owners to deduct their state taxes, even though the wage earners could can't have a limit on how much state tax they can deduct. I mean, yes, if you make under 500,000, you can deduct up to $40,000, but a business owner can deduct unlimited amount of state taxes. So, there there's really been this major shift, as you suggest, Ken, from, you know, business tax to individual tax.

[00:12:26]>> Yeah. And I know that's one of the things that you teach obviously with a lot of your clients is is to you know it's it's pretty basic but I you know do you do you believe that everyone should at least have some kind of an entity or a company to be able to run some things through?

[00:12:41]>> For sure. Even just a side hustle in my second book win wealth strategy I actually talk about um I actually give an example of the government will literally pay you to start your company.

[00:12:50]So, the tax benefits from starting a small company are greater than the cost of starting a small company because you've got all sorts of expenses that you're not currently deducting as an employee than if you had a business you could like your home office, like your car, like your travel. I mean, those are things you've got anyway, right? We're not talking about increasing your expenses. And so now, but with a side hustle, you just, you know, you start this small business. Everybody's got a cell phone. They and a computer. They can start a small business. Literally, the government will pay you to start a small business. And just because the tax benefits are so high, no matter what your tax, I mean, as long as you're, you know, if you're in any kind of tax bracket where you're worried about taxes, I would absolutely start a small business. I'd seriously look at investing someplace other than just the stock market, right? Because stock market, you got the limits on the 401k, you've got, you know, you you've got so many limitations for investing um when it comes to tax advantage investing in the stock market, but you have literally no limitations. We actually call a a retirement plan. We've got two kinds of retirement plans. One's a qualified plan. That's a 401k, IRA, pension plan, profit sharing plan, and once everything else, right? And everything else is called a non-qualified plan. Well, substitute qualified for government regulated. So now you have the government regulated plan and the non-government regulated plan. And the question is, well, which one would you do? Well, if you got the same benefit, you clearly choose the government nonregulated the non-regulated plan and yet the non-regulated plans have more tax benefits than the regulated plans and they don't have any of the restrictions. They don't have have any of the restrictions. You can put all the money in you want. I mean, for example, let's say uh you pay your kid right to work in your business. Well, you can't pay your kid to work in your job because you don't get any tax benefit for that.

[00:14:35]But you could pay him to work in your business. Now, you take that money and which is not taxable in the first place because the first $16,000 isn't going to be taxed because of the standard deduction and then what do you do with that $16,000? You go invest it in a WTH.

[00:14:49]If you want to put in the stock market, go put it in a Roth for them or put it, you know, set up your real estate company so that they're an owner in your real estate company. Have the money invested in your real estate company. I mean, literally, you could build millions of dollars of tax-free income for your kids simply and and actually get a tax deduction for it as a business owner and they could use it anytime. I mean, it's not like the Trump account where they can only use it for education and then it goes into retirement account. You have all these restrictions, right? Everybody's all gung-ho about these Trump accounts. I'm going, well, wait a minute. I can do everything that you can do in a Trump account without limit in what I would call a non-qualified plan.

[00:15:26]>> Yeah. for 15 $16,000 a year, you should just be doing that, right?

[00:15:30]>> Right. Absolutely. Why aren't you?

[00:15:32]>> So, I want to get like also on a little, you know, we're talk get into tactics a little bit more, but also like for some of the people watching, I became self-employed when I was 20 years old and I' I'm 41 now, so 21 years. And I can tell you, I made a lot of mistakes when it came to like taxes and all that great stuff when I was learning cuz like I have I mean, hiring a CPA when you're 21 and you're making like 30 40 grand as a self-employed person, you're like, I don't have to pay for that. Those guys are expensive, right? So, I'm filing my own taxes. I'm doing my own schedule C's. I'm doing all that kind of stuff.

[00:15:59]And I'm mucking up. I got audited when I was like 23 or 24. It was like the most terrifying experience of my life at that time. I think I cried even like during the audit, but I won't admit that. But the it was it's like I didn't know what I know, right? Uh and then, you know, I start my own businesses. I do my own things. And I think a lot of investors and people that start their own business, they're just kind of like they're just I got an LLC and I just start doing things, right? And and maybe they make up they have to later pay for mistakes in the past, right? by maybe working with guys like you and starting to do stuff. What are some first steps if somebody's like getting into business, if somebody's getting into investments? What are some things they because you can go overboard with this stuff too early as well?

[00:16:36]>> I mean, you say you can't.

[00:16:39]>> You'll hear attorneys talk about setting up all this this massive structure.

[00:16:42]>> You don't need it. Don't do that. Don't do that. Set up an LLC and as soon as the business is up and running and making money, make it an SC corporation.

[00:16:51]The LLC can be taxed as an S corporation. And that's a very important step that most people don't take. You mentioned it yourself. You started as a schedule C. I'm going, so what you did was you made $30,000 a year. Yeah. You might not have paid much income tax, but you paid paid 15.3% on that $30,000 for self-employment tax. Well, that $30,000 for self-employment tax goes away with an S corporation. You just save $4,500 simply by having an S corporation. I'll tell you what else it it does. It reduces your risk of audit by having an S corporation. And if you have a home office and you're an C, you have to report that you have a home office as a schedule C. But if you have an S corporation, there's no place to report it. So you have a home office that you're taking this deduction on your on your S corporation tax return just shows up as office expense. So the other thing you're doing is you're telling the IRS and you're telling everybody else, I'm a real business. And I think that I I will tell you. So, when I started my first bit, my first CPA firm, I started out of my home. And I will tell you, people thought I was just in between jobs. No, I I mean, I was dead serious. It's just that I was trying to keep my expenses down, right? So, I started out of my home. The minute I moved into an office, I literally paid a buddy of mine $250 a month to share an office space with him.

[00:18:06]The minute I did that, all the referrals started coming in. Oh, you're a real business now, >> right? Before we You were in between jobs. Now you're a real business. Well, the same thing's true with an entity with um especially being an S corporation. You go, hey, you know, here I'm an S corporation. I have a limited liability company. I'm being taxed S corporation. I keep a balance sheet as well as an income statement. I'm doing my books, right? You know, these are things that you two have been in business for a long time. You go, well, yeah, well, obviously. Well, no, it's not obvious. No, I mean, a schedule C is a profit and loss statement. There's no balance sheet to go with it, which is why it's such an audit risk is because there is no balance sheet. That's why I was audited is also all the meals and entertainment.

[00:18:45]>> I'm sure it was. I I see schedule C audits. I think they increase your risk of an audit by about five times only 500%. I I think that's how bad they are.

[00:18:54]I had a client actually that got audited over that because with his prior CPA, it had been a schedule C actually been and it by the way prior CPA was a really big CPA firm. And so, you know, that's the other thing is um don't think that just because you have a big CPA firm that they know what they're talking about, they know what they're doing and that they have your best interest at heart.

[00:19:13]That I don't think that's necessarily true. It's like suggesting that if I go to a chain restaurant, I'm going to get better food than a good local restaurant. It's not likely, right? So that's the other thing is when you do start making some money. I get you're making $30 $40,000 a year. You know, you probably still want I would not do your own taxes. I would still go to the corner H&R Block to have them do it or I would go to uh you an enrolled agent to have your taxes done, right? I'd have some kind of a professional help. Still, you're not going to get the advice you'd get from a CPA. But you start making 50, 60, $100,000, you seriously ought to start thinking about a CPA. Somebody who actually understands business. somebody who understands uh some of these kind of little little nuances about taxes. I mean, I'll tell you what. I'll tell you the biggest mistake most new business owners make is it's when they start making money and they've they've made all this money. They go, "Hey, this is cool. I've got all this money." And then April 15th comes around and they owe this huge tax bill and they have no money cuz they spend it all or they put it back in their business, but they have no money. And uh this happens. I got to tell you, this happens over and over and over again that people get caught off guard and then then then now now they're in the hole. So they've just started to turn the corner on their business and they're in the hole from a tax standpoint and it can hold them back for years because now >> I want to I want to bring up a story because this is a true story and that Tom saved my bacon. Um you know, and this is why honestly you you really need somebody like an advocate. That's what you need. Just like, you know, just in health and in finance and whatever. I was buying a property from, you remember the one up in Sedona? I do. And and uh the owner of the property, we were all we were way down the road. I'm talking about due diligence. We had all everything all lined up in title, money wired, and the owner said, "I can't close." Because I don't know why he waited till the last minute, but he waited till the last minute. And he said, "I have a huge tax problem."

[00:21:11]>> Right?

[00:21:11]>> So the seller, if you can imagine this, Tarl, the seller had a huge tax problem and said, "I don't want to sell."

[00:21:18]>> So I was so pissed and and I I called Tom. You know, you've done a lot for me and a lot for Robert and a lot for a lot of people, but would you please call my seller? And Tom got involved with the seller. And then the >> He actually came down, he actually came down to my office. He did. And I sat down with him and I'm looking at this stuff and I'm going, "So," and I just start asking questions, right? I said, "So, what do you want to accomplish here?" And he tell me, "Oh, you know, what are you going to do with the money and all this kind of stuff?" Because those are all relevant questions to how much tax you going to pay. And I'm looking at this and I'm looking at I said, "Can I look at your tax return?"

[00:21:54]Sure. And so, I talked to his CPA and got his tax the tax return for the the uh company. And I'm going I'm looking at this and I'm going, "God, you know what?

[00:22:03]I think we could do one little thing and reduce the tax from like $3 million to $80,000.

[00:22:10]>> And I called the CPA. So, just for reference, >> and they were not happy with you, by the way.

[00:22:15]>> Let me tell you, it was it was this time of year. It was like April 10th. And the CPA was like, "Are you kidding me?

[00:22:22]You're calling me on April 10th and asking me this question?" I said, "Look, I get it. I'm busy, too. It's April 10th, but can you just look at this one thing? I swear it'll only take 5 minutes if we did this because the CPA that told the seller that he'd owe all this tax, right? They're the ones who told him that. So, they were the deal killer. So, most CPAs are deal killers, right? So, and I I just said, "Just look at this one thing. I just think if we did this one thing, it would change this considerably. Would you just confirm that for me?" And so, she she did. She called me back the next day. She said, "Yeah, that'll work." Like, >> you on the phone with Kenny. going, "Hey, Kenny, I think we got this down to $80,000."

[00:22:59]>> So, Tom Tom actually got me a deal by saving the seller uh reducing his tax by almost $3 million. So, and this this is how important tax is. I that's why I bring up the story like you have to know obviously before you sell something what your tax liability is. And of course um before you buy something and you know there's a whole piece to this you know you know there's there's monthly and quarterly discussions you have to have an open kimono on this stuff because you and by the way the other thing I've learned is you know the attorneys make things more complicated. Tom was always like don't listen to them. Don't listen to them. Don't listen to them. Right.

[00:23:38]>> Well I I heard this from >> our attorneys aren't very good at math.

[00:23:42]So, >> well, I I heard this from my attorneys that like uh is that attorneys No, CPAs can't read, but attorneys can't do math.

[00:23:48]Like, that was the way that they said it.

[00:23:49]>> That's exactly right. I CPAs can't write. CPAs are terrible communicators as a general rule, but lawyers can't do math. So, that's the problem. And and that's actually, you know, you bring up a good point, Kenny, is that a lot of times the most important thing you can do is have your attorney and your accountant sit down and talk to each other and not point fingers at each other, but actually have that conversation because attorneys are good at certain things. There are certain things they have to do, you know, they have to draft the documents, etc., but they have a tough time with numbers. And the reality is it's all about the numbers, right? Business, real estate, whatever your whatever it is, it's all about the numbers. And if you got to run the numbers like you say, Kenny, it's like people always say, "Well, hey, I want to do a Lykine exchange, right?

[00:24:29]1031 exchange in my property." I'm going, "Are you sure?" And they'll like look at me like, "Are you kidding me? I can't believe you said that." I'm going, "Well, you might be better off paying the capital gains tax on the property you sell and then getting bonus depreciation on the new property you're buying." You might not want to do a 1031 exchange, but you don't know until you run the number. And so, you know, let's run the numbers. Let's find out.

[00:24:49]>> And I that that's another good point, Tom. I you know back in the day I think a lot of people start this way. They don't think of they think of tax as like like filling out a form and you know like almost like an admin role right and I I I was absolutely 100% guilty that for the longest time but then I realized that there are people like Tom that actually look at everything you're doing and then they they take all the tools in their tool belt and they say you should be considering all of these things each and every tax year. And I think it's a big difference. It's a mindset shift because nobody really thinks of tax that way, right?

[00:25:24]>> Well, here's the easy way to judge. Ask your accountant, "What's 2 plus two?"

[00:25:28]>> Yeah.

[00:25:29]>> If they say depends, >> and if they say it's four, okay, uh, wrong. You know, the answer is whatever you want it to be. Correct. Right. So, you tell me what you want it to be and I'll tell you how to get there. Well, I think part of it too is like as you like I'm just speaking for myself right on this like uh it took me many years before I started paying for guys like you and it's probably the best thing that I ever did uh was finally starting to get professional CPAs, professional attorneys. Uh but there was also like kind of a hot mess behind me uh when I started finally doing that. uh you just make it up as you go because like I think a lot of people especially I was full-time real estate uh starting in 2010 and buying properties doing whatever you just start going and doing and going and doing and then you just kind of create this like I'll deal with that later you know that kind of a thing and then we finally sit down with a professional sure there's some checks to write but what I found looking back it's actually more affordable just to do it right the first time than to have to like make up mistakes of the past into the future right >> well and and you know I I always look at there's there's Kenny and I are always work Robert's always talking about the cash flow quadrant right? ESBI and I'm going so on the left side of the quadrant people are always looking at reducing their expenses. On the right side of the quadrant, the big business owners and the professional investors, sellers are always looking at how do I increase my rate of return on my investment. They're looking at things as an investment as opposed to an expense.

[00:26:41]I actually ran this and I'm going, "Well, wait a minute. An asset, the only difference between asset and expense, if if the purpose of an asset is put money in your pocket, the only difference between an asset and expense is how long it puts money in your pocket. An expense puts money in your pocket for a short period of time. an asset puts money in your pocket for a long period of time.

[00:26:58]But if you got an expense that's not putting money in your pocket, why do you have that expense? I mean, you do want to minimize those, right? But if it's an asset and your professional fees should be assets, your professional your team members should be assets. And if they're not and they're not putting them in your pocket, I would suggest you look at well, do I need to upgrade my team members? Because it should not be a matter of, hey, I've got to write a check. It's like, I get to write a check. I mean, if you think about it, a good tax advisor is going to put more money in your pocket than a good real estate property.

[00:27:31]>> Absolutely. Yeah. The bonus depreciation, everything else. Last year, we had a big tax bill and just being able to sit down with our CPAs and our strategists and stuff like that to kind of figure all that out has just been huge. And I think, yeah, with the new big beautiful bill, it's definitely helping out all of us that have tax challenges.

[00:27:45]>> So, I want to ask real quick to I I mean, I know you packed most of the stuff into your two books, right?

[00:27:50]Taxfree Wealth. You want to talk about your books? I know we're going to obviously h have people know how to get a hold of you, but I I do think that this is such a small investment, guys.

[00:27:59]For you to prepare yourself to be able to ask questions of whoever you're using, it's huge, right? So, maybe you should talk about that real quick.

[00:28:07]>> Well, so, so let me tell you why I think it's so big. It's context, right?

[00:28:11]Because if you look at taxes as a big negative that that's black and white and there's nothing I can do about it, then that's one choice. But if you look at taxes, so in taxfree wealth, the whole point of taxree wealth is to change your context. Really change the way you're thinking about taxes. It's like if I want to change my tax, I have to change my facts, right? That's probably the quote out of tax wealth that I hear the most parited back to me is you want to change your tax, you have to change your facts. Okay? Or it's not whether something's deductible, it's how do I make it deductible, right? So, it's a whole context shift of taxes are really a series of incentives primarily for business owners and investors, but there it's really a the whole tax law 6,000 pages plus is just a series of incentives. If now your frame is, hey, these are incentives, what your attitude towards it is very different. So if your if if your frame is, oh, this is something I have to do and the government's taking my money and I know they're not spending it well anyway and it's just it's huge negative, well then you're going to make it as small a part of your life as you can. Um because you don't want that negative energy in your life. But if you're but what taxfree wealth does for people and it's done for hundreds of thousands of people is shift their thought process from hey taxes the tax law is not bad. The tax law actually is a great instruction guide on how to build wealth while reducing my taxes.

[00:29:33]That's I look at it as the greatest instruction guide on building wealth ever written. Um it's and you think about it, it's been written over many decades and it's been a lot of really smart economists, lawyers, accountants, business owners together to write come up with this guide for building wealth.

[00:29:51]And that's cuz the government wants to give incentives to build wealth because if they can give incentives and then you make money at it. This is art laugher supply side economics 101, right? If we give the incentives, we make more money.

[00:30:05]And in my second book, win wealth strategy, I just showed seven investments the government will literally pay you to make. So, I actually showed you how that works, you know, with different types of investments, whether it's energy, whether it's whe whether it's real estate, whether it's business, even something as obscure as life insurance, right? That there are things that the government said public policy standpoint, we want you to do this, and if you do, we'll lower your taxes, but guess what? If you do it, you'll also build more wealth. It's just a mind shift. Um, Kenny, you you remember we were in when we were in Las Vegas at the Paris um with >> kind of Yeah. Well, Kenny, you know, Kenny doesn't remember that much.

[00:30:43]>> I do. I do.

[00:30:44]>> Well, no. So, we're we're like each have our turn up on stage. This is the way we work with Robert, right, over the years.

[00:30:50]And uh Robert brings me up on stage and I said, "Well, you know, tax law is really a series of incentives for business owners and investors." And he looks at me, he goes, "What?"

[00:30:59]And I said, he goes, "Really?" And I said, "Yeah." So, I mean, even Robert can have a a shift in his thought process about something like taxes and um you know, to see that I mean I I'll never forget that moment just because and I'll have people tell me about that moment because they saw that moment and we all need to have that moment. We need all have that realization and reading reading a book is is a way to get there.

[00:31:23]Right. Well, I tell you, Tom, you made me a believer, too, cuz when you told me, you know, if you just want to see what the government wants, just look at the tax code, because they basically put it in there. If they the whole point is for you to invest into those things based on what they want and uh it really clicked for me and and and that's how I see it now.

[00:31:46]>> That's great. I mean, they've literally laid out all their cards. And what's really fun, you know, Kenny, I mean, we've been to, you know, so many so many different countries countries and continents and and of course my job when we go is on the plane is to read about the tax law in that country, right? And it's always so interesting to me. I'm going, if you really want to understand what what a government cares about, read their tax law because it's all it's all right there. And what's so interesting is how similar um we actually put charts and tables for 15 different countries in win-win wealth and how and you'll see just how similar the incentives are from country to country and it well you know my country is so different from your country. I'm going okay but it's not >> they always said that they every country has depreciation every country has they're different they're different percentages but they're they're all really very similar. They're so similar and and all that tells you is that hey, you know, they've all listened to the same, you know, economics is economics.

[00:32:44]Business is business. Uh investing is investing. Doesn't matter where you are, it's the same. And um so, you know, I I think it's um I think it's fasc.

[00:32:55]So, I had uh I take my grandkids, my wife and I take our grandkids on vacation every year. Um we get them for 5 days. That's our limit. We only get them for 5 days, but we we'll like go like we're on our way to to Rhode Island um a couple years ago. And we're standing in the TSA line and this guy comes up to me and starts saying, "Hey, you're Tom W, right?" And he starts talking about taxfree wealth and how it saved him all this money and how it's helped him make money and all this kind of stuff. And I'm just going, "Keep talking. My grandkids are listening to this and it's awesome for them to hear it." And that's, you know, that's what's so cool. That's what I love about and I love what you guys are doing with Limitless because you know then you see people actually implement it into their life. And you know this somebody I mean they weren't a client of mine. I I'd never talked to them before. They just read taxfree wealth and they go hey I can do this and they took their accountant. And one thing I know about taxfree wealth is I've never had an accountant say you can't do that.

[00:33:53]They'll all say yeah you can do that.

[00:33:55]And then the the client always goes, "Why didn't you tell me that?"

[00:33:59]>> I know. Yep.

[00:34:00]>> So, Tom, Limitless is in four months and we're going to have you out at Limitless. Why do you go to an events like Limitless?

[00:34:06]>> You know what? So, I I do for a couple of reasons. One is, of course, I love the education and you guys always put on, you know, great I mean, I was listening to the AI guy, you know, before and you always have such great speakers, but I love the participants.

[00:34:21]That's actually what I what I love about events like this is that you've got a couple of thousand people that are smarter than you in a lot of ways, right? And you get to meet them and you get to find out about them. I'll tell you, I I was at one where this couple came up to me and said, "Hey, my daughter is an accountant and she's at one of the big firms and uh she's looking for something else. Would you talk to her?" And I said, "Sure." And I interviewed her. She's a manager in my CPA firm now. Wow. And so you you just never know who you're going to meet or what's going to happen. You know, I was at a conference in um November and I met this guy and I said, "So, what are you doing?" He says, "Well, I'm kind of in between." I said, "You know, what's what are you looking for?" He says, "Well, what we do is we we market and sell education."

[00:35:04]I'm going, "That's what I need cuz we just launched a new education uh course." And he goes, "Great." So, we started talking about it. It's been amazing. I mean, he's already sold dozens of spots in our education. I'm just going, it's the participants. To me, it's like because here's the thing.

[00:35:20]Everybody's there because they want to learn. Everybody's there knowing that they don't know everything. And so, you have a particular context of the people coming in that is different than what you have at home, right? It's different than you what you have at the office.

[00:35:32]And so, you get to be in a in a place where people really do have limitless ideas, right? Hey, what if we did this?

[00:35:40]What if we did this? Everybody's got such a different perspective. And it's just, I mean, I love listening to other people talk about their experiences.

[00:35:48]What are they doing? How are they doing it? And you never know when you're going to make a connection that's going to, you know, make you, you know, hundreds of thousands of dollars.

[00:35:55]>> And and this year, um, we have a special surprise. Robert is going to lead, uh, Tom and I in a talk called How Denton Taxes Make You Rich. And >> it's going to be an awesome talk. It's going to be live August 14th through the 16th in Scottsdale,