Best practices for trading income

[masterm1ne]

It just occurred to me that when I am making $10-30k a month trading futures, that the US Government is going to take 3-10k of it to hand out to whoever they deem necessary (either people with no ambition/drive or banks too big to fail).

What is the best way to prevent the government from sodomizing me? Surely putting it in property or some fund/trust/bonds?

 

[Levels]

You do realize that every day you live on this earth, you are using up resources that all tax payers collectively pay for, right? I mean if you want to be completely self sufficient you could move to Alaska and live off the grid and then say that you deserve to keep all the money you make, but I think that you will find living a bit more difficult.

Who knows exactly how to calculate what is fair in terms of how much taxes each person should pay, but can I assure you that if many things in this world weren't socialized, life would be very difficult. Each day you drive somewhere, you are using a public road, and every minute of the day where you feel safe walking down the street and not being scared that someone is going to kill you means that there are public resources at play that protect you. Heck, even having the ability to buy a house, as you suggest, means that some public entity is making this option available to you and will enforce the fact that this is your property.

If you want to pay nothing, and expect things to continue as normal, this would be being a hypocrite, and if you just want to pay for the things you use piece by piece from some sort of purely capitalistic system, then prepare to be really sodomized.

You see, I find rich people extremely hypocritical. They think they work so hard and deserve to keep every dollar, but what they always fail to realize is that they are benefiting hugely from the system running as it is. The very notion that a company can hire an engineer means that for many years, the public system was paying to teach that kid while in school. Public roads ensure that employees are able to get to work. The police ensure that workers aren't randomly shot dead on their way to work. Just the fact that there is a strong social system means that people have time to waste on stupid things like iphones so that all those execs could be rich and shareholders could have cashed in on the huge stock gains. If it was truly everyone for themselves and each person benefited from their own hard work or suffered from their own laziness, we would all be spending 100% of our time on food and shelter, and rich executives too would be out there fighting hard just to survive.

The social system is what allows certain individuals to be rich. So keep this in mind.

 

[IAS_LLC]

Hire a good account, they are cheap, and be thankful it's taxed at the capital gains rates. You're making 30k a month and just now asking this question?

 

[lawrence-lugar]

It just occurred to me that when I am making $10-30k a month trading futures

Why do you have a range on your earnings potential?
what are the limitation factors

 

[Daal]

It just occurred to me that when I am making $10-30k a month trading futures, that the US Government is going to take 3-10k of it to hand out to whoever they deem necessary (either people with no ambition/drive or banks too big to fail).

What is the best way to prevent the government from sodomizing me? Surely putting it in property or some fund/trust/bonds?

Your best option is to consult with a tax attorney and explore the possibility of moving to Puerto Rico. There you will be able to earn tax free capital gains. You might have to live there 6-7 months a year and the rest in other places but it has to be done in a way that is consistent with how the IRS looks deals with this tax break

 

[Pekelo]

It is easy, stop being profitable, and enjoy the taxfree status.

The Puerto Rico advice is interesting though:

http://www.forbes.com/sites/janetno...-americans-to-its-own-emigrants/#6e03984cda59

 

[i am nobody]

The social system is what allows certain individuals to be rich. So keep this in mind.

But when the social system becomes an Asocial system, some people pay over 50% taxes and 30% of the population does not pay any taxes at all, while receiving money from government for unemployment or (fake) diseases. Then the rich who pay for these 30% will leave the country and the poor will really become poor as there will be no free money for them anymore.
This Asocial system exist already in some European countries.
All taxpayers pay for everything the government "offers". The taxpayers pay more then they get back as 30% never pays anything. 70% of the population pays for all the things the government "offers" (health care, school, child allowance, medical care...) to 100% of the population. So you can proof mathematically that those who pay taxes pay far more than what self sufficiency would cost.
And all these "benefits" you speak about exist also for the 30% who never pay a dime. Is that honest?
Don't blame only the rich, a big part of the 30% non tax payers are to blame too as they abuse the system.

 

[Surgo]

It just occurred to me that when I am making $10-30k a month trading futures, that the US Government is going to take 3-10k of it to hand out to whoever they deem necessary (either people with no ambition/drive or banks too big to fail).

What is the best way to prevent the government from sodomizing me? Surely putting it in property or some fund/trust/bonds?

ROFL. Traders can be a riot sometimes.

The best thing for you to do is get some perspective. You are a futures trader. A pretty successful one, more so than 90% of the people here, but you are still a futures trader. You are not a nurse, teacher, firefighter, engineer, janitor, road crew, waste disposal person, etc. Your "job" provides absolutely zero value to society. Those people with no ambition/drive that you talk about? Even they are ahead of you because they have a chance to get up tomorrow and actually get a job that actually adds value to society.

So pay your taxes with a smile, thankful that you live in a society where we actually can play this game to bring in money despite adding nothing to it.

 

[i am nobody]

Your "job" provides absolutely zero value to society.

Wrong. He pays taxes while a lot of other people don't pay at all.
He spents his money , he goes to restaurants and spents money, he buys cars, needs fuel, needs insurance, need maintenance, goes on holiday, buys clothes... all this makes parts of the economy. And on most or all these things he even pays sales taxes. He is a netto money maker for the government.
The poor and homeless however bring zero as they can only spent money they first received from government. If they have bigger bills, these bills are never paid what will damage the economy. So in fact they attribute zero to the economy. They are netto money takers for the government.
All taxpayers have to pay more taxes because the poor don't pay at all. So all taxpayers are victims of this situation.

 

[tiddlywinks]

You could look to philanthropic interests to help minimize taxes as well. Just a thought.