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Understanding Taxes with Joseph DeFazio - Part 3
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In today's final episode of this mini series with Joe DeFazio, we continue to explore the tax system and how it can be leveraged to build wealth and support our families. We discuss the often overlooked positive aspects of the tax code and how understanding it can open doors to financial opportunities. From business incentives to investing in energy and real estate, we delve into the strategies that allow you to legally reduce your tax burden while contributing to society. Whether you're just getting started or looking to deepen your knowledge, this episode is packed with insights to help you make the most of your financial journey.
Highlights 01:01 - The power of learning and teaching through podcasts. 03:22 - Taxes: A significant lifetime expense. 04:20 - Introduction of Joe Difazio and his credentials. 06:53 - 10th Street Capital and its services. 08:17 - His journey in life insurance and financial planning. 11:41 - The 1913 inception of the modern tax code. 16:25 - Evolution of the tax code: Creeping complexity. 20:15 - The dilemma of marginal tax rates. 23:54 - Introduction to the Infinite Banking Concept (IBC). 25:57 - Distinction between IBC and whole life insurance. 28:59 - Cash value and contractual obligations in whole life insurance. 33:54 - Dividends and paid-up additions (PUAs). 36:21 - Lending against guaranteed increasing collateral. 38:50 - Flexibility and control in using life insurance loans. 42:56 - Reducing opportunity cost: Recouping through loans. 47:41 - Structuring retirement income: Dividends and PUAs. 53:00 - Tax-free death benefit and state tax implications. 56:09 - Attacks and potential changes to tax treatment on life insurance. 1:01:10 - Emphasizing control and understanding opportunity costs.
Episode Resources
- Connect with Tom Suvansri
- https://perennialpride.com/
- https://www.facebook.com/perennialpride/
- https://twitter.com/perennialpride
- https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
- Connect with Joseph DeFazio
- https://www.10thstreetcapital.com/
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