 What was your last set news? My name is Rob and today I want to talk to you about is how President Joe Biden is looking to raise taxes Exponentially pretty much doubling it. So we're gonna take a look at how USA is probably gonna get some pretty massive tax hikes I'm gonna take a look at 100 million to 1 million We're gonna take a look at how I don't pay any capital gains tax And I'm not talking about Puerto Rico and lastly we'll take a look at some positive things about how for the politicians And what's gonna happen in the midterm elections and what that's gonna lead to as far as the crypto and Traditional markets itself. So first things first. I just want to get this out the way USA is probably gonna get a big hit as far as taxes. There was a quick interview This is on Squawk box. Let me just play this for you. And this is what's going on with the Biden's tax proposal Taxing the wealthy would make the capital gains tax the highest in the world Robert Frank joins us now with more easy You're like a tax aficionado basically I am the tax man Joe president Biden has of course proposed and Proposed raising the top capital gains rate to the same level as ordinary income now combining the state taxes That plan would give the u.s. The highest capital gains tax rate in the world The president's plan calls for hiking the rate from 23.8 percent to 43.4 percent for any income over 1 million dollars Now most states also tax capital gains at ordinary income rate So according to the tax foundation state taxes would add an average of five percentage points to the federal Bringing the total combined rate to 48.4 percent that would be far and away The highest rate in the world that would pass denmark with 42 chili with 40 and france with 34 The u.s. Would also rank highest in the world for dividend taxes now since dividends come from after tax corporate profits The combined corporate and dividend tax rate would be over 65 percent that beats number two ranked ireland and south korea now the tax foundation saying Higher rates on individual shareholders reduce the return to savings and higher taxes on corporations Raise the cost of investment reducing savings and investment Now Joe you look at states like california new york new jersey They would all have combined capital gains rates of over 54 percent not to mention Many countries like singapore and new zealand that are moving toward zero capital gains taxes So this would be a competitive disadvantage for us investors if it happens Yeah, so there you go. So remember that even though we're talking about this It doesn't mean that it is guaranteed to happen That's the whole arts of negotiation They start very high and they meet in the middle But I do believe that uh, there's going to be some massive tax hikes coming forward and I always knew this would happen. I never thought that Crypto would go to zero and the government wants to to get rid of it because they want to tax it and get that money back And that's really what it comes down to and then also I remember this being a little bit differently When this bill first came out, it must be some provisions. It was supposed to be a hundred million dollars People who who made that much to be taxed in this way and now it's been dropped 50 million now to only one million dollars And this is actually from the tax foundation. I already linked in the description You can verify this and says the organization for economic cooperation development or OECD Uh, this will be the proposal but uh tax long-term capital gains Ordinary income for taxpayers with taxable income above one million and raise the top to 39.6 So just like we had heard in the interview that is true I thought it was uh mispronunciation But uh, absolutely not and also just remember that even though you're paying federal taxes on your capital gains Long-term or short-term. Don't forget if you live in these states, you're also going to get dinged for a lot more So california is out of whopping 13.3 percent Your jersey tempers at washington dc 10.7 now We know why michael so I didn't want to pay tax in washington dc Oregon 9.9 and so on and so forth So you're looking at a pretty hefty price tag as they move those things up And that would leave me to my last or second last point Which is how i'm not paying any capital gains tax and not because of port orico now as you know We live in port orico, but we vacation in texas and uh, there's no capital gains taxes over there Now things could change there's been rumblings of things going on and those provisions could could be wiped out However with roth iras. Uh, these have been around for for decades now This is exactly what a lot of people have done To save their wealth and what I use is this thing that's spinning above my head right here open a crypto ira It's with itruss and itruss capital There's a link in the description looks just like this and in that uh, that description You can find a deep dive into itruss and how it all works and how peter teal The famous billionaire investor actually used a roth ira to save billions of dollars For his retirement now with and then of course there's a link then you can use it to sign up Get a hundred dollars just for opening up a roth ira account. So just to be sure this is for you Just know that on top of putting your crypto into your to a roth ira You can also stake your crypto and right now they have it as a polka dot I just know that there are some fees associated with that but imagine The price appreciation for crypto that you have in your roth ira You can also stake your polka dot and that's what they have right now. They don't have anything else right now yet But if you could stake other things that would also be Taxed exempt you can protect your assets with a simple storage six billion transactions I five thousand accounts created. I am one of those I've had to want mine for almost two years now You can buy and sell all the different types of crypto and of course This is the big one institutional grade crypto custody. They use coin based custody and fire blocks And coin based I believe is the one for michael sailor and michael strategy They have 320 million insurance policy 42 million insurance policy with fire blocks So I hope you don't have more more than that and here's all the different cryptos that you can use You can please look at those Axi decentralized bitcoin chain link polka dots You've got polygon tazos avalanche Oh avai algorand bitcoin cash chain compound cosmos curved out I mean you if you think about it you have got a lot and also they have physical gold and silver as well so There's a lot of different options for you and then Lastly, there's a video like I said in the description which will describe you There's between a roth a traditional and a set and there's also Different questions that come about the one thing that I always think about is this well How much is this going to cost and also is this going to be a rug pull like some other different projects? Well, they don't deal with with lending and earning and all that stuff all as they do This is their pricing model. It used to be 29 dollars a month now. There's no more monthly fees However, for all the transactions that you do you're going to pay one percent And think about it this way. I know many of people who have taken their they have sold their bitcoin within their Roth IRA account Transferred into cash as that cash sits in the Roth IRA They let bitcoin go from 60,000 down to 29 or 20,000 today It's october 1st and they buy it right back at 3x So they just saved a ton of money There is no capital gains and they can buy their crypto right back within the Roth IRA account Now I've done that before I paid the 1% and I'm happy to do so Also, there's a I also own golden silver in my Roth IRA. So that's $50 over spot And two for the over spot for silver and some basic questions that I always get is this Is can I place a limit order or a stop loss? Yes, you can You can put a limit order or a stop loss, which is pretty good for you traders as things go down or a little bit too high You can sell those put in a cash and wait for a better opportunity Also, what's the minimum account or maximum per account to start to start? It's a thousand dollars The maximum fund an account is based on iris limitations and cash contributions me personally I can only Give $7,000 per year to my account. So I got to make that count and that's why I'm trying to do this before The end of the year So that would take care of the whole part of how I'm paying no capital gains. Remember This is a Roth IRA. So I must wait until 59 and a half years old If I do if I take it out before then there is a big penalty Again, watch the video link in the description and this would leave me to my last point this whole video was started all because of Joe Biden And the thing that I keep worrying about is, you know, what's going to happen with the midterms which are coming up we got about a month ago and I'm not a very big political person. I like to follow it I just don't really have much skin in the game because I think all politicians are a bunch of liars and that's just how it is however There's a something I consider myself with is how this is going to affect the market. This is how it is There's a A great graph takes a look at the midterm election year stock market performance since 62 and since we know that crypto Is a little bit correlated with nasdaq s and p 500 and dow It's interesting to see how things would would pan out now and and this this chart goes from 1962 all the way to 2018 and you can just see that the before midterm price or 12 months before In 1962 was negative almost negative 18 962 and then Three months after the midterms It was up 17 percent then a positive 23 then 30 going six and 12 months out Same thing in 966 negative 13 8 17 and 17 Richard Nixon negative 14 to positive 15 24 and 13 Actually, it's mostly positive once we get out of the midterms into three six and 12 months out so I think that's positive And you can just see right here that here's the midterm average Zero points are pretty much flat before the midterms Three months after the midterms you're looking at a positive 7.3 on average 15 percent in six and 16 percent In 12 so I think there's a lot of better things on the horizon The thing is I just want to make sure that you're aware of different ways Save yourself from the taxman and that's it. So look that's it for today. Hope you like the video If you liked it give it a thumbs up consider subscribing a lot of things we talk about our time sensitive So let's youtube notify you, but that's it for this session I want to thank you for stopping by. I do appreciate it and I'll see you on the next one