ilmscore | Prediction Details
"So the first thing that every wealthy person tries to do which is something that anybody can do is they work to recategorize their income. They don't just work for this ordinary income; they invest their money into assets. That way they can earn this type of income. Portfolio income is when you own an investment and you sell it for profit. This is like your stock market investment income, assuming you own your investments for longer than a year. And your passive income is things like rental checks with real estate properties. This is a different type of investment income and it comes with its own set of tax deductions. So wealthy people are working to move their income from here to here because this comes with bigger tax breaks."
By Minority Mindset | November 12, 2023 | Pending
From video
How The Wealthy Pay No Taxes (And How You Can Too) | Jaspreet Singh 00:03:13 - 00:03:51
Interpreted Prediction
Wealthy individuals aim to shift their income from 'ordinary income' (earned from a job) to 'portfolio income' (from selling assets held over a year) or 'passive income' (like rental income), as these categories typically have lower tax rates and more deductions.

Prediction Details

Topic
Income Categorization for Tax Purposes

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