The taxes are the killer. As I need not say, Buffet, Templeton, and others have been smart enough to fix it so the money compounds without triggering taxes. (Well, Templeton finally became a citizen of the Bahamas, with a British passport). I am going to pay a whopping tax bill pretty soon because I am not smart like them.
I specialize in non-taxable benefits, however. For example, my wife is one hell of a good cook and the Feds cannot touch one penny of the value in that. I have a rent-free office that is like a small club, in an old but very well maintained castle of a building. Friends invite us to vacation places. I have done most of my own plumbing and electrical work, but I think I may quit fooling with automobiles. The feds can't tax my vegetable garden either.
But I really have got to cook up some (legal) tax deductions. Business travel in a Toyota Tercel is pretty good. Spend less than 3 cents a mile on gas and take off something like 38 cents a mile on taxes. At seventy miles an hour, let's see, that's a net of about 40 cents a minute tax deduction. What I need is an old taxi meter. <g> I wonder if Earlie deducts flights of his build-your-own airplane. |
