Yahoo Finanza Grant Cardone Sounds Off: Government Guilty Of Pocketing People's Hard-Earned Cash
Renowned entrepreneur and real estate mogul Grant Cardone accused the government of pilfering people's hard-earned money in a post on social media platform X, where he highlighted the contentious issue of wealth redistribution and governmental fiscal policies.
Cardone's April 25 post on X outlined how the government "steals" your money by taking 40% of your earnings; taxing you between 8% and 12% on the purchases you make; imposing a 20% corporate tax for starting a business; and — for the few estates larger than $13.61 million per individual or a combined $27.22 million for a married couple — charging an inheritance tax when you die.
But Cardone said he offers a solution through his real estate investment firm Cardone Capital. For example, if you invest $1 million for 10 years, you would have cash flow of $800,000 and a profit assumption of $1 million for a total return of $2.8 million and depreciation of $500,000.
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Cardone, author of the recently released book "The Wealth Creation Formula," said professional real estate investors can use the $500,000 depreciation to reduce tax on earned income from other businesses or can exchange the entire gain and buy another asset.
That would give you a $1.8 million asset that pays your estate $108,000 per year or $9,000 per month in passive income.
"Most of this is not taxed in the first four or five years as you achieve another $900,000 in depreciation to offset taxes from [the] new purchase," Cardone posted. "This is why so many rich people invest in real estate."
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Despite encouraging professional real estate investors to purchase properties, Cardone has said that homeownership is a trap because you are physically stuck in the same place and that renting is a better choice because it provides flexibility.
"The house, for most people, is a nightmare — not a dream," he said.
Cardone has been an outspoken critic of the Biden administration's fiscal policies. In an April 24 post on X, he wrote, "Joe Biden just stated, ‘We are investing in Ukraine, in Europe — $905,000,000,000 and won't take one question. Where is the investment in America?"
And on April 22, he wrote, "Can someone tell me, why we are sending ANOTHER $100B we don't have to Ukraine?"
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This article Grant Cardone Sounds Off: Government Guilty Of Pocketing People's Hard-Earned Cash originally appeared on Benzinga.com
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