Explaining Elon Musk's Thoughts on Tax Code

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ABOUT JASMINE DILUCCI, JD, CPA, EA

Jasmine DiLucci has specialized in tax since high school when she first became licensed to represent taxpayers before the IRS.

Now as a tax attorney and CPA, she works with individuals and business owners across the nation to on Tax Planning, CFO Advisory, and IRS Tax Resolution

How Jasmine Got Here…

18: Became an Enrolled Agent, licensed to represent taxpayers before the IRS.
22: Earned an Accounting Degree and a Master’s in Finance.
23: Became a CPA
24: Stepped into leadership as she took over her own CPA firm
26-28: Juggled full-time studies at SMU Law while she was growing her CPA firm.
28: Graduated from law school 4th in her class and became an Attorney, all while managing her CPA firm.
29-31: Expanded her CPA firm to seven figures, with a focus on delivering top-notch service and exceptional value to every client.
32: Launched Tax Leverage to offer free online education and combat the rise of “tax gurus,” aiming to provide real, accessible tax knowledge.
Today: She’s dedicated to running her firm and leveraging her expertise to educate and empower others, helping individuals and businesses navigate the complexities of taxes and finance.

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Disclaimer: This information on this channel is for educational purposes only and does not constitute professional legal or tax advice.

# # #jasminedilucci

[BlueDauntless]

Maybe we should make it less complicated.

[mexicant]

The only reason taxes are so complicated is to cater to corruption.

[gabrielpiltzer]

Tax lobbyists won't let you simplify it. This is a government for corporations, not people.

[darrylcleveland]

But please don't forget to explain **why** the tax law is so complicated.

[NVDAbets]

There's a saying. If something is hard to use for a long time. Its designed that way

[dairacuna]

Your so realistic about the tax codes unlike those tax gurus that act like it’s easy and you can write anything off 😂keep up the good work!

[theprofitableperson]

Exactly. Time to strip a lot of rules down and make them simple, understandable and fair for all Americans.

[dasstar]

The rules and regulations change constantly, 1. As stated, laws are made to accommodate constituencies 2. Those laws are then corrected for some unforeseen effect. 3. To be generous, rule benders, some beyond breaking, scheme to avoid or make money from tax issues. Much of the tax avoidance happens in 'not for profit' structures although, building a shell upon shell... business structure to drain off profit has been making owners, accountants and corporate lawyers very very comfortable.

[Lachesisms]

We tried to create a computer program in college to logically make a tax software for everything in Colorado. It was literally impossible for code to do at the time. AGI might be the best hope going forward but even then I feel like the best solution is a flat tax. Sure would be nice to make it simpler.

[UpstateAlgaeLaboratory]

I never quite understood the "taxes are complicated" thing. I've done my own taxes since I was 18. Back when it was a paper form. I have an S-corp and LLC. It took me about 45 minutes to do my taxes. Was audited twice. Once, they ended up paying me more because I brought in stuff I was too lazy to claim before. I kinda feel the people with complicated taxes are probably rich enough to deal with it.

[ignite]

Exactly, I always ask how do you know so much?
You just answered it. Thank you!

[k-f-h]

Using a CPA can be a game changer during tax time.

[Jwick-xucz]

Was not expecting Elon Glazing but here we are

[rodneybray]

Good job. Any required to be written becomes complicated especially with all the exemptions.

[stuartbrock]

The tax code is purposely written with a certain amount of ambiguity, so that new laws don't step on the old ones. Also it is more about the definition of income rather than what tax is paid on income.

[windyhollow]

Yes, the statement "the individual, unlike the corporation, cannot be taxed for the mere privilege of existing" is true. This was ruled in the case Redfield v. Fisher. Stare decisis is a legal doctrine that requires courts to follow the principles of previous cases when deciding similar cases. The term comes from Latin and means "to stand by things decided

[Tim-yq]

The part people tend to gloss over here is WHY the tax code is so complicated. Most of those complicated provisions have to do with ways to reduce your taxable income which is a net benefit to the taxpayer. If you truly wanted to, you could just apply the relevant bracket(s) to your net income and write a check, but at the end of the day, nobody really wants that for reasons that should be obvious. Many people grousing for a "simplified" tax code would be among the first to howl if faced with the true implications of what that would mean.

[ecospider]

My private disability check goes to my lawyer first. Then they cut me a check minus their 25%. My tax accountant agreed with me I should not count that 25% as income. But the W2 I get shows that 25% included.

They contacted a tax lawyer and they could not find the rule to exclude that 25%. So my tax accountant has a client for life because he is just doing an above the line deduction and putting his name on it. So if I get audited I can send the irs to him. Hopefully that works.

[thegods]

Thats why a lot of companies they hire a lot of tax lawyers to skim the tax codes.

[AaronSmith-sxez]

To be fair...most of the complications come with deductions/exceptions...which special interest have spammed into the tax code. Taxation based on simple revenue would be so much easier.