The Donald Trump Bombshell - LNOD

[@louonthesun3325]

I thought the woman speaking was some kind of insanely new advanced text-to-speech engine lmfao

[@lammymammy1]

Yeah same here. I was thrown off when he told her to wait.

[@ataridc]

@@lammymammy1 destiny getting bossy with his robot gf

[@variantdot]

@Mitch Lang her name is ErisAnn

[@ryanduffy4978]

Yeah I thought I was watching "Her" starring Wakeen Phoenix.

[@jaydy71]

It wasn't? I'm weirdly disappointed

[@jeffphillips1832]

Turns out ASMR makes finance more palatable. MS Paint, not so much.

[@brandonden795]

He should at least get a drawing tablet pad

[@XxXxXxXcoolXxXxXxX]

I think you might mean palatable

[@jeffphillips1832]

@@XxXxXxXcoolXxXxXxX Thanks.

[@TheCapn23]

This news feels like a year old already.

[@beepo9643]

Welcome to the 24 hour news cycle bud lol.

[@kevlon_]

It's been a crazy roller-coaster ride. Not too many years ago this would've been the headline for weeks.

[@lucasgoncalvesdefaria7121]

Trumps tactic is brilliant, since it is a never ending cycle of stupid shit, you never remember the previous stupid shit.

[@nerf7674]

Go figure trump was a horrible businessman and a good actor. It’s almost like I knew this before he was even elected. I’m going to go eat my trump steak now.

[@alexanderjaggers3761]

WTF, when I heard that woman, I thought Destiny was watching a youtube video like usual. Tbf, she wasn't speeded up 2x the speed, so that explains why.

[@FSM_Soleran]

What if he said "2x speed" and she started speaking faster

[@AmazingTrousers]

That was a long TTS donation, I enjoyed thou

[@iamthekulture3822]

Ah yes og computer memes

[@breydanhammer8417]

Destiny needs to start crediting these people he brings into his streams

[@horse7509]

Make it a worker co-op

[@RavagerRideout]

Who's the person reading the article? Could listen to her talk about taxes all day, smooth voice.

[@GaMeOvEr12454]

someone in the twitch chat said its ErisAnn

[@isakferm7674]

Your mom

[@ryadh456]

Same

[@unlisted9494]

AvoidingThePuddle

[@aa898246]

Your mom

[@jacoba5814]

“We’ve had no negative effect, 40,000 people and no bad effects” *curb your enthusiasm

[@Inressa]

PepeLaugh HE LACKS CRITICAL INFORMATION

[@Spinbassflipbassfly]

Destiny: “to anyone who knows anything about US tax law, it’s really dumb.” Also Destiny: “TRUMP BOMBSHELL ARTICLE ABOUT TAXES CHANGES EVERYTHING” So basically... Destiny is calling his audience dumb. I’m not going to disagree champ.

[@theflabbygentleman9292]

your brain must resemble a small raisin

[@FSM_Soleran]

1. He said many people in America are dumb in regards to tax law. 2. The above-mentioned is the reason why this changes everything. Public perception of the issues is more impactful than the reality of tax law. 3. The bombshell articles promptly states at the start of it that there is more to it than just Trump paying very little taxes, because rather than a simple tax evasion issue, we're dealing with a President who is in severe debt and is therefore to an extent under the control of whoever he is indebted to. This is a major hole in our national security. However, considering that you're also a part of Destiny's audience, you certainly make a good case for them being dumb, albeit being an individual example of such a trend.

[@controlclerk]

kzbin.info/www/bejne/infcmaCsiKujocU

[@Stephensouraski]

The lady reading has a nice voice, whoever that was.

[@iownu92]

She kinda reminds me of one of the voices who will say the DJ or rappers name in audio watermarks.

[@windshieldwiperfluid]

destiny trying to break into ASMR youtube with her

[@gleeeeeeeeeeeeeeeeeeeeeinr]

I'm like 94% sure that's ErisAnn reading the article to him. kzbin.info/door/UIy9MMmYoi45nuxCCmuAAA

[@Oldhandlewasabitcringe]

Sounded a little like an alexa or automated phone voice

[@Corvega]

Yeah she's a good narrator.

[@Snoui]

ErisAnn's voice in every video would make me only listen to destiny videos 24/7

[@ROUNDtheWORLDis]

Damn having this lady reading the relevant story was great, nice voice and just made the stream better. Great to see you are investing in making your stream and videos better. Keep up the great work

[@aaliadoesanarchy6277]

Hey Destiny I realize I’m a relatively small content creator but I appreciate your work and was curious if you’d like to have a conversation on the ethics of property damage during protests. If you’re interested let me know.

[@y2jcake416]

I think you just gotta message him on discord to talk to him

[@killercaos123]

Dude just contact him via email or twitter or something. What are you doing here?

[@stopnow8409]

You should email him

[@MorpheusDreamRealm]

Email him check in his bio on twitch

[@leajey4279]

You should email him. If you come to him with a topic to talk about there's a good chance he'll respond back. Smaller youtubers like Perspective Philosophy get on

[@dnb9460]

42:00 No, we want to tax people (billionaires) who have money, not necessarily only people who 'make money'. to answer chats question, yes, it is unfair that Trump gets away with this. Tax avoidance by the 1% and those in government is the same as tax evasion. Youre basically insider trading the IRS and treasury. working people with average incomes cant offshore and obfuscate all their earnings and loans etc. and hire teams of lawyers & accountants to get you all the best tax fraud loopholes.

[@Crissybooable]

was wondering for a moment what kind of software destiny was used to read out the article.

[@jeffphillips1832]

Same here. I was like is this Alexa 2.0?

[@madcityy269]

isnt it a feature for subscribers of the news paper - that you can get it read aloud?

[@tcritt]

She could make a killing doing the voice for self-destruct warnings in underground secret labs and giant starships.

[@BlueBARv5]

It's Destiny's mother, Not software

[@Toolkit333]

Damn so many people who don't know that it was Eris talking... crazy how the community has expanded over time

[@leajey4279]

Yeah, but honestly Eris seems to appear rarely in the KZbin channel. You'll know her if you watch Destiny live so KZbin audience probably doesnt know her

[@ouishi9447]

Leajey42 yeah i only watch youtube and this is the first time im hearig her, as far as i can remember

[@K_Shawn_Webb]

man my destiny lore just got expanded.. So she is supposedly an ex gf. Was this b4 destiny had his kid?

[@flatplant]

A world without Frogs is a world more just. Yee just can't loose

[@user-uq4gr5nl5o]

Yee can now rest and watch the sunrise on a grateful universe.

[@saichilukoori2544]

God damn, the editor is really stepping up. Good stuff man!

[@ericlefeld8059]

A happy destiny is a good destiny.

[@rupen42]

The only thing that this doesn't change is the inevitability of "THIS CHANGES EVERYTHING" appearing in the thumbnail.

[@rowdymatt]

Commenting because the editor told me to Also whoever is reading this article is a god

[@weebemo1144]

I'm a god POGGIES

[@SkullcandyEdit]

Love the editing!

[@chuckecheese5251]

The most hilarious thing about trumps taxes is literally this all came out in 2016 and then again in 2018 now a third time in 2020 i wonder if this article will come back in 2021 or 2022 if he wins again will it be every 1 year or 2?

[@cspanS]

Thanks so much for this video. There are so so so many people that have no idea what they are talking about when it comes to taxes.

[@bryant7369]

Cursed intro

[@user-uq4gr5nl5o]

It's a thing of beauty.

[@UnrelatedAntonym]

I really appreciate your explanations about lesser understood tax law. Great video.

[@igobymoe]

Surprised how many of yall dont know about the Godstiny orbiter ErisAnn

[@benjamineer3045]

watching this with also listening to the ESO soundtrack... works strangely well

[@moonhouse3540]

The way she jumps right back into it when Destiny finishes his rant on the Herman tax Shelter thing was fucking adorable.

[@mav8535]

Wait. When i am earning 50k i should pay more in taxes as the rich people because they reinvest in the economy? If i would earn this much i would probably spend it all for consumer goods thus paying these taxes has the same effect creating more revenue to the economy, making more jobs. I don't think this logic works.

[@coladict]

Destiny: Are we gonna force somebody do liquidate shares to pay wealth tax? Me: Yes. There is such a thing as too much wealth, and the goal here is to reduce it.

[@Dr.Kittysan]

so why would an already rich entrepreneur even bother making more money?

[@coladict]

@@Dr.Kittysan You mean after they hit the limit? I would hope that they wouldn't, because the only way these "entrepreneurs" as you call them make this kind of money is by NOT paying their workers.

[@WarIsOver25]

Destiny talk about people not knowing how taxes work like it's common knowledge/we have good ressources to learn about them

[@MorpheusDreamRealm]

I mean you could probably email him I think he just learned it from looking around on the Internet so he could learn it. And he got to his level of knowledge just from that.

[@WarIsOver25]

@@MorpheusDreamRealm Yeah but he acts like we're just a bunch of no life shitters. He's just really fucking smug about it instead of being happy that he can teach us. ''Most people don't know what the fuck they're talking about when it comes to taxes'' He's really fucking smart so I'm sure he's aware that he's being a dick. I guess from his point of view, he's only attacking the online dipshits who angrily scream at everyone else but as someone who doesn't know shit about taxes, I feel like garbage when he goes off like that because I really respect his opinion

[@MorpheusDreamRealm]

@@WarIsOver25 I am mean you have enough self awareness to know that probably isn't talking about you. He directing it to people are smug but don't know what there taking. But I understand were your coming from. So he isn't talking about people who don't anything about taxes he is attacking people who don't know anything about taxes but act like they do. You know that you don't and don't act like you do so your fine. Have a nice day.

[@numblittle8461]

@@WarIsOver25 he was talking directly about people that talk politics on twitter and spread ignorance around because they don't understand what they're talking about. He's rightly critical of them because they're spreading this stuff to audiences that will just take their word fit it and that's really harmful. He's not shitting on the average person bro.

[@silverandcards688]

LTV, loan to value, is the phrase you were looking for. If you have 400mil in pending liabilities due, with a value approximated over 1billion, you will have no trouble at all getting those assets refinanced. That said, Trump obviously lies about how much he makes and what he's worth. It's just funny to me watching people try to play tax expert when no one really understands the tax code 😂😂

[@aznperson]

the problem isn't that rich ppl are donating to get a write off for taxes the problem is that they also own the charity that they donate to

[@joeymac4302]

Not Trump, lol. SDNY saw to closing that loophole. I don't know anybody else who is barred from operating a charity in the State of New York, but his entire family has that distinction. Thank goodness they won't be buying anymore vanity paintings with charity money. Now they just do it with taxpayer money.

[@teamcheese1045]

Trump: we have had no negative effect also trump: gets the coronavirus

[@brandonden795]

This is greek tragedy levels of irony. Like the kind of story 7th graders will read about in school 100 years f4om now and laugh at

[@dragonore2009]

People who say they "paid more taxes then Trump" are absolute buffoons. Really? So you paid more federal income tax, ahh okay, did you also pay more tax then him for state, local, and city taxes? Did you also pay more than him on payroll taxes for his thousands of employees? Did you also pay more than him on all the regulatory fees he had to pay which is a tax?

[@dragonore2009]

@@cricketj15 You are correct I'm just showing how absurd the statement is "I paid more taxes then Trump" is even if I were to erroneously grant (which is false) they paid more federal income taxes then Trump.

[@stopnow8409]

Love the intro

[@carrier2823]

56:51 fucking inspirational quote right there: “remove the hate from your heart”

[@westlane0926]

hello mr august youre doing great!

[@quintonwilson8565]

Great little educational stream, love it

[@peewee130946]

Honestly this is the level of argument I wish most people used. I honestly had my mind changed with the whole tax thing.

[@d1o189_]

Financial analyst here...re your comment re deprecation..depreciation allows for you to realize costs over the lifespan of the asset..the main benefit is not (from a PnL standpoint) getting hit w the full cost of the asset all once.. You're the man btw.

[@AnnoyingSwedishGuy]

1:12:10 that aged really badly really fast XD

[@yomommamonkey]

Editor... I love you

[@tychobrahe6379]

Who's reading the article aloud?

[@gleeeeeeeeeeeeeeeeeeeeeinr]

ErisAnn kzbin.info/door/UIy9MMmYoi45nuxCCmuAAA

[@myhatelect]

@@gleeeeeeeeeeeeeeeeeeeeeinr a small child he keeps in chains

[@christianfox7431]

@@gleeeeeeeeeeeeeeeeeeeeeinr didn't they date for awhile and have a really bad break up? I only started watching Destiny's content like a year ago.

[@davidzamarripa6141]

Destiny, when it comes to charitable contributions, you can donate property or other tangible valuables and it can potentially generate a deduction in excess of the economic loss of giving that item away

[@Kakerate2]

42:00 In addressing why destiny is wrong here, we must acknowledge that economics generally zero-sum. If you made $1 million in revenue, that in principle SHOULD be taxable income regardless of how much you spent to get that because you are effectively taking that $1m from OTHER businesses in your sector that could, in theory, earn that money without accruing as many costs as you did. 46:47 Except we DO. You are saying businesses that cannot earn profit should be absolved of paying tax, for WHY exactly? What you are essentially arguing for is socialism for the rich, brutal capitalism for everybody else. Bezos is using this ridiculous loophole to show that, despite closing hundreds of malls each year with his uncompetitive pricing, he is operating at a loss! You can price yourself into losses and then use that to show why you shouldn't be taxed, so naturally investors are going to pool their money into where money already is; this is part of why we are seeing corporate giants that have so much power they can buy politics. 49:00 It is irrelevant that a business is in the hole if their NPV (net present value) exceeds the costs incurred.The reason this is terrible is because it rewards people that have money, because they can leverage their cash for more against people without cash. To show why Carry Forward Taxes and Free Markets are oppositional forces, let us take the example of two games that earn exactly the same revenue, (say $200k) Person A- manages a game dev studio, has a budget of $145,000. - pays 100k in advertising - pays 10k in R&D - pays 35k in Labor -55k in taxable Person B- Inde Dev, has a budget of $1,000 - pays 1k in art design -199k in taxable Tax brackets aside, let us assume that both companies have tax of 20%, so post-tax revenue of the two people is as follows: 189k, 159.2k. Despite both making products valued as "equal" by the market, Person A's product is actually MORE profitable as a result of incurring MORE costs. btw, VAT can be good, Yang would've supplemented the cost of UBI with a VAT. just before 59:44 Im actually a little shocked Destiny isn't aware of lobbying? Like, wow.. he has some insights but after seeing Martin Shkreli own Destiny on economics in 5 minutes flat..I take my financial advice from MARTIN

[@stephenlott6968]

Donald Trump's personal assets are worth between $2.1 and $3.1 billion right now. Roughly $400 million in loans is nothing for someone with that kind of asset sheet. Trump is severely under-leveraged compared to most Americans. Most of owe more than we own. Trump owns almost 10 times what he owes.

[@brandogg974]

So he has to sell everything to pay his creditors leaving him with probably enough to pass on 10 mil to each of his kids. Great way to end his career with less assets and initial investment than what his dad gave hi..

[@stephenlott6968]

@@brandogg974 seriously dude? You SUCK at math. Even if we assume the low end value of his assets at $2.1 billion that's over 5 times what he owes right now. He could literally borrow 5 times as much money and he'd still have the assets to cover the entire amount. If you don't know what you're talking about, just keep your "thoughts" to yourself idiot.

[@stephenlott6968]

@@brandogg974 come to think of it, Trump Tower in Manhattan is worth $450 million itself. He could get a mortgage on just that 1 building, and that would be more than enough to cover the other loans. It's not a national security issue. The "news" is just getting clicks and shares the dishonest way again. Don't let them upset you.

[@Alpine_Nightly]

Destiny just reminded me that your dreams are never as interesting or profound to other people as they are to you.

[@lespaulismore4538]

Rich Dad, Poor Dad. Give it a read. Real Estate developers use debt as a means of income. It seems bizarre because we are ingrained to think of income in terms of earned via ordinary income as you suggest.

[@dawsondavis]

Yes! Thank you! The video makes it seem like Destiny doesn't understand this.

[@Injustice360]

Destiny is misleading you on carry forward . If you are a business, and you make a ton of profit this year and you do not want to pay taxes on that year's profit. You can point to last year and say you should pay less taxes on this year's profit because of last year's loss. It used to be if you lost money in one year, you could use that loss to reduce your taxes for next year, but only for that year. Then Congress change it to three, then15 years, and in 2017 because of the Trump's tax law, you can carry losses forward forever.

[@TheDraco175]

Hating Taxes, truly a "far left" position Destiny

[@TheDraco175]

@@ab8817 He has also stated about a million times that he is "far left".

[@Breadbored.]

"Left" in America is Democrat. There's no significant socialist/communist party in the US.

[@owenduffy5745]

He's a soc dem. As far left as you can be while still being a capitalist. And yes that IS far left for the vast majority of Americans

[@kuzuchan3361]

Hey Destiny I know it feels really frustrating to continue explaining shit that you think everyone should already know, but please please please don't give up explaining this shit. You're teaching thousands of people and guiding them on the right track to develop informed opinions.

[@snake_plant6719]

Intro was GODSTINY

[@MrStormCrow]

taxes are theft destiny arc incoming

[@ben927]

In regards to carry forward tax exemptions, wouldn't paying off the depts accrued in those previous unprofitable years eat into your profit making a tax exemption unessary as your profit is being lowered by those previous years already?

[@Earstolisten]

Thanks

[@SilverSoulnPsyche]

Is there like a collection of destiny's sources and articles I can read somewhere?

[@brandonden795]

Maybe, I wish

[@CamKurst]

Thank you editor for eliminating our scrubbing of bars

[@KvatchIsInDanger]

You do a great job of explaining things. I think if you provided solutions you could do a lot of good for the world. Regarding the tax stuff, incentivizing billionaires to invest in things that do good for the world sounds like the right move, but half the country is opposed to passing any legislation even close to socialist so we're just back to square one.

[@joeymac4302]

So to sum up; Trump sucks at business, but is great at self enrichment with OPM. Basically, Trump's a con man, and most of his base just don't care, because if you're good at the con, you're a good businessman. Irony just died.

[@TheRandomfudge1337]

Yee

[@Don_C06]

Neva lose

[@lazycommentz]

Destiny misses the point that they use charity donating as a PR investment in combination with tax breaks. They do it for free commercialism. So, he is right, they do spend money. But that is money they would have donated either way for PR. Making the motivation the tax break. No one donates to charity for the tax break. They do it for the PR. But, the motivation is the tax break. If they didn't get that tax break, they wouldn't be donating to charity as they do.

[@nicthepic]

Lazy Comments what is PR?

[@windshieldwiperfluid]

the call to action animatic with bernie smashing the subscribe button is cringe af lmao

[@nsaylor9]

Type like an adult, please.

[@windshieldwiperfluid]

@@nsaylor9 youre not my dad

[@ibegyoushuuup]

Who's voice is it reading? It's so nice and calming!

[@GaMeOvEr12454]

twitch streamer ErisAnn

[@DerEchteBabo]

Does anybody know what the status with destiny's twitch problem is? I thought he would move to youtube, is he still departnered?

[@MorpheusDreamRealm]

It was a month before he was departnered

[@DerEchteBabo]

@@MorpheusDreamRealm ah ok thanks, is he planning to move or will he stay there and try to figure something out?

[@MorpheusDreamRealm]

@@DerEchteBabo he is planning on multi streaming he was in a exclusivity contract what meant he could only stream but now he can stream on all platforms.

[@killercaos123]

Amazin’

[@Zetimenvec]

10:00 Though there is something to be said about how exploitative it is that corporations can manipulate consumers into giving them money for charitable contributions, and they can use that money to offset their taxes more than the money they receive from said consumers.

[@FusionCap]

Destiny may be the hero we need.

[@YogiXXL]

YEE NEVA EVA LOSE

[@Scrungge]

He has 420million debt against his own person as opposed to his businesses. Is this really what it means? How can one even have that many mortgages?

[@Alpine_Nightly]

Re: not wanting to penalize business owners for taking risks: what if said business owner is taking unnecessary risks that not only jeopardize their business, but the livelihood of their employees? Not all business risks are good, after all. And if catastrophic enough, they could have negative ramifications beyond just the health of that particular business.

[@RealFreedomMG]

How would the government taxing capital losses help here?

[@Alpine_Nightly]

@@RealFreedomMG Well, not sure how to answer that question, considering I never proposed such a thing. Sorry if I was unclear. I mainly take objection to Destiny's seemingly broad generalization that business risk is somehow inherently good. While this can be true, there are a lot of cases in which it isn't the case, and the employees bear the brunt of it. Say my boss decides to expand their business, but it isn't successful, or struggles to stay afloat. In a lot of cases this leads to cost cutting measures, which often begin at the bottom, i.e. cutting hours, downsizing staff, taking away benefits, etc. In such cases, to my knowledge, the employees aren't allowed to write off the losses they incur due to a risk they had no say in.

[@RealFreedomMG]

@@Alpine_Nightly I may need to see that part again but I was certain that quote was in response to people asking why we tax capital gains but have losses carry forward for deductions on tax returns. I don't think he was just saying all business risk is inherently good just that it's something we don't want to discourage by putting extra taxes on it.

[@Alpine_Nightly]

@@RealFreedomMG Point taken. I would also need to go back and watch the video, but my sense was that this was a point he brought up repeatedly, not just in regards to carry forward loss. It also doesn't help that Destiny flips out on anybody in the chat who dares question his premise on virtually anything. Often calling them a "troglodyte", "retard", and at times even banning them (which seems childish to say the least). I guess I get a bit defensive for the people who are the targets of his rancor simply because they posed a question. Then he has the nerve to lament how toxic the online discourse around politics and economics can be. It makes me probably more critical of him then I need to be.

[@Dinobot2]

"This will be difficult to implement 100% perfectly so we shouldn't try to do it at all." I thought Destiny hated the Nirvana fallacy?

[@melonmazing515]

I've never heard him say anything about hating it, only when it's used against him to discredit an argument.

[@Dinobot2]

@@melonmazing515 As opposed to him using it here to...what, exactly?

[@MorpheusDreamRealm]

Quote time please ty

[@Sniperfuchs]

I really don't think it's a fallacy at all and more just bad wording on his part, simply because it's not hard to do but literally impossible for the foreseable future. The IRS is already underfunded as is and a republican controlled senate isn't gonna change that any time soon. Even a democrat controlled senate won't do much because in the US it's just a very common opinion that paying taxes is a necessary (or even forced) evil that nobody likes. Also, even if we'd agree on it being a fallacy, I'm pretty sure Destiny's argument would be the same he tells lefties when he talks about policy: Morals and philosophy are nice, but what's the point if we don't get anything passed at the end of the day. I think it's a fair stance to seperate the ideal world from what is needed in politics to actually get shit done.

[@antoniosoares9273]

That's not what he was saying. Destiny's argument doesn't stop at saying that a wealth tax is impossible to perfect, it's also that all the trouble it would cause in order to make it even close to functional is simply not worth it - why establish a wealth tax that you know is going to be insanely difficult to accurately calculate, that is going to generate a huge number of lengthy battles with the IRS over the valuation of wealth, when you could just institute some other, simpler tax? For all its troubles, what advantage does a wealth tax pose? It wouldn't only be imperfect, it would be indirectly harmful.

[@jessiejoy1703]

9:00 I totally thought destiny was listening to a video until the robot video woman talked back to him😝 I was caught way off guard

[@kennythawsh]

the woman reading this article is 10/10

[@xiondisc]

kzbin.info/www/bejne/gIKkZGp-edt5mZY

[@DunkeysLongLostSon]

0:59 I remember when Destiny defended the opposite and I agreed. After seeing LegalEagle's breakdown of it thoooo. Yikes indeed

[@John-lw7bz]

Is destiny using any mods? Thought I’d come back into the game after a few patches

[@NexusCapital]

Sometimes you have to provide "Personal guarantees" on commercial real estate loans. I own many apartment buildings and some of them required this on the initial term sheets and I was unable to negotiate them out. Nothing about his tax returns surprised me. My income is in the 1% and I rarely pay taxes unless I sell a property in the short term. AMA

[@NexusCapital]

The more I listen to this the more I wish I could have a discussion with Destiny about real estate. You can have 1billion in cash flow on investment properties and still look like you are losing money if you are leveraged. I don't think Trump a a genius businessman and agree with Destiny his overall net worth would be higher if he just invested his inherited money with a firm but Destiny and this girl are way off on their understanding of RE investing.

[@DerEchteBabo]

If really you own real apartments, name every house in existence

[@ssuuhhdduuddee7354]

How did you start in rental properties

[@NexusCapital]

@@ssuuhhdduuddee7354 I saved up cash working as a delivery guy... Took me years of cutting my own hair, packing lunches ECT and finally went in on a really nasty beat up home with a guy I worked with. We paid cash and used our own money to fix it, had no idea what we were doing but youtubed everything. We ran out of money at the and and put the rest of it on max out Home Depot and Lowe's cards. That was seven years ago. It went really well and took us about 7 months. After that we found another home and did the same thing but got better and faster and then we did another one and ended up doing 12 or 13 more I honestly forget at this point. We then found several local investors that would Finance our projects so we could do more at a time. We started cold calling people out of the White Pages app that owned beat up multifamily properties in our area. We found several motivated sellers who I let the properties go to complete crap and we bought them with hard money. Our first property was a six Plex and we applied the same principles we learned flipping homes to the multifamily building and kicked out the drug dealers after fixing the building up we did a 75% loan-to-value leverage on the property and got $130,000 out which was more than we had put into it and created ourselves a $2,000 a month income stream. This is the system that I am still doing currently.

[@immarudamu4508]

@@NexusCapital Thank you for sharing that info, do you knwo of any "real estate gurus" that are legit and will teach me the things you learned in a way where all i need is to save up enough money to start

[@deuge]

In the hypothetical at 49 minutes I think you can justify taxing someone on their $50,000 earned when they have just spent a million on that business - surely if you have enough money to buy/build a decent sized business then you should be responsible for putting money aside for your lifestyle whilst also investing in said business. In the reverse situation where you tax someone on that 50,000 what is the overall effect of that? The money that the business owner can't put into the business due to that extra tax goes straight to the tax pot - there's no extra loss and that small a tax amount should surely not be the tipping point between them being able to establish their business or not?

[@NLJeffEU]

So all this time we thought he wasnt paying taxes. Turns out he got nothing to show for. You cant make this up yourself. 2020 is insane 😂👍

[@brandonden795]

Reminds me of that one comic strip where the guy robs a dude at an atm but his balance is zero and they for a beer

[@Alpine_Nightly]

God damn! This girl is a reading machine!! I straight up thought she was a text-to-speech program until she told Destiny not to apologize for interrupting her. Homegirl's hooked on phonics!

[@MartinBTV]

Is trump a good business man? “It doesn’t seem to be the case, he simply...” You made quite a bit of money destiny, simply go do what he did. It’s so simple 🙂

[@ElderDrazi]

why would he do what he did when he disagrees about his actual wealth

[@ElderDrazi]

@@mindlander no i mean why would destiny do what trump did when he understands the end result is just debt

[@bwl4984]

Wouldn't VAT makes it harder for Corporations to hide their actions and avoid paying anything? It would be a good supplement and it's easier to collect because it's counted at the frontend instead of the backend before the corporations can work their magic to hide their income. I've heard good things and most of Europe does it.

[@ufffd]

this is at least one or two bombshells old at this point

[@blitz8425]

The problem that I have with destiny's tax take is how long do we just accept "investors" making bad investments? Like ok, yeah Trump is reinvesting money, but he's doing so irresponsibly in a way that should result in him going broke, but because of our tax law he can effectively dodge a large portion of those losses. Idk, it seems to me like at some point that money needs to be recirciulated, otherwise we are just enabling idiots

[@RealFreedomMG]

You would essentially be putting a tax on bad or at least not immediately profitable investments which would probably just mean that people are less likely to invest money in new projects. So the ways that hurts the economy is that rich people are much more likely to either hoard more money, invest in foreign projects or if they do invest in America it will just be on more immediately profitable or less risky investments which usually just hurts consumers. We can look at a hopefully familiar example in the video games industry to get an easy understanding. Why do the big companies like Activision EA just make the same game every year with little to no changes but still keep the same market price? It's profitable and shown to be a successful business model as opposed to other riskier properties that don't have the same branding and name recognition like FIFA, Madden, Call of duty etc. Now if there was an added tax on top of that potential loss other investors are now less likely to want to invest in the other property and are much more likely to just invest in the already successful business model. Now if the other property was an independent project by a small team that just needed an investor they're now less likely to get enough to get off the ground. That was just an easy example to understand but this is pretty similar throughout, you generally want rich people to reinvest into your own economy.

[@blitz8425]

@@RealFreedomMG ok I understand that but at somepoint bad investments shouldn't just be a tax write off. As it stands wealthy people ALREADY are the ones to invest disproportionately to lower income people. What im hearing is, you don't want to tax poor investments because then things will identical to how they are already are. The problems your describing already exist where bad investments aren't as risky as they otherwise should be.

[@RealFreedomMG]

@@blitz8425 It's literally a loss of earnings. People who don't earn enough income to be taxed in a year are getting a tax write off. Also just because there is problems now doesn't mean that they can't be made worse by bad policy. Again I'll use another example when Donald Trump wants to set higher tariffs, the goal for him and his supporters I've heard is that it will bring the costs of foreign products to a more competitive price with American made products so that people are more incentivised to buy a product made in America and that manufacturing jobs will be more available again in America as a result. However the problem economists point out is that increases the costs of goods overall and the average persons cost of living goes up while their standard of living remains the same. Now from your answer a Trump supporter could also say "but these problems already exist, the cost of living already has been increasing over time" and they would be correct, that doesn't mean that his tariffs wouldn't also increase the cost of living even more. Fiscal policy always influences the economy in some way so the goal of any tax is to maximise the pros and alleviate the cons. The goal of this tax is to promote investment and if the economy is doing well and rich people are profiting we tax those profits. If a person loses money you'll have to decide on what your taxing now. Are you going to tax him based on the total investment, will you do it on his total wealth, should there be a flat tax on any and all investments before a purchase is made? You need to actually provide a policy and show how it's going to generate revenue.

[@blitz8425]

@@RealFreedomMG idk I just think it's weird to be enabling failed "business" people like Donald Trump. There's got to be a better solution than just allowing him to continue to fail spectacularly at the expense of tax payers.

[@RealFreedomMG]

@@blitz8425 I don't completely disagree but Trump is a pretty unique case where he's more than just a rich guy who inherited his wealth and got into property, he became a celebrity as well which probably helped for staying afloat if his financial situation is as bad as some articles have been saying. The consequence of being a bad businessman usually is you end up losing money and go through bankruptcy to clear your debts. Just remember that the goal of taxes and general fiscal policy is so the government can collect enough money to pay towards public services and everything the government does. However taxes do have an affect on the economy as a whole, if we put sin taxes on cigarettes or sugar it will dissuade the purchase of these products because it will cost more. My only policy prescriptions usually are to look at more successful countries and what they're doing. If they had some form of tax code that showed using capital loss as a deduction on your tax return was worse than their model I would probably just agree outright. However I think this would be a pretty complicated to implement.

[@Psylockt]

- 56:51 So, if your parents make more than $250,000 a year you shouldn’t be allowed to comment or raise the question if billionaires are paying a fair share of taxes? Destiny is constantly complaining that he’s not considered left in online spaces (even though he seems to hate leftists so why he cares about how he’s characterized is beyond me) but he’s literally advocating for Reagan/Clinton era neoliberal economic policy the entire time. He even mentioned something along the lines of “You should be grateful these billionaires make lots of money because they reinvest into the economy and provide you with a job!” Is this not trickle down econ policy 101? He even praised sales taxes and regressive taxation ffs. So people shouldn’t only just continue to let the 1% hoard wealth and not say anything because you get a slice (more like crumbs tbh) of the pie, but also be HAPPY about it? I guess I can understand his frustration with people complaining but not having concrete solutions, but I don’t think a person should have to have an advanced law degree to want to avoid being taken advantage of by multibillion-dollar companies that are increasingly dictating the market and supplying most of the US’s jobs. Or even just comment on it! That sort of gatekeeping is unreal. He also mentioned tax policy should be simple, and argued that the tax policy we have now is simple, but also said that it was too confusing to explain concretely or for a layman to understand quickly. If someone thinks I’m being uncharitable lmk.

[@LinkyLink1]

I thought after Sam Seder and Michael Brooks shut you down on not giving a crap about who you are and on how you politics is from a 8th grade debate lmfao

[@RealFreedomMG]

Honest to God, I have no idea what this comment is even supposed to be saying. How did you manage to write this out and re edit the post afterwards and still make it indecipherable from gibberish.

[@nf4866]

@@RealFreedomMG I'm glad you replied. I thought I was having a stroke reading the OP.

[@ChristopherRiewaldt]

but if the deductions put you into a different tax bracket...

[@KaiwenTann]

who was the one reading the article in the beginning?

[@RRod22]

Watching this after he got COVID: Priceless

[@BleuSkiddew]

Yes! Let's have a wealth tax! We'll hire 25,000 irs employees at a combined annual income of $1,950,000,000 and have the government buy several workspaces for them to implement it and figure it out! Perfect! Lol. It's like spending a dime to save a nickel.

[@김태환-w4k8e]

58:39 Billionaires and Millionaire not swaying politics? That's some stupid idea. Yes, most voters aren't millionaires. But, United States has a two-party system, there are only two candidates in the final, and there is no possibility of an independent or third candidate in most constituencies. It has nothing to do with votes to lobby them and shape the policy in the desired direction. This is true not only in the US, but in any country. There is also an academic consensus on this. For reference, the academic consensus is 'the richer the more political influence.' How do you make an argument without thinking critically?

[@Alpine_Nightly]

Right after praising the virtues of tax avoidance, Destiny outlined exactly why I find them repulsive: they tend to only benefit people who need more money the least.

[@qwamqwamasketilmixum2915]

It’s actually crazy how much I feel he agrees with Sam Seder, even down to the observation of there being so many “characters” out there

[@Spoteddy]

6k a year is half of my income :S so its basicly do I pay rent or eat vs putting it in investment...

[@Spoteddy]

@jacob earwood sorry, thats in euros.

[@dogfatheralbino6989]

It's normal to have hundreds of millions in bank loans as a giant real estate developer.

[@johnrayker6245]

One of the nicest reading voices I've ever heard 4r.

[@brandonden795]

Does Steven ever visit where he mines his iron and coal or his main area? I only ever see him copy and pasting the same blueprint

[@Spoteddy]

Wait, did destiny hire her just to read him this article? :D

[@quintonwilson8565]

Every time you hire an accountant you're engaging in tax avoidance lmao. You're hoping they know enough about tax laws that you pay as little as you can.

[@smalltrashman4227]

Legal tax avoidance

[@m.czandogg9576]

@@smalltrashman4227 Wait, isn't saying "legal" before "tax avoidance" redundant? I thought tax avoidance was de facto legal while "tax evasion" was de facto illegal.

[@smalltrashman4227]

@@m.czandogg9576 Well I meant more practically rather than semantically but technically you are correct.

[@m.czandogg9576]

@@smalltrashman4227 Ah, I see. Thanks for the reply.

[@snatcherofpeachs]

didn’t trump explicitly state he would close those tax loopholes? assume for a moment every american citizen paid taxes the way trump does how sustainable would this be? unless the bottom line is that the wealthy can more reliably avoid paying taxes by exploiting said loopholes. is it not counter-intuitive the poor are essentially paying a greater percentage of their wealth to taxes than the wealthy?