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I think that every black person should own a business, even if they never wanted to be an entrepreneur, because the tax code was set up for owners to win and employees to pay.
Well on what's the option though, what's the option?
Option? The option is this? As you said, what what's most important?
Those three?
I want to go to the fourth one, but well we'll take it back to work it. We'll come back to work at it. The tax code was set up for owners to win and employees to pay, and so why it's important for us to understand the tax code, because there are things that you're paying for right now that could absolutely be right offs. Okay, the cell phone that you use, the laptop that you're on, the cell
phone bill, the whole office. And the reason why that's important is because we will go to work every single day for the direct deposit. They will tax you before that direct deposit hits. And I'm sure some of y'all in this audience don't counted how much they deducted from
your check. And then you take that same check and you go and you spend it on goods and services and your tax Again, when you start a business, then there are things that you're spending right now that you can operationalize and reduce your taxable income so that you pay less taxes. Let me helped make that real for you. There is a president that y'all used to have that paid seven hundred and fifty dollars in taxes as an entrepreneur. There is a corporation Amazon that paid zero taxes because
they took advantage of the tax bill. The second is we have to understand the way that policy works. Now. I think it was Jim Jones or somebody. No, actually, I think it was Ryan Leslie that talked about the PPP. Right. So while a lot of people were celebrating the stimulus checks, there were a lot of entrepreneurs that were looking at
the stimulus bill. Right. So there were fourteen hundred dollars in checks being cut, but there were twenty thousand to one hundred thousand dollars in funds being allocated to black entrepreneurs. There's funding that gets allocated to community development financial institutions. And why it's important for entrepreneurs to understand policy because there are some people in America that pulled up on a policy, but they expect for black people to pull up on a bootstrap, and that's important.
So hold on.
Understanding the tax code is more important than having a good network.
You don't have to work at it, but you also have to understand your why and the reason why. Business ownership and ownership just in general is important because income is taxed at a lower rate than assets, and your LLC, your LOP, your C corporation, and yours corporation are assets.
I'd like to say that black people are overachievers, meaning that the tax code allows for you to attempt to make a sale for up to three years and still write off ten to twenty five thousand dollars in write offs every single year, which a lot of people do. Your business fails, it gets classified as a hobby. You
can start another one. And now if you're making sixty thousand dollars a year in your job, writing off twenty five thousand dollars in your business, now you're paying less taxes and you can put that money to work any way you want, through the real estate, through the sock market, et cetera. So it's important to understand how that works. You're al and I want to bring it back full circle because I don't think you're understanding the way the
policy works. The Homestaid Act allow for white people, white men to own lane. Social Security allow for white people, white men to retire comfortably. We have MG the mortgage guy who sit up here talking Keyana right, Rishaana, who is talking about real estate and getting loans right. Redlining right allow for self people, white people to get government back loans to buy home of homes while we couldn't.
Those are policies people pulling up by policy but telling black people there's no venture capital, there's no bank loans, and there's no grants. For your enterprises. So when we're able to understand policy, we're able to unlock the resources that our ancestors invested in building up this country and make sure that that money comes full circle back to us while still owning the business that has your name on it. And we heard Ronnie talk about her two
kids in the front of the audience. Right, she could own that LLC and put her children as members of that LLC. So when she passes, it passes right along to you. Burn the candle at both six we're talking about siblings, checks, you talk, you turn on CNBC, they're talking about six figures, right, How can I get the government to pay me? How can I get the business to pay me? And we're talking about fourteen hundred dollars? Let me go get a bag.
I feel that. I feel that. An illegal alien from Guatemala charged with raping a child in Massachusetts. An MS thirteen gang member from El Salvador accused of murdering a Texas man of Venezuelan charged with filming and selling child pornography in Michigan. These are just some of the heinous migrant criminals caught because of President Donald J. Trump's leadership I'm Christine Noman, the United States Secretary of Homeland Security.
Under President Trump, attempted illegal border crossings are at the lowest levels ever recorded, and over one hundred thousand illegal aliens have been arrested. If you are here illegally, your next you will be fine nearly one thousand dollars a day, imprisoned, and deported. You will never return. But if you register using our CBP home app and leave now, you could be allowed to return legally. Do what's right, leave now.
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