Friday, May 13, 2011

So...

...the lesson is, you should write screenplays.

Megan McCardle thinks Roth IRAs aren't safe from a desperate US government seeking tax revenue in the future. Tyler Cowen goes further:

In this case, the sorry truth is that our savings aren't worth as much as many of us think, and a rude awakening is coming. One way or another, some of our savings will be taxed away to make good on governmental commitments, like future Medicare benefits, which we currently are framing as personal free lunches.


He includes personal savings, treasury bonds, IRA - roth or regular - all of it will be up for grabs for future taxation. This apparently has happened in Ireland and Argentina where broke-ass governments seize money from savers.

So what to do? Write screenplays. I'm only partially joking. If your expertise is movies and screenwriting, writing a screenplay represents the creation of an intellectual property. Such property has potential future value and may be a worthy investment of time vs other labor which will be paid for and then ultimately taxed away. That isn't to say screenplay payment won't be taxed either - but once it is done - it is done - and requires no more labor and it is something you own and can sell. And it only costs paper and time.

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