Tags: America's Forum | Exclusive Interviews | finance | wealth | charity | tax | code

Financial Expert: How to Create Wealth and Give More Away

By    |   Monday, 20 April 2015 02:49 PM

Financial expert Ronald Pullman tells Newsmax that Americans can create more wealth and give more to charity by using the tax code.

This is done through "a very old, underutilized tax law," Pullman, president and CEO of the Pullman Financial Corporation, told J.D. Hayworth on Newsmax TV's "America's Forum" on Monday. "It is a new way of approaching the way to create wealth and give more wealth away to charities."

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Pullman describes in detail how to do this in his book "Moneterics: The New Way to Retain Wealth Through Philanthropy."

"One of the things for me working on Wall Street and coming into this strategy really was to change the way the public perceives Wall Street and people who work in the financial industry," he said.

"You see 'Wolf of Wall Street' and all these other money films that produce this selfish type of thing, yet there's so much good going on," he contends.

"What I am hoping to do is show that the financial industry can create such an impact of such great things and start educating people on how to do this," he added.

According to Pullman, these strategies can work "whether you're a $100,000 guy or a $10 billion guy."

This can be done if "you're selling a building or an asset of large stock or business," he explained.

"The baby boomers are retiring at a staggering [rate]," he said. "A lot of this stuff is going to be sold, and people find out in their buildings that they've been taking depreciation over the last 30 years and it all gets sucked back into the value.

"It's created stagnation in our economy by people not wanting to sell. They find it might not be an efficient thing once they pay all the tax — they end up with nothing, so they're keeping these types of assets," he explained.

"The idea is if we can show them a way to eliminate that capital gains tax by gifting 10 percent to a non-profit of their choice, we can create such an impact that is just astronomical," Pullman argues.

According to the financial expert, "there were 30,000 of these strategies utilized last year, and it created about $30 million to donate to charities."

He says his goal is "to produce maybe 300,000 of these being done and maybe do something like a staggering amount going to some nonprofit charity of maybe $300 billion.

"That's where we want to take this adventure."

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Financial expert Ronald Pullman tells Newsmax that Americans can create more wealth and give more to charity by using the tax code.
finance, wealth, charity, tax, code
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2015-49-20
Monday, 20 April 2015 02:49 PM
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