In his book, The Wealth of the Commons, Professor Steve Poniatowski says that the way to get the most from your community is to “trust the commons.” Trust the commons because of their potential to be used for good. Trust the commons because you’re giving them a place to live, work, and reproduce. Trust the commons because they’re the only place on Earth where you can get to know the people and things that are worth living and thriving for.
One of the most basic ways that we can trust the commons is by having a trustworthy steward who is a member of a corporation. There are many corporations that operate in our society and the commons have the potential to be a great deal of money. As long as they are owned by people who are trustworthy and have the ability to communicate with each other, they have the potential to increase the wealth of the commons, and that in itself can have a positive effect on the wellbeing of the community.
The idea of a corporation that is owned by someone who is trusted by the community is a bit of a stretch, but it’s a fairly common concept. Some companies are owned by the government, and are regulated by it. Others are owned by private shareholders and are not subject to the government’s oversight. The government could put in place limits on what corporations are allowed to spend and how much they have to pay to get things done.
In the case of domestic asset protection trust, a corporation that has such a trust is one that is owned by the government. In the case of the domestic asset protection trust, the government is not required to have a trust with the corporation. The government does not necessarily have to give the corporation approval to spend money on things like security or insurance.
In the case of domestic asset protection trust where the corporation is owned by the government, the government does not need to spend money on anything as a form of income.
Most domestic asset protection trusts have an income from the trust. The income is taxed as income tax rather than as a form of credit.
This is where the income tax comes into play. Because we’re talking about a domestic asset protection trust, we’re talking about money that is not being spent that the government expects it to be spent on. If money is going to be spent on something that is not really being used, like a police car, then the government is paying too much in taxes.
The IRS defines income as a dollar of gross income that is not being spent. When you have money that is not being used, the IRS taxes it as income, not as a credit. So you can make a domestic asset protection trust in your head and think it’s a credit, but it is not. Since you have the money and you have a job, you are taxed on the money. If you have a lot of money, you are taxed on that money too.
In our opinion, it’s not only the IRS that is holding back domestic asset protection trusts from the average person. There is no IRS tax filing form that states that trust income is a credit, only that trust income is taxable income. So for people who are saving money for a down payment on a home, the IRS is holding back trust income, which is a credit.
This isn’t just an IRS issue. There is a massive, multinational tax-free “asset protection trust” industry that, with their lawyers, has a vested interest in making sure that every taxpayer has easy access to their money. In fact, many of these companies (including yours truly) have very large, multi-million dollar, fully-insured, tax-free funds that have been set aside for the benefit of their clients.
