WEBVTT - Cliff Notes: Here's Why Every Black Person Should Have a Business

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<v Speaker 1>Earners. What's up.

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<v Speaker 2>You ever walk into a small business and everything just

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<v Speaker 2>works like The checkout is fast, the receipts are digital,

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<v Speaker 2>tipping is a breeze, and you're out the door before

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<v Speaker 2>the line even builds. Odds are they're using Square. We

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<v Speaker 2>love supporting businesses that run on Square because it just

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<v Speaker 2>feels seamless. Whether it's a local coffee shop, a vendor

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<v Speaker 2>at a pop up market, or even one of our

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<v Speaker 2>merch partners, Square makes it easy for them to take payments,

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<v Speaker 2>manage inventory, and run their business with confidence, all from

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<v Speaker 2>one simple system. If you're a business owner or even

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<v Speaker 2>just thinking about launching something soon, Square is hands down

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<v Speaker 2>one of the best tools out there to help you start, run,

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<v Speaker 2>and grow. It's not just about payments, it's about giving

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<v Speaker 2>you time back so you can focus on what matters

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<v Speaker 2>most Ready. To see how Square can transform your business,

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<v Speaker 2>visit Square dot com backslash go backslash eyl to learn

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<v Speaker 2>don't hesitate. Let's Square handle the back end so you

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<v Speaker 2>can keep pushing your vision forward. This episode is brought

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<v Speaker 2>to you by P and C Bank, a lot of

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<v Speaker 2>people think podcasts about work are boring, and sure, they

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<v Speaker 2>definitely can be, but understanding a professional's routine shows us

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<v Speaker 2>how they achieve their success little by little, day after day.

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<v Speaker 2>It's like banking with P and C Bank. It might

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<v Speaker 2>seem boring to save, plan and make calculated decisions with

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<v Speaker 2>your bank, but keeping your money boring is what helps

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<v Speaker 2>you live or more happily fulfilled life. P and C

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<v Speaker 2>Bank Brilliantly Boring since eighteen sixty five. Brilliantly Boring since

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<v Speaker 2>eighteen sixty five is a service mark of the PNC

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<v Speaker 2>Financial Service Group, Inc. P and C Bank National Association

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<v Speaker 2>Member FDIC.

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<v Speaker 1>I think that every black person should own a business,

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<v Speaker 1>even if they never wanted to be an entrepreneur, because

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<v Speaker 1>the tax code was set up for owners to win

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<v Speaker 1>and employees to pay.

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<v Speaker 3>Well on what's the option though, what's the option?

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<v Speaker 1>Option? The option is this? As you said, what what's

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<v Speaker 1>most important?

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<v Speaker 2>Those three?

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<v Speaker 1>I want to go to the fourth one, but well

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<v Speaker 1>we'll take it back to work it. We'll come back

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<v Speaker 1>to work at it. The tax code was set up

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<v Speaker 1>for owners to win and employees to pay, and so

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<v Speaker 1>why it's important for us to understand the tax code,

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<v Speaker 1>because there are things that you're paying for right now

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<v Speaker 1>that could absolutely be right offs. Okay, the cell phone

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<v Speaker 1>that you use, the laptop that you're on, the cell

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<v Speaker 1>phone bill, the whole office. And the reason why that's

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<v Speaker 1>important is because we will go to work every single

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<v Speaker 1>day for the direct deposit. They will tax you before

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<v Speaker 1>that direct deposit hits. And I'm sure some of y'all

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<v Speaker 1>in this audience don't counted how much they deducted from

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<v Speaker 1>your check. And then you take that same check and

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<v Speaker 1>you go and you spend it on goods and services

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<v Speaker 1>and your tax Again, when you start a business, then

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<v Speaker 1>there are things that you're spending right now that you

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<v Speaker 1>can operationalize and reduce your taxable income so that you

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<v Speaker 1>pay less taxes. Let me helped make that real for you.

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<v Speaker 1>There is a president that y'all used to have that

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<v Speaker 1>paid seven hundred and fifty dollars in taxes as an entrepreneur.

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<v Speaker 1>There is a corporation Amazon that paid zero taxes because

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<v Speaker 1>they took advantage of the tax bill. The second is

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<v Speaker 1>we have to understand the way that policy works. Now.

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<v Speaker 1>I think it was Jim Jones or somebody. No, actually,

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<v Speaker 1>I think it was Ryan Leslie that talked about the PPP. Right.

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<v Speaker 1>So while a lot of people were celebrating the stimulus checks,

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<v Speaker 1>there were a lot of entrepreneurs that were looking at

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<v Speaker 1>the stimulus bill. Right. So there were fourteen hundred dollars

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<v Speaker 1>in checks being cut, but there were twenty thousand to

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<v Speaker 1>one hundred thousand dollars in funds being allocated to black entrepreneurs.

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<v Speaker 1>There's funding that gets allocated to community development financial institutions.

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<v Speaker 1>And why it's important for entrepreneurs to understand policy because

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<v Speaker 1>there are some people in America that pulled up on

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<v Speaker 1>a policy, but they expect for black people to pull

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<v Speaker 1>up on a bootstrap, and that's important.

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<v Speaker 3>So hold on.

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<v Speaker 2>Understanding the tax code is more important than having a

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<v Speaker 2>good network.

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<v Speaker 1>You don't have to work at it, but you also

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<v Speaker 1>have to understand your why and the reason why. Business

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<v Speaker 1>ownership and ownership just in general is important because income

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<v Speaker 1>is taxed at a lower rate than assets, and your LLC,

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<v Speaker 1>your LOP, your C corporation, and yours corporation are assets.

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<v Speaker 1>I'd like to say that black people are overachievers, meaning

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<v Speaker 1>that the tax code allows for you to attempt to

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<v Speaker 1>make a sale for up to three years and still

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<v Speaker 1>write off ten to twenty five thousand dollars in write

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<v Speaker 1>offs every single year, which a lot of people do.

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<v Speaker 1>Your business fails, it gets classified as a hobby. You

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<v Speaker 1>can start another one. And now if you're making sixty

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<v Speaker 1>thousand dollars a year in your job, writing off twenty

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<v Speaker 1>five thousand dollars in your business, now you're paying less

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<v Speaker 1>taxes and you can put that money to work any

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<v Speaker 1>way you want, through the real estate, through the sock market,

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<v Speaker 1>et cetera. So it's important to understand how that works.

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<v Speaker 1>You're al and I want to bring it back full

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<v Speaker 1>circle because I don't think you're understanding the way the

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<v Speaker 1>policy works. The Homestaid Act allow for white people, white

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<v Speaker 1>men to own lane. Social Security allow for white people,

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<v Speaker 1>white men to retire comfortably. We have MG the mortgage

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<v Speaker 1>guy who sit up here talking Keyana right, Rishaana, who

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<v Speaker 1>is talking about real estate and getting loans right. Redlining

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<v Speaker 1>right allow for self people, white people to get government

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<v Speaker 1>back loans to buy home of homes while we couldn't.

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<v Speaker 1>Those are policies people pulling up by policy but telling

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<v Speaker 1>black people there's no venture capital, there's no bank loans,

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<v Speaker 1>and there's no grants. For your enterprises. So when we're

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<v Speaker 1>able to understand policy, we're able to unlock the resources

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<v Speaker 1>that our ancestors invested in building up this country and

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<v Speaker 1>make sure that that money comes full circle back to

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<v Speaker 1>us while still owning the business that has your name

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<v Speaker 1>on it. And we heard Ronnie talk about her two

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<v Speaker 1>kids in the front of the audience. Right, she could

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<v Speaker 1>own that LLC and put her children as members of

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<v Speaker 1>that LLC. So when she passes, it passes right along

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<v Speaker 1>to you. Burn the candle at both six we're talking

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<v Speaker 1>about siblings, checks, you talk, you turn on CNBC, they're

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<v Speaker 1>talking about six figures, right, How can I get the

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<v Speaker 1>government to pay me? How can I get the business

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<v Speaker 1>to pay me? And we're talking about fourteen hundred dollars?

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<v Speaker 1>Let me go get a bag.

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<v Speaker 3>I feel that. I feel that. An illegal alien from

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<v Speaker 3>Guatemala charged with raping a child in Massachusetts. An MS

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<v Speaker 3>thirteen gang member from El Salvador accused of murdering a

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<v Speaker 3>Texas man of Venezuelan charged with filming and selling child

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<v Speaker 3>pornography in Michigan. These are just some of the heinous

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<v Speaker 3>migrant criminals caught because of President Donald J. Trump's leadership

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<v Speaker 3>I'm Christine Noman, the United States Secretary of Homeland Security.

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<v Speaker 3>Under President Trump, attempted illegal border crossings are at the

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<v Speaker 3>lowest levels ever recorded, and over one hundred thousand illegal

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<v Speaker 3>aliens have been arrested. If you are here illegally, your

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<v Speaker 3>next you will be fine nearly one thousand dollars a day, imprisoned,

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<v Speaker 3>and deported. You will never return. But if you register

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<v Speaker 3>using our CBP home app and leave now, you could

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<v Speaker 3>be allowed to return legally. Do what's right, leave now.

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<v Speaker 3>Under President Trump, America's laws, border and families will be protected.

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<v Speaker 3>Sponsored by the United States Department of Homeland Security,