Revolutionizing Artist Support Through 1st Opus Platform Revolutionizing Artist Support Through 1st Opus Platform

Written By Michael Gary Scott

In the heart of Los Angeles, 1st Opus has emerged as a financial game-changer for the creative industry. Founded by industry icons Walter Afanasieff and Oleg Shmelev this platform isn’t just another financial service — 1st Opus is redefining how artists can launch their career, manage their finances and engage with their supporters.

Supporting Artists’ Income

The foundation of 1st Opus are cost-savings realized from operating without local brick-and-mortar branches that drain traditional banks. These significant savings allow 1st Opus to provide resources for the creative community. The concept is simple yet groundbreaking: save the average $5 million annual cost of running a single physical bank branch and share those savings with artists and their fans. This strategy is as practical as it is visionary, redefining resource allocation in the banking sector to support artistry and innovation.

Monetizing Creativity and Popularity

Through its trio of core services — entertainment, payments, and lifestyle — 1st Opus is a singular platform where creators can monetize their work and where fans can immerse themselves in the lifestyles they want. This seamless integration of services transforms every transaction into an act of support for the arts, strengthening the connection between artists and their audiences.

Leading the Neo-Fintech Movement

1st Opus stands out as the first U.S.-based entertainment brand in this field of neo-fintechs. It partners with U.S. banks and technology partners to offer FDIC-insured accounts, a user-friendly payment app, and debit cards with US-card programs. It also grants cardholders access to VIP events and shows. On the entertainment front, 1st Opus acts as a conduit for exclusive content, whether it’s music, behind-the-scenes looks at film projects, or event invitations. This content isn’t just disseminated; it’s shared as stories across social media and the 1st Opus website, creating a constantly unfolding narrative. Regarding lifestyle, the platform offers event invitations, curated travel, and an array of goods ranging from artistic merchandise & entertainment products, to the latest fashion. This is made possible through a network of partnerships, allowing for direct purchases and seamless in-app transactions. 1st Opus’ mission is simple: enable creators to directly convert their popularity into revenue. It’s an empowering proposition. When supporters use their debit cards, they’re not just buying into a product but investing in the creative process and, in turn, enhance the lifestyle they live.

See also  The Disparity in Tax Burdens Across American StatesExploring Tax Rates vs Tax Burdens

Understanding how income taxes are computed remains a complex puzzle for many Americans unversed in the nuances of tax laws and terminology. Terms like tax rate and tax burden can often be baffling.

A tax rate signifies the percentage at which an individual or business is levied, with considerable variations based on income levels. On the other hand, tax burden represents the total sum of taxes paid, encompassing state and local taxes. This distinction assumes a pronounced importance when contrasting the wealthiest and poorest 20% in every state.

Research Methodology Breakdown

To discern the disparities in tax burdens nationwide, GOBankingRates delved into state, federal, and local data to unravel the tax burdens of affluent and impoverished individuals for single filers and married joint filers in each state. Harnessing data from the U.S. Census Consumer Expenditure Survey and the Bureau of Labor Statistics Consumer Expenditure Survey, this comprehensive analysis employed an in-house income tax calculator to ascertain the effective and marginal tax rates on average incomes for both demographic segments in every state.

The study additionally scrutinized the annual expenditures in each state, multiplying them by the average combined sales tax to compute the total sales tax expenditure for each state. The cumulative sum expended on federal and state income taxes was added to the aggregate spent on sales tax and then divided by the average income. Notably, property tax was excluded from the analysis due to data inconsistencies.

Implications of Tax Disparity

The wealthiest 20% invariably bear a more substantial tax burden; however, despite this higher tax load, these individuals command significantly more wealth than the poorest quintile. Thus, each tax dollar exacts a heavier toll on the poorest 20%. For instance, in a scenario where a state's tax burden for single filers stands at 27.50%, this does not signify that the wealthiest 20% pay 27.50% more than the poorest quintile. Instead, it signifies that they contribute 27.50% more of their personal income compared to the poorest 20%.

State-Specific Tax Burdens for Different Income StrataAlabama Single Filing for Richest 20%: Average Annual Income of Richest 20%: $213,012 Total Taxes Paid: $69,320 Tax Burden: 32.54% Single Filing for Poorest 20%: Average Annual Income of Poorest 20%: $11,401 Total Taxes Paid: $1,252 Tax Burden: 10.98%

Difference in Tax Burden: 21.56%

Married Filing Jointly for Richest 20%: Average Annual Income of Richest 20%: $213,012 Total Taxes Paid: $57,825 Tax Burden: 27.15% Married Filing Jointly for Poorest 20%: Average Annual Income of Poorest 20%: $11,401 Total Taxes Paid: $968 Tax Burden: 8.49%

Difference in Tax Burden: 18.65%

Alaska Single Filing for Richest 20%: Average Annual Income of Richest 20%: $254,899 Total Taxes Paid: $75,761 Tax Burden: 29.72% Single Filing for Poorest 20%: Average Annual Income of Poorest 20%: $20,172 Total Taxes Paid: $2,175 Tax Burden: 10.78%

Difference in Tax Burden: 18.94%

Married Filing Jointly for Richest 20%: Average Annual Income of Richest 20%: $254,899 Total Taxes Paid: $60,828 Tax Burden: 23.86% Married Filing Jointly for Poorest 20%: Average Annual Income of Poorest 20%: $20,172 Total Taxes Paid: $1,543 Tax Burden: 7.65%

Difference in Tax Burden: 16.21%

Analysis of State Tax Burden Disparities The Great Divide: State Tax Burden Disparity Revealed

Endorsements and Future Plans

Thousands of artists endorse 1st Opus. Its operation leverages the Omniwire payment app, renowned for its security and ease of use. Established partners provide the financial bedrock, ensuring stability and trust in a space where these are paramount. Every dollar spent through 1st Opus cards is an opportunity to gain points, which can be exchanged for rewards or experiences. Moreover, with 5% of net profits dedicated to nurturing artist opportunities, the platform underscores its commitment to the creative community. As 2021 witnessed the platform’s conceptual birth, 2022 & 2023 development and launch for selected audiences, it’s set for an official market launch in 2024. With international expansion plans in the works, the 1st Opus team continues to innovate on its mission of financial freedom for artists worldwide. It aims to forge partnerships with thousands of artists and their fans, creating a global network of interconnected creativity and support. Oleg Shmelev and Walter Afanasieff aim to build an ethical, socially-conscious brand through 1st Opus. For music fans, it facilitates closer connections with artists. For the artists themselves, it provides greater creative freedom and financial support. Take the step today. Visit the 1st Opus website, explore what it means to live your art, and elevate your financial independence.