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re: How much wealth do you need to join the 1% club in your country?
Posted on 2/29/24 at 12:00 pm to lsu777
Posted on 2/29/24 at 12:00 pm to lsu777
Why would I lie about something I’m so proud of? I grew up working at a gas station and now make more than most of America. What is unfair, is the accumulation of wealth due to incomplete information from the public sector. The government should not pick and choose which citizen gets to take loopholes versus which do do not.
2
Posted on 2/29/24 at 12:00 pm to fareplay
quote:
Private sector is ok public is not
i agree but the issue isnt taxes its insider trading. that we can agree needs to stop now. no more investing other than giant mutual funds if you go into public service. goes for spouses too.
This post was edited on 2/29/24 at 12:01 pm
Posted on 2/29/24 at 12:01 pm to HouseMom
If a homeless crackhead studied how to weld an airplane through public information like YouTube, or Google, would you trust them to repair a plane that you fly in? No, you wouldn’t because there is some expectation that information that is not public is more valuable or access seeing that information through structure classes Would help you understand better
Posted on 2/29/24 at 12:01 pm to fareplay
No offense, but morons like you and Elizabeth Warren need to be saved from themselves and their terrible fricking ideas. A "wealth tax" would destroy the middle class (I know that's the goal of the progressives, but that's a different thread).
An example:
Someone owns a couple car dealerships worth $10MM. Every dollar they make is reinvested in the business. But they pay themselves $100k per year to live off of.
They will currently pay taxes on the $100k but with a 1% "wealth tax" they would have to pay an additional $100,000 in taxes per year, the entire amount of their income. So what you'd have every single year for small business owners is people having to liquidate parts of their business just to pay the wealth tax, putting themselves in a worse spot and likely ending many of them.
An example:
Someone owns a couple car dealerships worth $10MM. Every dollar they make is reinvested in the business. But they pay themselves $100k per year to live off of.
They will currently pay taxes on the $100k but with a 1% "wealth tax" they would have to pay an additional $100,000 in taxes per year, the entire amount of their income. So what you'd have every single year for small business owners is people having to liquidate parts of their business just to pay the wealth tax, putting themselves in a worse spot and likely ending many of them.
Posted on 2/29/24 at 12:01 pm to fareplay
quote:
The government should not pick and choose which citizen gets to take loopholes versus which do do not.
they dont
wtf are you talking about?
please give 1 example with the direct loophole aka law that is being used please
i want a very specific example not just i heard BS.
Posted on 2/29/24 at 12:02 pm to fareplay
quote:
We also made this recently, we don’t have accumulation
Unless you went from $0.00 in 2022 to $1 million in 2023, how on earth would you not have "accumulation" yet?
Posted on 2/29/24 at 12:03 pm to fareplay
quote:
If a homeless crackhead studied how to weld an airplane through public information like YouTube, or Google, would you trust them to repair a plane that you fly in? No, you wouldn’t because there is some expectation that information that is not public is more valuable or access seeing that information through structure classes Would help you understand better
the whole tax code is public...there is not secret tax code...wtf are you talking about?
how can you be this dumb and make the kind of money you claim? its mindblowing
Posted on 2/29/24 at 12:03 pm to lsu777
Bail bonds. Rich people are allowed to make bail, whereas poor people who do not afford the same level of wealth cannot afford to post. This is an example of government deciding that wealthier people are OK to get away with crimes and see more freedom than poor people
Posted on 2/29/24 at 12:09 pm to fareplay
quote:
Bail bonds. Rich people are allowed to make bail, whereas poor people who do not afford the same level of wealth cannot afford to post. This is an example of government deciding that wealthier people are OK to get away with crimes and see more freedom than poor people
what?
name the law that says you have to have a certain income to get a bail bondsman to bail you out
you have no clue how bail bonds work do you?
A) the judge sets bail based on the charge #1, then based of the flight risk. those with considerable assets and that are deemed a flight risk have higher bail
B) in general the bail for most crimes is pretty consistent across the board unless you are a flight risk or a danger to the public
C) a bailbondsman is a private entity that is most cases requires 10% of the bail up front and he ensures you will show up at court using equity and assets of his as collateral with the court to ensure you do show up.
there is no law saying you must make a certain income or have a certain amount of wealth to use a bail bondsman
again...how the frick are you this dumb?
Posted on 2/29/24 at 12:11 pm to lsu777
The concept went over your head let me dump it down for you. Poor people cannot post bail as often as rich people can. Government is select Levy choosing rich people to be able to post bail by setting it as a financial amount set amount not relative to a persons, income or wealth. This is why a lot of the rich people who are charged, do not spend much time in jail before the verdict is made, whereas a bunch of young lower income people spent much more time in jail, even if they are found to be innocent.
Posted on 2/29/24 at 12:11 pm to fareplay
quote:
No, you wouldn’t because there is some expectation that information that is not public is more valuable
A. Information is information whether it's learning about the tax code or working as a mechanic. In fact, I think you could learn the vast majority of med school topics online. The internet is actually pretty amazing.
B. Please give me an example of part of our tax code that is not public.
Posted on 2/29/24 at 12:12 pm to HouseMom
On your second point where it says tax code is not public, seeing the tax code, and made public and interpreting the tax code are too very different things. The tax code may say something, but it could be interpreted in various ways that an accountant with experience would be able to tell versus someone reading it for the first time. Also there is value in time someone having to spend all their time reading up on the Bajillion lines of tax code could be utilizing that to make his life better in other methods. Rich people do not have to make those choices.
Posted on 2/29/24 at 12:13 pm to fareplay
quote:
he has 0 income since retired, only collects dividend income
That sounds like income.
Posted on 2/29/24 at 12:14 pm to fareplay
quote:
The concept went over your head let me dump it down for you. Poor people cannot post bail as often as rich people can. Government is select Levy choosing rich people to be able to post bail by setting it as a financial amount set amount not relative to a persons, income or wealth. This is why a lot of the rich people who are charged, do not spend much time in jail before the verdict is made, whereas a bunch of young lower income people spent much more time in jail, even if they are found to be innocent.
no it didnt go over my head
so poor person makes poor decisions throughout life....makes another poor decision and gets arrested. he is told, you can get out today if you put up this much....but because he makes poor decisions throughout his life he doesnt have the money
so now the government is picking winners and losers based on that?
again how can you be this damn stupid.
Posted on 2/29/24 at 12:17 pm to fareplay
quote:
On your second point where it says tax code is not public, seeing the tax code, and made public and interpreting the tax code are too very different things. The tax code may say something, but it could be interpreted in various ways that an accountant with experience would be able to tell versus someone reading it for the first time. Also there is value in time someone having to spend all their time reading up on the Bajillion lines of tax code could be utilizing that to make his life better in other methods. Rich people do not have to make those choices.
not even close to true and so how little you understand taxes
87% of the country uses the standard deduction because they dont have the write offs to use anything else. It doesnt take a very experienced accountant to figure this out
and unless you own a super complicated business you dont need one of the best accountants either.
you literally sounds dumber and dumber with every single post. its quite baffling actually.
Posted on 2/29/24 at 12:18 pm to lsu777
And who determined what are considered write offs and what aren’t? That is the issue it is subjective and more likely to be accessed by rich people versus poor. I’ve heard that you can write off a plane which sounds crazy to me but you can.
Posted on 2/29/24 at 12:19 pm to fareplay
quote:
Rich people do not have to make those choices.
Okay, then I think your wife should give $550k of her $650k split evenly between 5 custodians at her hospital every year. That will leave the two of you $100k just from her income, and you'll still have yours.
After all, they don't have the same opportunities the two of you do. I think this is the best way. You're really making too much, and it's just not fair to everyone else. You have some special power to know stuff, and not everyone can compete. I mean, to be gifted with intelligence AND make all that money? Your wife should be ashamed of herself.
And why did y'all buy a house? Poor people can't do that so neither should you.
Posted on 2/29/24 at 12:21 pm to HouseMom
I welcome being taxed proportionate to our wealth versus our income
This post was edited on 2/29/24 at 12:21 pm
Posted on 2/29/24 at 12:21 pm to fareplay
quote:
And who determined what are considered write offs and what aren’t? That is the issue it is subjective and more likely to be accessed by rich people versus poor. I’ve heard that you can write off a plane which sounds crazy to me but you can.
why wouldnt you be able to depreciate the asset if its being used for the business? its an expense occurred to the business.
should you not be able to do the same with a car that is used for the business?
Posted on 2/29/24 at 12:22 pm to lsu777
But why is business expense tax deductible? How can we know that it’s truly used for business purposes? The politicians who made these rules can they be bought by business? That’s why it’s unfair.
This post was edited on 2/29/24 at 12:22 pm
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