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Old 08-22-2017, 09:51 AM
 
Location: Chicago
3,018 posts, read 5,091,614 times
Reputation: 3463

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I do think we need to eliminate some of the loop holes. It's pretty sad when Warren Buffett calls himself out for paying less in taxes than his secretary (SOURCE).

I think it's also important to note that charitable giving for the elite is in a downward trend. That's the saddest part. There are quite a few uber rich folks who give a significant portion of their wealth, I am referring to anyone who signed the giving pledge such as Zuckerburg, Gates, Buffett, and Ellison. These types of people should get more recognition for their generosity. https://givingpledge.org/

Quote:
Originally Posted by NewbieHere View Post
They have to reinvest their money somehow, they are not leaving the money in a money market.
Even that would be considered an investment. Hoarding would be if they stuffed it into a savings account or under their mattress. I understand what you're saying though, which is basically that they invest into riskier investments.
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Old 08-22-2017, 10:14 AM
 
731 posts, read 399,195 times
Reputation: 1081
Quote:
Originally Posted by hitpausebutton2 View Post
So just proves the rich isnt spending at all, just hording and not helping anybody..

https://www.yahoo.com/finance/news/a...194733308.html



So instead of giving their employees raises or going out and buying things to help a company keeps their employees.. they are hording their money..
No, they are plundering our country and protecting status Quo. Corporations are incurring added debt and diverting assets to stock buybacks rather than investing in the company and creating more or better jobs. This naturally is the byproduct of the Federal Reserve manipulation that is destroying American business.

You are also told how low interest rates and taking more debt is good for you and higher interest rates, deflation and depression is bad for you.
The Rich together with Wall Street crooks are enjoying Free Welfare provided by the Fed. They can borrow and receive money virtually free. Everyone else is played.

The only future that majority of our citizens have, especially young Americans is to end this scam of lower rates and change this system of debt slavery to the banks.

Americans deserve better system than this. We need to publicly prosecute Fed officials for treason and dismantle all too big to fail banks and change how banking is operated in America.

Until then, majority will be just a debt slaves.

Last edited by C2BP; 08-22-2017 at 10:22 AM..
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Old 08-22-2017, 11:00 AM
 
Location: North Idaho
20,999 posts, read 25,765,271 times
Reputation: 39390
So OP, you think that the wealthy should dig up those boxes of cash out of their back yard and hand it out to the poor?

No one with wealth has their money tucked away in a safe behind the portrait of their granny. Their money is out invested and whatever they have invested in is very likely to be providing jobs.
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Old 08-22-2017, 11:26 AM
 
Location: Kalamalka Lake, B.C.
2,966 posts, read 3,762,829 times
Reputation: 3768
Dad and mom had over two million in after tax US cash they just sat on for thirty years. Someone ELSE got to use that money for cheap: one account showed up as if it falls below 50,000 the credit company starts charging you: we received a bill for 234. dollars. Never knew the account existed.

That's why if there's a trillion dollars in retirement/pension accounts someone (usually based in New York, London, or Zurich) finds a way to steal it. They then get to play with it!!

Silly me. I thought the dinero was in the Trust along with the house. So much for taking the boy off the farm, and not getting the farm out of the boy. And he even spelled words in Engrish correctly.
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Old 08-22-2017, 12:22 PM
 
2,768 posts, read 1,496,259 times
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Quote:
Originally Posted by thedwightguy View Post
Dad and mom had over two million in after tax US cash they just sat on for thirty years. Someone ELSE got to use that money for cheap: one account showed up as if it falls below 50,000 the credit company starts charging you: we received a bill for 234. dollars. Never knew the account existed.

That's why if there's a trillion dollars in retirement/pension accounts someone (usually based in New York, London, or Zurich) finds a way to steal it. They then get to play with it!!

Silly me. I thought the dinero was in the Trust along with the house. So much for taking the boy off the farm, and not getting the farm out of the boy. And he even spelled words in Engrish correctly.
What is your point here? <devil's advocate> Are you asserting that someone took advantage of your parents? Or is the truth somewhere in the middle perhaps? What they decided to do with their assets wasn't necessarily their only option.
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Old 08-22-2017, 12:49 PM
 
Location: Boston
5,097 posts, read 1,455,542 times
Reputation: 3734
I think some of you posters forget it's their money, they can do whatever they want with it.
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Old 08-22-2017, 01:09 PM
 
2,240 posts, read 1,388,386 times
Reputation: 4894
That's kind of the idea of being rich. If they spent it, they wouldn't be rich.
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Old 08-22-2017, 01:13 PM
 
Location: Living on the Coast in Oxnard CA
15,370 posts, read 25,579,836 times
Reputation: 19641
I hear that the lottery is up to over $650 million. That is awesome. Here is what will happen to the money.

If someone chooses the correct numbers I am betting that three or four people win the lottery. So the money will get split at least three ways. I may be wrong but it seems that historically that is what happens. So lets say that they take the lump sum pay out and get the entire amount up front. I am thinking it is about half of the take so the total would be $325 million / 3 = $108 million. Pay the tax on that and you have I am thinking about $64,800,000 or so dollars. The money will be spent in about 5 to 6 years. They will be broke again, and more than likely in debt.
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Old 08-22-2017, 01:22 PM
 
5,221 posts, read 2,377,031 times
Reputation: 5111
Quote:
Originally Posted by ChiGuy2.5 View Post
I do think we need to eliminate some of the loop holes. It's pretty sad when Warren Buffett calls himself out for paying less in taxes than his secretary (SOURCE).
I don't know what your source says, as it requires registration. However, Buffett didn't say that he paid less in taxes than his secretary.
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Old 08-22-2017, 01:50 PM
 
4,328 posts, read 4,428,110 times
Reputation: 3308
Quote:
Originally Posted by TaxPhd View Post
I don't know what your source says, as it requires registration. However, Buffett didn't say that he paid less in taxes than his secretary.
Yup, I doubt he even pays less as a % of income in taxes. He takes a $100k/yr salary and typically receives another $400k+ in other forms of compensation. She'd need to make a lot of money every year to pay more than him even as a %.
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