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Old 11-20-2018, 10:06 PM
 
5,276 posts, read 2,422,947 times
Reputation: 5154

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Quote:
Originally Posted by Larry Caldwell View Post
You want a recipe so you can march in lockstep with everyone else? And no, I'm not talking about trust fund kids, though they may be part of the problem. I'm talking about people who collect money because they have money, and then collect more money because they have more money, but never actually do anything with the money.
Again, YOU are the one claiming that obligations are owed to society beyond those that are legally required. The burden is on you to support that positive assertion.

Have you figured out how people with money are able to collect money, just because they have money? Or do you understand that it requires that money be invested in order to generate a return?

Quote:
If you can't figure out how to be a productive member of society, it's just a symptom of the sickness. You want me to do the work for you.
The only thing I want from you is for you to support your claims. With no support, your claims are worthless.

Last edited by TaxPhd; 11-20-2018 at 10:58 PM..
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Old 11-21-2018, 10:44 AM
 
311 posts, read 161,042 times
Reputation: 348
Quote:
Originally Posted by Larry Caldwell View Post
Read it again. What I said was that if you collect an income without being a productive member of society, you are no better than a welfare queen. Queenie does what is legally required, but she is still a leech on society. If you behave the same way, that's what you are.

Can you please spell out what counts towards being a productive member in your mind? Let's start a list, please put yes/no next to the items below and add items as you see fit. I am just trying to understand your logic.


1. Physical work (day labors, construction work), professional work (engineers, doctors, accountants, lawyers, other office workers), other trades
2. Mostly mental work (writers, poets, artists)
3. Active investors (who manage their own money)
4. Passive investors (others manage their money)
5. Politicians
6. Social activists
7. Wall street bankers (who manage other people's money)
8. Disabled people (who once contributed and can't do it anymore)

Others are welcome to add to the list. We can even consider to make it a poll later on.
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Old Yesterday, 10:03 AM
 
1,648 posts, read 387,690 times
Reputation: 1447
Quote:
Originally Posted by KathrynAragon View Post
Large estates ARE taxed though. This would be "rich peoples' estates." There's a federal estate tax on large estates over 11.18 million - of FORTY PERCENT. Then there are state taxes (depends on the state).
https://taxfoundation.org/state-esta...ance-tax-2018/

Recently my husband inherited half of a MUCH smaller estate. Some of that money had already been taxed - we didn't pay any additional taxes on it. Some of it had not been taxed - we pay the taxes on that money. Meanwhile, we put nearly all of it into our retirement fund so that one day my husband can quit busting his tail in the oilfield. His parents earned every bit of this savings by the way - and hopefully we can retain much of our savings as well, and pass some on to our kids. That's the plan.

Meanwhile, my husband and I own a business and we send the IRS regular payments that would probably shock most people. No guilt over that inheritance -we know we are paying "our share" when it comes to taxes.

Oh, and don't get me started on what we pay for health insurance.
Quote:
Originally Posted by Larry Caldwell View Post
Americans really are not good at arithmetic. The first $11.18 million is tax exempt. You pay 40% on anything over that. You make it sound like large estates are taxed at 40%. They are not.
I thought she was perfectly clear. I didn't get the impression at all that estates under $11.18m are taxed at 40%.
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Old Yesterday, 08:32 PM
 
Location: Jersey Shi*ty
6,147 posts, read 6,140,117 times
Reputation: 4805
Quote:
Originally Posted by BeerGeek40 View Post
When you post it on this board, it becomes my business and I have the right to comment on it.
I'm a Warren Buffett guy - Buffett owns almost no toys - lives in the same house since 1957 - lives like a common man. My kind of rich person. Although I always did wonder why Buffett is a democrat instead of being an independent.
Some are "toy guys" and some aren't. It's most obvious among the wealthy were the toys become glaringly conspicuous (yachts, exotic cars, etc). Middle and even working class guys are no different. I have no desire to own a pool table for instance, or a motorcycle.
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Old Today, 09:35 AM
 
10,327 posts, read 6,624,640 times
Reputation: 10917
What do you mean is it worth it? How else are you going to be able to live without working unless you can mooch off of a relative?
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