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Old 06-22-2019, 01:20 PM
 
Location: SoCal
13,189 posts, read 6,301,958 times
Reputation: 9808

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Quote:
Originally Posted by luv4horses View Post
But if you start from nothing and eventually become one of the top 10% you probably had at least one lucky event that put you on the move. Wouldn't you agree? Just one lucky, and maybe hoped for but unexpectedly lucky break.
No luck really. Everybody in my family started with zero. If it’s luck, some should be poor, not all are well to do. Best yet, my brother’s in laws are even in much better shape. Just go to school and get a job. You will be off the welfare system.
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Old 06-22-2019, 01:24 PM
 
Location: SoCal
13,189 posts, read 6,301,958 times
Reputation: 9808
Quote:
Originally Posted by Southern man View Post
I do, always have, alway will.
How much does it cost for you to wash your hand with soap and water, water is expensive in California.
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Old 06-22-2019, 01:41 PM
 
Location: Central IL
15,201 posts, read 8,504,300 times
Reputation: 35562
Quote:
Originally Posted by liveurdream View Post
The random joes you see on the street or random places like Facebook that the rich should be taxed more are being stupid because they don't know any better. The rich don't get taxed W2 wages when they get to that level. They are making money from real estate and the like and there are legal ways where you don't have to pay taxes. It's why Trump doesn't release his tax returns. It's also why the rich leverage debt to become even richer and use legal IRS with accounts and lawyers to avoid heavy taxes.

It why it is easier to make $1M to $2M than it is $0 to $1M.

When my W2 income swell to well into the six figures (after years and years of rejection) it became a lot easier to level assets with debt to get into real estate. Now I am to the point where my wealth can grow yearly. Eventually my passive income will surpass my W2 wages.

People can go from $0 to whatever goal they want, but it will never be easy.
We're not so very stupid - we know the difference between income and investments and all the legal ways to avoid taxes on "non"-income.

THAT'S what we want taxed! I don't care if it is legal NOW - laws are made to be made - that's what government does! And the "original" laws were made with the rich in mind - if the poor get their ish together they can change the laws so that taxes can be placed on other kinds of money.

It's crazy to tax income so heavily and the gravy on top of that at such low rates. Golly - you say yourself how hard it is - dontcha want the next guy to have it easier? Or are you pulling up the ladder behind you?
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Old 06-22-2019, 03:38 PM
 
39,213 posts, read 20,334,087 times
Reputation: 12734
Quote:
Originally Posted by Thatsright19 View Post
The poor donít need to ďtax planĒ because their federal ETR is zero.

And whatís a fair share? Because the lowest half donít pay any share.
In other words, you are saying is that the poor will always be poor. They won't ever increase their income so they too will pay taxes contributing to society.
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Old 06-22-2019, 03:41 PM
 
39,213 posts, read 20,334,087 times
Reputation: 12734
Quote:
Originally Posted by luv4horses View Post
But if you start from nothing and eventually become one of the top 10% you probably had at least one lucky event that put you on the move. Wouldn't you agree? Just one lucky, and maybe hoped for but unexpectedly lucky break.
All the luck can come your way but if you are not positioned to take advantage of it then you'll have to let it pass by.
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Old 06-22-2019, 03:46 PM
 
39,213 posts, read 20,334,087 times
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Quote:
Originally Posted by reneeh63 View Post
We're not so very stupid - we know the difference between income and investments and all the legal ways to avoid taxes on "non"-income.

THAT'S what we want taxed! I don't care if it is legal NOW - laws are made to be made - that's what government does! And the "original" laws were made with the rich in mind - if the poor get their ish together they can change the laws so that taxes can be placed on other kinds of money.

It's crazy to tax income so heavily and the gravy on top of that at such low rates. Golly - you say yourself how hard it is - dontcha want the next guy to have it easier? Or are you pulling up the ladder behind you?
Ba ha ha... of course we want the guy below to be able to build wealth but if you insist on raising taxes on income it "ain't going to happen". You are actually supporting making it harder for the little guy to build wealth. You are pushing up the ladder making it harder for you to reach.

You said ... "we know the difference between income and investments". Do you mean you know the difference between income and wealth? Anyone who bought into the and supported the "tax the rich, income above $300k a year rhetoric doesn't know the difference obviously.
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Old 06-22-2019, 03:49 PM
 
71,459 posts, read 71,629,249 times
Reputation: 49021
Quote:
Originally Posted by petch751 View Post
All the luck can come your way but if you are not positioned to take advantage of it then you'll have to let it pass by.
Exactly ,you need to be in position to take advantage of that luck and to even recognize the potential deal that comes up .. many times the opportunity does not knock ..it stands outside the door until you let it in ....

In our case we decided to not buy another house ....we rented and I was looking to invest that money in a business I could play a passive role in ....I fell in to an opportunity to buy a share in a real estate business..had we bought a house instead we would not have been looking for a business..... our financial outcome would have been very different had we simply just bought another house .....now we can buy multiple homes
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Old 06-22-2019, 03:53 PM
 
39,213 posts, read 20,334,087 times
Reputation: 12734
Quote:
Originally Posted by reneeh63 View Post
We're not so very stupid - we know the difference between income and investments and all the legal ways to avoid taxes on "non"-income.

THAT'S what we want taxed! I don't care if it is legal NOW - laws are made to be made - that's what government does! And the "original" laws were made with the rich in mind - if the poor get their ish together they can change the laws so that taxes can be placed on other kinds of money.

It's crazy to tax income so heavily and the gravy on top of that at such low rates. Golly - you say yourself how hard it is - dontcha want the next guy to have it easier? Or are you pulling up the ladder behind you?
Another example of taxation is SALT taxes. Do poor people owns property where they have to pay more than $10k a year in SALT taxes? But most of the rich can easily pay more on their mansions. Another case of people not understanding money and taxation.
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Old 06-22-2019, 03:58 PM
 
39,213 posts, read 20,334,087 times
Reputation: 12734
Quote:
Originally Posted by mathjak107 View Post
Exactly ,you need to be in position to take advantage of that luck and to even recognize the potential deal that comes up .. many times the opportunity does not knock ..it stands outside the door until you let it in ....

In our case we decided to not buy another house ....we rented and I was looking to invest that money in a business I could play a passive role in ....I fell in to an opportunity to buy a share in a real estate business..had we bought a house instead we would not have been looking for a business..... our financial outcome would have been very different had we simply just bought another house .....now we can buy multiple homes
Yep, actually another example of being able to take advantage of and recognizing opportunity (something they call luck)... Look at Amazon / Google other stock. The opportunity to buy this stock early on and much lower prices was available to all of us but only the people who were in the position and recognized the opportunity bought in and did very well.

They call this luck, I call it putting myself in the position (seed money) to invest in the opportunity.
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Old 06-22-2019, 04:01 PM
 
Location: NE Mississippi
13,632 posts, read 8,554,879 times
Reputation: 19837
Quote:
Do the Rich get all the Gains?
No. The rich do get richer in a good economy, but they are not taking it away from the poor. There is opportunity for all.
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