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Old 06-22-2019, 04:05 PM
 
39,213 posts, read 20,334,087 times
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No matter what we are told, gov't can not legislate prosperity. We must do that for ourselves.
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Old 06-22-2019, 04:59 PM
 
Location: The South
5,211 posts, read 3,627,108 times
Reputation: 7886
Quote:
Originally Posted by NewbieHere View Post
How much does it cost for you to wash your hand with soap and water, water is expensive in California.
I wash my hands anyway . Do you touch grocery carts,menus, door knobs, etc? Do you wash your hands afterward? Anyway, water in my part of the country is cheap.
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Old 06-22-2019, 05:43 PM
 
527 posts, read 616,303 times
Reputation: 779
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?
As long as 1031 is legal you can try to tax real estate as much as you want it will not accomplish what you are thinking it could.
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Old 06-22-2019, 06:06 PM
 
Location: Silicon Valley
3,604 posts, read 1,622,110 times
Reputation: 6112
Quote:
Originally Posted by Listener2307 View Post
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.

I agree and would continue a good economy is where people rich in talent create more value to people willing to pay for it. An economy is not a periodic pie serving that is served and divided. It's a chef and a baker deciding they have the ingredients to make a pie and they serve it to people who want to pay for it.
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Old 06-22-2019, 06:14 PM
 
Location: Central IL
15,201 posts, read 8,504,300 times
Reputation: 35562
Quote:
Originally Posted by petch751 View Post
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.
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?
Quote:
Originally Posted by petch751 View Post
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.
Did you read what I wrote? Taxing income doesn't begin to touch the "wealth of the wealthy" - that's the point I was making.
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Old 06-22-2019, 08:58 PM
 
99 posts, read 42,914 times
Reputation: 240
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.
People get lucky every day. Not everyone recognizes it and takes advantage of those situations.
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Old 06-23-2019, 04:57 AM
 
3,602 posts, read 1,554,600 times
Reputation: 2524
Quote:
Originally Posted by JonathanLB View Post
The biggest reason for that is the simple fact wage income is a terrible way to make money. It’s the base level of existence, trading your time for money, and the way to become rich is to do that for as little time as you can while stockpiling assets on the side and investing for the future.

If you have $10 million, even 5-6% returns are $500-600K per year and with most investments wealthy people are making they’re paying capital gains taxes and lower taxes on income from any real estate investments because of depreciation, so they’re going to make more money on $500K of investment income than, say, a doctor will make on $500K of W2 income.

If you can’t amass investable money, you’re going to spend your life poor bottom line.


One way is investment.

Other way is buying others time for a fee .

And to OP, many people worry about what the CEO makes. But they dont look at the larger picture as to what the compnay makes and how much the majority shareholders have or make .
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Old 06-23-2019, 06:55 AM
 
71,459 posts, read 71,629,249 times
Reputation: 49021
Quote:
Originally Posted by liveurdream View Post
As long as 1031 is legal you can try to tax real estate as much as you want it will not accomplish what you are thinking it could.
Unless you plan on dying with tenants and the property eventually you pay the tax man ....we had no interest in being landlords in retirement..we wanted only liquid ,passive investments ..

Kicking the tax can down the road can end up becoming a big tax torpedo..it certainly turned out that way for us ...they raised the capital gains rate to 20% and tacked on a 3.80% surcharge for the income level we hit with the sale ..had we paid up earlier , taxes would have been far less ..

Not only that but it also got us hit hard in increases in Medicare premiums because we sold two years prior to going on Medicare...

All in all delaying taxes may end up being a bad thing
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Old 06-23-2019, 02:29 PM
 
Location: Manchester NH
9,558 posts, read 2,641,528 times
Reputation: 2539
I didn't watch it because policy ed is a libertarian site.
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Old 06-23-2019, 02:57 PM
 
1,528 posts, read 1,434,707 times
Reputation: 11147
If one has nothing saved, one gets no advantage when interest rates increase. if one has nothing invested, one gets no advantage from market gains.


People with modest incomes who prioritize investment and actually allocate part of their income to investments so that they actually have investments realize gains when there are gains to be had. Their gains will be more modest than those of wealthier people who can allocate larger amounts of money to the market, but they will still realize gains, which can, in turn, realize more gains if there are more gains to be had.


People who have put assets to work in the economy realize gains. The economy doesn't care whether those people are rich or poor except in relative rates of return. Those assets don't necessarily have to be money. Talent is an asset. Effort is an asset. Perseverance (currently being called "grit") is an asset. Even personality is an asset. Luck can also be considered an asset, but it provides much better returns when other, more controllable, assets are deployed first.


The economy does, however, resemble the lottery in that you gotta play to win.
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