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My husband was raised on a poor farm in a poor farming community and has worked from raising pigs to picking almonds, not a dime for his collge, not only worked his way thru school, but GAVE to the fed governement by fighting in Vietnam. Never stopped working since he was 6 years old and expected to raise, vet, and sell those pigs. Been an executive since his first job out of the army and his whole working life....but He's NOT worth even close to thinking about that much. Its not choices you made, nor hard work....its simply dumb freakin luck....but then I doubt you would spend as you do on this site, if you were 20 mil rich. You would have WAY to many other things to do! Or should have.
lol! I agree. Luck does have a lot to do with it. Plenty of people work hard and never become remotely rich. Even people with degrees. I grew up lower middle class, joined the military to earn money to put myself through school, and have been working hard since age 18. I do better than most, but I'm not in the 1%. And after a layoff, I now work as a contractor so I have no benefits or even time off for the past year and a half. The OP sounds like a jackass who has no understanding of how fortunate he is, if he's telling the truth.
I don't see anything fair about a progressive tax system. Just think about it, the very premise is unfair because it punishes productivity...
The notion that a business person or an investor would make different decisions if the tax-rate was 30% or 40% is a fallacy. If I was to enter into a venture that yielded pre-tax a million dollars, it's just a matter of whether I keep $300K or $400K. Either way, I'd go ahead with it.
It's not punishment to be in the top tax bracket. If it were, sentence me to life in the top rate.
The notion that a business person or an investor would make different decisions if the tax-rate was 30% or 40% is a fallacy. If I was to enter into a venture that yielded pre-tax a million dollars, it's just a matter of whether I keep $300K or $400K. Either way, I'd go ahead with it.
It's not punishment to be in the top tax bracket. If it were, sentence me to life in the top rate.
Countries with relatively low tax rates, fewer laws and regulations, and a well-established rule of law tend to have smaller shadow economies.
Macroeconomic and microeconomic modeling studies based on data for several countries suggest that the major driving forces behind the size and growth of the shadow economy are an increasing burden of tax and social security payments, combined with rising restrictions in the official labor market. Wage rates in the official economy also play a role.
Taxes and social security contributions
Taxes and social security contributions add to the cost of labor in the official economy and hence are key factors driving the growth of the shadow economy. The bigger the difference between the total cost of labor in the official economy and the after-tax earnings from work, the greater the incentive for employers and employees to avoid this difference and participate in the shadow economy. The difference can be very large; in Germany and Austria, for example, the tax and social security payments by firms and their workers amount to the wages that workers effectively earn. Since the difference depends broadly on the social security system and the tax regime, these are key determinants of the shadow economy.
Several studies have found strong evidence that the tax regime influences the shadow economy. In Austria, the burden of direct taxes (including social security payments) has been the biggest influence on the growth of the shadow economy, followed by the number of regulations affecting firms and workers, and the complexity of the tax system. Other studies show similar results for the Scandinavian countries, Germany, and the United States. In the United States, analysis shows that as the marginal federal personal income tax rate increases by one percentage point, other things being equal, the shadow economy grows by 1.4 percentage points. Also in the United States, holding down the top marginal income tax rate may prevent further growth of the shadow economy.
No, but taxing them more will.
But were issued stock and stock options worth $3.2 billion -- perhaps recognizing the low capital gains tax-rate compared with earned income.
Yeah, it'll solve that participation rate the governments been having for a while no by abolishing it.
The notion that a business person or an investor would make different decisions if the tax-rate was 30% or 40% is a fallacy. If I was to enter into a venture that yielded pre-tax a million dollars, it's just a matter of whether I keep $300K or $400K. Either way, I'd go ahead with it.
It's not punishment to be in the top tax bracket. If it were, sentence me to life in the top rate.
Projected return is always carefully weighed against risk...
Government Bonds are generally considered ultra low risk and most are offered tax free because taxation and the rate of taxation is ALWAYS a factor.
As to many not paying any Federal Taxes... this is just plain wrong.
I know people that have never ever filed a Federal Tax return... they have families, own a car, live in subsidized housing, etc...
Still remember one woman that couldn't understand why I was not able to make a repair due to having to work on my taxes with the deadline fast approaching... she had never filed a return and was Grandmother to 8 children.
Never made it to city hall today... the streets were blocked due the Occupy Wall Street group in Oakland... later I heard, unconfirmed, that someone was shot...
I don't have an issue with self made millionaires. If they worked hard, then that's great. I DO have an issue with meanspirited, hateful people of all classes who think they're better than everyone else because of their political beliefs or social standing--and who make blanket assumptions about anyone who's different from them.
That's about how I see it. And if Hawkeye's story is true, and I don't see a reason as to why it wouldn't be, then kudos to him for making his way through sacrifice and honest hard work.
I grew up poor an lived in a trailer. I worked my butt off from the time I was eight years old. I always had "straight As" in elementary school, junior high, high school, college, and med school. I knew no one would take care of me, except for myself. My father gave me $100 for college. I did not take a dime from the federal government and worked my way through school. Today, I am worth over $20 million. Screw the hippies camping out and protesting AMERICA. I am a "a 1% ter'. To hell with the lazy bums who did not sacrifice and work as hard as I did. Choices in life have consequences- go to hell.
I did not become successful by camping out with dirtbags who are supported by daddy's money and complaining. You should have made better decisions in life, particularly when you were born with a silver spoon in your mouth. You are the dregs of the US and an embarrassment to the principles of a work ethic. Get a job, you bums.
Signed- A "1% ter" who did not have nearly the opportunities you lazy and ingracious dead beats had.
So tell the rest of the peasants your secret to success?. Those of us from upper middle class families who never knew what a "double-wide" is, maybe paid tuition through an inheritance, we are considered spoiled if we earned a Masters degree?
I dont expect anything from society either. my father was strict and taught me to expect nothing.
I grew up poor an lived in a trailer. I worked my butt off from the time I was eight years old. I always had "straight As" in elementary school, junior high, high school, college, and med school. I knew no one would take care of me, except for myself. My father gave me $100 for college. I did not take a dime from the federal government and worked my way through school. Today, I am worth over $20 million. Screw the hippies camping out and protesting AMERICA. I am a "a 1% ter'. To hell with the lazy bums who did not sacrifice and work as hard as I did. Choices in life have consequences- go to hell.
Signed- A "1% ter" who did not have nearly the opportunities you lazy and ungracious dead beats had.
What a great rags to riches story. That is something for others to strive for. I don't think OWS is after your money or getting something for naught. but rather holding the people of Wall Street accountable for their illegal activities. I think we all strive to achieve as much as you and are happy for you.
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