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Yep, as long as you're going to ignore that that $100k is fully taxed by FICA while that $500k is only taxed 1/5 as hard.
As long as you ignore the fact that $100k income leaves very little excess income to accumulate as wealth while $500k leaves 400% more for accumulating wealthy.
Start living a middle class lifestyle when you have a middle class income. The middle class of today lives in houses twice as big as they were 40 years ago, they own multiple cars, have iPhones, iPads, multiple flat screen TV's, etc. etc. etc. The middle class has lived far from a 'middle class lifestyle' for a long time now.
I opened my first investment portfolio at 19 years old with $500. I know this is going to shock you, but you don't have to be a millionaire to study investing and grow your own wealth.
Start living a middle class lifestyle when you have a middle class income. The middle class of today lives in houses twice as big as they were 40 years ago, they own multiple cars, have iPhones, iPads, multiple flat screen TV's, etc. etc. etc. The middle class has lived far from a 'middle class lifestyle' for a long time now.
I opened my first investment portfolio at 19 years old with $500. I know this is going to shock you, but you don't have to be a millionaire to study investing and grow your own wealth.
You really don't have to lecture me on wealth accumulation. I retired in 2006 at 53. I recently asked my Fidelity guy how long our wealth would last if we spent about $50k a year, adjusting for inflation. Turns out we'll have 4 times as much by 92. Buying a ton of Ford at an average of $5 something in 2009 and selling last year for over three times that fixed me for life.
Funny, I made a ton of money for doing nothing and I didn't feel cheated when I paid my taxes. I cannot understand people sitting in a lounge chair on a beach sipping an umbrella drink, making fortunes of their wealth complaining that they pay to much. Even stranger, is these knuckle dragging wing nuts that defend the excesses of the leisure class.
Funny, I made a ton of money for doing nothing and I didn't feel cheated when I paid my taxes. I cannot understand people sitting in a lounge chair on a beach sipping an umbrella drink, making fortunes of their wealth complaining that they pay to much. Even stranger, is these knuckle dragging wing nuts that defend the excesses of the leisure class.
Maybe YOU did nothing, but I worked my ass off.
Thanks for deciding what should happen to the money I actually earned.
This is one conclusion that's arrived at in this video. A 49% marginal tax rate would be enough to help the gov't to cover expenses and it won't violate Aurthur Laffer's curve.
This tax rate on the wealthy is absurd, it is highway robbery. Sure, bleed those that work the hardest so we can keep funding an out-of-control Subversive govt. so it can continue to buy votes so it can win re-election.
Biting the hand that feeds them is what libs do the best. Jealousy of the ones that work the hardest and write their paychecks is proof they are dumber than they claim Palin is, but she is not. Sheesh~
You really don't have to lecture me on wealth accumulation. I retired in 2006 at 53. I recently asked my Fidelity guy how long our wealth would last if we spent about $50k a year, adjusting for inflation. Turns out we'll have 4 times as much by 92. Buying a ton of Ford at an average of $5 something in 2009 and selling last year for over three times that fixed me for life.
Funny, I made a ton of money for doing nothing and I didn't feel cheated when I paid my taxes. I cannot understand people sitting in a lounge chair on a beach sipping an umbrella drink, making fortunes of their wealth complaining that they pay to much. Even stranger, is these knuckle dragging wing nuts that defend the excesses of the leisure class.
What are you talking about? Who sits back sipping drinks earning money for doing nothing? The average investment banker for example works 80-90 hours/week. The vast majority of the wealthy work longer hours than any average middle class person. Furthermore, you really don't see a problem with the fact that we punish people for making more of themselves, and incentivize those who sit back and do nothing?
Talking about fairness for a minute, how is it fair that those who worked 90 hours/week to become wealthy pay 22% in an effective tax rate when the guy who punched a clock working only 40 hours/week gets away with only paying 8%? What gives anyone the right to someone else's money? The only FAIR way to tax is to have a flat tax rate across all income levels. Or are you not too concerned with fairness?
What are you talking about? Who sits back sipping drinks earning money for doing nothing? The average investment banker for example works 80-90 hours/week. The vast majority of the wealthy work longer hours than any average middle class person. Furthermore, you really don't see a problem with the fact that we punish people for making more of themselves, and incentivize those who sit back and do nothing?
Talking about fairness for a minute, how is it fair that those who worked 90 hours/week to become wealthy pay 22% in an effective tax rate when the guy who punched a clock working only 40 hours/week gets away with only paying 8%? What gives anyone the right to someone else's money? The only FAIR way to tax is to have a flat tax rate across all income levels. Or are you not too concerned with fairness?
But, but, Barack said all they do is sit around counting their money.
So now you're holding out one hand, demanding more money from these "400 people" in order to subsidize your lifestyle and give you free stuff, as your continued prosperity is dependent upon them accommodating you...
...And with the other hand, you're giving them the finger and telling them to leave.
Yeah, you're a real rational individual who has clearly thought out your position and obviously have even .1% of an inkling of knowledge of which you speak.
</sarcasm>
Nobody has ever given my family "free stuff" or subsidized my lifestyle. We're small business owners and we pay more taxes than most people earn in a year. I think it's unfair that they pay 15% for capital gains while I work for a living and support everyone else by paying out the nose on my personal income taxes. It's not about being jealous--it's about being fair. They benefit the most, and they make their money by using the infrastructure that people like me pay for. They need to at least pay the same percent that I do. I'm tired of giving free handouts to people just because they're rich. Who made up that rule?
I'm talking about the top 400, not their high paid drones that do their dirty work.
If you want to talk about fairness who decided sitting at a computer is worth more than digging a ditch? Why is manual labor disrespected and underpaid while pushing paper and punching keys is highly treasured and rewarded?
Just who set these values on work?
Why is labor taxed at higher maginal rates while money working to make money receives a better rate? Why is it ok to have a progressive tax rate on labor and a lower flat rate on capital gains.
Quote:
Originally Posted by hnsq
What are you talking about? Who sits back sipping drinks earning money for doing nothing? The average investment banker for example works 80-90 hours/week. The vast majority of the wealthy work longer hours than any average middle class person. Furthermore, you really don't see a problem with the fact that we punish people for making more of themselves, and incentivize those who sit back and do nothing?
Talking about fairness for a minute, how is it fair that those who worked 90 hours/week to become wealthy pay 22% in an effective tax rate when the guy who punched a clock working only 40 hours/week gets away with only paying 8%? What gives anyone the right to someone else's money? The only FAIR way to tax is to have a flat tax rate across all income levels. Or are you not too concerned with fairness?
Last edited by buzzards27; 01-12-2012 at 04:08 PM..
You really don't have to lecture me on wealth accumulation. I retired in 2006 at 53. I recently asked my Fidelity guy how long our wealth would last if we spent about $50k a year, adjusting for inflation. Turns out we'll have 4 times as much by 92. Buying a ton of Ford at an average of $5 something in 2009 and selling last year for over three times that fixed me for life.
Funny, I made a ton of money for doing nothing and I didn't feel cheated when I paid my taxes. I cannot understand people sitting in a lounge chair on a beach sipping an umbrella drink, making fortunes of their wealth complaining that they pay to much. Even stranger, is these knuckle dragging wing nuts that defend the excesses of the leisure class.
Agreed.
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