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Ahh, so earlier when I said they were going after chump change, I was completely correct.. $900M a year.. haha
Color me shocked..
They are not stupid. A little bit here (cap gains tax), a little bit there (Obamacare taxes) and a nip and tuck over here (IRA accounts).
Each by themselves is "just a small tax on the wealthy" we keep getting told.
But when you start adding up all these small taxes you start getting into big money.
And the states are jumping on the same bandwagon.
Wouldn't surprise me in the least to see upper middle class money start leaving the nation.
No. It didn't then either. It is breathtaking to again and again be confronted with your complete inability to understand simple, declarative English sentences.
Quote:
Originally Posted by pghquest
Hey tell me HistorianDude, if income has nothing to do with class, then why the hell does the US Census measure people by income?
Nobody said "income has nothing to do with class." There is a strong correlation. But you're the one who has pointed out that certain wealthy people (i.e. upper class) have no income, and certain poor people (i.e. lower class) have high incomes... destroying your own argument that class is defined by income.
I really don't have to argue with you at all. You're fully capable of arguing with yourself every third post or so.
But as to the Census Bureau, guess what... they pay no attention whatsoever to the concept of class.
The Census Bureau does not have an official definition of "middle class." We do, however, derive several measures related to the distribution of income and income inequality. You may access more information on income inequality (middle class) or general income distributions through our detailed income tabulations page.
So the answer to your question "If income has nothing to do with class, then why the hell does the US Census measure people by income?" is, "What a stupid question."
You don't have to read the thread. If you would rather people remain ignorant go elsewhere. I think it is an excellent thread and does alot for anyone who wants to sift through the BS and understand what is going on.
It took me a long time an alot of stress getting here so yes I am late in the game. Anyone who thinks it is easy to even get this far let along as far as people further than me can ... Anyway, since I am late in the game, I do understand the difference as Kiyosaki says, good debt, bad debt but if initial investment is not a problem then at 54, is time?
Absolutely. If you hold an investment out 15 years, you'll be 69 by time its done, and will be debt free. But even if you sell out earlier, on a $1M transaction, you'll be paying down about $60K a year, which is money added to your net worth every single year, without paying taxes.
So if you sell out when you retire in 7 years, thats $420K extra you'll have, (which would be taxed because I'm assuming if you cashed it out, you wont be rolling it over),
Quote:
Originally Posted by eRayP
I have also researched another question I had, again, coming from having bad debt, again thinking middle class my goal was to have no debt including a mortgage on my house. Almost there in a very short time, would have been if (well do not feel like repeating). Anyway, to my understanding the rich buy assets to pay for their liabilities. So do the rich typically have mortgage debt on their own home. From what you are saying I would think that does not really matter as long as they have the assets to support it. I wonder if I should continue with this goal.
The trick with these types of investments, is to make sure the tenants are financially stable. The people that I discuss deals with, some of them are far, far above my means. They do $10M transactions daily, gigantic transactions dealing with FedEx, USPS, McDonalds, lot of governmental tenants etc.
I've sat in on a few of these transactions to learn, and the figures get mind numbing and watching a FedEx deal in CA now thats going for $45,000,000 and a CVS portfolio of 9 stores for $26M
The more secure the tenant, the lower the rate of return obviously, but like I said earlier, these people are less interested in returns, than they are with making sure that in 10-15 years, they will have not lost any wealth. The CVS deal I'm watching actually has zero cash coming to the owners for 30 years.. There is a reason these people are buying these properties, and it clearly isnt the income.
Are you still researching the part of the IRS code which deals with taxing wealth? I'm holding my breath waiting for you to point it out to me because we all know I wouldnt want to be committing tax fraud.. Please educate me..
Hey tell me Historian, part part of the IRS code deals with taxing wealth.. Please educate me.. I'm anxiously waiting to learn about this phantom parts of the law I missed.
The US does not tax wealth directly. It taxes the creation of wealth through income taxes, taxes on dividends and interest, capital gains and (eventually) estate taxes. One can keep as much wealth as they want... but when time comes to use it (for example by selling an equity or piece of real estate) taxes are collected on the value of the gain.
Anybody who actually believes that great wealth means you pay no taxes is probably the member of an investment club led by grifters.
No. It didn't then either. It is breathtaking to again and again be confronted with your complete inability to understand simple, declarative English sentences.
Nobody said "income has nothing to do with class." There is a strong correlation. But you're the one who has pointed out that certain wealthy people (i.e. upper class) have no income, and certain poor people (i.e. lower class) have high incomes... destroying your own argument that class is defined by income.
I really don't have to argue with you at all. You're fully capable of arguing with yourself every third post or so.
But as to the Census Bureau, guess what... they pay no attention whatsoever to the concept of class.
So the answer to your question "If income has nothing to do with class, then why the hell does the US Census measure people by income?" is, "What a stupid question."
Not only do they pay attention to the concept of class, but they rate them.. once again BY INCOME
The US does not tax wealth directly. It taxes the creation of wealth through income taxes, taxes on dividends and interest, capital gains and (eventually) estate taxes. One can keep as much wealth as they want... but when time comes to use it (for example by selling an equity or piece of real estate) taxes are collected on the value of the gain.
Anybody who actually believes that great wealth means you pay no taxes is probably the member of investment club led by grifters.
It absolutely does not tax the creation of wealth. It taxes the SPENDING of wealth.
You dont have a dam clue what the hell you are talking about.
Hey Historian, if your house grows in value from $25,000 to $500,000, when the hell does it get taxed? WHEN ITS SPENT, they dont tax the wealth generated by the growth in value as its created.
If your home grew in value from $25,000 to $50 TRILLION dollars, (just to be an ass), you wouldnt pay a dam in taxes until YOU SOLD the property, and then held onto the cash declaring that you plan to spend it. You can indeed sell that property and hold it into a trust to reinvest TAX FREE...
They are not stupid. A little bit here (cap gains tax), a little bit there (Obamacare taxes) and a nip and tuck over here (IRA accounts).
Each by themselves is "just a small tax on the wealthy" we keep getting told.
But when you start adding up all these small taxes you start getting into big money.
And the states are jumping on the same bandwagon.
Wouldn't surprise me in the least to see upper middle class money start leaving the nation.
You're several years behind the times.
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