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Old 03-07-2016, 05:31 PM
 
350 posts, read 413,167 times
Reputation: 396

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Quote:
Originally Posted by Larry Siegel View Post
Sorry to break it to you but the Democrats are coming for the money of the bottom of the 1% too...and the 2%, 3%, and so on down to probably the top 25%. You can't fund massive social programs, pay interest on the national debt, and support a giant military without taxing practically everybody.

I'm actually in a higher tax bracket than the people you named. With the possible exception of the Clintons, they already have their money and are spending it, so they only pay taxes on investment income if they have any (most people had a loss last year).

Warren Buffett spells his name B-U-F-F-E-T-T, like Jimmy.
Thanks for the spelling lesson.

So with all your money why are you on city-data?
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Old 03-08-2016, 12:56 AM
 
Location: Spain
12,722 posts, read 7,515,956 times
Reputation: 22633
Quote:
Originally Posted by echo99 View Post
Carried Interest Loophole. People on Wall Street who "manage" other people's money only pay 23.8% tax on the compensation they earn. Look at your paycheck. How much do you pay in taxes? I bet it isn't 23.8%.
Very few people have an effective fed tax rate anywhere near 23.8%.
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Old 03-08-2016, 03:51 AM
 
4,231 posts, read 3,537,825 times
Reputation: 2207
Quote:
Originally Posted by lieqiang View Post
Very few people have an effective fed tax rate anywhere near 23.8%.
It's like from 15% to 20%.
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Old 03-08-2016, 07:30 AM
 
24,526 posts, read 18,069,797 times
Reputation: 40211
Quote:
Originally Posted by CPPU12345 View Post
In my opinion, the best time to be the top margin was in a time of the steadiness. And that usually required the steady politics.

What did you think that making the China growth? The cheap labours? Nah, I thought it was the steady politic environments that attracted the investments. After all, you won't leave your billion dollars in a mad person's hand; or whosoever has no credibility.

Edited: Winning a war or failing a war, sometimes, they do not matter. In Chinese, we say " The monks could run, but a temple(the building) dose not. The good credibility goes a long way though.
What is fueling the Chinese growth is massive debt. 250% of GDP. The government owned heavy industry parts of their manufacturing base like steel are a money losing disaster. The country has staggeringly bad wealth stratification. It is still an authoritarian dictatorship. All that threatens to drag the vibrant tech sector new economy into the dumpster. China has saturated their export driven manufacturing economy and isn't doing a good job creating a consumer driven middle class domestic economy. Growth is now down to maybe 6.5% if they're lucky. They can't keep fanning the flames with debt. It will all get quite ugly eventually. Remember Japan, Inc that was going to own the world?
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Old 03-08-2016, 09:05 AM
 
5,342 posts, read 6,143,218 times
Reputation: 4719
I'm barely in the top 15% and it is working out great for me!
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Old 03-08-2016, 11:34 AM
 
350 posts, read 413,167 times
Reputation: 396
Quote:
Originally Posted by lieqiang View Post
Very few people have an effective fed tax rate anywhere near 23.8%.
I absolutely agree. That's why the whole carried interest tax is so absurd. They should be paying way more!
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Old 03-11-2016, 08:26 PM
 
Location: Atlantis
3,016 posts, read 3,897,377 times
Reputation: 8866
I was in the top 1% at conception.


Millions of sperm, and I made it.


Then during my life I looked around confused at the other people that made it to the egg, but felt the need to be bitter and constantly complain about others that had more money than them.


Humans. A species that lacks the ability to be grateful for what they have, with pathological jealousy and envy their eternal weakness.


Wah, wah, wah. . . .crying for a bottle as an infant. And as adults, crying, kicking & screaming that they don't have millions of dollars.
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Old 03-13-2016, 06:28 PM
 
6,438 posts, read 6,884,237 times
Reputation: 8739
Quote:
Originally Posted by echo99 View Post
Thanks for the spelling lesson.

So with all your money why are you on city-data?
If you have enough respect for someone to quote them or say what they are thinking, you can spell their name correctly.

I don't have a lot of money, but I am still in the top tax bracket. The U.S. income tax system is a tax on trying to get rich, not on being rich.
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Old 03-14-2016, 01:46 AM
 
Location: Spain
12,722 posts, read 7,515,956 times
Reputation: 22633
Quote:
Originally Posted by Larry Siegel View Post
I don't have a lot of money, but I am still in the top tax bracket. The U.S. income tax system is a tax on trying to get rich, not on being rich.
I dunno man people like Buffet, Gates, and Bloomberg pay a lot more income tax than your average high salary person.
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Old 03-14-2016, 01:57 PM
 
Location: NY/LA
4,646 posts, read 4,519,631 times
Reputation: 4116
Quote:
Originally Posted by lieqiang View Post
I dunno man people like Buffet, Gates, and Bloomberg pay a lot more income tax than your average high salary person.
Billionaires pay more in absolute dollars, but their effective tax rate is lower because of the ratio of different types of income.
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