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Where did you get that idea? I think government regulation redistributes vast wealth from rent serfs to landlords and to homeowners generally.
That is what your previous post implies. Secondly, you have a choice to be a landlord or a homeowner. You also have a choice to stay at minimum wage or to do something about raising your income.
Folks, you need to realize that our country has been hijacked by Criminals. The entire system is rotten. Our economy has been dead since 2001 and can't grow again unless we destroy bad debt first, unless we go thru Deflation and Depression. This is the TRUTH, everything else is just a lie and illusion.
Our elite is afraid to lose their power and wealth. They are protecting status quo knowing that real economic growth is not possible. They don't care that our country is being destroyed, plundered by adding more debt and with socializm. They don't care that our kids have no future. It's all about protecting their status and wealth.
Our real enemies are domestic enemies, Janet Yellen is our public enemy number 1 and the Fed. We are living in a year 2017, Americans deserve better system and quality of life then this current bank tyranny and modern age debt slavery.
We don't need to live like this, this system is sick. Everything is illusion. We can end this sick and predatory system of we are together as a team. We are all Americans, we should be all one team. This crazy system made us all sick, sick in the head. This me, me and me mentality that started with Regan administration.
It's time to wake up and save our country for our kids. We xNt continue pretending that debt doesn't matter, keep adding more and more debt. We need to take our real medicine=higher and higher interest rates that will take is thru Deflation and Depression. We need to lower prices in everything and allow our citizens to SAVE money risk free. Reward all citizens and not just speculators and the rich.
Actually, no.
Since 1933, the "buying power" has tanked. (Inflation / devaluation)
...
I know what inflation is. In many ways I get more for my dollar than ever before.
$2 gasoline, amazing cars for under $20K, the average American lives better than ever before. Not seeing the problem. Making $50 a week and paying $75 month for rent is no different than making $500/wk and paying $750/mo. In 1933 you had nothing to spend money on anyhow. A crackly radio was the height of technology and
Gold is not magical. Just another commodity. Currency is nothing more than an exchange medium. Numbers are relative. Not going down the Libertarian rabbit hole.
I don't know what your source says, as it requires registration. However, Buffett didn't say that he paid less in taxes than his secretary.
Quote:
Originally Posted by mizzourah2006
Yup, I doubt he even pays less as a % of income in taxes. He takes a $100k/yr salary and typically receives another $400k+ in other forms of compensation. She'd need to make a lot of money every year to pay more than him even as a %.
Quote:
Originally Posted by GeoffD
No, Buffett said his effective tax rate is lower than his secretary. He's paying tax on long term capital gains and dividend income. His secretary is paying tax on earned income and it's subject to Medicare tax and Social Security tax.
I referenced a portion of this article in another thread. What is odd is that the same people who complain that they are paying too much in taxes seem to be endorsing/enabling this transfer of wealth to the very top. Once it arrives into the hands of the wealthy they do not really spend it, they build fortunes that are often exempt from income tax and pass it on to their heirs to build even bigger fortunes. If we eliminate the estate tax, then watch out, this will really accelerate.
It strikes me as odd that the middle class is happy to see people with enormous wealth only pay LTCG, while they are paying income tax at much higher rates. Especially when this is unearned income. Personally, I benefit from LTCG and suspect many others here do as well. But, at one percenter levels, it is not just a slight reduction in effective taxation, it is an entirely different, somewhat evasive, tax strategy.
I think that the middle class (and working class) are shooting themselves in the foot by thinking aspirationally that they have a real chance (actually only 0.0001% chance) of making it big and SOMEDAY they can also take advantage of these loopholes themselves.
Otherwise I guess they'd feel like they were resigning themselves to never climbing out of the middle or working class level they're in currently. Too bad they are hurting themselves so much on what is a pipedream for the very vast majority. Start supporting more progressive tax laws!
I think that the middle class (and working class) are shooting themselves in the foot by thinking aspirationally that they have a real chance (actually only 0.0001% chance) of making it big and SOMEDAY they can also take advantage of these loopholes themselves.
Otherwise I guess they'd feel like they were resigning themselves to never climbing out of the middle or working class level they're in currently. Too bad they are hurting themselves so much on what is a pipedream for the very vast majority. Start supporting more progressive tax laws!
We have an income tax system that nearly 50% of the population DOESN'T pay into, and those that do pay into the system face rates of up to nearly 40%. How much more progressive do you think the system should be?
I think that the middle class (and working class) are shooting themselves in the foot by thinking aspirationally that they have a real chance (actually only 0.0001% chance) of making it big and SOMEDAY they can also take advantage of these loopholes themselves.
Otherwise I guess they'd feel like they were resigning themselves to never climbing out of the middle or working class level they're in currently. Too bad they are hurting themselves so much on what is a pipedream for the very vast majority. Start supporting more progressive tax laws!
Quote:
Originally Posted by TaxPhd
We have an income tax system that nearly 50% of the population DOESN'T pay into, and those that do pay into the system face rates of up to nearly 40%. How much more progressive do you think the system should be?
Well...I pay...and I am concerned more about those who pay too little than those who pay none, frankly. With a current top tax rate of 35% we are far below historical rates of 60%, 70%, 80%, and even 94%! And they still aren't happy...let's get rid of estate tax while we're at it! No, there is plenty of room left...
I think that the middle class (and working class) are shooting themselves in the foot by thinking aspirationally that they have a real chance (actually only 0.0001% chance) of making it big and SOMEDAY they can also take advantage of these loopholes themselves.
Otherwise I guess they'd feel like they were resigning themselves to never climbing out of the middle or working class level they're in currently. Too bad they are hurting themselves so much on what is a pipedream for the very vast majority. Start supporting more progressive tax laws!
You do not need to be high income before you can start taking tax write-offs.
If working class / middle class hurt themselves via their thinking, it is because they may think that they can not use the tax code to their advantage.
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