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Old 06-21-2020, 06:41 PM
 
Location: NYC
16,440 posts, read 10,614,159 times
Reputation: 19404

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Today's economics, there are more and more products to leverage money and sell a variety of risks as investments. The problem is the Feds just would not stop printing. Anyone with 1/2 a brain can borrow a little money buy some stocks last year or better yet this yet at the right time and make 25% gains in 2 months.

The wealth gap is increasing people majority of people only have 1 stream of income while a knowledgeable investor at may have 4-5 streams of income any given month.

For example, I know a guy at work at work. He makes a decent living but he also owns stocks, rental properties, and he rents out a family owned goal course. He can easily retire today but he still loves his job.

The government cannot write tax policies that kills different small businesses because many of these businesses create jobs and other businesses that depend on them.

The widening of wealth gap exists even more in other countries but they are better off because other countries don't have so many taxes like the US does. Many countries don't even have sales taxes.

What America needs to do is remove many tax burdens so that even the less fortunate are not burdened by so many different taxes.
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Old 06-21-2020, 06:55 PM
 
3,574 posts, read 2,261,654 times
Reputation: 8079
Quote:
Originally Posted by vision33r View Post
Today's economics, there are more and more products to leverage money and sell a variety of risks as investments. The problem is the Feds just would not stop printing. Anyone with 1/2 a brain can borrow a little money buy some stocks last year or better yet this yet at the right time and make 25% gains in 2 months.

The wealth gap is increasing people majority of people only have 1 stream of income while a knowledgeable investor at may have 4-5 streams of income any given month.

For example, I know a guy at work at work. He makes a decent living but he also owns stocks, rental properties, and he rents out a family owned goal course. He can easily retire today but he still loves his job.

The government cannot write tax policies that kills different small businesses because many of these businesses create jobs and other businesses that depend on them.

The widening of wealth gap exists even more in other countries but they are better off because other countries don't have so many taxes like the US does. Many countries don't even have sales taxes.

What America needs to do is remove many tax burdens so that even the less fortunate are not burdened by so many different taxes.
So it’s that easy, huh?
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Old 06-21-2020, 07:26 PM
Status: "Happy Juneteenth!" (set 4 days ago)
 
Location: The New England part of Ohio
19,808 posts, read 24,971,939 times
Reputation: 52787
Quote:
Originally Posted by HJ99 View Post
Are you Native American? Cause otherwise somebody TOOK BY FORCE the land your building sets on. I doubt you made the materials that constructed your building. I doubt you built the road that the trucks that carried the materials got the land you built your building. I doubt you built the trucks that carried the materials that you used to build your building. I doubt you built the power lines, water and sewer that service your building. I doubt you schooled the engineers that designed your building. I doubt you poured the concrete by your little old lonesome.



I get real kick of how the wealthy claim they built their EMPIRE all by their little lonesome. Nope, they built it on backs and brains of OTHERS. Others educated by those taxes you poo-poo. Hey you dont need no stinking schools, go build in place like Somalia with your own little wheelbarrow. No govt , no infrastructure, just law of the jungle with lot of little wannabe strongmen. Build your building there. NO TAXES, lucky you. Course you will need to hire your own private army to protect your building. Figure out a way to get water, sewer and electric and roads. Find somebody that wants to rent space in this out of way building. Cause nobody there needs, wants, or can afford it other than maybe some local pirates. And they would just take it if you misjudge size of army you have.



Look I dont like property tax inflation. Some couple bought their house 50 years ago, they shouldnt be forced out by taxes far in excess of what they originally were. My notion, do away with tax breaks for real estate developers. Do away with depreciation in tax laws, do away with corporate protections from liability. You go bankrupt you and your family live out rest of your lives with that debt burden. No get out of jail free cards. No just foisting off your debts onto the TAXPAYER. Privatizing profit and socializing loss doesnt cut it. But your property value stays the same as it originally was. If govt wants more revenue they have to raise tax rates on everybody. Although if you ever do sell, you pay full taxes on the difference. But only when you sell or when you die and your heirs inherit. No corporate ownership of land. They can lease it for upto 100 years, not own it cause unlike other "citizens" they dont die so valuation couldnt be reset.



Oh also no use of eminent domain for govt to steal land from the rabble to hand over to developer buddies. Developers want land they should have to negotiate with all "the little people" on price. Eminent domain should only be used for public use such as hiways, schools, govt buildings THAT ARE OWNED BY THE GOVERNMENT. Eminent domain for good ole boy network to make MONEY are not in the public good even if their development will generate more tax revenue.


The best post ever.

The US is an oligarchy.

Brainwashed poor people no longer fight for their rights. This is NOT "Grapes of Wrath". Tom Joad is so dead, he's not even a ghost.

Something terrible happened when Nixon became president. It was conceived bu Lee Atwater and called "The Southern Strategy".

It made poor and working class whites, not only in the South, into hyper-patriotic robots who's racism was subtlety encouraged and who were lured by hatred for "hippies" and the "peace movement".

All of this is so strange because it was THEIR kids fighting in the Vietnam war. The core of this group was greatest generation (should have put that in quotes) white working-class, southerners, fundamentalists, ethnic working class Northeasterners and Midwesterners. Roman Catholics and evangelicals.

Previous to this diabolical genius of splitting up the country. Atwater, Nixon, and Agnew played a part.

Then came Nixon, REAGAN and the absolute worst - Trump.

In Trumps "defense" (trust me, I almost NEVER do this) - he is a puppet of the "Religious Right" - a coalition that now includes non college educated Fundies and Roman Catholics.
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Old 06-21-2020, 08:01 PM
 
Location: NY/LA
3,929 posts, read 3,204,057 times
Reputation: 3081
Quote:
Originally Posted by Teak View Post
BTW, "native" Americans weren't native. They came across a land bridge from Siberia and displaced the bunny rabbits, Bambi's, and musk ox that were here before them. Every human is an immigrant to the western hemisphere. You must have been out smoking a reefer when that was covered in history class.
I've seen this argument before, but what's the point you're trying to make? I believe HJ was pointing out that indigenous people were here before Europeans settled the Americas. Does it matter that that indigenous people were here first for thousands of years before Europeans instead of millions of years?

Last edited by Mr. Zero; 06-21-2020 at 08:30 PM..
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Old 06-22-2020, 11:38 AM
 
8,359 posts, read 7,514,765 times
Reputation: 3990
Quote:
Originally Posted by HJ99 View Post
But honest, wealth as measured by most is smoke and mirrors and whole lot hype. Very little wealth in USA is from actually producing anything (true wealth). Its money games and gambling. Conning people to finance their ice cream cone NOW. Privatizing profit, socializing loss. Its a system and not one to benefit the majority.
I wish I can like your post more than once.
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Old 06-22-2020, 01:08 PM
 
Location: Shawnee-on-Delaware, PA
4,411 posts, read 4,040,771 times
Reputation: 8350
Quote:
Originally Posted by GraniteStater View Post
It is a comprehensive article here if anyone wants to discuss it. My opinion is that few things will change, but tax policy might.
In the future if the USA can maintain 3% annual GDP growth (or at least promise it) even if only the top 1% are generating all growth, then that's all we need.

Right wingers (libertarians) will cheer because it's the "free market".
Left wingers will cheer because they can still soak the rich and keep the entitlements flowing.
The middle class? Screw them.
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Old Today, 08:28 AM
 
Location: Wooster, Ohio
1,332 posts, read 956,948 times
Reputation: 2013
This article is not accessible without a subscription on my PC. I cannot find the magazine locally, even though we have an excellent newsstand in Wooster. It is not available on Amazon, either, and I do not want to subscribe. The library is still closed, and I cannot use my library card to download it. Perhaps it will be on eBay at some point in the future.

Can someone provide an unbiased executive summary? Does the author understand the difference between high income and high net worth?
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Old Today, 10:29 AM
 
9,630 posts, read 10,247,083 times
Reputation: 8441
Quote:
Originally Posted by sheena12 View Post
The best post ever.

The US is an oligarchy.

Brainwashed poor people no longer fight for their rights. This is NOT "Grapes of Wrath". Tom Joad is so dead, he's not even a ghost.

Something terrible happened when Nixon became president. It was conceived bu Lee Atwater and called "The Southern Strategy".

It made poor and working class whites, not only in the South, into hyper-patriotic robots who's racism was subtlety encouraged and who were lured by hatred for "hippies" and the "peace movement".

All of this is so strange because it was THEIR kids fighting in the Vietnam war. The core of this group was greatest generation (should have put that in quotes) white working-class, southerners, fundamentalists, ethnic working class Northeasterners and Midwesterners. Roman Catholics and evangelicals.

Previous to this diabolical genius of splitting up the country. Atwater, Nixon, and Agnew played a part.

Then came Nixon, REAGAN and the absolute worst - Trump.

In Trumps "defense" (trust me, I almost NEVER do this) - he is a puppet of the "Religious Right" - a coalition that now includes non college educated Fundies and Roman Catholics.
Seems to me the real problem is people like you and the guy you responded to who just can't stand individual success. Individual success destroys the pure egalitarianism so many on the left hold as religious writ.

The, "you didn't do this" and similar blather belies the fact that some people given roughly the same starting point.........this isn't Somalia or Mongolia........some people do and many don't. It's that simple.

___________________

Until CV-19 hit we were living in the best large population economy the world has ever seen* but still not good enough for malcontents.

*Decreasing real poverty rates, very high real incomes (arguably the highest ever including the '73 inflation spike), very low inflation, roughly full employment etc.

_______________

Regarding oligarchies.......Russia is ruled by a strongman and roughly 30 oligarchs (used in the pop cultured deubached manner). The US is in no way an oligarchy.
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