Millennials simply can't afford to live in OC (homeless, cheap housing)

[expatCA]

Originally Posted by LS Jaun

Boomers like Bill Gates, Steven Jobs, and Jeff Bozo, are the ones responsible for the mess. They hoard Billions and give a little to charity, while the Middle class pays the bills of the country.

They already paid tax on the billions so owe no further tax on it, except interest, dividends, etc. Just like everyone else.

[CaliRestoration]

Originally Posted by LS Jaun

Boomers like Bill Gates, Steven Jobs, and Jeff Bozo, are the ones responsible for the mess. They hoard Billions and give a little to charity, while the Middle class pays the bills of the country.

That's a total misunderstanding of the American tax system and who actually pays. Those guys actually pay MOST of the taxes in the country, the middle class a smaller share, and about half the country pays NOTHING at all.

[payutenyodagimas]

Originally Posted by CaliRestoration

half the country pays NOTHING at all.

they only not pay nothing, they also get tax credit/refund just for filing

[CLT4]

Fun fact, the bottom 50% make so little income that if you taxed all 70 million households in the bottom 50% at a 50% effective tax rate, you would generate less money than the 27% effective tax rate on the 1.4 million households in the top 1%.

[CaliRestoration]

Originally Posted by payutenyodagimas

they only not pay nothing, they also get tax credit/refund just for filing

Which, by the way, is completely ridiculous and indefensible.

[CaliRestoration]

Originally Posted by CLT4

Fun fact, the bottom 50% make so little income that if you taxed all 70 million households in the bottom 50% at a 50% effective tax rate, you would generate less money than the 27% effective tax rate on the 1.4 million households in the top 1%.

Does that include their government subsidized perks or not?

[FirebirdCamaro1220]

Originally Posted by CaliRestoration

Which, by the way, is completely ridiculous and indefensible.

Really? Milton Friedman didn't think so

See: Negative Income Tax

[expatCA]

Originally Posted by FirebirdCamaro1220

Really? Milton Friedman didn't think so

See: Negative Income Tax

Work less, be given more. Sounds good to me.

[FirebirdCamaro1220]

Originally Posted by expatCA

Work less, be given more. Sounds good to me.

I wouldn't take that deal, it pays way less than my job. The most you get is like $10k in one year. I make that in 10 weeks working

[expatCA]

Originally Posted by FirebirdCamaro1220

I wouldn't take that deal, it pays way less than my job. The most you get is like $10k in one year. I make that in 10 weeks working

I would not take it either. I make more than that in a month.