Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
within this thread, it was pointed out that Bezos sold some amount of Amazon stock for a total of $1.8MM, but he paid taxes and so netted 1.4MM (I think these figures are accurate).
So, 81K salary or not, anytime Bezos dips into his $100B fortune by selling a few shares, he pays federal income tax on the capital gains. He only sells shares that he has held for > 2 years.
Now, if I didn't say already when this was pointed out - this is IMO a flaw in our taxation system. There are plenty of "Wall Street" types who get very little of their income/value in taxable salary. But they do get paid enormous sums that are only subject to the lower capital gains rate.
"Original story: Amazon CEO Jeff Bezos sold more than $1.8 billion of his company’s stock over the past few days, according to a series of regulatory filings.
Question: How long are you going to stay OT with this?
wow, a huge slip of the $K's by me. He sold $1.8 Billion, not Million, worth.
And paid $400MM of Federal Income Tax on it.
If, somehow, on topic we want to talk about the ability of a certain class of wealthy/"earners" to get significant income on which they only pay capital gains, not ordinary income tax
AND
wrap that into the topic of everyday Americans' inability to save, then by all means, let's do.
Are you sure about that? His entire net worth is $123.9 billion. How is his income $78.5 billion per year?
Maybe that source was a bad one, but to think that the man only takes in what his CEO salary is is silly. Steve Jobs only took $1 but he made millions a year. This source says 8.9 mil a year. From his stock. He's 28% richer than the British monarchy and that isn't because he's super frugal with his 81K salary.
Whats the difference between a person who has $2000.00 in savings and frugal person who has no savings but has a credit card with a $2000.00 limit with zero balance on it for emergencies? aren't they both exhibiting self discipline?
I guess it depends on how quickly you could pay back that $2K on the credit card/what interest you would pay.
I've got greater credit card availability than I do liquid savings, and I pay all my credit cards in full every month even though I use them for most everything - bill paying and everyday purchases - for the cash back or points.
wow, a huge slip of the $K's by me. He sold $1.8 Billion, not Million, worth.
And paid $400MM of Federal Income Tax on it.
If, somehow, on topic we want to talk about the ability of a certain class of wealthy/"earners" to get significant income on which they only pay capital gains, not ordinary income tax
AND
wrap that into the topic of everyday Americans' inability to save, then by all means, let's do.
Capital gains tax is 20% (on income above $425,000). The average effective federal income tax rate paid by the middle class (household income between $50,000 and the top 1%) is only about 10%. Since those with capital gains are paying twice that income tax rate, the only problem I'm seeing is that those who have capital gains income are way overpaying their fair share.
That chart is interesting in that it includes how federal excise taxes and the corporate income tax affects each income group. Most people don't realize that corporate income tax is included as overhead in the pricing formula for goods/services and is therefore embedded in the price of everything we buy. Corporations don't actually pay it. It's passed on to the end users/consumers. It's a hidden tax on whoever buys/rents a corporation's goods/services/etc., including those in the bottom income quintile.
Maybe that source was a bad one, but to think that the man only takes in what his CEO salary is is silly. Steve Jobs only took $1 but he made millions a year. This source says 8.9 mil a year. From his stock. He's 28% richer than the British monarchy and that isn't because he's super frugal with his 81K salary.
people should have 2 or 3 jobs if they need more money. Plenty of jobs out there. 168 hours in a week, working only 40 and crying poor mouth doesn't cut it.
That is exactly what I did in the late 80's. 1 full time job and 2 part time jobs. It sucked but I had a baby on the way and I am no welfare bandit.
I have no idea how the link, which is clearly at least 5 years old, is supposed to be proving your point.
I also wouldn't argue against the fact of catastrophic illness/injury killing the finances of someone with health insurance, when it's for either denied coverage (pre-existing conditions) or maxed out lifetime coverage.
So we work on covering pre-existing conditions, and the lifetime cap. But we need information and data on that, not an old article about anecdotally why folks declare bankruptcy.
here's an actual stat:
Quote:
A new study from academic researchers found that 66.5 percent of all bankruptcies were tied to medical issues —either because of high costs for care or time out of work. An estimated 530,000 families turn to bankruptcy each year because of medical issues and bills, the research found.Feb 11, 2019
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
