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Started By
Message
re: How much wealth do you need to join the 1% club in your country?
Posted on 2/29/24 at 11:44 am to fareplay
Posted on 2/29/24 at 11:44 am to fareplay
quote:
My FIL is super wealthy, he has 0 income since retired, only collects dividend income which he files as someone who has 0 other income, and takes out loans at 6% interest tied to his investments to spend money. His effective tax rate is sub 10% but has hundreds of thousands available at will. Is this right? Probably not
Your FIL sounds pretty smart. I have a feeling you would change your tune if you happen to inherit some of these holdings.
So if you do, could you report back to the OT and let us know the percentage of your "fair and proportional" taxes you decide to pay?
1
Posted on 2/29/24 at 11:45 am to fareplay
quote:Why not? They money he risked to create that wealth was taxed. Once he withdraws or sells that "wealth" he will pay taxes. Are you saying everyone should be taxed on unrealized gains in their portfolio that have created no cash to pay the taxes?
To further elaborate
My FIL is super wealthy, he has 0 income since retired, only collects dividend income which he files as someone who has 0 other income, and takes out loans at 6% interest tied to his investments to spend money. His effective tax rate is sub 10% but has hundreds of thousands available at will. Is this right? Probably not
Posted on 2/29/24 at 11:46 am to lsu777
quote:
so you want to tax him on his unrealized gains?
I don't think it's just unrealized gains with these lefties. I think they realize that, even after being taxed at 40% on the front end, some people save their money and gradually build up a huge nest egg. They want to tax THAT too. Their assumption is that if someone could build that much wealth, then they obviously weren't taxed enough the first time.
Posted on 2/29/24 at 11:47 am to mmmmmbeeer
quote:
mmmmmbeeer
Posted on 2/29/24 at 11:47 am to HouseMom
It’s smart but also abuse of knowledge and unfairness. Not everyone can afford a super expensive cpa and tax law specialists. These are unfair advantage given to the wealthy and we normal people can’t compare.
My wife and I are just shy of 1M income (mostly her not me) but we can’t take advantage of those rules yet
My wife and I are just shy of 1M income (mostly her not me) but we can’t take advantage of those rules yet
Posted on 2/29/24 at 11:47 am to fareplay
quote:
He paid the most because he earned the most (in some years) but it wasn’t proportional to his wealth
No shite. Please tell me you know the difference between income and wealth.
Posted on 2/29/24 at 11:47 am to saint tiger225
quote:Clearly. If they took every dollar of income >$1 million, it wouldn’t even balance the current budget.
I guess I'm more of the opinion governments should spend less instead of taxing more.
Posted on 2/29/24 at 11:48 am to fareplay
quote:But does he have $200 billion? That is on paper, not in cash. He pays taxes on the earnings of those assets as the value changes daily and is unrealized.
Concepts like unrealized is part of the issue. What is the right way? Don’t know. Does it feel weird that a man with 200 billion dollars pays less than 10% effective? Yeah
Posted on 2/29/24 at 11:49 am to fareplay
quote:
The aggregate of taxes can stay the same but the distribution of the burden should be more weighted on wealth and not income. A billionaire can have 0 taxes if he chooses not to have income.
Us w2 people can’t do that
Yes you can. Save up a bunch of money, then quit for a year and live off that money. Report back on your income tax bill.
Posted on 2/29/24 at 11:50 am to fareplay
quote:You make $1 million and cannot afford a CPA or tax specialist?
It’s smart but also abuse of knowledge and unfairness. Not everyone can afford a super expensive cpa and tax law specialists. These are unfair advantage given to the wealthy and we normal people can’t compare.
My wife and I are just shy of 1M income (mostly her not me) but we can’t take advantage of those rules yet
Posted on 2/29/24 at 11:51 am to NOSHAU
We paid close to 350k in various taxes and bought a house. We have w2 income and nothing else too significant yet so no we don’t have an accountant that charges us 500 an hour.
We also made this recently, we don’t have accumulation
We also made this recently, we don’t have accumulation
This post was edited on 2/29/24 at 11:52 am
Posted on 2/29/24 at 11:52 am to lsu777
quote:Correct. And millions of others are gaining wealth at the same rate he is. But the simpletons think all that capital is laying around some bank vault somewhere. It’s hard to persuade the ignorant.
he doesnt have 200 billion you idiot. he has billions in stock in a company where the stock price could plummet tomorrow
Posted on 2/29/24 at 11:53 am to fareplay
quote:
It’s smart but also abuse of knowledge and unfairness. Not everyone can afford a super expensive cpa and tax law specialists. These are unfair advantage given to the wealthy and we normal people can’t compare.
My wife and I are just shy of 1M income (mostly her not me) but we can’t take advantage of those rules yet
bullshite...you and your wife are not close to 1 million in income a year. you are not close to smart enough and you certainly arent smart enough to pull someone that makes that kind of money
and you are clearly a closet Commie and a cocksucker to boot
Posted on 2/29/24 at 11:53 am to Taxing Authority
It’s this type of thinking why DC is all swamp status quo.
Posted on 2/29/24 at 11:54 am to lsu777
My wife is a specialist doctor clearing almost 650k and I’m set to make 400 this year in a field you hate. We hate wealthy more than you
This post was edited on 2/29/24 at 11:55 am
Posted on 2/29/24 at 11:54 am to fareplay
quote:How dare anyone be intelligent The horror. We should all be dumb.
abuse of knowledge
quote:How is taking someone else’s property defined as “fairness”?
and unfairness.
quote:So how expensive does a CPA have to be to access these special laws thst others cannot? what laws are you talking about, specifically?
Not everyone can afford a super expensive cpa and tax law specialists.
quote:Huh, what tax breaks have a minimum income to qualify for?
My wife and I are just shy of 1M income (mostly her not me) but we can’t take advantage of those rules yet
This post was edited on 2/29/24 at 11:58 am
Posted on 2/29/24 at 11:56 am to fareplay
quote:
It’s smart but also abuse of knowledge and unfairness.
Where do I start? Unless you're just a troll... I have no idea.
What on EARTH is "ABUSE of KNOWLEDGE"???? WHO came up with that term? Even our homeless crackheads on the side of the road have functioning iPhones. Google it. Go to the library (that I apparently fully fund with my personal property taxes). Look for CPA's on YouTube to explain it to you.
Abuse of knowledge. Dear Lord.
Life's not fair, moron. And you make 1 million dollars a year and can't afford a decent CPA?
Posted on 2/29/24 at 11:56 am to fareplay
quote:
My wife is a specialist doctor clearing almost 650k and I’m set to make 400 this year in a field you hate
ill say bullshite
and i dont hate any field, if you really are making that more power to you, you earned it and should get to keep your money not give it to some douche who made terrible decisions to be the class clown starting in first grade and now works for minimum wage while getting high
frick those people
you earned your money, you should get to keep it. government is not a wealth multiplier nor a creator....they are a leach who sucks off those that put forth the effort and brain power to become successful
how you are as successful as you claim and dont see that...i dunno.
Posted on 2/29/24 at 11:57 am to Taxing Authority
Private sector is ok public is not
Posted on 2/29/24 at 11:59 am to Taxing Authority
quote:
So how expensive does a CPA have to be to access these special laws thst others cannot? what laws are you talking about, specifically?
he makes a million a year but cant tell you
got to be those special laws and loopholes right?
I think he means loopholes for those that invest and havent realized the gains yet. the closet commie is too dumb to understand that is exactly what his 401k and IRA are
i mean sounds like to him we should start taxing people on unrealized gains on their homes. all those old people that built in the 60s/70s and never sold....they should have to pay a wealth tax because that home is worth way more on paper now.
I mean how much of a commie bastard do you have to be to think like that?
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