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stout
Arizona Fan
Smoking Crack with Hunter Biden
Member since Sep 2006
149685 posts

People still don't understand net worth/wealth vs income


And the Reddit thread that followed

quote:

It makes me cringe seeing people call AoC a hypocrite for her met gala dress

People at the met gala aren't the rich people anyone should be worried about. They have a large yet reasonable amount of money. More to the point, they often pay their taxes

You can aspire not only to have money, but more money than you ever dreamed, and still not be worried at all about high end wealth taxes




Kino74
LSU Fan
Denham springs
Member since Nov 2013
4620 posts

re: People still don't understand net worth/wealth vs income
Reading through a few comments shows those people are too stupid to realize capitalism lifts standards of living and not just one class but all classes.


upgrayedd
US Space Force Fan
Lifting at Tobin's house
Member since Mar 2013
121064 posts

re: People still don't understand net worth/wealth vs income
quote:

It makes me cringe seeing people call AoC a hypocrite for her met gala dress

People at the met gala aren't the rich people anyone should be worried about. They have a large yet reasonable amount of money. More to the point, they often pay their taxes

A member of congress in a 5 figure tax the rich" dress at a 5 figure per ticket event packed with millionaires isn't hypocrisy according to these smooth brains because these are "the good rich people"


CAD703X
US Space Force Fan
Liberty Island
Member since Jul 2008
69375 posts
 Online 

re: People still don't understand net worth/wealth vs income
quote:

They have a large yet reasonable amount of money.


the ones paying $30,000.00 per ticket right?

i mean..i pay at least that much when i go to the movies or a sporting event.


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303
Putty
TBD Fan
Member since Oct 2003
24743 posts

re: People still don't understand net worth/wealth vs income
quote:

People at the met gala aren't the rich people anyone should be worried about. They have a large yet reasonable amount of money.


Even ignoring the logical fallacies that net worth=income, I'll bet my bottom dollar than not a single person with an AGI under $400k paid $35k for a ticket to that snob fest.


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201
SlickRickerz
LSU Fan
Member since Oct 2018
505 posts

re: People still don't understand net worth/wealth vs income
Ah the stupid. Are most patrons of the Met Gala billionaires, no. Are most patrons filthy rich and have more money than the average person can dream of, abso-fricking-lutely. Tax the rich, but I’m not rich, theses people are the rich - a rich man’s response.


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100
AUCom96
Auburn Fan
Alabama
Member since May 2020
1593 posts

re: People still don't understand net worth/wealth vs income
These brain dead leftists:

1) Have never looked at a donor list for their political heroes.

2) Are quite ignorant of our tax code, deductions, credits and who is best positioned to take advantage of them.

3) Are quite ignorant of the economical effects that come with significant tax hikes "on the rich".

4) Talk about $30g as a "reasonable amount of money" to attend a fundraiser but think 400k a year is "the rich".

5) Are not paying attention to who has been laying off employees, struggling to stay in business and even closing their doors during the pandemic and have no clue how destructive these tax hikes would be on them.

6) Are ignoring the fact those billionaires were still getting fatter while black Jesus was in office for 8 years...raising taxes...making the rich pay "their fair share"...and watching the economy stagnate at the same time.

7) Support the same politics as Jeff Bezos, Mark Zuckerberg, Bill Gates, Warren Buffett, Carlos Slim, Sergey Brin, Michael Bloomberg and other billionaires around the world and don't see a hint of irony in their tired, naive, Robin Hood perspective.


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211
concrete_tiger
Member since May 2020
2234 posts

re: People still don't understand net worth/wealth vs income
Look at these ridiculously high achievers that had big ideas and made them happen! (even if their politics suck)

Now, let's compare them to people so dumb their best option is drying cars at a car wash.



concrete_tiger
Member since May 2020
2234 posts

re: People still don't understand net worth/wealth vs income
Spending any amount of time on Twitter is depressing to see the sheer number of people, real or not, that think we would all be happier, more productive people if everyone earned the same amount. Why would any human do the "hard" or "complicated" things, if doing nothing or the bare minimum yielded the same results?

Not only do they not understand economics, they don't understand human behavior. At all.


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40
Taxing Authority
LSU Fan
Houston
Member since Feb 2010
46507 posts

re: People still don't understand net worth/wealth vs income
If you buy Amazon stock you can earn money at the same rate Jeff Bezos does.


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111
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USA
Member since 2001
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93and99
Florida State Fan
Dayton , Oh / Allentown , Pa
Member since Dec 2018
10242 posts

re: People still don't understand net worth/wealth vs income
quote:

People still don't understand net worth/wealth vs income



You mean Liberals, especially skank arse Liberal women.


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22
TheHarahanian
LSU Fan
Duh
Member since May 2017
15816 posts

re: People still don't understand net worth/wealth vs income

People either don’t understand the meaning of “slippery slope” or don’t care.

After opening the door to taxing the rich, whether on their income or their wealth, the definition of “rich” can be changed at any time.


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11
armtackledawg
Georgia Fan
Member since Aug 2017
7079 posts

re: People still don't understand net worth/wealth vs income
Now do number of people employed/income to those people/taxes paid.



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11
Zach
LSU Fan
Gizmonic Institute
Member since May 2005
104234 posts

re: People still don't understand net worth/wealth vs income
Hell, people don't realize that taxes on corporations are taxes on everyone.


McLemore
Member since Dec 2003
27157 posts

re: People still don't understand net worth/wealth vs income
quote:

reasonable amount of money


FTGE


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10
AlterEgo89
Member since Sep 2021
135 posts

re: People still don't understand net worth/wealth vs income
quote:

Hell, people don't realize that taxes on corporations are taxes on everyone.


Economists are fairly split on this to be honest. It's not as clear cut as being made out because it's a tax on profits, not revenues.

Not every company has the same profit margins -> increasing corporation tax is a tax on profits -> not every company has the same room to maintain profit margins without losing market share. So not every company can remain as profitable by increasing prices to match the pre-corporation-tax profit margin. Certain goods are more elastic than others and that affects the level of room they have to adjust prices to maintain profit margins.

I think increasing corporation tax is nonsense though. It's one of the policies I don't particularly like as a Biden voter. Corporation taxes should be fairly low because it's a really bad tax - it's a really inefficient tax and doesn't raise the money it should.

Wealth does earn dividends though in many cases, which you could argue is a form of income. You can also borrow on portfolios through asset-backed financing, which acts as a form of income. I have an account with a private bank with a significant amount and they let me borrow money off my investments, which is theoretically income that isn't taxed.

Jeff Bezos can borrow a significant level of his wealth through asset-backed financing, which would be an income. It's a very clever way of getting money without needing to pay capital gains tax. If anyone has over $2-3M in stocks, I highly recommend you go to a private bank of a bulge bracket like JP Morgan and get asset-backed loans/financing. It's really convenient to make money without needing to sell stocks and interest rates are so low. Jeff Bezos uses asset-backed financing so his wealth does act as an income to an extent.

However, yeah, it's annoying when people don't get the difference between realized income and stock value. There are clever ways to avoid paying Capital Gains Tax though, which is the tax on wealth.











dgnx6
LSU Fan
Baton Rouge
Member since Feb 2006
46877 posts

re: People still don't understand net worth/wealth vs income
if you make 7.25 you are either 15 years old working for the first time or just a down right shite adult that is barely employable.



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90
Azkiger
Member since Nov 2016
13449 posts

re: People still don't understand net worth/wealth vs income
quote:

More to the point, they often pay their taxes


AOC owes a few thousand is taxes tho


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30
Dawgfanman
Georgia Fan
Member since Jun 2015
13751 posts
 Online 

re: People still don't understand net worth/wealth vs income
So we could take all their wealth and not come close to filling the US budget hole…


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Penrod
LSU Fan
Member since Jan 2011
22628 posts

re: People still don't understand net worth/wealth vs income
She is talking about taxing Democrats. Have at it. The large majority of high net worth people are voting Democrat these days.


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