Rich is relative. There are lots of millionaires that are not rich. All one has to do is look at both sides of their financial statement. Conversely, there are many that make less than $100K/year, have no debt, and live like they are rich. It's all relative.

WE NEVER should have gotten rid of the estate tax. That was a give away for generational wealth.

(05-15-2015 09:10 AM)Machiavelli Wrote:  WE NEVER should have gotten rid of the estate tax. That was a give away for generational wealth.

What's wrong with generational wealth? The money has already been taxed. The estate tax is just a govt theft of monies already taxed.

(05-15-2015 09:23 AM)VA49er Wrote:  

(05-15-2015 09:10 AM)Machiavelli Wrote:  WE NEVER should have gotten rid of the estate tax. That was a give away for generational wealth.

What's wrong with generational wealth? The money has already been taxed. The estate tax is just a govt theft of monies already taxed.

because we need to punish people who are wealthy because their parents made good money.

(05-15-2015 09:10 AM)Machiavelli Wrote:  WE NEVER should have gotten rid of the estate tax. That was a give away for generational wealth.

Why the hell should somebody's estate be taxed? Everything somebody owns has already been taxed once in some way, shape or form.

And what's wrong with generational wealth?

lol... great minds think alike.

We would be better off modifying some of the older doctrines like the rule against perpetuities.

The idea is you can pass money on to your kids, and even to your grandkids, but no further than that.

(05-15-2015 09:23 AM)VA49er Wrote:  

(05-15-2015 09:10 AM)Machiavelli Wrote:  WE NEVER should have gotten rid of the estate tax. That was a give away for generational wealth.

What's wrong with generational wealth? The money has already been taxed. The estate tax is just a govt theft of monies already taxed.

I'm pretty sure those that support the estate tax wouldn't feel that way if they were in line to inherit $100 million.

(05-14-2015 03:46 PM)Fitbud Wrote:  

(05-14-2015 01:54 PM)HeartOfDixie Wrote:  The whole rich argument really gets under my skin.

People who make $300,000 to $1,000,000 per year are in the top 0.5% of people nationwide but they are NOT "rich." They work for a living.

The ones everybody seems to be upset about are unbelievably rare.

That whole moronic 1% crap really gets to me because the end result is the heavier taxation of those who work their ass off and produce something. Successful self made folks fall into this category.

Perhaps you make a lot of money but in my neck of the woods, anyone who makes 300k to 1 millon dollars IS rich.

My wife and I combined have never ever ever even come close to making 100k in one year and my students think WE are rich because I have a two story house with a pool and three cars.

I make close to $100k and I have a 2 story house, 2 cars, and no pool. I don't consider myself rich. I consider my parents rich since they are now millionaires thanks to many years of saving and investing.

Something like 80-90% of millionaires are first generation, self made. Very few people inherit their wealth. The ultra rich folks who "make their money work for them" are the few and far between.

A good family friend of ours probably falls in the $300k-1mil category previously discussed. He works 5 1/2 days a week and owns a mobile home dealership. He has plenty of money, but he has worked and earned it. I'd consider him rich, but not 1% rich like people think.

Why is income from wealth taxed at 15% while labor is higher. That should be reversed in any form of fairness.

Investment is worth more to economic growth than labour is.

You have to build the factory before you can work in it. Somebody has to pay for factory before you can start to build it.

That is to say nothing of the fact that higher taxes on investment adds to a diminished return which in turn makes investment far riskier, therefore discouraging it in the first place.

(05-14-2015 10:29 PM)blunderbuss Wrote:  

(05-14-2015 03:46 PM)Fitbud Wrote:  

(05-14-2015 01:54 PM)HeartOfDixie Wrote:  The whole rich argument really gets under my skin.

People who make $300,000 to $1,000,000 per year are in the top 0.5% of people nationwide but they are NOT "rich." They work for a living.

The ones everybody seems to be upset about are unbelievably rare.

That whole moronic 1% crap really gets to me because the end result is the heavier taxation of those who work their ass off and produce something. Successful self made folks fall into this category.

Perhaps you make a lot of money but in my neck of the woods, anyone who makes 300k to 1 millon dollars IS rich.

My wife and I combined have never ever ever even come close to making 100k in one year and my students think WE are rich because I have a two story house with a pool and three cars.

You're not smart with your money.

I'm not smart with my money? Why?

(05-15-2015 12:20 AM)Kaplony Wrote:  

(05-14-2015 03:46 PM)Fitbud Wrote:  

(05-14-2015 01:54 PM)HeartOfDixie Wrote:  The whole rich argument really gets under my skin.

People who make $300,000 to $1,000,000 per year are in the top 0.5% of people nationwide but they are NOT "rich." They work for a living.

The ones everybody seems to be upset about are unbelievably rare.

That whole moronic 1% crap really gets to me because the end result is the heavier taxation of those who work their ass off and produce something. Successful self made folks fall into this category.

Perhaps you make a lot of money but in my neck of the woods, anyone who makes 300k to 1 millon dollars IS rich.

My wife and I combined have never ever ever even come close to making 100k in one year and my students think WE are rich because I have a two story house with a pool and three cars.

So your students are stupid. Have you tried to actually educate them as to how you achieved your status in life is because you worked to do so or have you done like you do on here and are perpetuating the myth? I mean you have claimed to be the spawn of illegal immigrants and here you are. Did you work to get to where you are or did the government hand you everything? How about your wife? Did the government hand her everything or did she work to get to where she is?

My students aren't stupid. They are poor. It's a common misconception among people like you.

(05-15-2015 09:40 AM)Machiavelli Wrote:  Why is income from wealth taxed at 15% while labor is higher. That should be reversed in any form of fairness.

Odds are that the wealth was taxed when it was first earned.

Say you win the $100mil powerball. So after taxes you're left with $60mil (since you'll be in the 39% top tax bracket). Now you just put your $60mil in a money market account and sit on it, living off the interest. You've already paid 40% in taxes when the money was initially earned, so why would you advocate for paying another 40% on the investment income? The money has already been taxed when you first earned it.

Same for the estate tax.

(05-15-2015 09:43 AM)Fitbud Wrote:  

(05-14-2015 10:29 PM)blunderbuss Wrote:  

(05-14-2015 03:46 PM)Fitbud Wrote:  

(05-14-2015 01:54 PM)HeartOfDixie Wrote:  The whole rich argument really gets under my skin.

People who make $300,000 to $1,000,000 per year are in the top 0.5% of people nationwide but they are NOT "rich." They work for a living.

The ones everybody seems to be upset about are unbelievably rare.

That whole moronic 1% crap really gets to me because the end result is the heavier taxation of those who work their ass off and produce something. Successful self made folks fall into this category.

Perhaps you make a lot of money but in my neck of the woods, anyone who makes 300k to 1 millon dollars IS rich.

My wife and I combined have never ever ever even come close to making 100k in one year and my students think WE are rich because I have a two story house with a pool and three cars.

You're not smart with your money.

I'm not smart with my money? Why?

You threw it all out there.

(05-15-2015 09:49 AM)blunderbuss Wrote:  

(05-15-2015 09:43 AM)Fitbud Wrote:  

(05-14-2015 10:29 PM)blunderbuss Wrote:  

(05-14-2015 03:46 PM)Fitbud Wrote:  

(05-14-2015 01:54 PM)HeartOfDixie Wrote:  The whole rich argument really gets under my skin.

People who make $300,000 to $1,000,000 per year are in the top 0.5% of people nationwide but they are NOT "rich." They work for a living.

The ones everybody seems to be upset about are unbelievably rare.

That whole moronic 1% crap really gets to me because the end result is the heavier taxation of those who work their ass off and produce something. Successful self made folks fall into this category.

Perhaps you make a lot of money but in my neck of the woods, anyone who makes 300k to 1 millon dollars IS rich.

My wife and I combined have never ever ever even come close to making 100k in one year and my students think WE are rich because I have a two story house with a pool and three cars.

You're not smart with your money.

I'm not smart with my money? Why?

You threw it all out there.

Eh, if all his stuff is paid for then it shows that he is actually smart with his money. If his cars are leases, he has 2 mortgages on his house, and the pool is above ground, then I'd say he is dumb with his money.

In all honesty, the whole "taxed already" argument holds no water.

If you are a stakeholder in a corporation, a C corporation to be more specific, you essentially pay taxes twice. Nobody thinks that is unfair.

Double taxation occurs in a fair number of places. It isn't inherently unfair.

(05-15-2015 09:40 AM)Machiavelli Wrote:  Why is income from wealth taxed at 15% while labor is higher. That should be reversed in any form of fairness.

Simple. "Wealth" has already been taxed when it was initially earned.

This is the problem and it's truly the reason we need a flat tax for the vast majority and it should be a national sales tax. If you want pre fund a certain rebate for lower income levels that's ok. If you want to keep a income tax for the ultra wealthy. Like the top 10% I'm ok with that too. You'll never get our legislature to pass it though because there is too much power in granting the write offs.

(05-15-2015 09:49 AM)blunderbuss Wrote:  

(05-15-2015 09:43 AM)Fitbud Wrote:  

(05-14-2015 10:29 PM)blunderbuss Wrote:  

(05-14-2015 03:46 PM)Fitbud Wrote:  

(05-14-2015 01:54 PM)HeartOfDixie Wrote:  The whole rich argument really gets under my skin.

People who make $300,000 to $1,000,000 per year are in the top 0.5% of people nationwide but they are NOT "rich." They work for a living.

The ones everybody seems to be upset about are unbelievably rare.

That whole moronic 1% crap really gets to me because the end result is the heavier taxation of those who work their ass off and produce something. Successful self made folks fall into this category.

Perhaps you make a lot of money but in my neck of the woods, anyone who makes 300k to 1 millon dollars IS rich.

My wife and I combined have never ever ever even come close to making 100k in one year and my students think WE are rich because I have a two story house with a pool and three cars.

You're not smart with your money.

I'm not smart with my money? Why?

You threw it all out there.

Care to answer the question?