US Debt Could Eat US Billionaires Seven Times Over

[Martin Hash]

Low capital gains tax is the easiest 'loophole' in the world for any working schlub to take advantage of. Not only is it easy to take advantage of, but why would any sane person want capital gains taxes to be higher?

This is Fascist-speak.

[DBTrek]

Low capital gains tax is the easiest 'loophole' in the world for any working schlub to take advantage of. Not only is it easy to take advantage of, but why would any sane person want capital gains taxes to be higher?

This is Fascist-speak.

I guess that depends on whether you think only rich people should be in the stock market or not.

If you want to lock the small investor out of the market and make it impossible for them to invest in business growth, like the big boys do to generate passive wealth, then raise that capital gains tax up.
Hedge fund managers aren't going to pay that shit anyway.
Anyone with enough cash and knowledge to move money to offshore accounts or set up shell companies ain't paying it either.
But Joe investor will.
/shrug

Whacking me for 24-31% per cashed-out trade is punitive ... but Elon Musk ain't ever going to feel that bite.

[Fife]

Word up.

Every tax is a gun to the head of the working stiff.

Every tax causes a perverse misallocation of capital that could otherwise be optimized for distributed human happiness.

BTW, one of the interesting features of the wondrous death tax is that it does one thing really well-- it magnifies the gap in wealth between billionaires and everyone else.

[Martin Hash]

Oral Illusions from Fascists are just as boldly contradictory as Oral Illusions from Commies.

[Hanarchy Montanarchy]

It has been pointed out that the destitute aren't paying much in income taxes or capital gains no matter what.

For the rest of us middling, working dickheads, a tax code that incentivizes investing whatever is left of my paycheck (after Uncle Sam takes his first bite) instead of buying more jet skis and liquor seems like a win/win. Good for me, good for the economy.

Low capital gains for the enrichment of the poor, 2024.

[Martin Hash]

Why not buy more jet skis? Where’d you get that?

“Investing” is a crock. Do something with your life. Counting your imaginary money in your darkened bedroom is pathetic.

[Hanarchy Montanarchy]

Your 'pathetic' nihilism notwithstanding, investing in ones future is the conscientious man's purview.

Since you've claimed to be high in conscientiousness, I'd expect you to understand that.

I also expect my login credentials to be removed again after this. Talk to y'all in a couple weeks.

[DBTrek]

I have to admit this one is confusing.

The government actively makes it as hard as they can for middle class people to retire.
You know how much you should have saved up by the time you're 67 if you want a retirement income of $3000 a month?
If you know what you're doing, it takes savings of $1Million.

You know how much the government will let you put in a Roth IRA, paying the taxes up front, per year?
$6000.

So if you can sock away $6000 a year (after taxes) from the age of 20 to 67, the government will let you have a whopping $282,000.
Now, sure, you can gain interest on that $282,000, but it ain't gonna hit a million dollars.
Nevermind that almost nobody is socking $6k a year away in their low-wage 20s.

So the government has already made sure that you'll likely never save enough by retirement to survive without their assistance by the age of 67.

But hey ... you could put additional income into the stock market right? Maybe, over a few decades, with enough dedicated investing in growth, value, and dividend stocks you *might* be able to hit a million. It's feasible.

Oh .. but wait... then there's CAPITAL GAINS TAX that's going to come and take 24-31% of everything you invest in the market as well.

Anything the fucking government can do to STOP you from becoming financially independent.

So to me, it looks like Martin wants the government to shut down the working man's avenues to financial independence. Furthermore, if by some God-given miracle they manage to beat the government tax-shemes, establish a successful business, and make $11million in the course of a lifetime - he wants the government to confiscate that from their heirs as well.

And somehow all these pro-government, anti-individual, predatory and confiscatory positions are supposed to equal MORE LIBERTY, or some shit.
It's really beyond me.
I don't mind confessing that it all sounds ass-backwards as fuck, to a simpleton like myself.
/shrug

[Martin Hash]

Sometimes I respond to Strawman arguments because they provide a segue when I have something more to say but I've repeated myself on this topic too many times already.

[Martin Hash]

If your goal is to create a dynasty so that your heirs can benefit from nepotism over merit then you are an enemy of liberty.