DNC Convention and "investment"

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Originally Posted by Irving

1) Does it take YOUR money to make money?
2) Why does the money have to be earned through hard work?

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I did qualify it with "their own investments". Being smart, taking risks and getting lucky are all great ways to get rich. Do you think that folks who simply inherit wealth deserve a lower tax rate than you pay?

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3) Wall street selling toxic assets as good buys? I agree.


Someone inherited some money? Why should I have an opinion on that either way? If you had significant money left after you die, would you NOT give it to your children?

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Bill Gates and Warren Buffett evidently don't feel it's good for the children, and that's where people like Paris Hilton and CU trustafarians come from.

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Why stop at upper middle class?

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The opportunities for that kind of advancement are not always there, no matter how hard you want or work. If some patent ideas pay off, though...

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Originally Posted by BUC303

This is an odd statement from someone who thinks it's fair that 47% of people are not paying any income tax.

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I never said anything about "fair". I did point out that if you have a taxable income above a certain level, you pay taxes. If your taxable income falls below that level, you don't. Not one person here would want to be in the position of being poor enough not to pay taxes. I've been there - it's no fun.

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Originally Posted by Rucker61

I did qualify it with "their own investments".

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Wrong answer. You don't have to use your own money to make money. If the idea is sound, someone else will put up the money for you.

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Originally Posted by Rucker61

Being smart, taking risks and getting lucky are all great ways to get rich. Do you think that folks who simply inherit wealth deserve a lower tax rate than you pay?

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Yes I do. They would pay income tax the first time that they receive the income, and only then. Otherwise, they would have to pay income tax on the same income more than once. I have to frame my answer according to the law as it is currently written. I don't think there should be any taxes on an inheritance. If I give someone money, they shouldn't have to pay taxes on it. I don't think there should be death taxes either.

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Originally Posted by Rucker61

Bill Gates and Warren Buffett evidently don't feel it's good for the children, and that's where people like Paris Hilton and CU trustafarians come from.

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I understand what you are saying here, and I will do my damndest to teach my own child/ren financial literacy so that they know how to make their own money. However, you have not answered the question. If you have children, and more money than you could spend, would you give any of it to your children?

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Originally Posted by Rucker61

The opportunities for that kind of advancement are not always there, no matter how hard you want or work. If some patent ideas pay off, though...

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Opportunities for that kind of advancement ALWAYS exist, and have nothing to do with your day job. Expand your way of thinking. You'll never become rich with that mindset.

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Originally Posted by roberth

You're not the jealous, envious sort at all are you. /sarc

These 'rich' people take a capital risk investing in the products and services that we need and use. Then someone like you comes along and purely out of spite for their success you want to punish them for their efforts so you can get your revenge.

No wonder I utterly despise people like you.

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just add him to your ignore list. I don't have to listen to his BS anymore! I tried, he doesn't seem to get it. He just trolls the forums spewing liberal drivel. Easiest way to silence someone is not to respond[Tooth]

I think 15% is more than anybody's fair share. If we have an income tax, it ought to be a flat tax. No higher than 10%. And everybody pays. 10% personal and 10% corporate. No deductions, no credits, no tax on investment. If the federal government can't live off that revenue than it is too big and too intrusive, and therefore too coercive.

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Originally Posted by Sharpienads

I think 15% is more than anybody's fair share. If we have an income tax, it ought to be a flat tax. No higher than 10%. And everybody pays. 10% personal and 10% corporate. No deductions, no credits, no tax on investment. If the federal government can't live off that revenue than it is too big and too intrusive, and therefore too coercive.

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What about other taxes, like excise tax, sales tax, property tax, state income tax, etc? Serious question.

Duties, imposts, and excise taxes would be up to the federal government, but I'm not sure what they should be set at. I don't know enough about them.

All the other taxes mentioned would be up to the state. IMO, there should be no such thing as a property tax. I would rather pay more in other taxes and have no property tax. I would also rather pay more in taxes to my state than my federal government.

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Originally Posted by Irving

Wrong answer. You don't have to use your own money to make money. If the idea is sound, someone else will put up the money for you.

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Good points all.

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Yes I do. They would pay income tax the first time that they receive the income, and only then. Otherwise, they would have to pay income tax on the same income more than once. I have to frame my answer according to the law as it is currently written. I don't think there should be any taxes on an inheritance. If I give someone money, they shouldn't have to pay taxes on it. I don't think there should be death taxes either.

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Fair enough.

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I understand what you are saying here, and I will do my damndest to teach my own child/ren financial literacy so that they know how to make their own money. However, you have not answered the question. If you have children, and more money than you could spend, would you give any of it to your children?

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The answer is a qualified 'yes'. Like you, I am teaching my children financial literacy.

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Opportunities for that kind of advancement ALWAYS exist, and have nothing to do with your day job. Expand your way of thinking. You'll never become rich with that mindset.

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True, but getting rich isn't my primary life goal.

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Originally Posted by Sharpienads

Duties, imposts, and excise taxes would be up to the federal government, but I'm not sure what they should be set at. I don't know enough about them.

All the other taxes mentioned would be up to the state. IMO, there should be no such thing as a property tax. I would rather pay more in other taxes and have no property tax. I would also rather pay more in taxes to my state than my federal government.

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Interesting. I wonder how it would model out?

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Originally Posted by Rucker61

True, but getting rich isn't my primary life goal.

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Would being rich help you achieve your life goal?