DNC Convention and "investment"

[Rucker61]

A much better question is: If they can use their OWN money, to make money, and only be taxed at 15%, why can't you?

It's the old saw, it takes money to make money. I've no objection to folks making money by hard work or their own investments. I have no respect for inherited money or Wall Street investment bankers who bet against their own advice. TANJ.

I asked myself that very question, and it has set me on a quest. Being poor sucks, so don't do it.

You damn betcha. When I was a kid, my family was one of those that didn't owe any income tax. Thank heaven for the socialized medicine, free housing, and subsidized food and consumer goods provided by the US Air Force and AAFES. Being poor sucked. Being upper middle class is much nicer.

[Irving]

It's the old saw, it takes money to make money. I've no objection to folks making money by hard work or their own investments. I have no respect for inherited money or Wall Street investment bankers who bet against their own advice. TANJ.

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

Being poor sucked. Being upper middle class is much nicer.

Why stop at upper middle class?

[roberth]

Originally Posted by Rucker61
I hardly think that 15% is more than anyone's fair share. You do realize that much of the income of the very rich falls into capital gains and not ordinary income, right? If I can pay 28%, why can't they?

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.

[Sharpienads]

It's the old saw, it takes money to make money. I've no objection to folks making money by hard work or their own investments. I have no respect for inherited money or Wall Street investment bankers who bet against their own advice. TANJ.

What's TANJ?

[Rucker61]

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.

You realize that not all folks who make an income that falls under the 15% capital gains? I well understand investment and risk; Wall Street bankers who bet against their own advice, who pretended their was no risk to the investments they sold and bet against, did not risk their own money. CEOs don't risk their own money, yet their payment packages are set up to be taxed as capital gains, even if they fail as a CEO. You like that setup? I understand the need for corporations, and the pooling of capital. It's a good thing. It's the abuse of the system that bothers me.

No wonder I utterly despise people like you.

That's okay. I pity people like you.

[Rucker61]

What's TANJ?

From Larry Niven's Known Space setting: There Ain't No Justice. A common mild expletive in his books.

[BUC303]

I hardly think that 15% is more than anyone's fair share. If I can pay 28%, why can't they

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

[Rucker61]

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

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?

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?

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.

Why stop at upper middle class?

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...

[Rucker61]

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

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.

[Irving]

I did qualify it with "their own investments".

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.

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?

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.

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.

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?

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...

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.