DNC Convention and "investment"

[sniper7]

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.

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

[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.

[Rucker61]

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.

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

[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.

[Rucker61]

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.

Good points all.

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.

Fair enough.

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

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.

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

[Rucker61]

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.

Interesting. I wonder how it would model out?

[Irving]

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

Would being rich help you achieve your life goal?

[Rucker61]

Would being rich help you achieve your life goal?

Gotta wonder. Could I still raise my kids to be good men and good citizens if we had way more money? Doesn't work for a lot of rich folks, but it applies across the spectrum of incomes. Could I teach them the same if we were poor? My parents did, for most of us, but it's easier as a parent I think to not see your kids do without nice things. Could my kids get by going to school with just three outfits? Sure, but that's hard on a kid. Will they get a new car on their 16th birthday? Only if my wife buys it with my life insurance.

[Irving]

My loose plan is to start the financial education in high school. I remember ONCE in high school, we all bought stocks with fake money and watched the market for a few weeks.

I imagine I will do a similar exercise with my daughter, only it will be more like I will give her $500, and tell her to make as much money as possible with it as she can in 12 months. Of course I will have instructed her on different techniques before hand. Before all of that, I will cover the bases of how to manage the money that she already has, as I think that is the best foundation to have. You can't just go out and give a poor person money and not expect them to blow it or get in way over their head with it.

[Sharpienads]

Gotta wonder. Could I still raise my kids to be good men and good citizens if we had way more money? Doesn't work for a lot of rich folks, but it applies across the spectrum of incomes. Could I teach them the same if we were poor? My parents did, for most of us, but it's easier as a parent I think to not see your kids do without nice things. Could my kids get by going to school with just three outfits? Sure, but that's hard on a kid. Will they get a new car on their 16th birthday? Only if my wife buys it with my life insurance.

“What we obtain too cheap, we esteem too lightly: 'tis dearness only that gives everything its value.”

--Thomas Paine, The American Crisis