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Business, Economics, and Taxes: Capitalism. Yay? >=(

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  • Originally posted by The Sicatoka View Post

    Note my edit. I didn't realize you intended marginal rates.
    OK. Now that you do, you in?
    Cornell University
    National Champion 1967, 1970
    ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
    Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

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    • Originally posted by Kepler View Post

      0% for the first $250k, 3% of the next $750k ($22.5k), then 6% for everything above it (roughly $6k).

      So my tax burden would be $22.8k.
      You counted your house, your retirement accounts, other funds (current accounts for cash), your cars, personal property, other investments. All that is "wealth".

      0.03 * 750k = $22.5k plus your $6k ... $28.5k you'd owe. No further comment on your math. ;-)

      Me, the $22.5, plus $60k on the next 1M (for $82.5k), and then 9% on wherever the final lands above $2M (if it does). Like I said, I've popped three-quarters of my gross annual income before the final number.
      The preceding post may contain trigger words and is not safe-space approved. <-- Virtue signaling.

      North Dakota Hockey:

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      • Originally posted by The Sicatoka View Post

        You counted your house, your retirement accounts, other funds (current accounts for cash), your cars, personal property, other investments. All that is "wealth".
        Yes. $1.1M. We're only a poor public official and bloodsucking contractor.
        Cornell University
        National Champion 1967, 1970
        ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
        Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

        Comment


        • Originally posted by The Sicatoka View Post
          0.03 * 750k = $22.5k plus your $6k ... $28.5k you'd owe. No further comment on your math. ;-)
          I suck. Fixed below.
          Cornell University
          National Champion 1967, 1970
          ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
          Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

          Comment


          • Originally posted by The Sicatoka View Post
            Me, the $22.5, plus $60k on the next 1M (for $82.5k), and then 9% on wherever the final lands above $2M (if it does). Like I said, I've popped three-quarters of my gross annual income before the final number.
            Correct. The idea is to drive everybody slowly into that $2M - $5M sweet spot. That's what you get as wealth. It's pretty sweet. Most of America has ZERO wealth.

            Once you retire your wealth tax will be greater than your income if you are "comfortable." That's the whole idea-- stop hoarding wealth and distribute it to people who are suffering. End the philosophy that the morbidly obese guy is a hero. He's at best a pathetic, unhealthy freak.

            If nobody was in need you might argue "I can get as fat as I want." But as long as people are suffering from the lack of necessities, no. Obesity is no longer something a good society will tolerate.

            You have a right to be healthy, not to stuff your face as others starve.
            Cornell University
            National Champion 1967, 1970
            ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
            Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

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            • Originally posted by The Sicatoka View Post

              If I may, what bracket would you be in?

              Add up the "wealth" I have under your definition (house book value, 401k current book value, other cash accounts, personal property, cars, yadda-yadda) and I'm in your $2M bracket.

              At 6% my tax would be roughly my present gross annual salary.

              Edit: No, wait, at over $2M "wealth" I'm in the 9% bracket. I'd be well, well over my gross annual salary. Or did you mean 3% on the $750k (from 250k to 1M), and then 6% on the 1M from 1-2M, and then 9% on the 1M from 2-3M, etc, a graduated approach? Even then, we're over 75% of my present gross annual salary.


              You may 'rectally insert' your plan.
              You do not understand tax brackets. Read up and come back. The first 60-75 grand would be free.
              **NOTE: The misleading post above was brought to you by Reynold's Wrap and American Steeples, makers of Crosses.

              Originally Posted by dropthatpuck-Scooby's a lost cause.
              Originally Posted by First Time, Long Time-Always knew you were nothing but a troll.

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              • Originally posted by jerphisch View Post

                It's kinda funny that the same group who is all about the bootstraps gets super whiny about a bunch of money they didn't earn.
                Well duh...like they would wear boots with straps!

                These people are the tiny player on the team that always starts crap and then runs behind the enforcer when someone challenges them. If they didn't have their trust funds they wouldn't be able to survive. They are Louis in Trading Places...
                "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                -aparch

                "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                -INCH

                Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                -ScoobyDoo 12/17/2007

                Comment


                • Originally posted by ScoobyDoo View Post

                  You do not understand tax brackets. Read up and come back. The first 60-75 grand would be free.
                  I doubt whatever speech he heard from Grover Nordquist mentioned that...
                  "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                  -aparch

                  "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                  -INCH

                  Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                  -ScoobyDoo 12/17/2007

                  Comment


                  • Originally posted by The Sicatoka View Post

                    Exactly. "Book value" ain't wealth. Book value is not a realized dollar.



                    Treat every realized dollar as a dollar and tax it ... but ... I'll diverge from dx here: Inheritance has already been earned and taxed. My mother worked over 40 years (librarian). She (her offspring) shouldn't be taxed again for her 40 years of paychecks and saving. (It had two commas in the number.)
                    except it hasn't been earned and taxed by the person inheriting. It was earned by the dead person and taxed when he or she earned it.

                    This is no different than giving someone a dollar for services rendered. In this case, the dollar is the estate and the services rendered are being an heir.

                    So, no. There is no claim to that money by anyone other than the individual who earned it or their joint filer.
                    Code:
                    As of 9/21/10:         As of 9/13/10:
                    College Hockey 6       College Football 0
                    BTHC 4                 WCHA FC:  1
                    Originally posted by SanTropez
                    May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
                    Originally posted by bigblue_dl
                    I don't even know how to classify magic vagina smoke babies..
                    Originally posted by Kepler
                    When the giraffes start building radio telescopes they can join too.
                    He's probably going to be a superstar but that man has more baggage than North West

                    Comment


                    • Originally posted by ScoobyDoo View Post

                      You do not understand tax brackets. Read up and come back. The first 60-75 grand would be free.
                      He fixed it, Scoob. This criticism is not correct.
                      Cornell University
                      National Champion 1967, 1970
                      ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                      Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

                      Comment


                      • Originally posted by Kepler View Post

                        He fixed it, Scoob. This criticism is not correct.
                        Yeah, that's fine. It still ****es me off that we even need to argue about people with 50 million or more are getting taxed too much. It's fucking insane and stupid.
                        **NOTE: The misleading post above was brought to you by Reynold's Wrap and American Steeples, makers of Crosses.

                        Originally Posted by dropthatpuck-Scooby's a lost cause.
                        Originally Posted by First Time, Long Time-Always knew you were nothing but a troll.

                        Comment


                        • Originally posted by ScoobyDoo View Post

                          Yeah, that's fine. It still ****es me off that we even need to argue about people with 50 million or more are getting taxed too much. It's fucking insane and stupid.
                          I agree. Above $50M, take it all.
                          Cornell University
                          National Champion 1967, 1970
                          ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                          Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

                          Comment


                          • Originally posted by The Sicatoka View Post

                            Exactly. "Book value" ain't wealth. Book value is not a realized dollar.



                            Treat every realized dollar as a dollar and tax it ... but ... I'll diverge from dx here: Inheritance has already been earned and taxed. My mother worked over 40 years (librarian). She (her offspring) shouldn't be taxed again for her 40 years of paychecks and saving. (It had two commas in the number.)
                            She leave an estate worth $10 million?

                            Guess her offspring won't have to worry about it then.

                            At aty rate, she was taxed on that income when she earned it. Inheritance taxes tax it when her offspring "earn"(inherit) it.
                            Last edited by rufus; 06-11-2021, 02:02 PM.
                            What kind of cheese are you planning to put on top?

                            Comment


                            • Originally posted by rufus View Post

                              She leave an estate worth $10 million?
                              ...
                              At aty rate, she was taxed on that income when she earned it. Inheritance taxes tax it when her offspring "earn"(inherit) it.
                              A tenth of that number, so I'm not on the beach quite yet.

                              So tax my mother's already taxed money. <-- The double taxation on the same earned dollar aspect bothers me. Inherit isn't earn. What was she supposed to do with it? She had it for her expenses to end of life. She took care of herself, fiscally, to the end. (I ran it for her when she went to memory care.) She planned too well and had too much I guess in some's eyes. She didn't even need her SoSec to cover expenses. It would've been better if she was indigent?

                              You can claim you're taxing me (inheritor) but I'll say you're effectively taxing her for dying with money, punish her for planning for old age too well.

                              So, again, what was she supposed to do with it, because I've never seen a U-Haul trailer behind a hearse.

                              Cap gains? That's new income; tax it.

                              Interest and dividend income? Same; tax it.


                              The preceding post may contain trigger words and is not safe-space approved. <-- Virtue signaling.

                              North Dakota Hockey:

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                              • Aren’t we taxed on any tax refunds we’re issued?

                                double taxation isn’t new

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