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12-02-2012, 12:36 PM
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#81
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,679
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Quote:
Originally Posted by ERD50
What about a person with a disabled child? That could take millions to fund care for them. Shouldn't you be allowed to do that?
-ERD50
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I don't follow what this has to do with my statement about the estate tax.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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12-02-2012, 03:32 PM
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#82
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,668
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Quote:
Hey, isn't that E.I. DuPont's old joint?
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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12-02-2012, 03:51 PM
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#83
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Recycles dryer sheets
Join Date: Dec 2011
Posts: 388
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Quote:
Originally Posted by samclem
And the "power" of an "assets tax" to raise government revenue with seemingly small tax rates is a primary danger to those hoping to accumulate enough money to attain some measure of self-sufficiency in retirement.
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It could be, but it needn't be. Bloomberg, the Koch brothers, Sheldon Adelson, the Waltons, Scaife, the hedge fund managers, and the rest of the 1% or the 5% are not savers. They are people powerful enough to get the tax codes written to give them advantages the rest of us do not have, such as hedge fund managers having their income taxed at capital gains rates.
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12-02-2012, 04:24 PM
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#84
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
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Quote:
Originally Posted by Khufu
It could be, but it needn't be. Bloomberg, the Koch brothers, Sheldon Adelson, the Waltons, Scaife, the hedge fund managers, and the rest of the 1% or the 5% are not savers.
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Hey, you forgot George Soros when building your list.
The wealthy, and the rest of us, have earned their money in all kinds of ways: invention, being good at sports or acting, working their tails off to build a business, having a talent for investing (that means, in simple terms, being able to efficiently put capital where it can be most productive, something we should all encourage and which benefits society at large), going to school to learn a highly technical skill that is in demand and then working hard for decades, etc. I totally agree that some people have used their financial resources to modify the tax code for their own benefit. Others have warped the tax code to their benefit through more direct political means. All of that is an argument for a simpler, more transparent tax code, not for confiscating anybody's accumulated savings.
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12-02-2012, 04:45 PM
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#85
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,806
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You said you were fine with an estate tax. But what about when there is a need to pass money from a parent to a disabled child? The estate tax would limit this.
-ERD50
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12-02-2012, 05:04 PM
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#86
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,148
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Quote:
Originally Posted by Khufu
It could be, but it needn't be. Bloomberg, the Koch brothers, Sheldon Adelson, the Waltons, Scaife, the hedge fund managers, and the rest of the 1% or the 5% are not savers. They are people powerful enough to get the tax codes written to give them advantages the rest of us do not have, such as hedge fund managers having their income taxed at capital gains rates.
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They certainly do everything they can to (unfairly) influence taxes to their favor, but saying they're not "savers" is laughable. Does "accumulators" work better for you? Many if not most of them generate income faster than they spend it...to suggest the top 1-5%'s wealth is only due to favorable tax code is unfounded nonsense.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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12-02-2012, 07:28 PM
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#87
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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Quote:
Originally Posted by Khufu
It could be, but it needn't be. Bloomberg, the Koch brothers, Sheldon Adelson, the Waltons, Scaife, the hedge fund managers, and the rest of the 1% or the 5% are not savers. They are people powerful enough to get the tax codes written to give them advantages the rest of us do not have, such as hedge fund managers having their income taxed at capital gains rates.
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You are right - they are not savers - they are investors.
It seems that suddenly the group with a target on their chest has expanded from the 1% to the 5%!
I wonder - how many 99%ers are employed by companies that these people have a major ownership interest in? If they have to pay 2% of their wealth to the government each year, would they instead just flee the US? What implications would the wealth tax have on the number of people their companies employ?
The one thing I would agree with you on is that carried interest should not be taxed at capital gains rates, but that has been controversial for a long time.
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12-02-2012, 07:53 PM
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#88
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,518
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A most delightful discussion, thanks to all who participated
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