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Discussion in 'Chat Scripted Dogma/Indoctrination' started by Sam Kennedy, Jun 12, 2017.

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  1. Sean Kaye
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    Sean Kaye Hopium Dealer Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    The UK nearly went "late stage democracy" as the mob just about voted themselves largesse at the expense of "the rich".

    I'm happy to pay higher taxes because I make more money and I'm good with free healthcare and heavily subsidized education - I prefer not to be surrounded by stupid, sick people.

    But when it turns to, "We're going to tax you at 75%" for no other reason than envy and laziness, that's where I tend to lose my patience.
     
  2. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I generally don't mind "tax the rich" talk -- I have a problem when they classify "rich" as $250K/year for a dual income household with 4 kids. Nowadays, "rich" is anyone with a good job or a decent business.
     
  3. jpanarra
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    I would be inclined to agree with this.. but the question is where would you draw the line?

    Myself I would see somone classified rich as somone that makes over 700k a year...

    However, I'm open to suggestions and other things because I have no idea how things work that high up in the Tax Bracket
     
  4. MJ DeMarco
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    $700k is within range, I was thinking like $1M a year. Kinda depends on location, $1M in NYC or Hong Kong is different than $1M in Omaha.
     
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  5. jpanarra
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    Right for sure, but that is why people do break things up in tax brackets, but at the same time they complicate things and open things up for loopholes and such...
     
  6. JAJT
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    JAJT Ha Ha! Business Read The Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    The problem is the loudest "screw the rich" folks are people making 20-40k per year, in debt, and living paycheck to paycheck. They basically see anyone not actively worrying about money as a daily concern as rich.

    I would argue that unless you live somewhere with a very high standard of living, then $200k is a pretty comfortable lifestyle. Not rich, but comfortable. It's money in the bank, enjoying life like most people think should be normal kind of money. Which is fantastic, don't get me wrong, but I wouldn't call it rich.
     
  7. Sean Kaye
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    Here in Australia, the top 1% earn AUD$250k per year and the average income of the top 1% is about AUD$465k.

    The top 0.1% are at about AUD$650k.

    I pay 45% above $180K on my personal income, plus for the last three years 2% for "budget repair levy" to try and control deficits (hasn't worked) and a 2% medicare levy as a high income earner, which in next year goes up to 2.5% for me.

    A bunch of our income comes from our business, so that gets taxed at 27.5% - we fully frank our dividends and pass them through our family trust for income splitting, so that's pretty effective.

    By any measure, I pay a lot of tax - well over US$100k/year.

    Like I said though, I'm a big proponent of universal healthcare and heavily subsidized education, so I don't complain.

    The Australian government has this tacit understanding that going above 50% on top earners here would be problematic.

    What I'd prefer, were I the Prime Minister, is a 27.5% flat tax on everyone (companies and people), absolutely zero loopholes. Anyone making less than AUD$50k/yr would be tax exempt and not even have to file a tax return. The rest of us, 27.5% on amounts above $50k.
     
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    Dude I get on reddit and it's so bad these days. You really have to pick and choose which threads you read... or you get stuck in a complaining liberal outcry trump bashing session no matter what. There are still some cool threads like r/oldpeoplefacebook fucking hilarious
     
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  9. jpanarra
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    I have to admit, Flat tax is a great way to cut the mess for the taxing office and it'll clean up alot of the loophole crap. Although Tax exempt for less than 50k a year is a bit strange, bc they aren't contributing anything so I would see maybe a lower tax % for something like that, but not competely tax exempt.
     
  10. Sean Kaye
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    This is where I guess I differ from a lot of people.

    People who earn less than $50k/yr basically spend all of their money - they're good for the economy. Taxing them shifts money from people who spend it, to the government, who are absurdly bad with our money.

    I would rather poor people drive demand than bureaucracy.

    The moment you institute a tax on poor people, you'll get a wave of politicians lobbying to buy their vote... And the poor outnumber us.
     
  11. MJ DeMarco
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    Seems like a good time to pull out a quote from my book...

    If confiscating 100% of your economic output constitutes slavery, at why point does it cease to be slavery? 99%? 50%? 39.6%?
     
  12. Nekoemon
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    A very dear lady once told me "Fuck capitalism" with a big smile on her face. I asked her why would she want to destroy the system that provides her with the expensive bags, perfumes and clothes that she admires so much. She replied "If we lived in communism, I wouldn't have to care about those brands."
    I didn't know what to reply and still don't. :D
     
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    mws87 talk less, listen more. Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I love when people protest capitalism online with their nifty, little smartphones (the newest model, too!)
     
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  14. Sean Kaye
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    There's an alternative point of view that says that "the market" is owned by the people and managed by the government. If you want to operate in that market then you have to pay royalties in the form of taxes.

    What's the appropriate royalty for access to the market? 25%? 40%? 55%? 70%?

    The reality is, extreme libertarianism doesn't work and neither does extreme socialism... So somewhere in the middle is a harmonious outcome.
     
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  15. Lionhearted
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    The same fools who are crying "tax the rich" today where the same fools who shouted "tax the rich" in 1913 when the government passed the "income tax law" that was only going to "tax the rich". I guess we are all rich now. The founding fathers are doing cartwheels in their graves. The funniest part of the cruel joke is that "the rich" use the same tax law that was supposed to "Tax the rich" to LEGALLY not pay taxes. Get rich as fast as you can. All the best.