Now that we Amis have a nice tax cut, how to reduce spending to cover it?

[Arrian]

Point of information: you get $600,000 before that 50% estate tax kicks in, right?

That's not going to really make a difference to someone inheriting a billion, because $500,000,000 and $500,600,000 are essentially the same. But it sure makes a difference to, um, say... me.

-Arrian

[gsmoove23]

...and my name isn't something a cow with a speech impediment would say . Too lazy to type gs?

[Arrian]

if your starting from scratch it would probably involve killing a few people or a few thousand to amass that much

Who did Bill Gates kill? Man, the Microsoft hatred is just outta control!

-Arrian

[gsmoove23]

Originally posted by Arrian


Who did Bill Gates kill? Man, the Microsoft hatred is just outta control!

-Arrian

It would obviously involve not getting caught.

...and I wouldn't put it past him.

[Dinner]

Originally posted by gsmoove23
...and my name isn't something a cow with a speech impediment would say . Too lazy to type gs?

I'm a lazy bastard. You should know that by now.

[MichaeltheGreat]

Originally posted by Japher
I like Warren Buffet. Yet, I feel that comment was made in order to create more buisness ops for himself, since he does invest, primarily, in failing buisness.

There's no shortage of those.

[Kidlicious]

Originally posted by Defiant
The rich do pay the most in taxes, income or otherwise so it is only fair they get a break and hopefully they will invest, jobs created so on and so forth.

No one gets rich by working. Work only pays so much. You get rich by making investments. Now you may say it's not fair to tax lucky people, but I say it's not fair to tax working people when there are lots of lucky people out there ripe for taxation.

[MichaeltheGreat]

Originally posted by Oerdin


Where did you read that? I some how remember the book "The Millionare Next Door" showing studies that the vast majority of millionares in this country are first generation millionares. The estate tax is so large that we don't have a vast number of second, much less third, generation wealthy people running around.

Depending on how you make your money, estate tax can be a non-issue. If you're the capitalist working stiff who makes it, you can shuffle off ownership during your lifetime to your kids via trusts, nepotistic employment and share transfers (and even get some nice tax bennies ) without problems.

If you sit on a lot of passive income producing assets, then yes, you get screwed, but you can still get around it if you do it before you kick off, or are on your deathbed.

[Defiant]

What you call lucky, someone might call calculated, you have to explain your definition of lucky.

[MichaeltheGreat]

Originally posted by Kidicious
No one gets rich by working. Work only pays so much. You get rich by making investments. Now you may say it's not fair to tax lucky people, but I say it's not fair to tax working people when there are lots of lucky people out there ripe for taxation.

Commie.

So how do you get the capital to make the investments?

If you look at the FFH list, most of those people made their money entrepreneurially, by bringing something new to the market and creating wealth, not by direct investment.

Whether it's software, natural gas pipeline company offshore affiliate loan bubbles , or anything else, there's a bunch of work involved. It just happens that the perceived market value of that "work" is more than the perceived market value of the average shop rat's work.

[Kidlicious]

Originally posted by Defiant
What you call lucky, someone might call calculated, you have to explain your definition of lucky.

Lucky, well how about inheritance or just a lucky business investment? Calculating, how about if I do some calculating for you and you pay me a few cool million .

[Defiant]

Lucky business investment, I have never heard of a lucky business investment, people don't pour hundreds of thousands of dollars into an investment to rely on luck. Wish it was that simple.

[Kidlicious]

Originally posted by MichaeltheGreat
So how do you get the capital to make the investments?

Usually you borrow it or you inherit it. Haven't you heard that the savings rate has been down for about 30 years

Originally posted by MichaeltheGreat
If you look at the FFH list, most of those people made their money entrepreneurially, by bringing something new to the market and creating wealth, not by direct investment.

still lucky

[Kidlicious]

Originally posted by Defiant
Lucky business investment, I have never heard of a lucky business investment, people don't pour hundreds of thousands of dollars into an investment to rely on luck. Wish it was that simple.

If luck were not a factor then there would be no risk and everyone would be doing it.

[MichaeltheGreat]

Luck is random.

Most risk is not.