Why the morbidly rich need to be seriously taxed

[jakee 1,257]

3 hours ago, JoeWeber said:

Please tell us what tax horrors the "D's" are likely to visit on suburban house dads? Or is your fear the fear of uncertainty alone? That can be scary.

15 years or so ago an extremely wealthy British investment fund manager announced in all the papers that because of a 5% hike in the top tier income tax rate he was leaving London to live in a channel island tax haven. Last year he announced that he'd been a total idiot, and losing access to all the City networking, power lunches and old boys' clubs had been far more damaging to his business than the tax he'd saved.

Even funnier is the fact that the 5% rise he'd decided was too much, was abolished again only a couple of years after he left.

[brenthutch 384]

32 minutes ago, SkyDekker said:

You can borrow tax free against capital gains and use the interest expense to lower income tax burden.

 

Thank you for paying more taxes than you need to out of fear for what might happen.

 

It’s just like buying insurance.

Edited April 9 by brenthutch

[SkyDekker 1,123]

7 minutes ago, brenthutch said:

It’s just like buying insurance.

Insurance also wasn't part of your MBA, was it.

 

Did you seek any advice, preferably from a fee based advisor, or did you concoct this brilliant scheme all by yourself?

[brenthutch 384]

6 hours ago, SkyDekker said:

Insurance also wasn't part of your MBA, was it.

 

Did you seek any advice, preferably from a fee based advisor, or did you concoct this brilliant scheme all by yourself?

No I have a tax guy and a fiduciary financial adviser as well. Don’t spend any bandwidth  concerning yourself with my financial situation, I can assure you I am just fine.  With several rentals, no mortgage above 2.9% (or paid off) two defined benefit pensions and a wife making $$$,$$$+ my biggest concern is helping coach my son’s little league team and trying not to crash my mountain bike and ending up in the ICU (again). But enough about me, how are you?

[SkyDekker 1,123]

15 hours ago, brenthutch said:

No I have a tax guy and a fiduciary financial adviser as well. Don’t spend any bandwidth  concerning yourself with my financial situation, I can assure you I am just fine.  With several rentals, no mortgage above 2.9% (or paid off) two defined benefit pensions and a wife making $$$,$$$+ my biggest concern is helping coach my son’s little league team and trying not to crash my mountain bike and ending up in the ICU (again). But enough about me, how are you?

So you triggered two tax events while you are at the absolute height of your tax bracket to shield future tax obligations when you will most likely be in a lower tax bracket because you are afraid of what Democrats may do in the future.

I mean you must have had some numbers and scenarios run to see how this would be financially beneficial. I would love to know what the assumptions were to make this make sense?

 

[brenthutch 384]

21 minutes ago, SkyDekker said:

So you triggered two tax events while you are at the absolute height of your tax bracket to shield future tax obligations when you will most likely be in a lower tax bracket because you are afraid of what Democrats may do in the future.

 

 

First of all we are not nearly at the height of our tax bracket, my wife plans to work for at least another ten years (she loves what she does). Given the trajectory of her career it would not be unreasonable for her to make an additional 50%. Also when the Trump tax cuts expire our tax burden will increase significantly.

BTW it’s not what Democrats might do it’s what they say they will do.

Edited April 10 by brenthutch

[SkyDekker 1,123]

1 hour ago, brenthutch said:

First of all we are not nearly at the height of our tax bracket,

oh lol, I thought you guys had money. Sorry.

[billvon 2,400]

40 minutes ago, SkyDekker said:

oh lol, I thought you guys had money. Sorry.

Well, when you turn up your nose at investing in companies like Tesla, and instead invest in companies like Truth Social, you end up less than successful.  

On the plus side, poor conservatives find it easier to maintain their rage, which is becoming more and more important as a way for conservative leaders to manipulate them.

So win/win!  (Well, lose/win, but at least they can blame Biden for being poor.)

[SkyDekker 1,123]

7 minutes ago, billvon said:

Well, when you turn up your nose at investing in companies like Tesla, and instead invest in companies like Truth Social, you end up less than successful.  

On the plus side, poor conservatives find it easier to maintain their rage, which is becoming more and more important as a way for conservative leaders to manipulate them.

So win/win!  (Well, lose/win, but at least they can blame Biden for being poor.)

Well, if it wasn't for taxes Truth Social would be performing better. 

[olofscience 422]

15 hours ago, SkyDekker said:

oh lol, I thought you guys had money. Sorry.

That's a brutal thing to do to someone who was already desperate to use this topic to flex 

Now he's going to have to start another 3458907 topics...

[JoeWeber 2,302]

18 hours ago, SkyDekker said:

oh lol, I thought you guys had money. Sorry.

He made his money the old fashioned way: as a public employee with a strong union, lifelong medical benefits, low interest loans secured by the government, and that offered full retirement on the public dole after a mere 20 years and by marrying it.