When the Rich Said No to Getting Richer
nytimes.com
When the Rich Said No to Getting Richer
1–10 of 229 posts
Re: When the Rich Said No to Getting Richer
#2I wrote this a few years ago in response to a similar piece:
The problem is that the rich have the ability to take their income in alot of different ways.
Tax income more, they'll take it as dividends.
Tax dividends more, they'll take it as capital gains.
Tax capital gains, they won't realize their capital gains until they can offset them with realized losses or they'll just get bank loans again't their stock holdings.
Tax assets on death and they'll pass them o n in trusts. Some will move money off shore if they think they can get better returns that way.
The problem is that no tax code can close all loop holes because you just can't foresee the creative ways people will out maneuver the tax code.
Who would have thought 25 years ago that companies would buy other companies in different countries, not to acquire their products or markets, but to acquire their headquarters address to lower the tax paid in the US.
I don't think anything has changed.
Re: When the Rich Said No to Getting Richer
#3I'm not sure why so many people look up to the rich. They fail at kinder-garden. I have to work very hard to help my 4 year old to understand how to share.
If your using money to keep score your probably using the wrong system to keep score.
I've been using weight watchers lately and keep score with the right system helps a lot.
Re: When the Rich Said No to Getting Richer
#4I wrote this a few years ago in response to a similar piece: The problem is that the rich have the ability to take their income in alot of different ways. Tax income more, they'll take it as dividends. Tax dividends more, they'll take it as capital gains. Tax capital gains, they won't realize their capital gains until they can offset them with realized losses or they'll just get bank loans again't their stock holding…
Because the wealthy have more resources to maneuver their assets and income streams, tax policy complexity is a regressive tax.
Re: When the Rich Said No to Getting Richer
#5The problem is, with interest rates at 0.1%, you need $20MM in the bank to be able to retire.
Re: When the Rich Said No to Getting Richer
#6I'm not sure why so many people look up to the rich. They fail at kinder-garden. I have to work very hard to help my 4 year old to understand how to share. If your using money to keep score your probably using the wrong system to keep score. I've been using weight watchers lately and keep score with the right system helps a lot.
> If your using money to keep score your probably using the wrong system to keep score.
I think another side of the problem is 99% of people who are not rich are using the same score and since they are "losing" they hate the rich. If we all stop using money as the score we'd all be better off.
Re: When the Rich Said No to Getting Richer
#7I'm not sure why so many people look up to the rich. They fail at kinder-garden. I have to work very hard to help my 4 year old to understand how to share. If your using money to keep score your probably using the wrong system to keep score. I've been using weight watchers lately and keep score with the right system helps a lot.
> If your using money to keep score your probably using the wrong system to keep score. I think another side of the problem is 99% of people who are not rich are using the same score and since they are "losing" they hate the rich. If we all stop using money as the score we'd all be better off.
Remember there a lot of people where more money can actually make a huge difference in their lives.
Most people have a tiny amount of savings, and are struggling to get by.
Re: When the Rich Said No to Getting Richer
#8I'm not sure why so many people look up to the rich. They fail at kinder-garden. I have to work very hard to help my 4 year old to understand how to share. If your using money to keep score your probably using the wrong system to keep score. I've been using weight watchers lately and keep score with the right system helps a lot.
> If your using money to keep score your probably using the wrong system to keep score. I think another side of the problem is 99% of people who are not rich are using the same score and since they are "losing" they hate the rich. If we all stop using money as the score we'd all be better off.
That's very easy to say when you have money, and not really possible to do when you don't have money.
Re: When the Rich Said No to Getting Richer
#9I'm not sure why so many people look up to the rich. They fail at kinder-garden. I have to work very hard to help my 4 year old to understand how to share. If your using money to keep score your probably using the wrong system to keep score. I've been using weight watchers lately and keep score with the right system helps a lot.
> If your using money to keep score your probably using the wrong system to keep score. I think another side of the problem is 99% of people who are not rich are using the same score and since they are "losing" they hate the rich. If we all stop using money as the score we'd all be better off.
You can keep score how ever you like.
Re: When the Rich Said No to Getting Richer
#10I wrote this a few years ago in response to a similar piece: The problem is that the rich have the ability to take their income in alot of different ways. Tax income more, they'll take it as dividends. Tax dividends more, they'll take it as capital gains. Tax capital gains, they won't realize their capital gains until they can offset them with realized losses or they'll just get bank loans again't their stock holding…
"The problem is that no tax code can close all loop holes because you just can't foresee the creative ways people will out maneuver the tax code."
I disagree. I simple flat tax rate where everything is taxed at a single rate would close every single one of the loopholes above, if only by making it moot.
The fact that the rich can maneuver themselves into a much lower tax rate than the average person presents a significant, unfair advantage in my opinion. A flat tax rate would make things much more equitable. Plus it would asimplify the tax code tremendously.