21–30 of 84 posts
I track my finances too and I have many "zero-spend" days, but it doesn't paint a true picture because some costs come out all in one go (e.g. rent, bills etc)
Unless he's amortising those costs in his tracking?
Earlier quoted context omitted.
Taxes already do focus on the wealthy with progressive taxes (in many countries), though. From an American perspective, the top federal income tax bracket is 37%. The top state income tax rate can be anywhere from 0% to 12.3% (California), so in total you can pay up to 49.3% of a potion of your income in taxes. In America, the top 1% paid 45.7% of total income tax in 2015 [1] (earning 17% of "expanded cash income"),…
> Taxes already do focus on the wealthy with progressive taxes (in many countries), though. The tax system provides tons of ways the wealthy can skip taxes, progressive or not.
Even if a black market developed, at some point that money flows back into the economy and is taxed whereas today it does not (aka tax havens and many other schemes).
It's also very logical to be taxed for what you take from society vs. what you give to society. But that's just a minor point.
Earlier quoted context omitted.
Are you speaking from personal experience or is this just what you've heard elsewhere? I've still not reached the point where more money hasn't increased my happiness, however I'm definitely making far more than an above-average wage in London. I think a great number of people could be happier with more money assuming they have good ideas on how they can spend their money to improve their lives.
> I've still not reached the point where more money hasn't increased my happiness Depends on the persons age and maturity level too. At some point shiny new cars and other trinkets are not really what makes you happy... Besides, if you're making a wage (whether way above average or not) you might not still be quite that independent that more money makes no difference (or draw your happiness from competing in the race…
I don't know if I agree with that. Just because those things don't make you happy doesn't mean there aren't other things you can do with money that make you happy. Or maybe I just haven't matured enough yet?
At least I think I am at the point I don't care too much about having a fancy car or nice house.
Still, the thing that I have found to increase my happiness the most is giving it to someone else and seeing someone be really grateful. If I had more money I could do the same thing but to more people probably.
And probably just knowing that I have enough money that I don't need to worry would increase my happiness significantly. Even better would be that my parents don't have to work.
I don't think anyone contests the fact that money increases happiness _up to a point_. Once you have full financial security though, it becomes quite nonlinear. Outside of bonkers areas, 1 million NW gets you retirement. 10 million NW gets you that plus... toys. It's a major reason why taxation should focus on the rich (as opposed to the 'well off' e.g. high incomes). They really will not notice it aside from ideolog…
Taxes already do focus on the wealthy with progressive taxes (in many countries), though. From an American perspective, the top federal income tax bracket is 37%. The top state income tax rate can be anywhere from 0% to 12.3% (California), so in total you can pay up to 49.3% of a potion of your income in taxes. In America, the top 1% paid 45.7% of total income tax in 2015 [1] (earning 17% of "expanded cash income"),…
I don't think anyone contests the fact that money increases happiness _up to a point_. Once you have full financial security though, it becomes quite nonlinear. Outside of bonkers areas, 1 million NW gets you retirement. 10 million NW gets you that plus... toys. It's a major reason why taxation should focus on the rich (as opposed to the 'well off' e.g. high incomes). They really will not notice it aside from ideolog…
Taxes already do focus on the wealthy with progressive taxes (in many countries), though. From an American perspective, the top federal income tax bracket is 37%. The top state income tax rate can be anywhere from 0% to 12.3% (California), so in total you can pay up to 49.3% of a potion of your income in taxes. In America, the top 1% paid 45.7% of total income tax in 2015 [1] (earning 17% of "expanded cash income"),…
Earlier quoted context omitted.
> I've still not reached the point where more money hasn't increased my happiness Depends on the persons age and maturity level too. At some point shiny new cars and other trinkets are not really what makes you happy... Besides, if you're making a wage (whether way above average or not) you might not still be quite that independent that more money makes no difference (or draw your happiness from competing in the race…
I agree completely. I think much joy can be found in new experiences, though, which money certainly enables.
I don't think anyone contests the fact that money increases happiness _up to a point_. Once you have full financial security though, it becomes quite nonlinear. Outside of bonkers areas, 1 million NW gets you retirement. 10 million NW gets you that plus... toys. It's a major reason why taxation should focus on the rich (as opposed to the 'well off' e.g. high incomes). They really will not notice it aside from ideolog…
Taxes already do focus on the wealthy with progressive taxes (in many countries), though. From an American perspective, the top federal income tax bracket is 37%. The top state income tax rate can be anywhere from 0% to 12.3% (California), so in total you can pay up to 49.3% of a potion of your income in taxes. In America, the top 1% paid 45.7% of total income tax in 2015 [1] (earning 17% of "expanded cash income"),…
I don't think anyone contests the fact that money increases happiness _up to a point_. Once you have full financial security though, it becomes quite nonlinear. Outside of bonkers areas, 1 million NW gets you retirement. 10 million NW gets you that plus... toys. It's a major reason why taxation should focus on the rich (as opposed to the 'well off' e.g. high incomes). They really will not notice it aside from ideolog…
Are you speaking from personal experience or is this just what you've heard elsewhere? I've still not reached the point where more money hasn't increased my happiness, however I'm definitely making far more than an above-average wage in London. I think a great number of people could be happier with more money assuming they have good ideas on how they can spend their money to improve their lives.
What about the point where increased work stesses outweigh additional gains? Personally, I may be hitting that point.
Earlier quoted context omitted.
> Taxes already do focus on the wealthy with progressive taxes (in many countries), though. The tax system provides tons of ways the wealthy can skip taxes, progressive or not.
This is why I truly believe in a consumption/sales tax instead of income tax (aka FairTax). You can build as much wealth as you'd like, but it doesn't do you any good until you spend it. At that point there is no avoiding the tax and it's much easier for the IRS to track. Even if a black market developed, at some point that money flows back into the economy and is taxed whereas today it does not (aka tax havens and m…
The simplest way to think about it I guess is that regardless of wealth, everybody needs a certain number of calories to live. If you are poor and can only afford subsistence, you are paying a much larger portion of your overall wealth just to stay alive.
That may be ok with you, but for a lot of people it's not.
Something like a wealth- or income-based tax credit would possibly correct this, although poor people are also less likely to know how to take advantage of such tax breaks.
Earlier quoted context omitted.
> Taxes already do focus on the wealthy with progressive taxes (in many countries), though. The tax system provides tons of ways the wealthy can skip taxes, progressive or not.
This is why I truly believe in a consumption/sales tax instead of income tax (aka FairTax). You can build as much wealth as you'd like, but it doesn't do you any good until you spend it. At that point there is no avoiding the tax and it's much easier for the IRS to track. Even if a black market developed, at some point that money flows back into the economy and is taxed whereas today it does not (aka tax havens and m…
Not so minor! Taxing based on how money are spent is very reasonable (but goes again consumerism).
It also ties very well into resource-based taxation. (see https://en.wikipedia.org/wiki/Polluter_pays_principle )