How to have a billion dollar exit with zero capital gains tax • Hacker News Board

Re: How to have a billion dollar exit with zero capital gains tax

#211

Post by golergka » Tue, May 10, 2022, 11:55 AM UTC

TrackerFF wrote: post #157

golergka wrote: post #134

Earlier quoted context omitted.

> The whole idea that you can make a billion dollar business without being hugely dependent on the infrastructure, education, history, societal background etc that has largely been paid for by...taxes...is utter fallacy. Taxation is not a transaction you enter voluntarily; it's enforced by violence, and all these rationalizations don't matter as you don't have any choice anyway. So, taxation is either extortion, robb…

Just curious - you don't believe that people should be subjected to violence, but how would a state be able to enforce sovereignty over its territory, without the means of violence? Implied or otherwise. I know the US defense complex gets a lot of sh!t for its massive expenditure, but the hard reality is that no state on earth is going to invade the US, and thus threaten its citizens within the boarder, which is a re…

Just as I replied to a sister comment, defence is not aggression.

Re: How to have a billion dollar exit with zero capital gains tax

#212

Post by moffkalast » Tue, May 10, 2022, 12:00 PM UTC

andrepd wrote: post #205

moffkalast wrote: post #179

Earlier quoted context omitted.

To the surprise of absolutely nobody.

Apparently to the surprise of many! Some people really are terminally gullible.

How can you tell if a rich/powerful person is lying?

Rule of thumb: Their mouth is moving.

Re: How to have a billion dollar exit with zero capital gains tax

#213

Post by jusssi » Tue, May 10, 2022, 12:02 PM UTC

lukas099 wrote: post #193

jusssi wrote: post #162

Earlier quoted context omitted.

> sexual predator teachers You need to chill, dude. I am not defending child molesters. I am not even claiming that capital investment is evil. I am simply pointing out the fact that the relation is parasitic. > As an investor, I don't see a single cent of profit in this case. Then you aren't paying capital gains tax either, so I don't see the problem. I'm curious though, do you also not expect to get any profit for…

It's not parasitic, it's symbiotic. Without profit-seeking capital, there would be no opportuinities for productive labor.

It starts off as symbiotic (you give capital for future profit), but becomes parasitic (you just keep leeching profit without giving anything more in return).

At least, that is what I plan to do. Stop working and live as a full-time parasite as soon as I can afford it. Maybe others here are more altruistic.

Re: How to have a billion dollar exit with zero capital gains tax

#214

Post by AnIdiotOnTheNet » Tue, May 10, 2022, 12:08 PM UTC

moffkalast wrote: post #212

andrepd wrote: post #205

Earlier quoted context omitted.

Apparently to the surprise of many! Some people really are terminally gullible.

How can you tell if a rich/powerful person is lying? Rule of thumb: Their mouth is moving.

Rule of thumb: people don't get to be rich and powerful by being decent and honest.

Re: How to have a billion dollar exit with zero capital gains tax

#215

Post by nobodyandproud » Tue, May 10, 2022, 12:10 PM UTC

dheera wrote: post #39

nobodyandproud wrote: post #31

Earlier quoted context omitted.

A state school professor (Berkeley) called out a private school professor (Stanford) for a $5k/hour BS consulting fee. How does that make your case?

That BS consulting fee comes from my taxes.

Are you an Oxnard resident? How much of the school system is funded federally versus state versus locally?

I agree it’s wasteful, but this seems more an indictment of Stanford and the veneer of prestige.

It’s also tax dollars that put a check on the nonsense.

Re: How to have a billion dollar exit with zero capital gains tax

#216

Post by parkingrift » Tue, May 10, 2022, 12:12 PM UTC

dmje wrote: post #68

Unfashionable thought: pay your damn taxes. Loopholes are one thing and IMO should be closed but morality is another. The whole idea that you can make a billion dollar business without being hugely dependent on the infrastructure, education, history, societal background etc that has largely been paid for by...taxes...is utter fallacy. Maybe if massively profitable businesses spent a bit more time doing the right thin…

Why? Is there some correlation between the amount of capital gains I’ve made and the amount of money society needs? If I were to make less in capital gains does that mean society is missing out in some way?

I pay federal income taxes, payroll taxes, medicare and medicaid taxes, social security taxes, corporate taxes, state income taxes, city income taxes, property taxes, and more.

Why should I then pay a huge capital gains bill? Why should I feel morally obligated to do such a thing?

I think you’re missing all the taxes paid along the way to achieving a billion dollar business. For me it’s 47% per year. Far more than I would consider my fair share considering most people pay an effective rate of 0%.

Re: How to have a billion dollar exit with zero capital gains tax

#217

Post by whywhywhywhy » Tue, May 10, 2022, 12:13 PM UTC

unglaublich wrote: post #164

... and let others pay for the upkeep of the country that enabled your success :).

Why should anyone have sympathy for a system that tries to take away your freedom by force if you don’t submit to it.

Stop paying your taxes for a moment, even a small amount say $2000 and witness how much expense the system is willing to spend to try and claw back that tiny amount from the individual.

The people enacting these systems don’t even “pay their share”, yet they’ll be the first to try and make you angry at others while taking profit from hours of your labor daily.

Re: How to have a billion dollar exit with zero capital gains tax

#218

Post by AnIdiotOnTheNet » Tue, May 10, 2022, 12:15 PM UTC

TomSwirly wrote: post #139

popcorncowboy wrote: post #124

Earlier quoted context omitted.

> what's the difference between sitting on say $500MM in cash, and $800MM? At least $15M a year over most 3 year horizons, or the insane compounding effect of $300M invested over the long haul. Your question makes sense from a "normal" perspective, but doesn't once you're UHNW [0]. > It's either way going to be more money than you'll ever be able to spend. Not even close. At UHNW levels there are whole classes of thi…

I agree. "UHNW" people are crazy, evil and dangerous. There is no amount of stuff that will ever satisfy them. They will consume, and cheat on taxes, obsessively - until our natural world is destroyed. It has come down to us vs. them. We didn't start this fight, but we are going to have to finish it.

You've got this class of people telling the rest of us we can't have decent affordable healthcare of places to live while they consume our entire life's salaries worth of resources on luxury items. Society simply can't afford people like this.

Re: How to have a billion dollar exit with zero capital gains tax

#219

Post by MisterBastahrd » Tue, May 10, 2022, 12:18 PM UTC

whywhywhywhy wrote: post #217

unglaublich wrote: post #164

... and let others pay for the upkeep of the country that enabled your success :).

Why should anyone have sympathy for a system that tries to take away your freedom by force if you don’t submit to it. Stop paying your taxes for a moment, even a small amount say $2000 and witness how much expense the system is willing to spend to try and claw back that tiny amount from the individual. The people enacting these systems don’t even “pay their share”, yet they’ll be the first to try and make you angry a…

Why have sympathy for wealthy people who take from the common man when guillotines work just as well today as they did 400 years ago?

Re: How to have a billion dollar exit with zero capital gains tax

#220

Post by MisterBastahrd » Tue, May 10, 2022, 12:22 PM UTC

lukas099 wrote: post #166

mellavora wrote: post #122

Earlier quoted context omitted.

My brother's life was paid for by taxes. Went to the ER with a headache, turned out to be a brain annurism leading to 2 8rh plus surgeries and a month in the hospital. Bill was paid out of Minnesota state taxpayers fund. Otherwise he would have been bankrupt for life -- and without the surgery that life would not have been long. My wife's life was saved twice by tax-funded health care. Won't share details here. I hap…

It makes sense that people who benefit disproportionately from social spending would be pro-social spending, and vice versa for people who pay disproportionately more into the system. It troubles me to see comments here acting like the rich are all sociopaths, when really, everybody rich and poor is generally going to favor what is in their own best interests.

Well, it turns out that all conservatives and libertarians are VERY independently minded until they have a need that isn't covered by whatever the hell they're using to pull bootstraps with. Then suddenly they see a collective need for action for their particular issue.