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Participant[quote=CA renter]I’m sure it’s better for society if $1MM is split among 100,000 people, instead of having it go to one person.
If one has to choose between giving this money to a HF trader, or giving it to a handful of start-ups, or to an existing company that wants to expand to meet demand, I would certainly prefer the latter two.
The concentration of massive amounts of wealth — at the expense of many — has never led to a good ending.
BTW, I would put Bill Gates in an entirely different category than traders. At least he *worked* to earn his money (monopolies, notwithstanding).[/quote]
Bill Gates $56B in asset isn’t all from MSFT. He used his money he made from MSFT to invest in other companies as well. Then there’s Warren Buffett. MOST of his wealth came from investment.That $1M wasn’t given to 1 person. That one person earned it. If that person didn’t earn that $1M, there’s no guarantee that 100k other people would magically earn a combined $1M more. If you’re talking about taxing $1M from one person to give another, well, reality is not panning out like your ideal scenario. That $1M might go from one person and given to another’s pension, or what we’ve seen recently, $700B was given to a few companies. Tell me, do you think the $700B in bailout dished out by the government help society more or the $600B that Warren Buffett is raising between the Billionaires for charity?
Participant[quote=threadkiller]I’m gonna have to beg to differ from the consensus. I felt the same way when I bought 2 years ago, I wanted a big yard, and I got it. Now the yard is a lot of work, water is too damn expensive, especially when tied to the sewer bill. Kids these days don’t seem to go out and play like we did when growing up. I don’t mind mowing it, only takes 20 minutes or so. To properly maintain a large yard is expensive, not as much as a pool but still not cheap. I love our yard but there is a lot to be said for concrete,lasts forever and needs no care,no water , no fertilizer. Throw a lounger on it and it becomes pretty inviting.[/quote]
When I say yard, I don’t strictly mean real grass. You can go artificial grass or even concrete. Just a fenced in place for the kids to play where you can keep an eye on them while you’re inside makes a huge deal. My toddler wants to go out in the yard everyday. I live 2-3 blocks away from the park, yet I’m using my yard much much more than I use the park. Carrying all the toys he wants to play with to park would be a huge pain. I can’t picture doing that everyday.Participant[quote=threadkiller]I’m gonna have to beg to differ from the consensus. I felt the same way when I bought 2 years ago, I wanted a big yard, and I got it. Now the yard is a lot of work, water is too damn expensive, especially when tied to the sewer bill. Kids these days don’t seem to go out and play like we did when growing up. I don’t mind mowing it, only takes 20 minutes or so. To properly maintain a large yard is expensive, not as much as a pool but still not cheap. I love our yard but there is a lot to be said for concrete,lasts forever and needs no care,no water , no fertilizer. Throw a lounger on it and it becomes pretty inviting.[/quote]
When I say yard, I don’t strictly mean real grass. You can go artificial grass or even concrete. Just a fenced in place for the kids to play where you can keep an eye on them while you’re inside makes a huge deal. My toddler wants to go out in the yard everyday. I live 2-3 blocks away from the park, yet I’m using my yard much much more than I use the park. Carrying all the toys he wants to play with to park would be a huge pain. I can’t picture doing that everyday.Participant[quote=threadkiller]I’m gonna have to beg to differ from the consensus. I felt the same way when I bought 2 years ago, I wanted a big yard, and I got it. Now the yard is a lot of work, water is too damn expensive, especially when tied to the sewer bill. Kids these days don’t seem to go out and play like we did when growing up. I don’t mind mowing it, only takes 20 minutes or so. To properly maintain a large yard is expensive, not as much as a pool but still not cheap. I love our yard but there is a lot to be said for concrete,lasts forever and needs no care,no water , no fertilizer. Throw a lounger on it and it becomes pretty inviting.[/quote]
When I say yard, I don’t strictly mean real grass. You can go artificial grass or even concrete. Just a fenced in place for the kids to play where you can keep an eye on them while you’re inside makes a huge deal. My toddler wants to go out in the yard everyday. I live 2-3 blocks away from the park, yet I’m using my yard much much more than I use the park. Carrying all the toys he wants to play with to park would be a huge pain. I can’t picture doing that everyday.Participant[quote=threadkiller]I’m gonna have to beg to differ from the consensus. I felt the same way when I bought 2 years ago, I wanted a big yard, and I got it. Now the yard is a lot of work, water is too damn expensive, especially when tied to the sewer bill. Kids these days don’t seem to go out and play like we did when growing up. I don’t mind mowing it, only takes 20 minutes or so. To properly maintain a large yard is expensive, not as much as a pool but still not cheap. I love our yard but there is a lot to be said for concrete,lasts forever and needs no care,no water , no fertilizer. Throw a lounger on it and it becomes pretty inviting.[/quote]
When I say yard, I don’t strictly mean real grass. You can go artificial grass or even concrete. Just a fenced in place for the kids to play where you can keep an eye on them while you’re inside makes a huge deal. My toddler wants to go out in the yard everyday. I live 2-3 blocks away from the park, yet I’m using my yard much much more than I use the park. Carrying all the toys he wants to play with to park would be a huge pain. I can’t picture doing that everyday.Participant[quote=threadkiller]I’m gonna have to beg to differ from the consensus. I felt the same way when I bought 2 years ago, I wanted a big yard, and I got it. Now the yard is a lot of work, water is too damn expensive, especially when tied to the sewer bill. Kids these days don’t seem to go out and play like we did when growing up. I don’t mind mowing it, only takes 20 minutes or so. To properly maintain a large yard is expensive, not as much as a pool but still not cheap. I love our yard but there is a lot to be said for concrete,lasts forever and needs no care,no water , no fertilizer. Throw a lounger on it and it becomes pretty inviting.[/quote]
When I say yard, I don’t strictly mean real grass. You can go artificial grass or even concrete. Just a fenced in place for the kids to play where you can keep an eye on them while you’re inside makes a huge deal. My toddler wants to go out in the yard everyday. I live 2-3 blocks away from the park, yet I’m using my yard much much more than I use the park. Carrying all the toys he wants to play with to park would be a huge pain. I can’t picture doing that everyday.Participant[quote=CA renter]The high-frequency traders DO bother me because of the sheer volume they control, and the leverage that they use. The HFT crowd would indeed be affected by what I propose because they make well into the millions/billions per year — and not a cent of that benefitted society, BTW.[/quote]
Those who control millions/billions have PLENTY of ways to get around any tax law you propose. They have the tools that non of us small fries have, including a team of tax lawyers/planners to help them pay the least tax possible.BTW, I don’t agree that not a cent of that benefitted society. I’m sure they hire maids, gardeners, private school teachers/tutors for their kids, pilots to fly their private planes, etc. Those people wouldn’t have those jobs if it wasn’t for those pesky cents. That haven’t even taken into their philanthropy efforts. Bill Gates have given over $28 Billions to charity, he’ll donate more after he die. I read somewhere that he’ll be leaving only a few hundred millions to his only child. Which means the rest of his wealth (currently around $56B) will go to charity. Warren Buffett have already pledge 99% of his wealth to charity. He has called on other Billionaires to join him to give $600B to charity. I’m pretty sure those $600B will benefit society just a little bit.
Participant[quote=CA renter]The high-frequency traders DO bother me because of the sheer volume they control, and the leverage that they use. The HFT crowd would indeed be affected by what I propose because they make well into the millions/billions per year — and not a cent of that benefitted society, BTW.[/quote]
Those who control millions/billions have PLENTY of ways to get around any tax law you propose. They have the tools that non of us small fries have, including a team of tax lawyers/planners to help them pay the least tax possible.BTW, I don’t agree that not a cent of that benefitted society. I’m sure they hire maids, gardeners, private school teachers/tutors for their kids, pilots to fly their private planes, etc. Those people wouldn’t have those jobs if it wasn’t for those pesky cents. That haven’t even taken into their philanthropy efforts. Bill Gates have given over $28 Billions to charity, he’ll donate more after he die. I read somewhere that he’ll be leaving only a few hundred millions to his only child. Which means the rest of his wealth (currently around $56B) will go to charity. Warren Buffett have already pledge 99% of his wealth to charity. He has called on other Billionaires to join him to give $600B to charity. I’m pretty sure those $600B will benefit society just a little bit.
Participant[quote=CA renter]The high-frequency traders DO bother me because of the sheer volume they control, and the leverage that they use. The HFT crowd would indeed be affected by what I propose because they make well into the millions/billions per year — and not a cent of that benefitted society, BTW.[/quote]
Those who control millions/billions have PLENTY of ways to get around any tax law you propose. They have the tools that non of us small fries have, including a team of tax lawyers/planners to help them pay the least tax possible.BTW, I don’t agree that not a cent of that benefitted society. I’m sure they hire maids, gardeners, private school teachers/tutors for their kids, pilots to fly their private planes, etc. Those people wouldn’t have those jobs if it wasn’t for those pesky cents. That haven’t even taken into their philanthropy efforts. Bill Gates have given over $28 Billions to charity, he’ll donate more after he die. I read somewhere that he’ll be leaving only a few hundred millions to his only child. Which means the rest of his wealth (currently around $56B) will go to charity. Warren Buffett have already pledge 99% of his wealth to charity. He has called on other Billionaires to join him to give $600B to charity. I’m pretty sure those $600B will benefit society just a little bit.
Participant[quote=CA renter]The high-frequency traders DO bother me because of the sheer volume they control, and the leverage that they use. The HFT crowd would indeed be affected by what I propose because they make well into the millions/billions per year — and not a cent of that benefitted society, BTW.[/quote]
Those who control millions/billions have PLENTY of ways to get around any tax law you propose. They have the tools that non of us small fries have, including a team of tax lawyers/planners to help them pay the least tax possible.BTW, I don’t agree that not a cent of that benefitted society. I’m sure they hire maids, gardeners, private school teachers/tutors for their kids, pilots to fly their private planes, etc. Those people wouldn’t have those jobs if it wasn’t for those pesky cents. That haven’t even taken into their philanthropy efforts. Bill Gates have given over $28 Billions to charity, he’ll donate more after he die. I read somewhere that he’ll be leaving only a few hundred millions to his only child. Which means the rest of his wealth (currently around $56B) will go to charity. Warren Buffett have already pledge 99% of his wealth to charity. He has called on other Billionaires to join him to give $600B to charity. I’m pretty sure those $600B will benefit society just a little bit.
Participant[quote=CA renter]The high-frequency traders DO bother me because of the sheer volume they control, and the leverage that they use. The HFT crowd would indeed be affected by what I propose because they make well into the millions/billions per year — and not a cent of that benefitted society, BTW.[/quote]
Those who control millions/billions have PLENTY of ways to get around any tax law you propose. They have the tools that non of us small fries have, including a team of tax lawyers/planners to help them pay the least tax possible.BTW, I don’t agree that not a cent of that benefitted society. I’m sure they hire maids, gardeners, private school teachers/tutors for their kids, pilots to fly their private planes, etc. Those people wouldn’t have those jobs if it wasn’t for those pesky cents. That haven’t even taken into their philanthropy efforts. Bill Gates have given over $28 Billions to charity, he’ll donate more after he die. I read somewhere that he’ll be leaving only a few hundred millions to his only child. Which means the rest of his wealth (currently around $56B) will go to charity. Warren Buffett have already pledge 99% of his wealth to charity. He has called on other Billionaires to join him to give $600B to charity. I’m pretty sure those $600B will benefit society just a little bit.
Participant[quote=CA renter]
edit: Wow, found this:The tax rate on long-term gains was reduced in 2003 to 15%, or to 5% for individuals in the lowest two income tax brackets (See progressive tax).
http://en.wikipedia.org/wiki/Capital_gains_tax
Still, it doesn’t seem to be 0%. Where are you getting that from?[/quote]
Here yah go: http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_StatesParticipant[quote=CA renter]
edit: Wow, found this:The tax rate on long-term gains was reduced in 2003 to 15%, or to 5% for individuals in the lowest two income tax brackets (See progressive tax).
http://en.wikipedia.org/wiki/Capital_gains_tax
Still, it doesn’t seem to be 0%. Where are you getting that from?[/quote]
Here yah go: http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_StatesParticipant[quote=CA renter]
edit: Wow, found this:The tax rate on long-term gains was reduced in 2003 to 15%, or to 5% for individuals in the lowest two income tax brackets (See progressive tax).
http://en.wikipedia.org/wiki/Capital_gains_tax
Still, it doesn’t seem to be 0%. Where are you getting that from?[/quote]
Here yah go: http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States -
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