Current Events > You make 10 million. You are taxed 5 million. Are you mad?

(+) Yeah! (+)

nt
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Yes
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no because i'm a literal millionaire

Yes. But lets be real the majority of people who make that much or more don't pay 50%. They find loopholes.
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No, I have 5 million dollars
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DarkProto05 posted...

Yes. But lets be real the majority of people who make that much or more don't pay 50%. They find loopholes.

Literally no person or entity pays 50% in taxes
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Furious at my accountant for screwing up so badly.
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Depends how hard it was to make that money.
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Kinda, but 5 million is 5 million
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People who make millions pay a lot of taxes.

But people who make billions pay almost nothing.
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If it went in to things like national heath care and the like, nope. This doesn't happen though.
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Yes.
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taking 50% of what you own would be pretty bad

the idea that "I have 5 million so idc" makes no sense

nobody likes to only get half of what they earned and struggled to make

it doesn't matter the amount, it is the idea and principle of it

I mean, you could say if you made 1 dollar and they took 50 cents, who cares about 50 cents right?
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Mad as hell. I don't care how much I make, that's still a 50% tax rate.
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Hairy-man posted...

Depends how hard it was to make that money.

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darkphoenix181 posted...

taking 50% of what you own would be pretty bad

the idea that "I have 5 million so idc" makes no sense

nobody likes to only get half of what they earned and struggled to make

it doesn't matter the amount, it is the idea and principle of it

I mean, you could say if you made 1 dollar and they took 50 cents, who cares about 50 cents right?

5 million is different from 50 cents.
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think of it this way

what if you were in negotiations with how you make this money

you could be satisfied making 4 million

or you could tell the hollywood elites as an actor you are worth 10 million

they agree and pay you 10 million instead of 4 million

but now you entered a new tax bracket and only collect 5 million

so what was the point of the negotiation?
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Veggeta_MAX posted...

darkphoenix181 posted...

taking 50% of what you own would be pretty bad

the idea that "I have 5 million so idc" makes no sense

nobody likes to only get half of what they earned and struggled to make

it doesn't matter the amount, it is the idea and principle of it

I mean, you could say if you made 1 dollar and they took 50 cents, who cares about 50 cents right?

5 million is different from 50 cents.

Context is everything. 50 cents is a lot to someone who makes $1 an hour.
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darkphoenix181 posted...

but now you entered a new tax bracket and only collect 5 million

so what was the point of the negotiation?

uh idk, a million dollars?

darkphoenix181 posted...

I mean, you could say if you made 1 dollar and they took 50 cents, who cares about 50 cents right?

No those two things are quite different in the context of how the world works. Would i be upset? Yea probably. Would I look for ways to be able to keep more or hope that the 50% comes down? yea of course...Would I still be able to live comfortably off what I have? I would.

You can't compare it to, say someone making 30k having 50% taken. the two scenarios are strikingly different.
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ITT: people who would take the regular installments instead of the lump sum
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I imagine if I suddenly became a millionaire out of nowhere, I wouldn't be very concerned at the start, because "Holy shit, I have 5 million!". But if it was a yearly thing and I was used to having millions, I'm sure I would start to feel annoyed down the lines. >_>
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Yes.
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darkphoenix181 posted...

the idea that "I have 5 million so idc" makes no sense

nobody likes to only get half of what they earned and struggled to make

it doesn't matter the amount, it is the idea and principle of it

I mean, you could say if you made 1 dollar and they took 50 cents, who cares about 50 cents right?

Boy, you don't understand the value of a dollar
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krazychao5 posted...

Veggeta_MAX posted...

darkphoenix181 posted...

taking 50% of what you own would be pretty bad

the idea that "I have 5 million so idc" makes no sense

nobody likes to only get half of what they earned and struggled to make

it doesn't matter the amount, it is the idea and principle of it

I mean, you could say if you made 1 dollar and they took 50 cents, who cares about 50 cents right?

5 million is different from 50 cents.

Context is everything. 50 cents is a lot to someone who makes $1 an hour.

Its a false equivalence
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TheVipaGTS posted...

darkphoenix181 posted...

I mean, you could say if you made 1 dollar and they took 50 cents, who cares about 50 cents right?

No those two things are quite different in the context of how the world works. Would i be upset? Yea probably. Would I look for ways to be able to keep more or hope that the 50% comes down? yea of course...Would I still be able to live comfortably off what I have? I would.

You can't compare it to, say someone making 30k having 50% taken. the two scenarios are strikingly different.

what makes this a great example you guys are struggling to defeat is that the idea of an amount being paltry and amount being grandiose is kinda the same thing

that is

if you take 50 cents, it is such a small amount that no one should care
but you are left also with the same
the worthless 50 cents is all you have left, so you are very poor

if you take 5 million, it is such a large amount that
you are left with the same
so because the amount is so large that you are left with, you are still rich

the same dynamics are playing out here

infact, if the person can subsist on dollars, they can find people kind enough to throw them a few quarters

so why is taking that 50 cents from them so bad? it is bad because it is 50% of the earning
literally the principle and the idea

but because the guy is rich you want him to throw that all aside

that is to say, to YOU 5 million is alot of money

to some people 50 cents could be alot of money

it is all about perspective

but hey, that might be too nuanced for some to get
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Ilove4chan posted...

Its a false equivalence

throwing that phrase out doesn't make you look smart

it actually makes you look ignorant
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Unless ur a millionaire who uses turbotax u arent gonna pay more than 30% of your income that year in taxes, shit even 20% is kinda high since theres literally thousands of loopholes a tax accountant can find for you
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Earning 10m and getting 6m only means you can't buy a 4th summer home in Italy.

Earning 60k but only getting 38-40k is a major difference for that individuals lifestyle.
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You're failing to understand context.

if i make 10 million and am left with 5 million i'm not comparable to someone else my age, making 30k being left with 15k. I'm more comparable to a 5 year old getting a dollar for allowance and being left with 50 cents. Yea he lost 50 cents, but from his PERSPECTIVE the 50 cents he is left with is still more than he needs. Having a dollar would be so much better, we all agree, but he can still get what he wants (like a piece of candy) with that 50 cents and be CONTENT...

We'd all be upset about losing out on 5 mill. Its just not at all comparable to losing 50 cents within the context of THIS topic...
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darkphoenix181 posted...

think of it this way

what if you were in negotiations with how you make this money

you could be satisfied making 4 million

or you could tell the hollywood elites as an actor you are worth 10 million

they agree and pay you 10 million instead of 4 million

but now you entered a new tax bracket and only collect 5 million

so what was the point of the negotiation?

but if I was making only 4 million I would only collect 2 million. The negotiation was to collect half of what I was gonna make.
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Ilove4chan posted...

DarkProto05 posted...

Yes. But lets be real the majority of people who make that much or more don't pay 50%. They find loopholes.

Literally no person or entity pays 50% in taxes

If your in the highest tax bracket in Canada you do. But again no one pays that because they find loop holes and hire financial experts to manage their money and taxes.
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TheVipaGTS posted...

You're failing to understand context.

if i make 10 million and am left with 5 million i'm not comparable to someone else my age, making 30k being left with 15k. I'm more comparable to a 5 year old getting a dollar for allowance and being left with 50 cents. Yea he lost 50 cents, but from his PERSPECTIVE the 50 cents he is left with is still more than he needs. Having a dollar would be so much better, we all agree, but he can still get what he wants (like a piece of candy) with that 50 cents and be CONTENT...

We'd all be upset about losing out on 5 mill. Its just not at all comparable to losing 50 cents within the context of THIS topic...

you are too focused on your own situation to get my point

https://www.bloomberg.com/news/articles/2017-12-01/one-dollar-now-buys-103-000-bolivars-in-venezuela-s-black-market

this is not about you being a poor guy making barley 30k and having half of that taken

it is an exploration of value and what a 50% cut means

the idea is not to say taking that 50 cents from that man's dollar means he can't eat or afford rent

it is just to understand the frustration that rightly exists because of it

and yet 50 cents is so small an amount and yet some could very well be upset to no end if 50% of it was taken from their dollar

btw, no one is suggesting taking 50% of what the poorer people own
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No i completely understand the point you're TRYING to make...I just don't agree that it fits here. Again, CONTEXT...this topic was clearly about more than "you lose 5 million, are you mad"...There is a lot more to this question. What everyone is saying is they'd be upset but they know they'd still be ok.

If you're main argument is "yes we'd be upset!" then I don't know who you're arguing against...because everyone here agrees with you. Others are looking past that and understanding the nuance of being left with 5 million vs being left with 15k, for example...
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darkphoenix181 posted...

Ilove4chan posted...

Its a false equivalence

throwing that phrase out doesn't make you look smart

it actually makes you look ignorant

because someone wants to point out that the things you're comparing actually are not comparable and don't relate to each other in any significant way past superficial, surface level similarities?
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If I 'made' it (I.E. worked for it) then yes. If I won it then no.
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thats half my money man
you aint do half the work
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darkphoenix181 posted...

Ilove4chan posted...

Its a false equivalence

throwing that phrase out doesn't make you look smart

it actually makes you look ignorant

.....uh????
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apocalyptic_4 posted...

Ilove4chan posted...

DarkProto05 posted...

Yes. But lets be real the majority of people who make that much or more don't pay 50%. They find loopholes.

Literally no person or entity pays 50% in taxes

If your in the highest tax bracket in Canada you do. But again no one pays that because they find loop holes and hire financial experts to manage their money and taxes.

We're talking about the US where the rich don't pay for anything
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What are these loopholes? Why cant I take advantage of them
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Megaman50100 posted...

If I 'made' it (I.E. worked for it) then yes. If I won it then no.

Let's say you made 5m based on being a pencil pusher or an executive. You have many people working for you and making your day to day decisions. Not physical labor.

Or you're a dude who wakes up at 4am to work a 8 hour day in a ditch or a pit digging trenches or working in construction. Making 60k and coming home with 30k.

What seems like a better deal?
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At my accountant
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I'd take it.

1 million is a 10 year, 100,000 dollar salary. Times that by five and I shouldn't have to work another day in my life.

Though if I own a business and that 10 mil is something I was expecting to invest in growing my business then yeah I guess I'd be mad.
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Ilove4chan posted...

darkphoenix181 posted...

Ilove4chan posted...

Its a false equivalence

throwing that phrase out doesn't make you look smart

it actually makes you look ignorant

.....uh????

I didn't equate 50 cents to 5 million dollars

so you literally couldn't understand my premise
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FrenchCrunch posted...

no because i'm a literal millionaire

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darkphoenix181 posted...

I didn't equate 50 cents to 5 million dollars

darkphoenix181 posted...

taking 50% of what you own would be pretty bad

the idea that "I have 5 million so idc" makes no sense

nobody likes to only get half of what they earned and struggled to make

it doesn't matter the amount, it is the idea and principle of it

I mean, you could say if you made 1 dollar and they took 50 cents, who cares about 50 cents right?

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AlisLandale posted...

Though if I own a business and that 10 mil is something I was expecting to invest in growing my business then yeah I guess I'd be mad.

why can't your business just be satisfied with 5 mil?
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It also depends when you tax

I mean, if you make 10 million in revenues but you have 9 million of expenses to keep the business afloat, being taxed 5 million will throw you in bankruptcy
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einegutePerson posted...

darkphoenix181 posted...

I didn't equate 50 cents to 5 million dollars

darkphoenix181 posted...

taking 50% of what you own would be pretty bad

the idea that "I have 5 million so idc" makes no sense

nobody likes to only get half of what they earned and struggled to make

it doesn't matter the amount, it is the idea and principle of it

I mean, you could say if you made 1 dollar and they took 50 cents, who cares about 50 cents right?

is 5 million and 50 cents an amount? yes or no?

it is like you didn't even read the line you bolded
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darkphoenix181 posted...

is 5 million and 50 cents an amount? yes or no?

darkphoenix181 posted...

I didn't equate 50 cents to 5 million dollars

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