Current Events > 2 people own more wealth than 40% of the American people combined. Just 2 ppl

(+) Yeah! (+)

https://gamefaqs.gamespot.com/a/user_image/8/3/9/AAefUOAACyq_.png

oh, and they also don't pay their taxes cause "got no income!" guh huhuhuhuh

inb4 they worked hard for it so leave 'em alone

Those people's wealth are in stocks. Nancy Pelosi and other politicians that inside trade arent going to pass laws that increase capital gains or tax unrealized gains.

inb4 "Ur just jelly!"

BlueTigerLion posted...

Those people's wealth are in stocks.

oh then I guess that is TOTTALLY FINE!

NOTHING TO SEE HERE BOYS

WOW THANKS FOR POINTING THIS OUT

Idiots: "This is fine."

WingsOfGood posted...

oh then I guess that is TOTTALLY FINE!

NOTHING TO SEE HERE BOYS

WOW THANKS FOR POINTING THIS OUT

Anyone can buy stocks and play the same game as Elon Musk or Jeff Bezos. It is not the 1% fault people spend all their money instead of saving/investing.

BlueTigerLion posted...

Anyone can buy stocks and play the same game as Elon Musk or Jeff Bezos. It is not the 1% fault people spend all their money instead of saving/investing.

brb, gonna hit the stock market

BlueTigerLion posted...

Anyone can buy stocks and play the same game as Elon Musk or Jeff Bezos. It is not the 1% fault people spend all their money instead of saving/investing.

Not everyone has money to spare to buy stocks. Also, throwing $50 a month into stocks will make little difference. If anything, you're only boosting these billionaires' wealth by driving up demand for the things they own so much of.

BlueTigerLion posted...

Anyone can buy stocks and play the same game as Elon Musk or Jeff Bezos. It is not the 1% fault people spend all their money instead of saving/investing.

Totally. Like, if you just skip your dunkin donuts coffee every morning and put it in an index fund, literally everyone in this country will be as rich as Bezos. And then everyone would be chilling in their yachts, so there wouldn't even be anyone to pour the dunkin donuts coffee, so basically it's an infinite utopia.

Those 2 people created companies that people want to buy products from. Why cant others be like them?

Health posted...

Those 2 people created companies that people want to buy products from. Why cant others be like them?

Tesla is not a car company

it is a technology company....

BlueTigerLion posted...

Anyone can buy stocks and play the same game as Elon Musk or Jeff Bezos. It is not the 1% fault people spend all their money instead of saving/investing.

they see me trollin'

Yes, wealth includes assets. They own so many assets, you'll never compete.

gg wp America

MutantJohn posted...

Yes, wealth includes assets. They own so many assets, you'll never compete.

gg wp America

are you under the illusions their money is all tied up and unusable?

@MutantJohn

BlueTigerLion posted...

It is not the 1% fault people spend all their money instead of saving/investing.

it kind of is though because the 1% control how much everyone else gets paid and how much things cost

Tesla doesn't sell cars. Elon is going to sell all that stock

WingsOfGood posted...

are you under the illusions their money is all tied up and unusable?

@MutantJohn

Of course not. They get dividends and probably constantly liquidate small portions and rebuy.

MutantJohn posted...

Of course not. They get dividends and probably constantly liquidate small portions and rebuy.

@MutantJohn

They don't even have to do that.

They can literally go to any bank and get actual literal fucking cash and use that as income without having to pay tax on it.

They can do this because they are billionaires. Millionaires cannot do this.

How is it that so many people still don't know this?

You're talking about security-backed loans?

WingsOfGood posted...

They can literally go to any bank and get actual literal fucking cash and use that as income without having to pay tax on it.

This is just a home equity loan with a few more zeroes on the end.

MutantJohn posted...

You're talking about security-backed loans?

They take a loan using their assets as collateral BUT

THIS IS HUGE

BUT, the interest rate is literally like .001%

The reporters found out a dude with 100 million can get loans with like .018 interest rates. These billionaries can get even less.

It is literally income.
The part that tricks people is that they still pay some teeny teeny tiny interest.
But you have to realize that what interest they pay is FUNDAMENTALLY tiny compared to the tax rate so..... why give it any mind?

Questionmarktarius posted...

This is just a home equity loan with a few more zeroes on the end.

Nope.

The percent interest they pay is less than your teeny teeny income gets taxed.

Wake the fuck up

Loans aren't income.

I am okay with it. They had an idea and were successful with it. I am not going to be mad or upset at someone just because someone tells me to be.

Remember when regular people did that Gamestop thing? And then the rich people just changed the rules so they couldn't do it anymore

Questionmarktarius posted...

Loans aren't income.

They are when the interest you pay is less than the tax percentage and used to avoid paying said tax.

People actually think its a good idea to tax capital gains smfh

Monolith1676 posted...

I am okay with it. They had an idea and were successful with it. I am not going to be mad or upset at someone just because someone tells me to be.

Actually, all these dudes did not come up with the idea themselves.
Elon doesn't build Tesla fyi. He hires a bunch of engineers and pays them a paltry wage compared to his own and probably other places as well.

>spends all day defending billionaires on the internet
>makes 35k

WingsOfGood posted...

Actually, all these dudes did not come up with the idea themselves.
Elon doesn't build Tesla fyi. He hires a bunch of engineers and pays them a paltry wage compared to his own and probably other places as well.

https://twitter.com/kenklippenstein/status/1480434337959100419

Kloe_Rinz posted...

>spends all day defending billionaires on the internet
>makes 35k

>lies about how money works
>is attacking rich people so its ok

Damn_Underscore posted...

People actually think its a good idea to tax capital gains smfh

Capital gains are taxed ???

Questionmarktarius posted...

Loans aren't income.

Wings is explaining this poorly, lol.

We use said loans to buy a house or other asset - but the mega mega rich use them just to live off of. Because normal people have regular income, but they can choose when to incur it. In other words, when they need money, instead of selling stock and paying 20% capital gains, they leverage that stock as collateral and get, say, a 1% interest loan instead. They can do this because they have all this stock to use as collateral, which also gets them preferable rates.

WingsOfGood posted...

Capital gains are taxed ???

?

People ITT want to to be that way or are implying it should be that way.

WingsOfGood posted...

They are when the interest you pay is less than the tax percentage and used to avoid paying said tax.

Are you advocating for a mortgage tax? Or auto-loan tax?
Neither of those have interest on par with the tax rate, and usually not even on par with inflation over the past couple decades or so.

Damn_Underscore posted...

?

People ITT want to to be that way or are implying it should be that way.

dude capital gains tax is what happens when you sell your stock

https://en.wikipedia.org/wiki/Capital_gains_tax

I think you are trying to say people want to tax assest before they become a capital gain.
If so, your take is ignorant.

If Elon Musk and Jeff Bezos did a fusion dance what would the name be?

Questionmarktarius posted...

Are you advocating for a mortgage tax? Or auto-loan tax?
Neither of those have interest on par with the tax rate, and usually not even on par with inflation over the past couple decades or so.

Are you a fucking billionaire getting loans at .0001% interest rate to act as an income or a dude who makes $35k a year whose loan has a much higher interest rate and you cannot just pay it off?

@Questionmarktarius

WingsOfGood posted...

dude capital gains tax is what happens when you sell your stock

https://en.wikipedia.org/wiki/Capital_gains_tax

I think you are trying to say people want to tax assest before they become a capital gain.
If so, your take is ignorant.

Sorry, I was implying unrealized capital gains.

Damn_Underscore posted...

Sorry, I was implying unrealized capital gains.

@Damn_Underscore

and here is the thing

Elon Musk can buy whatever he wants. His gains are infact realized.

OMG TWO PPLZ
that old senile commie fart should fuck off already

E_S_M_Z posted...

Totally. Like, if you just skip your dunkin donuts coffee every morning and put it in an index fund, literally everyone in this country will be as rich as Bezos. And then everyone would be chilling in their yachts, so there wouldn't even be anyone to pour the dunkin donuts coffee, so basically it's an infinite utopia.

I mean...buying coffee every morning for $5-$7 is a supremely stupid habit to have that anyone is going to notice unless they're rich. If you get it just 5 times a week, it's at a minimum $25/month and $1300/year which is, in fact, much better spent into an index fund.

Just buy a coffee maker and some milk+creamer. Then you can just buy a bag of premium coffee for $15 and have it for 2 weeks

scamatoru posted...

OMG TWO PPLZ
that old senile commie fart should fuck off already

holy shit! Elon Musk is on CE!!

@Veggeta_MAX

Perascamin posted...

I mean...buying coffee every morning for $5-$7 is a supremely stupid habit to have that anyone is going to notice unless they're rich. If you get it just 5 times a week, it's at a minimum $25/month and $1300/year which is, in fact, much better spent into an index fund.

Just buy a coffee maker and some milk+creamer. Then you can just buy a bag of premium coffee for $15 and have it for 2 weeks

I've got a coffee maker, so we're good there. Its a good suggestion.

But, uh, $1, 300 extra a year, plus stock appreciation will make you today's Jeff Bezos in...roughly 30 million years.

A 40K a year salary will turn into Jeff Bezos current net worth in 3 million years. Feel free to do the math. I think this is a bit unsettling when someone can tell you "You wouldn't have that kinda money in a million years!" and be correct.

WingsOfGood posted...

@Damn_Underscore

and here is the thing

Elon Musk can buy whatever he wants. His gains are infact realized.

They arent in fact realized though. The companies he owns shares of are worth/valued at a certain amount of money and he has claim to x% of that.

If you arent going to be honest about how money works then there is no discussion to be had

Damn_Underscore posted...

They arent in fact realized though. The companies he owns shares of are worth a certain amount of money and he has claim to x% of that.

If you arent going to be honest about how money works then there is no discussion to be had

They are realized.

He gets his money and uses it just like you get your money. For him a loan is just like you going to the bank and making a withdrawal.
You should really read up more about it. Loans for them do not work the same as you taking out a loan for a house.
It is literally income.