Welcome to Thunderdome

thibodeaux wrote:

GORDON wrote: For that price they'd better be bespoke.

For that price it better drags its own self to the curb on pickup day

For that price, it better come with a hooker.

Cakedaddy wrote: She bought a $250 garbage can, on sale for $215.

I need to see pictures and read about the features of this $250 garbage can. She spent $200 more than I would have...and I'm talking about the on sale price!

Well duh. Did anyone REALLY believe it would?

It's a perfectly sound theory. The problem with it is that it relies on rich people opening their fuller purses, and rich people don't stay rich by spending money...

Trickle, trickle...

I'm not sure what I'm looking at there. Also, I was surprised at what percent I fall into.

Cakedaddy wrote: I'm not sure what I'm looking at there. Also, I was surprised at what percent I fall into.

Tax burden and threshold for various (Taxable) income levels in the US by return.

So to be in the top 1%, you need $306,635 of taxable income reported. (Back in 2017). People in the .1% to 1% range have an effective income tax rate of 24.90%. They pay 19.20% of all federal income taxes, and people in the entire top 1% (accoumlated[sic] column) pay 37% of all federal income taxes. About 1.2M returns fall into this category.

This is not a snarky question, just a legit one:
What about that graph am I supposed to be shocked by or outraged about?

Leisher wrote: This is not a snarky question, just a legit one:
What about that graph am I supposed to be shocked by or outraged about?

It's just data. I'm not trying to outrage anyone. Was more of a "where do various incomes fit in"

If you did want to be outrage, it might be the low tax rates enjoyed by the 0.1% and up, lower than people making less.

TheCatt wrote:

Leisher wrote: This is not a snarky question, just a legit one:
What about that graph am I supposed to be shocked by or outraged about?

It's just data. I'm not trying to outrage anyone. Was more of a "where do various incomes fit in"

If you did want to be outrage, it might be the low tax rates enjoyed by the 0.1% and up, lower than people making less.

I was just genuinely asking what needed to be fixed. Generally speaking the trickling of percentages was logical as not everyone can be rich.

However, I do think it's shitty that the richest folks enjoy the most tax breaks. That's the sort of thing that should be fixed.

I think tax breaks should be much larger for child care, stay at home moms or dads (an idea I floated many moons ago that is win-win), home ownership, having medical insurance, having automotive insurance, senior care, a credit for filing and on time, and so on, BUT the size of the break/credit would be based on your tax bracket. The richer you are, the smaller the credit/break.

Corporations and people doing well should shoulder the majority of tax payments. Corporations like Apple not paying a dime in taxes is a huge problem.

Leisher wrote: BUT the size of the break/credit would be based on your tax bracket. The richer you are, the smaller the credit/break.

That's already true. But those rich people have capital gains, carried interest, dividends, or other payments that get much better tax treatment than ordinary income.

Also, they can pretend to be corporations. I have a small LLC. And the things I could get away with, if I wanted to... well, I'm not rich enough that it'd matter, but I bet I could save a few thousand bucks a year that I pay in taxes.

Related

Average wealth has increased over the past 50 years, but it has not grown equally for all groups. Between 1963 and 2016,

families near the bottom of the wealth distribution (those at the 10th percentile) went from having no wealth on average to being about $1,000 in debt,
those in the middle more than doubled their wealth,
families near the top (at the 90th percentile) saw their wealth increase fivefold,
and the wealth of those at the 99th percentile—in other words, those wealthier than 99 percent of all families—grew sevenfold.

This whole Gamestop thing is insane. Stock is up 5,300% in the past month or so. Hedge funds getting stomped by reddit + followers. Market is absolutely distorted. GME (gamestop) isn't worth $50, much less $300+ where it is right now.

How can we make money off of the situation?

Leisher wrote: ↑Thu Jan 28, 2021 8:59 am How can we make money off of the situation?

Time travel?

I don't know. I made $3k so far. But that's pennies compared to what others have made. I dipped my toes in twice, then left.

In a normal world, I'd say "Betting against them" but they're insane.

My Twitter timeline is flooded with people talking about this. I guess the apps that people are using to buy these stocks like Robinhood and Webull have halted trading on some of these stocks like GME and AMC.

Its bullshit that the scam hedge funds have been doing for years is ok when its the billionairs doing it, but when common Joe gets involved and makes some cash off their ass, now its a problem.

Robinhood cut off all access to GME and AMC today. Robinhood makes its $$$ from order flow via Citadel. Citadel put $2.75Billion into the hedge fund that reddit users are attacking, using Robinhood for most of their purchases. Which is some bullshit.

This reminds me of the time the old white guy made an unneeded futures trade just so he could say he was the one who sent a barrel of oil over $100 for the first time, and showed off to his grandkids.

Cue all the lawsuits. And I'm certain our federal government will investigate and punish those responsible...