Best practices for trading income

[Xela]

It just occurred to me that when I am making $10-30k a month trading futures, that the US Government is going to take 3-10k of it to hand out to whoever they deem necessary

They need to take something, for example to build the roads you'll drive on (I imagine you'll want a car, when you're earning $10-$30k per month?), to employ policemen, prison warders, soldiers and others who keep you (relatively) safe, and so on?

If you don't like paying anything toward that, or paying "so much" toward that, I suggest you go and live somewhere like Nassau or Grand Cayman, where they don't tax incomes. (But they raise the money for "that stuff" in other ways, like import duties, so you'd still find your spending and/or assets much more highly taxed, instead of your income, of course. Still, from your wording, you might find that preferable? Some people do, certainly.)

 

[gkishot]

ROFL. Traders can be a riot sometimes.

The best thing for you to do is get some perspective. You are a futures trader. A pretty successful one, more so than 90% of the people here, but you are still a futures trader. You are not a nurse, teacher, firefighter, engineer, janitor, road crew, waste disposal person, etc. Your "job" provides absolutely zero value to society. Those people with no ambition/drive that you talk about? Even they are ahead of you because they have a chance to get up tomorrow and actually get a job that actually adds value to society.

So pay your taxes with a smile, thankful that you live in a society where we actually can play this game to bring in money despite adding nothing to it.

Don't the prostitutes & journalists deserve a place on your list as well?

 

[Hooti]

The poor and homeless however bring zero as they can only spent money they first received from government.
All taxpayers have to pay more taxes because the poor don't pay at all. So all taxpayers are victims of this situation.

There are truly people who cannot work or contribute in a realistic way. It is not just lack of will or lack of education... they are mental ill, or physically unable. Depends on how you define it, but it is rarely less than 10% of the population.
One might try to require them to do something or starve, but they are not able to do work that functions in a profitable capitalistic way. There is no easy answer for this.

I never thought of caring for them as making taxpayers 'victims' before! Interesting position.

 

[masterm1ne]

So pay your taxes with a smile

Some of you I don't think really know what the Federal reserve or Wall St or the Capitol are doing. You really need to watch Requiem for the American Dream. There is a part in it where he describes how paying taxes used to be done with a smile and are no longer that way.

Love all the blasts for being unappreciative of the system/being unproductive or whatever. None of you have any idea what my life has been like (nor I yours) and I have for 6 years been working as a medical provider. Not everyone can be a great futures trader. Obviously I can't avoid some of it being taken somehow. My question was simply to shelter it, and most shelters that I know of are "helpful/productive" investments in your perfect world. Also, as a barnacle of a retail futures trader, even if I 100% evaded taxes, it's are peanuts compared to other giant entities that have done more than sodomize the American taxpayer. Better to direct your hate that way.

10-30k/month is a reasonable goal that would allow you to be your own boss and to do whatever it is with your time that you want. At some point in the future I could probably make more but it doesn't matter much past that point.

 

[i am nobody]

I never thought of caring for them as making taxpayers 'victims' before! Interesting position.

I wrote:"Don't blame only the rich, a big part of the 30% non tax payers are to blame too as they abuse the system."
I never said ALL.

But as all the rich were defined as non tax payers I used the same logic for the lowest 30%.
I wrote:"So all taxpayers are victims of this situation."
I never said that all poor people abuse the system and I also never said that caring for the REAL sick is wrong.

In my native country people will have to work now 2-3 years longer before they can go on pension. Before they could benefit of some favourable systems to stop earlier without losing money. When these favourite systems were abolished as the cost skyrocketed, the number of sick people who lived from a monthly allowance from healthcare, DOUBLED (official numbers from government). So it is clear that a lot of people, with a small salary (the lowest 30%), prefer not to work anymore and abuse the social security system. It is impossible that the number of sick people suddenly doubles and the timing was suspicious too as it happened just when it was clear that they should work longer.

 

[Gotcha]

So it is clear that a lot of people, with a small salary (the lowest 30%), prefer not to work anymore and abuse the social security system.

Taxation is a very complex issue, but when you consider that tax rules are usually put into place by people in the position of power, and hence in the position of money, I just don't think that its accurate to think that poor people are abusing the social system. Sure there are a few who fall into this category, but when you figure out that the whole system is rigged and there is no way to get ahead, why bother trying? Current taxation for the most part usually favors the rich in that most of their money comes not from income, but from investments, and investments are taxed much more favorably. Lets not even get into the idea that so much money can be moved off-shore so that it isn't even taxed in the first place.

The way I see it is that its a calculated risk by the rich people. Give the common folk some freebies, and they will turn the other way when the rich people want to introduce stuff into the tax code that makes them reap the major rewards. If helping the poor people would be such a drain to the rich people, they would have put an end to it, but they know they can only push people so far. The fact that the rich only keep getting richer means its working for them. You can say that there are those who are abusing the social system, but its a small price to pay so that the rich can gobble up all the world assets and majority of all the money out there. In fact, by taking away this social system, I imagine a major revolt would come sooner, so the rich would also be shooting themselves in the foot. The rich have never had it as good as they do now I think.

 

[Hooti]

I never said that all poor people abuse the system and I also never said that caring for the REAL sick is wrong.

In my native country ... it is clear that a lot of people, with a small salary (the lowest 30%), prefer not to work anymore and abuse the social security system.

Thank you for clarifying that -- I apologize for misunderstanding.

 

[i am nobody]

Thank you for clarifying that -- I apologize for misunderstanding.

 

[masterm1ne]

By the time I get to social security age which I pay 700$ every month for, I doubt the program will be around the way the US is going.

http://www.militarytimes.com/story/...ress-dont-cut-post-911-gi-bill-ever/82946824/

I there has been talk of removing the GI bill. If those talks are going on how is SS going to be around when I'm 60?

 

[wartrace]

Your "job" provides absolutely zero value to society. Those people with no ambition/drive that you talk about? Even they are ahead of you because they have a chance to get up tomorrow and actually get a job that actually adds value to society.

I provide liquidity to businesses that want to hedge their sales to the eurozone. I provide a valuable service to society.