Wealth disparities

[comagnum]

The only other country with such a large wealth inequality is Russia. We are at levels not seen since 1929, & we all know how that turned out

Many billionaires, the Fed, economists, and those with common sense are concerned about this - after all, third world countries tend to have the ultra rich & ultra poor, with not much in between. The U.S. is clearly heading in this direction at an alarming rate.

The U.S. has upside down socialism, corporate well-fare at extremes while anything that benefits the people or the environment is gutted to feed corporate profits.

 

[srinir]

The only other country with such a large wealth inequality is Russia. We are at levels not seen since 1929, & we all know how that turned out

Many billionaires, the Fed, economists, and those with common sense are concerned about this - after all, third world countries tend to have the ultra rich & ultra poor, with not much in between. The U.S. is clearly heading in this direction.

The U.S. has upside down socialism, per Fox news anything that helps people is considered toxic while corporate wellfare at absurdly rising levels is applauded.

There is something perversely wrong when CEO makes more than 400 times the average employee.
https://www.payscale.com/data-packages/ceo-pay/full-list
https://www.payscale.com/data-packages/ceo-pay

 

[TraDaToR]

there is a HUGE difference between being "rich" and "making money" rich people granted may hide their wealth so what who cares it's their money.

people that have the talent to "make money" just make it and never crosses their mind to hide it. once i asked my mentor if he was going to participate in an offshore thing that some brokers were proposing.

in the elevator he told me, they will all regret it when the irs gets them. mark my take on it is if you can "make money" you just trade a few extra contracts to pay the tax man and be done with it.

i focus on "making money" to make so much that nothing matters what comes your way, i do invest in guns and ammo though to hedge from the impulse bomb coming one day. lol

I agree for the most part as long as your total income tax is "bearable". For me, the limit is around 45-50% ALL IN( corporate tax + tax on dividends + social security or income tax + social security ). And I am consistent in my trading, meaning I have max 1 losing month per year. Anybody willing to trade with over 50% of your trading profits gone at the end of the year simply don't understand probabilities( First year , you make 200 K Euros, second year 200 K, third year you lose 200 K euros = 0 income in 3 years at a 50% tax rate... ). In this case, the solution is relocation, not tax evasion.

But yes, if you have a decent tax rate in a western country( 25 to 35% ), creating offshore accounts to " hide" is sheer stupidity. You'd better work a little more as proposed.

 

[GRULSTMRNN]

Mr Sharpshooter does not quite get it. Distribution here refers to the statistical distribution. So "wealth gap" exactly can be defined as an unequal distribution of wealth.

Also why don't we start with you first: let markets be completely unregulated, the strongest wins, regardless of insider trading, large fake orders that disappear in milliseconds but sucked you in, all sorts of schemes that only large players can play. Oh wait, I forgot, you actually don't trade. Then how about we let Amazon go without regulations, let them kill every other last competitor with "special sales" (which is nothing else than price dumping) and when they are the only player in town we let them raise prices 1000%. Same with the prescription meds for your sick wife and daughter. All in the name of pure capitalism. You sir, are completely blind to history and someone who is so brainwashed that he cant see the forest because of all the trees.

BULLSHIT! TOTAL BULLSHIT! Was never about "distribution". Some earn more because they are more capable or just lucky. 'Twas never about somebody higher-up said, "you get a little and arbitrarily somebody else get a lot". You make your own way. Some are more capable that others.

 

[GRULSTMRNN]

No, people with a brain want to create a fair meritocratic level playing field where everyone has the same opportunities. If only the wealthiest can enjoy sufficient health care and the rest get shit treatment after hours of waiting and when those beyond a certain wealth level can buy get out of jail free cards while the average Joe gets behind bars for every minor transgression then something is not right. The root problem arises not because of different wealth levels but because the laws that apply to the average crowd don't seem to equally apply to the wealthy. That is what smart brains target to eliminate.

States of mind.

Rich and Broke are temporary states of being. People making 6 figures and living in a half million dollar house are certainly rich but they may not be wealthy. People living in section 8 housing because they didn't get a job out of school are broke but they may not be poor.

Wealthy and poor are states of mind. There is very little question a wealthy person is often quite rich. They typically have many investments, forms of passive income, and access to capital the rich do not have access to. Poor people typically have nothing, will continue to have nothing, and are incapable at a fundamental almost genetic level of accumulating any significant amounts of wealth.

The socialists do not want to make the broke wealthy, they want to make the wealthy poor. Instead of raising up the people living in poverty and giving those with the best chance to succeed a chance to do so, they desire to drain the upper class consisting of wealthy people effectively bringing the ceiling down but keeping the floor where it is. This is, of course, disguised in a lot of clever ways designed to take advantage of the lower-than-average ability to think critically so typical of the prototypical socialist. Equality of outcome will destroy our economy and our country. There is no point in accumulating wealth if half of it goes to giving needles to drug addicts and funding bloated social programs like it does in California.

 

[GRULSTMRNN]

How could it otherwise be when a majority was raised with so much pride in believing that one cannot possibly learn from Japan, Germany, Holland, Switzerland,....America Über Alles. That's when you lose sight of other approaches that have proven to work better than one's own way of life.

The only other country with such a large wealth inequality is Russia. We are at levels not seen since 1929, & we all know how that turned out

Many billionaires, the Fed, economists, and those with common sense are concerned about this - after all, third world countries tend to have the ultra rich & ultra poor, with not much in between. The U.S. is clearly heading in this direction at an alarming rate.

The U.S. has upside down socialism, corporate well-fare at extremes while anything that benefits the people or the environment is gutted to feed corporate profits.

 

[GRULSTMRNN]

You quoted the worst case scenario. First of all your example falls off a cliff when you lost 200k the first year and make 200k the second and third year. Second, even keeping your order unchanged, one does not stop trading after your third year, after which you can carry the loss forward. And 50% tax sounds about fair for someone who makes a million or more per year not 200k.

I agree for the most part as long as your total income tax is "bearable". For me, the limit is around 45-50% ALL IN( corporate tax + tax on dividends + social security or income tax + social security ). And I am consistent in my trading, meaning I have max 1 losing month per year. Anybody willing to trade with over 50% of your trading profits gone at the end of the year simply don't understand probabilities( First year , you make 200 K Euros, second year 200 K, third year you lose 200 K euros = 0 income in 3 years at a 50% tax rate... ). In this case, the solution is relocation, not tax evasion.

But yes, if you have a decent tax rate in a western country( 25 to 35% ), creating offshore accounts to " hide" is sheer stupidity. You'd better work a little more as proposed.

 

[luisHK]

. And 50% tax sounds about fair for someone who makes a million or more per year not 200k.

Lmao, hell of a conservative you are !

 

[GRULSTMRNN]

Ditto, love identity politics? By your assessment Buffet and all other billionaires who agree that the wealthy should pay more taxes are not conservative?

I am not conservative regarding all issues, on some I am as liberal or left as it gets. So what. Let's debate issues not silos.

Lmao, hell of a conservative you are !