[FuriouslyFast]

Originally Posted by autoart

If the rich buy more expensive cars it works its way down. Ferrari and the like will have to hire more employees to build and maintain the cars. More dealerships and distribution center will be built. That all equates to more jobs created. Lets not forget about taxes they all pay also.
The more cars made should mean in 5-20 years more people will be able to buy some nice used cars that more can afford.

The rich have so many tax loopholes that the middle class pays more tax than they do...

[grocerylist]

Originally Posted by FuriouslyFast

The rich have so many tax loopholes that the middle class pays more tax than they do...

That's what's great about capitalism. If you have enough money you can essentially rewrite tax laws via some healthy political contributions.

[WestRace]

Originally Posted by grocerylist

That's what's great about capitalism. If you have enough money you can essentially rewrite tax laws via some healthy political contributions.

I would blame that on stupid or corrupt politicians.

Edit: but it does not mean to exonerate these wealthy a$$holes.

[gatorfast]

Originally Posted by FuriouslyFast

The rich have so many tax loopholes that the middle class pays more tax than they do...

Perhaps there are instances where someone in the middle class pays more % than someone who is "rich" but certainly not in absolute dollars. Many wealthy individuals pay more in taxes each year than the total gross earnings of a middle class individual.

The biggest thing which determines tax is how and where the money is earned. Most middle class folks are W-2 employees which is probably the least beneficial tax structure unfortunately. Often times wealthy individuals earn their money via investments/capital gains, equity distributions, etc which are often times taxed at a more beneficial rate than ordinary income.

[WestRace]

Originally Posted by FuriouslyFast

The rich have so many tax loopholes that the middle class pays more tax than they do...

I think that is in term of percentage not in absolute dollars. There is a narrative that is going around being repeated by democrats like air head AOC that Buffet is paying less than his secretary.

For example, if Buffet has $1B in equity. Now the FED will print money and give him a capital gain of $500M, so his unrealized income is $500M but since he hasn't sold any shares (fcker too old to do anything on $500M anyway) so he is essentially paying 0% on $500M so in theory he is paying less than his secretary, which is fine in the capitalistic system. BUT the UNFAIR thing here is that the FED insures that fcker will never lose his $500M by keep printing money every year. Not only that, even if fcker will just sit on his couch doing nothing and probably make even an extra $500M next year with the help from the FED while his secretary is working her a$$ off pay check to pay check.

That's why you got Warren going around calling for a wealth tax (besides screaming out a bunch of lunatic stuffs) so she can tax Buffet capital gain even if he has not realized his gain. But it's a fundamentally wrong thing to do. It's like trying to fix a wrong (the FED) by another wrong (her own stupidity). And that's just stocks. People will have to sell other assets to pay her wealth tax such as real estate, bonds, gold, and a whole bunch of other stuffs. Can you imagine how the economic system will get screwed up that at the end of each year, you got a whole bunch of people selling a whole bunch of stuffs just to please Warren?

For example, let's say Bezos (another douche from Seattle) has a net worth of $100B or something in that neighborhood. But in reality he has no where close to that number. All of that I am sure from Amazon stocks. If he sells all his shares, he's lucky to get $30B out of it because the stock price is dynamic so the more he sells, the lower the price will be an so on. Now Warren thinks she can tax the entire $100B from Bezos since that is his theoretical net worth. So you can see the flaw here.

So you got another fcker, the FED, that is screwing up the entire system by artificially inflating not just stocks, but also real estate, and a whole bunch of other assets.

But anyway, these fckers whatever they do just stay out of my fcking bedroom.

[grocerylist]

Hey, I live in Seattle. Does that make me another "douche" from Seattle?

Settle down. How can you call Warren Buffet a f*cker? What bad things has Buffet done? Even he has called for higher taxes on people with his wealth. The system is flawed, Buffet isn't the bad guy. And for all the Fed money printing in your hypothetical situation where Buffet makes $500M... With inflation it's probably only like $450M, so don't be so tough on the old man.

[WestRace]

Originally Posted by grocerylist

Hey, I live in Seattle. Does that make me another "douche" from Seattle?

Settle down. How can you call Warren Buffet a f*cker? What bad things has Buffet done? Even he has called for higher taxes on people with his wealth. The system is flawed, Buffet isn't the bad guy. And for all the Fedoney printing in your hypothetical situation where Buffet makes $500M... With inflation it's probably only like $450M, so don't be so tough on the old man.

It's just words. It's not like am trying to kill him or anything. Besides, I am just an ant with respect to his island.

[FuriouslyFast]

Originally Posted by gatorfast

Perhaps there are instances where someone in the middle class pays more % than someone who is "rich" but certainly not in absolute dollars. Many wealthy individuals pay more in taxes each year than the total gross earnings of a middle class individual.

The biggest thing which determines tax is how and where the money is earned. Most middle class folks are W-2 employees which is probably the least beneficial tax structure unfortunately. Often times wealthy individuals earn their money via investments/capital gains, equity distributions, etc which are often times taxed at a more beneficial rate than ordinary income.

Yes, I'm talking % of income, not actual dollars. Obviously, taxes hurt middle class vs these rich guys don't feel it.

[FuriouslyFast]

Originally Posted by grocerylist

That's what's great about capitalism. If you have enough money you can essentially rewrite tax laws via some healthy political contributions.

A corrupt system with greedy people in charge not worried about the nation as a whole vs themselves is great? Oof.

[G35POPPEDMYCHERRY]

i get murdered in taxes being a single 27 year old; but I swear; people always scream at the taxes when things go astray...how about one looks into their budget before asking for relief...oh wait I forgot this is AMERIKA

[grocerylist]

I quit my job to save $40k+/year in taxes. Dropped down a tax bracket and also saving $24k/year in daycare and don't have to work for the man.

[KingOfJericho]

Everyone always cries about these "loopholes" but the reality is that many of the super-rich donate massive amounts to charities to offset their tax burdens. Additionally, much of their wealth is not in the form of a cash paycheck, but rather tied to the equity of a company they're associated with (paper wealth). Many of them take very small salaries and are able to donate amounts that far exceed their income, offsetting their tax burden to the maximum allowable deduction (50% of AGI). Hence, an extremely low effective tax rate.

There are certain tax strategies, such as carry forward, that should legitimately make people angry. A certain individual has been using that one for decades.

Not all loopholes are created equal. One enriches society, the other... doesn't.

[grocerylist]

Originally Posted by G35POPPEDMYCHERRY

i get murdered in taxes being a single 27 year old; but I swear; people always scream at the taxes when things go astray...how about one looks into their budget before asking for relief...oh wait I forgot this is AMERIKA

Maybe Amerika should consider its budget?!

[Darth One]

Thought this thread was going to be about a new Uber service where you can rideshare on supercars...

[grocerylist]

Originally Posted by Darth One

Thought this thread was going to be about a new Uber service where you can rideshare on supercars...

Über needs to attack the Turo exotic market.

[autoart]

The only tax loop hole that I can think of when Buying a car is- registering it in a state with no sales tax or a work expense.

[grocerylist]

You could get a job like waiting tables where the majority of your income is tip based. While I was in college I delivered pizzas and while my hourly wage was $6/hr, I made more like $20/hour.

At the same time it blows my mind that in the almost 15 years since I graduated, minimum wage has increased in many states by by nearly $10/hr to $15/hr.

[WestRace]

Originally Posted by grocerylist

You could get a job like waiting tables where the majority of your income is tip based. While I was in college I delivered pizzas and while my hourly wage was $6/hr, I made more like $20/hour.

At the same time it blows my mind that in the almost 15 years since I graduated, minimum wage has increased in many states by by nearly $10/hr to $15/hr.

You got something in common with Bruce Willis who also waited on tables before he became a star in Moon Lighting playing opposite Cybill Sheperd. Well at least you guys made honest money :-)

Have you become a billionaire yet?

[GenXer]

I don't think it's about the poor vs. rich gap but about conspicuous consumption.

The wealthy valued low keyed objects that are incredibly expensive but never draw unnecessary attention. Granted when in public, they would flaunt their wealth to show off their status but normally it's kept well hidden. Then comes the nouveau riche who have made their fortune buying and selling or acquiring their wealth through various modern means and they want to show off their success to everyone everywhere.

I don't think there's anything wrong with any of this.

So what if they want to sit on their gold toilet or put their initials and name on everything they own.

Some have gone as far as putting crystals all over their cars or follow other ridiculous gaudy trends.

There's a fine line between opulence and tacky. I get a chuckle every time I see it.

As an example. A Rolls Royce Phantom Drophead coupe is opulent. Similarly a Rolls Royce Cullinan is not only tacky, it's also pretty ugly. It's showing off wealth like wearing 20 gold chains around your neck.

[roastbeef]

lots of butthurt poor people in here.

[c1pher]

I think the thing everyone is missing is that we are getting more wealthy people but the gap between wealthy and poor is increasing and the middle class is slowly evaporating like the icebergs. In fact, we have more millionaires than some countries have people.
https://nypost.com/2019/03/14/the-us...ce-has-people/

[10"]

Social media purchases. Silly.

Supercars aren't what they used to be. The other day I saw a 20-something kid being photographed from inside the car while he was driving; probably a YouTube or Instagram idiot.

There are people INTO cars and there are people into the IDEA of cars. Very different things entirely.

Supercars used to represent the peak engineering of motorcars as well as very RARE things we saw very occasionally. Now I see McLarens and Lambos relatively frequently in nyc and I don't even care when they pass by. The same peeps who buy those $200k Richard Mille watches.

Buying a car to show off is pitiful, IMO.