How the hell are we supposed to retire?

Patrick said:
Sure. Just like many can't fathom $1m or even a tenth of that.

1,000 second is a little less than 17 minutes.
Yet invest $1,000 and measure the time it takes to get to $1m double that time and it is now $1B
At 10% that is three generations. I'm hooking up the great grandkids!
Although I'm sure $1b won't go as far as it used to.
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Just don’t spend the principle!
 
Mahnken said:
Here's how the billionaire plan would work (for all those commenting about it with no clue how it would actually work):

It would start in 2022 and apply to people who have a net worth of $1 billion or annual income of $100 million for the three prior consecutive years—2019, 2020 and 2021 to start. They would remain in the new tax system unless they had three straight years in which their assets and income fell below half of those thresholds.

First, as the new system starts, affected people would have to pay a tax as if they had sold their publicly traded assets. So someone who bought $2 billion worth of stock in 2010 that is now worth $20 billion would have $18 billion added to their income, taxed at the top long-term capital-gains rate of 23.8%. That $4.3 billion initial tax could be paid over five years.

Then, each year, they would have to pay a tax on the gain in value for that year. Unrealized losses could be carried forward to offset future gains or backward up to three years to offset past gains and claim refunds.

A different set of rules applies to nontraded assets such as real estate and closely held businesses. Those gains wouldn’t be taxed each year, avoiding the difficulty of assessing value annually.
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And you actually think any of these people affected by this would remain in the US? They'll take their billions and head elsewhere.
 
cassinonorth said:
Oh no! What will we do to fill in the gaps from all the taxes they don't pay anyway?

www.wsj.com

Buy, Borrow, Die: How Rich Americans Live Off Their Paper Wealth

The wealthy are borrowing more than ever, using low-interest loans backed by their investments in a strategy known as “buy, borrow, die.”
www.wsj.com www.wsj.com
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Who cares where they live? The point is the government planning on taxing these people to make all this extra money is fantasy land. Where did all the Brit rock stars go with their millions in the 60s and 70s when their government taxed them at 90% - cheerio, your majesty!
 
rick81721 said:
Who cares where they live? The point is the government planning on taxing these people to make all this extra money is fantasy land. Where did all the Brit rock stars go with their millions in the 60s and 70s when their government taxed them at 90% - cheerio, your majesty!
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Communists and Socialists. It always starts with villainizing the rich, but guess who always ends up paying (hint, it’s not the rich). And who is considered “rich” always becomes very loosely defined.
 
rick81721 said:
And you actually think any of these people affected by this would remain in the US? They'll take their billions and head elsewhere.
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Depends. (Don't forget to buy some with the groceries this week.)

If a private equity guy who relocated last year to Boca has to pay $1mm more a year in Federal taxes, he probably wouldn't move to Paris.
 
Mahnken said:
Good Lord, Avis stock is going bananas. Can't believe I missed the ride, lol.
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Meanwhile TSLA is dropping because Elon can't stop tweeting.

finance.yahoo.com

Tesla Shares Decline After Musk Tweet on Lack of Hertz Contract

(Bloomberg) -- Tesla Inc. shares fell after billionaire Elon Musk cast doubt on Hertz Global Holdings Inc. plan to buy 100,000 electric vehicles for its rental-car fleet and downplayed the deal’s potential.Most Read from BloombergSupply Chain Crisis Risks Taking the Global Economy Down With...
finance.yahoo.com finance.yahoo.com
 
Mahnken said:
Good Lord, Avis stock is going bananas. Can't believe I missed the ride, lol.
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holy-moly-amazing.gif
 
rick81721 said:
And you actually think any of these people affected by this would remain in the US? They'll take their billions and head elsewhere.
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They will stay, if you have billions, you need a solid military to protect your billions and the shipping lanes necessary to get goods from Asia to here, and trademarks/patents etc… and global negotiating power to keep the market forces in your favor. An argument for why they should pay more, they benefit a lot more from the military might of the US. They also want to be able to lobby the politicians, this is easier when in Us. Millionaire rock stars don’t necessarily require this, but they are a pretty small percentage of wealth holders.
 
1TrackMind said:
They will stay, if you have billions, you need a solid military to protect your billions and the shipping lanes necessary to get goods from Asia to here, and trademarks/patents etc… and global negotiating power to keep the market forces in your favor. An argument for why they should pay more, they benefit a lot more from the military might of the US. They also want to be able to lobby the politicians, this is easier when in Us. Millionaire rock stars don’t necessarily require this, but they are a pretty small percentage of wealth holders.
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It's amazing we are only talking about approximately 700 people here. Even more amazing is that Kim Kardashian is one of them.
 
ChrisG said:
What's amazing to me is the amount of time people spend paying attention to other's people's money.
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Of course we pay attention to other people's money. How else will you know where you stand? One of the biggest tricks corporate America has pulled off is making people think that their salaries should be kept to themselves, kept secret. It takes away the negotiating power of the employees. I saw a meme a few weeks ago that talked about the head of HR's last act before leaving the company was leaving a sheet of paper with everyone's salary on the copier. These rich folks got us fighting with each other instead of banding together to get our fair share. Then, after not giving us our fair share, they find ways to avoid taxes. And then there's no money to pay for the social programs that people need to get by because they're working for pennies.
 
Honestly it's pretty remarkable the working class hasn't rebelled. Bread and circuses I guess. No time to protest and rise up when you worry about how your next meal is coming from.

Wealth, shown to scale.

Yeah, don't worry about other people's money...lol.
 
ChrisG said:
What's amazing to me is the amount of time people spend paying attention to other's people's money.
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I was actually going to comment yesterday how Billionaires are like Kim Kardashian. They don't really affect me and I'm better off not caring about them.

Today I learned that they're both the same.

Still confused how we went from "How can I set myself up for retirement" to "How are the finances of the Billionaires doing?"
 
Santapez said:
I was actually going to comment yesterday how Billionaires are like Kim Kardashian. They don't really affect me and I'm better off not caring about them.

Today I learned that they're both the same.

Still confused how we went from "How can I set myself up for retirement" to "How are the finances of the Billionaires doing?"
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I believe it went off the rails when someone compared 401k's to IRA limits. :thumbsup:
 
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