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Unread 01-16-2011, 12:55 PM   #1
ChroniC588
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Default Are the rich really rich, in the sense can you even tax it?

People love to hate the rich. They want to tax them 110%.

But here is something sobering....the rich are not as rich as you would believe. Take for instance Bill Gates and Warren Buffett. Yes they are billionaires...but physically where is their money? They dont have billions sitting around in a bank account or at home....its all invested in stock.

And do you recall how wild the stock market has swung? Their fortunes have gone up and down...gone down so much Bill Gates is not the richest man in the world anymore...a Mexican Lebanese dude is now.

Yes Bill Gates has Ferrari's and a big house. But if you tax them....what will u accomplish?

Not much. They would need to find someone to buy their stock, their house and property. And who can afford to pay top dollar for all that stuff?

Oh yeah another rich person (no wait...maybe a billionaire in China, Saudi Arabia or Russia could afford it.)

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They are technically rich, but they are cash poor just like the rest of us. They are wholly dependent on the value of their stock, real estate and property just like all of us are. You confiscate their wealth and you accomplish nothing, only more harm.

If you demanded Bill Gate's shares of Microsoft it just meant Microsoft would become Government controlled and all its workers would be out of a job...tens of thousands more unemployed, unproductive.

There are no rich people. Just alot of people who are totally invested and trapped in this stock and real estate market. Yes they have a nice car, but if those stocks and real estate dont pay interest...they get foreclosed and repo too.

Just ask alot of football players that...you think them rich? Almost all are bankrupt.

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And as much as you hate it...many of you work for a company that is a publicly traded company (has stock for sale in NY)...so your paycheck is tied to whether or not the rich still can own that company and keep it open. They lose the stock, you lose your job.

Also, who donates the most to charities? And these charities help whom? And employ whom to do this? The rich also pay the most taxes along with corporations to fund all these nice Federal programs and benefits.
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Unread 01-17-2011, 09:54 AM   #2
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Bill Gates and Warren Buffet actually made a promise that they will donate most of their wealth to charity. Because of this, I just can't understand why some people hate on them. These rich people started off somewhere not much different from the common person that you and I meet on the street everyday. I've met some people that are well off and the honest truth I can say is that they are some of the most down to earth people you'll meet and are willing to help others. Taxing them more won't really do much help but instead keep them from creating jobs. That in turn will create a multiplier effect once their employees start spending money they earned on things they need like food and transportation as examples which also gets taxed then pays the government. Also take a look at the investors that are willing to risk money on municipal projects for low income housing and public parks. Those housing facilities benefit the communities they service by providing shelter for not so well off individuals and families. Public parks let people have a place to have some fun and recreation. Public parks also create a good place for kids to have fun by participating in sports and keep them away from drugs and other dangerous illegal activities. I for one, use to play in a basketball league sponsored by HPD. I met most of my friends from childhood through that and still hang out with them to this day. So now the question comes again. Do we really need to tax the rich more than they already are paying?
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Unread 01-17-2011, 08:46 PM   #3
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this is true. They will donate almost their entire fortunes...somewhere in 90% or more. Combined were talking at something approaching $ 50 - 100 billion.

Same was true for Andrew Carnegie, Ted Turner, and many other wealthy people.

Even locally people might not realize how much the Harry and Jeannette Weinberg Foundation has given.

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And the best part...they are more efficient and effective at helping people than the government.
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Unread 01-18-2011, 06:33 AM   #4
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they might not have billions in "cash", but i'm fairly sure they have billions in liquid assets... no rich dude would be so dumb to not leave an escape plan!
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Unread 01-20-2011, 08:44 AM   #5
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govt taxes realized income, not wealth.

you could be very wealthy and show little income or vice versa.
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Unread 01-22-2011, 09:20 PM   #6
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Quote:
Originally Posted by ChroniC588 View Post
....the rich are not as rich as you would believe. Take for instance Bill Gates and Warren Buffett. Yes they are billionaires...but physically where is their money? They dont have billions sitting around in a bank account or at home....its all invested in stock.
You sure about that? Most of the wealthy that I know have much invested in gold and foreign currency. If the USD debases, whats "money" worth? Its just a note and what is a note? A promise to pay. The Federal Reserve is broke. All the currency is monopoly money at this point. Do you know how much currency has been printed in 2010 alone? Since I'm going tangent bound, I digress. You better believe that the rich have mad money stashed. The more money you have the more venues you have to hide the fact that you have money. There are many options of various corporate/llc/non-profit strategies that help you keep your earn. But until you get to the point of needing this info, it stays with those who do.

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There are no rich people. Just alot of people who are totally invested and trapped in this stock and real estate market.
LOL who are you talking to? Now make no mistake by this comment. I am far from claiming to be rich. But I'm not dumb either. Ive gotten some gold stock and physical product. Not a lot but lets say in the 5 fig range and several k/USD in Dinar. Insiders tell me that GW while in office bought several Tril in Dinar so if the shit hits the fan, the US is out of debt overnight. I cant validate the source so Ill leave that where it is.

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They are technically rich, but they are cash poor just like the rest of us.
Are you likening yourself to Bill Gates and Warren Buffet? LOL



I'd have to disagree strongly with most of what you are saying here.
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Unread 01-23-2011, 12:00 PM   #7
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Remember the 70s and what happened to all the paranoid people who bought gold as a safe haven...they all lost their shirt. My parents still have a couple of those 1 oz gold bars that were so fashionable back then as an investment guarantee! It was the dumbest purchase of their life...they keep it as a reminder not to get suckered into paranoid hype.

---
First off that makes zero sense. GW (assuming that's GWB) cannot mysteriously buy trillions of Dinar. The US already has 8,000 tons of gold. The Europeans 19,000 tons. China the next closest has 1,000 tons. There is no one who could even sell that much gold, let alone mask it in those volumes.

---
At present day price the amount of gold you have is barely 12 single 1 oz coins at the low-end and maybe 24-36 coins at the higher end.

And if were talking 8 Dinar 1 oz pieces...thats maybe 2-4 coins.

That's not alot of gold. And when you convert it back to USD you will pay a hefty exchange fee.

----
Bottomline...no amount of gold, cash or property will keep you safe. Its if you have the skills society needs and know how to market and utilize them that will keep you safe.
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Unread 01-24-2011, 02:12 PM   #8
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Not going to debate theory. Instead lets watch and see for ourselves how this pans out.
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Unread 01-24-2011, 05:27 PM   #9
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No offense, Chronic. But rich is f'ing rich whether they have liquid assets or not. When someone can ride around in a f'ing lambo while partying it up...that's rich, man. As opposed to barely making the mortgage payments.
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Unread 01-24-2011, 09:03 PM   #10
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No offense, Chronic. But rich is f'ing rich whether they have liquid assets or not. When someone can ride around in a f'ing lambo while partying it up...that's rich, man. As opposed to barely making the mortgage payments.
None taken.

Rich is someone who owns the lambo outright, no loans, no leases. There are alot of people out there who buy those things on lease...

I think Chris Brown didn't even own the car he was in when he beat up Rhianna. That was maybe a rental....
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Unread 01-24-2011, 09:03 PM   #11
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Originally Posted by Scoti View Post
Not going to debate theory. Instead lets watch and see for ourselves how this pans out.
True that....each his own way and may it pan out.
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Unread 09-27-2011, 11:34 AM   #12
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Didn't know where to put this, but oh well.

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Unread 09-27-2011, 11:58 AM   #13
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Didn't know where to put this, but oh well.

lol you beat me to it. That video is going viral now. Goldman Sachs rules the world... straight up hard facts that no one can deny.

there are some people/organizations that are trying to discredit him, but BBC put an official statement out.

BBC Releases Official Statement On Alessio "The Trader" Rastani: He Is Perfectly Legit And The Interview Was Not A Hoax | ZeroHedge
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Unread 09-27-2011, 03:02 PM   #14
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Haha...yepz.
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Unread 09-28-2011, 05:59 PM   #15
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Unread 09-29-2011, 08:58 PM   #16
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You think they own the world now?

Just wait till everyone is dependent on their 401K for retirement. Then they will own the world.

You know its power when they can wipe away 50% of your net worth in less than a day.
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Unread 10-19-2011, 08:59 PM   #17
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Taxing the rich is necessary, but not at no 110%... Warren Buffett figured out his tax that he paid was 17% of his annual income, yet middle class earners pay closer and upwards of 25%... For someone who is as wealthy as him to be honest and up front about increasing taxes on the wealthy really shows that he believes that wealthy shouldn't be crying foul about a tax increase if their personal tax liability is not equal or greater than the middle classes current tax rate...
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Unread 10-20-2011, 07:57 AM   #18
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