Posts: 13,934
Threads: 1,261
Joined: May 2025
RgrF wrote:
[quote=Ted King]
[quote=Marc Anthony]
They may like to think otherwise, but most wealthy people aren't self-made. Others educated them and built the systems/infrastructure that enabled that wealth to be created and funneled to them. Success is a debt to society that they are disproportionately able to pay.
Yeah, there is a pervasive sense that they merit their wealth based on their work and brains. But there is no magic fairy touching people with her "merit" wand in the way wealth is distributed. As you say, for them to make their wealth they depend on the efforts and cooperation of a vast number of people - how do we account for that when assessing merited fortune? And, as Sarcany says, inheritance plays a huge role in the wealth of a lot of wealthy people. Inheritance isn't merited wealth. That great wealth is merited is a fallacy as far as I'm concerned.
Hey folks - Welcome to the BernieTrain!
I voted for Bernie in the 2016 primaries. Then I voted for Clinton in the general election. Then I voted for Warren in the 2020 primary and then I voted for Biden in the general election.
Posts: 25,452
Threads: 2,519
Joined: May 2025
Reputation:
0
. Success is a debt to society that they are disproportionately able to pay.
That succinctly captures it all. Well said.
Posts: 27,160
Threads: 2,805
Joined: May 2025
what effect will the capitol gains tax have on retirement funds?
Posts: 31,261
Threads: 2,348
Joined: Feb 2025
Ombligo wrote:
what effect will the capitol gains tax have on retirement funds?
What does that matter when 90+ percent of unearned income devolves to the 1% of society?
Posts: 13,934
Threads: 1,261
Joined: May 2025
Ombligo wrote:
what effect will the capitol gains tax have on retirement funds?
https://www.cnbc.com/2021/04/26/75-perce...-hike.html
Many people would be shielded from the policy, however.
To that point, about 75% of investors own U.S. stock in accounts that aren’t subject to a capital gains tax, according to a UBS research note published Friday.
They include retirement accounts like individual retirement accounts and workplace retirement plans such as 401(k) plans. Endowments and foreign investors also don’t pay capital gains tax.
“If the average American owns stock, stock mutual funds or exchange-traded funds in a qualified [retirement] plan, it doesn’t have any impact,” Paul Auslander, a certified financial planner and the director of financial planning at ProVise Management Group, said of Biden’s expected proposal.
The remaining 25% of investors hold stock in taxable brokerage accounts that would be subject to capital gains tax.
However, a tax hike wouldn’t necessarily apply to all these taxable accounts either.
Biden’s policy is expected to hit taxpayers whose income exceeds $1 million each year.
About 540,000 taxpayers had higher incomes in 2018, according to the most recent IRS data. They represent 0.3% of the 154 million people who filed a tax return for that year.
“If you’re not making $1 million a year you don’t have to worry about this extra tax,” Auslander said.
