Chief
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Me. Every single day. Since I started practicing.
Enthusiast
The elusive white whale… and at retail too…
Anyone an EA at Citadel? Do you like it?
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Chief
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What is everyone doing today babes 🧐
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90s music binge is so fire right now.
Chief
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Rising Star
When the money stops being taxed the same way our paycheck is. That’s when.
Pro
We’re a young family… our income is in the 7-figures (just an inch over)… I wouldn’t consider myself private wealth as the minimum at my firm for the Private Bank & Private Wealth Management is $25M…
But I know I paid $456K in taxes last year… how much more would you say is democratic fairness? Or economic balance? Because I paid in taxes what the average household earns over the course of 5 years…
I sent a wire for a client to the IRS for $1.7M… just to put this into perspective, the average income tax bill in the US is ~$13,000… so most will not pay that much into the system in their lifetimes…
Pro
The wealthy don’t do anything that a typical consumer has the ability to do… if you have a $100K portfolio, you could borrow against it tax free… obviously you have to pay interest and if there’s a margin call, you’d have to pay it in 24 hours or risk a sell off…
When the vast majority of your income comes from long term capital gains, you’re taxed at 0%-20% depending on your taxable income… again something that’s true for any consumer… and is actually more favorable for lower income earners….
I've never met someone who talks like this who actually is a hard worker. Sorry to hear other people owning private property is causing you consternation and making you worried about "democracy" 😂😂😂
Rising Star
Some ppl just don’t or can’t see what’s in front of them. They’re truly living their life in a bubble. The lack of self-awareness and social-awareness is real.
Rising Star
Young adults, 18-29 actually view socialism very favorably. When the American Dream is no longer attainable for the majority of Americans, something’s got to give~
for those who wonder what one might think the American Dream is. I’d say to me it’s when… if one works full time at a job they can be reasonably assured that college and home ownership is attainable and healthcare is taken care of. Those are the basics. If you have that, a home/ a job/ and healthcare…you’re ahead of the game a bit.
I don’t just read the headline, I also ran the numbers, and read other analysis, have you?
Owning your home is not a great way to accumulate wealth, not to be confused with buying properties and renting them out, which is what landlords do. Also, “great way” compared to what? to owning a car then yes house is great, but to owning stocks then it’s not great because stocks outperformed your home, historically.
Yes, landlords don’t rent to lose money, they also don’t rent to have tenants who don’t pay rent and trash the place on their way out either. Yes, it is counter intuitive when you only focus on the wrong things like renting is paying someone else’s mortgage. But it’s not counter intuitive when you realize that stocks outperformed housing, so why would you not put the majority of your money in an investment that historically has a better return.
"At what point does private wealth become incompatible with democratic fairness or economic balance?"
- Somewhere around the point where the envy overtakes ambition.
This is it, 1000%!
Never. Limiting wealth is entirely wrong.
Aristocracy? I wasn't aware that Elon Musk's vote was worth any more than my vote in this country. Hmmm...
Rising Star
Let’s get one thing straight: right now, we have a government of, for, and by the billionaire class—not the people
It's still the best and most fair government on the planet. And it's not even close.
There is no doubt that there is income disparity in the US.
That newly minted trillionaire can just borrow against the value of his stock and live handsomely.
You can do the same, if you have stock, but the value of your stock is very likely to be less than his. And that means you won't likely live so handsomely.
We need to go back to making stock buy-backs by companies illegal again. It's stock manipulation, without really changing any of the fundamentals at the company.
And that trillionaire? His company lost money last year. To the tune of billions of dollars.
The problem you have is believing Democrat Socialists.
Rising Star
But you believe the billionaires? 🤨
Who ever said Democracy was fair? If you have 3 sides to an issue, and one side gets 35% of the vote, that side wins. Who is that fair to? Capitalism isn't any different except you seem to feel more entitled to cry about losing.
Billionaires aren't hurting you ."Blah blah blah Blackrock!" is about to get stomped on by the FTC for collusion and they you're going to cry about what that does to your 401K.
Quit Reddit, Instagram and Tictok; pause Facebook for at least a year and more than anything else avoid anything affiliated with cable news. Start painting or join a makers space. I can't say how long it will take and the truth is you won't even notice. But one day you'll wake up much happier and fulfilled.
Wut
Chief
Huh?
When the government allows it to be, and that happens when the majority of people don’t know enough or care enough. We’ve made plenty of policy decisions over the past 45 years that brought us to today.
Rising Star
Is that the mindset you have at work. Oh well…oh blah blah blah
It's a bit of both. I retired in my early 50's and was a Sr QA Engineer for the majority of my working years. Sure I was lucky to work at a few places where equity was part of the compensation, but I never made anywhere near 7 figures. Most of wealth came from saving and investing a good portion of my salary.
Define "democratic fairness" and "economic balance" before you keep going down the commie rabbit hole. Also, research what actually causes inflation. And what is capitalism while you're at it
When you realize no matter how hard you work, you can't get ahead. Or you realize that you've worked hard since age 16 and look next door and see people on welfare living at approximately the same level as you, because you were taxed through the teeth being single, and everything was given to them because they are a "family".
probably about 40 years ago
Rising Star
The kicker for me is that we’re paying for health care for Israelis, yet millions upon millions upon millions of Americans are going without. That is something I do not understand
For years I didn’t get it. What’s wealth inequality? Why does it matter that some people get rich and others super rich? They earned it. I’m not jealous.
The answer is: wealth becomes incompatible with democratic fairness when it can be used to shut others out of opportunities. When money can be used to buy politicians. When money can be used to persuade researchers to be less than objective in their research. When knowledge is shut behind paywalls. When your money can allow you to break any rule or law and get away with it, because you can hire all the good lawyers and break the justice system.
Money is power. If money was just money to buy great stuff - more/better houses, cars, vacations, designer clothes- it wouldn’t be a big deal. But money games the system in favor of the rich.
That’s when.
Private wealth is an essential part of democratic fairness. If people are deprived of the fruits of their labor, they will not use their best efforts and society will suffer.