US billionaires paid lower tax rate than working class in 2018

[timewerx]

Why are those cultural practices required for success?

Simply live by the Christian principle. That's it.

Some cultures by coincidence have many Christian principles in them that's why it's successful.

 

[Ken-1122]

Simply live by the Christian principle. That's it.

Some cultures by coincidence have many Christian principles in them that's why it's successful.

In order for a principle to be considered "Christian" I could not have existed prior to christianity. So what christian principles?

 

[Belk]

Simply live by the Christian principle. That's it.

Some cultures by coincidence have many Christian principles in them that's why it's successful.

All the successful Asian countries would say otherwise.

 

[rjs330]

Consumers create demand by buying things. Demand creates jobs. Jobs create cash flow. Cash flow creates wealth. Diverting cash flow creates poverty. Poor people don't consume. Lack of consumption sheds jobs. Lack of jobs stifles cash flow. Lack of cash flow creates despair and impoverishment.

I can't make it any simpler than that.

Actually that's not accurate. Producer produce. Consumers look at what the producers made and decide whether or not to purchase it. Now if the consumers really like what the producers produces there will be a demand for more. However if the producers do not produce there will be nothing for the consumer to buy. Which came first, the iPhone or the consumer demand for an iPhone?

It is a mutually beneficial compact between the two. If there were no producers, nothing would be purchased and cash flow would die. If there were no consumers nothing would be purchased and cash flows die.

Mankind has been participating in the producer/consumer act since time immemorial.

 

[timewerx]

In order for a principle to be considered "Christian" I could not have existed prior to christianity. So what christian principles?

Common to Christian principle, I didn't say they learned it from Christians.

 

[OldWiseGuy]

I like this one.

Proverbs 15:6 Great wealth is in the house of the righteous, but trouble is in the income of the wicked.

Money is my servant, not my master.

 

[rjs330]

With so many Democrats in the rich category I don't understand why they live like it. The Democrats are constantly and consistently demanding more from the rich. Yet they are as rich as anyone else. I would think with all that money they would be giving it all away either to the poor or to government and living in modest houses with modest means. Why don't they?

 

[OldWiseGuy]

Hey OWG, I am genuinely curious about this. Feel free to PM me if you don't want to discuss in the forums.

Let's keep it open for everyone. What do you wish to discuss.

 

[OldWiseGuy]

All the successful Asian countries would say otherwise.

Every culture shares many of the biblical principles and values found in Christianity.

 

[The IbanezerScrooge]

Let's keep it open for everyone. What do you wish to discuss.

I'm in a similar situation that you were in when you were 44. I hope to not be in the same or similar situation when I'm 54 as you said you were . What steps did you take to pull yourself up? What resources did you use? Etc.

I feel like I know the fundamentals... save, reduce spending, be frugal, but there's more to it than that for lasting security. What were some of the things that worked for you?

 

[timewerx]

All the successful Asian countries would say otherwise.

There's actually fewer Asian countries that are successful based on "per capita income".

Although Asians immigrants tends to be successful. It's a different environment back in their home countries....

Government corruption is something that is very difficult to beat.... This is strongly correlated with very large wealth gap in the region. That is the road you don't want to be in. Gov't corruption is a one way trip of no return.

 

[OldWiseGuy]

I'm in a similar situation that you were in when you were 44. I hope to not be in the same or similar situation when I'm 54 as you said you were . What steps did you take to pull yourself up? What resources did you use? Etc.

I feel like I know the fundamentals... save, reduce spending, be frugal, but there's more to it than that for lasting security. What were some of the things that worked for you?

What has worked for me is going counter to convention.

First and most important is that I love work. I'd rather be working than doing most anything else, except bow hunting.

I give my employer all my skills, experience and ideas free of charge. I partner with the company and it's needs. I try to bring more value than I'm paid for.

I almost always have a part time job as well. I don't need eight hours of leisure per day. I'd rather be earning more, learning more, and meeting new people.

I've always had the urge to be financially independent, although I had no specific plans to do so. I did know that I would need seed money for whatever path I chose, thus I developed a good savings habit pretty early. The sacrifices needed were no problem as I grew up with little, and I prefer an austere lifestyle.

I learned early that when you are honest and hard working opportunities will find you, so I never needed to be aggressive in my search for employment. In fact I 'inherited' several jobs in high school from my friends, who stated that I was the only one in the gang that they would recommend as their replacement as they moved on to other jobs.

My good work record has opened many doors for me and has formed the strategy that has worked well for me over the years, that being as coaches say to "play your position well, be patient, and let the game come to you." This has worked very well for me and over the years I have had many opportunities based on my reputation. With only one exception I have been hired for every job I have ever applied for.

I diligently care for my health and know my strengths and limitations, although during our late summer busy periods I do exceed them and become quite exhausted. As I write this I'm nearly fully recovered and ready for the upcoming deer hunting season, which I will enjoy throughout the entire fall and into winter.

Last but not least is that I am a happy and content person. I thoroughly enjoy my life, my family, my job (did I mention deer hunting). I still do the things I enjoyed as a teenager.

I regard life as a journey and not a destination. I have no fixed goals or bucket list. I take each day as it comes.

One parting note. As I had no intention of retiring my SS benefit is yet another income stream to be saved and invested. At this time I am quite secure financially. Most of what I have saved will go to my kids and grandkids, although I am considering buying a gyroplane (I used to fly when I was younger and would like to again).

I hope this is helpful to you.

This is a gyroplane (you can fly it sideways). View it on Chrome.

https://www.youtube.com/watch?v=0f693M5fd78

 

[Belk]

Every culture shares many of the biblical principles and values found in Christianity.

Then they are not biblical principles they are universal principles.

 

[Larniavc]

A new book-length study on the tax burden of the ultrarich begins with a startling finding: In 2018, for the first time in history, America’s richest billionaires paid a lower effective tax rate than the working class.

But the tipping point came in 2017, with the passage of the Tax Cuts and Jobs Act. That bill, championed by President Trump and then-House Speaker Paul D. Ryan, was a windfall for the wealthy: It lowered the top income tax bracket and slashed the corporate tax rate.

By 2018, according to Saez and Zucman, the rich were already enjoying the fruits of that legislation: The average effective tax rate paid by the top 0.1 percent of households dropped by 2.5 percentage points. The benefits the bill’s supporters promised — higher rates of growth and business investment and a shrinking deficit — have largely failed to materialize.

But if a billionaire has a million times more money than a normal person doesn’t it stand to reason that he works a million times harder?

Seems silly to punish people for working a million times harder than everyone else.

 

[FenderTL5]

But if a billionaire has a million times more money than a normal person doesn’t it stand to reason that he works a million times harder?

Seems silly to punish people for working a million times harder than everyone else.

and they buy a million times more stuff as well, which keeps the economy going.
i.e. Millionaires, individually, buy two or three-hundred cars each every 3-4 years keeping the auto industry functioning.

 

[bèlla]

First and most important is that I love work. I'd rather be working than doing most anything else, except bow hunting.

OldWiseGuy,

I enjoy my work and invest in activities that will yield a harvest. When I consider my time assignments I determine whether I could turn the activity into an income stream. I engage the most promising and utilize leisure strategically. Forums are great for testing ideas, gauging the temperature of a topic, and finding hidden gems.

Skill acquisition is a big deal. I’m always learning and exploring subjects related to my calling to enhance my expertise and develop new lines of business.

God has rewarded my diligence and focus more than I imagined. I don’t rest on my laurels or look forward to a day of rest. I utilize the gifts and talents He’s bestowed until He brings me home.

~Bella

 

[The IbanezerScrooge]

What has worked for me is going counter to convention.

First and most important is that I love work. I'd rather be working than doing most anything else, except bow hunting.

I give my employer all my skills, experience and ideas free of charge. I partner with the company and it's needs. I try to bring more value than I'm paid for.

I almost always have a part time job as well. I don't need eight hours of leisure per day. I'd rather be earning more, learning more, and meeting new people.

I've always had the urge to be financially independent, although I had no specific plans to do so. I did know that I would need seed money for whatever path I chose, thus I developed a good savings habit pretty early. The sacrifices needed were no problem as I grew up with little, and I prefer an austere lifestyle.

I learned early that when you are honest and hard working opportunities will find you, so I never needed to be aggressive in my search for employment. In fact I 'inherited' several jobs in high school from my friends, who stated that I was the only one in the gang that they would recommend as their replacement as they moved on to other jobs.

My good work record has opened many doors for me and has formed the strategy that has worked well for me over the years, that being as coaches say to "play your position well, be patient, and let the game come to you." This has worked very well for me and over the years I have had many opportunities based on my reputation. With only one exception I have been hired for every job I have ever applied for.

I diligently care for my health and know my strengths and limitations, although during our late summer busy periods I do exceed them and become quite exhausted. As I write this I'm nearly fully recovered and ready for the upcoming deer hunting season, which I will enjoy throughout the entire fall and into winter.

Last but not least is that I am a happy and content person. I thoroughly enjoy my life, my family, my job (did I mention deer hunting). I still do the things I enjoyed as a teenager.

I regard life as a journey and not a destination. I have no fixed goals or bucket list. I take each day as it comes.

One parting note. As I had no intention of retiring my SS benefit is yet another income stream to be saved and invested. At this time I am quite secure financially. Most of what I have saved will go to my kids and grandkids, although I am considering buying a gyroplane (I used to fly when I was younger and would like to again).

I hope this is helpful to you.

This is a gyroplane (you can fly it sideways). View it on Chrome.

https://www.youtube.com/watch?v=0f693M5fd78

You and I have had very similar career experiences.

I started working in high school and built a reputation for being a reliable and capable employee. I was able to work my way up through promotions. I'm in my mid-forties and can count on one hand the number of jobs I've had in my life. I've always made well above minimum wage. I have never been at a job for less than a year. I also, with the exception of 1, have never been turned down for a job for which I have applied.

My first big hit financially was student loans and credit cards. I was too young to be given that temptation and ran up debt pretty early in college. Looking back on it now, it doesn't seem that bad, but it set me up for some not-so-good habits/susceptibility to temptation. Once you start using credit cards it's easier to continue.

The second hit I took, and I would never place the blame completely on another person, was getting married. It's a whole lot easier to manage your own finances without needing to consider the feelings, opinions and needs of other people. Then the kids come and the expenses of a full blown family. I've been simmering in debt and expense for a while and need to get a handle on it. I think the family is finally on board with the austerity needs to happen. It was a long time coming.

So, now that we feel like we can move forward we're planning out the paying off of debt and reducing expenses. But I know that's not enough especially this late in the game of life. There has to be more investment and the lottery is too hit or miss.... mostly miss.

My real interest is in what strategies with saving and investing you used and possibly what investment vehicles worked best for you. My dad did something similar to what we're talking about but he had some avenues available to him that are no longer good options. So, I try to get lots of different perspectives and strategies. It sounds macabre, but our current best realistic chance for financial security are the deaths of our parents and the inheritance we'll get from that which will be helpful in the short term, but will still fall short. :-/

 

[Larniavc]

and they buy a million times more stuff as well, which keeps the economy going.
i.e. Millionaires buy two or three-hundred cars every 3-4 years keeping the auto industry functioning.

No they don’t.

 

[FenderTL5]

No they don’t.

that's the point.

 

[Ricky M]

But if a billionaire has a million times more money than a normal person doesn’t it stand to reason that he works a million times harder?

Seems silly to punish people for working a million times harder than everyone else.

Wow. Again, wow.