The Soapbox

fishhoo

Joined: 02/27/2004 Posts: 1367
Likes: 2909


Interesting


Although I think much interesting when more detailed snapshots like this are taken across a much larger group of people, especially those who may be in the similar general income/wealth brackets but are diverse in a number of ways including the nature of their wealth (for example, at the higher levels -- has their wealth come from several years of high income or was it mostly inherited or the result of a unique set of events, such as selling a company?). I also think background makes a difference (did they grow up relatively poor or modest and/or from another country?). Otherwise, the anecdotal stories are still interesting but what do they really mean to try and extrapolate including beyond what anybody on this board may post? Also at the higher levels, I think relative wealth can make a big difference. I am usually much more interested what a person who is still very wealthy by any standard but making an income every year of a few hundred thousand, even a million, may think about certain things vs. those like Warren Buffet, Bill Gates and maybe even the first guy in this piece who obviously isn't in that category now, but is in his 30's talking about shooting soon for 25 million in net worth and ultimately 150-200 million. Not to say that it is worthless what those folks think, but it is much different for guys like that to talk about things "taxes are fine and if anything low for the wealthy" when they not only have exponentially more than they know what do with over lifetimes but may even be continuing to earn a big chunk of this money relatively passively and with low risk to their overall wealth. Again, not feeling sorry for those making 500k or a million a year in other ways, but it is interesting to hear from those making this as ordinary income each year and paying marginally upwards of .50 on the dollar (from just federal/state/local taxes before even considering other forms of taxes).

Also interesting with the two at the lower end with the tax comments. It is impossible to imagine the federal burden being more than about 10% for either, which is not to say meaningless as every penny matters, especially living in New York and Chicago (expense and also big local tax burdens), but I wonder what taxes they are specifically referring to when they say they are too high? My guess is just their general feeling because every penny does matter so much more, but curious whether people think even a 10%ish type federal burden for somebody making around 50k seems too high in the minds of some?

I guess one initial thought about this article is it is fine and neat and personal snapshots are always interesting, but if it is really some passive attempt trying to argue "in general wealthier people are actually fine with current taxes and probably could/should pay higher rates and they wouldn't even really care" -- I'm not really buying that as an accurate picture. I'm not arguing taxes shouldn't or won't be raised just on the wealthy -- different argument. I'm just not really buying that in general, most don't really care.


(In response to this post by KaHOOnah)

Posted: 04/22/2016 at 1:16PM



+1

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