I've said this for a while. Cap gains should be at whatever your regular tax rate is. Why give welfare to the rich? So no, I do not think the current tax system as set up people making $400k a year with cap gains are paying their fair share.
Yes you are right... for a communist state.
financesonline.com
www.wealthx.com
BSYes you are right... for a communist state.
The funny thing is people like you that want to have socialism claim to be factual, science believers, etc.
You don't believe the FACTS that a rising tide raises all vessels. Small and big.
The facts are as I've pointed out and I'll do it again and again as it seems to require multiple reminders to thick headed people.
By the late 1800s, there were about 4,000 millionaires in the USA. Historically Speaking: 19th-century Norwich had many millionaires
Millionaires in USA in 2021 --- Total 21,951,202 again that is 17% of the 128.45 million households in the US.
Number of US Households in 2024: Demographics, Statistics, & Trends - Financesonline.com
The number of US households is changing due to several factors, technology among them. We crunch the numbers to make sense of these changes.So of course we have to adjust for inflation:CPI Inflation CalculatorMillionaire - Wikipedia
en.wikipedia.org
Inflation calculators go only back to 1913 so a $1,000,000 in 1913 would be worth $27,915,000 today.
So how many people in the USA are worth over $27,915,000?
The United States is home to 69,560 ultra high net worth (UNHW) individuals worth at least $30 million,
In summary, these 69,960 Americans given ownership of $30 million control $2,098,000,000 -- $2 trillion.Interactive Map: Ultra Wealthy Population As Percentage Of Total US State Population - Wealth-X
Uncover the Wealthiest US States The United States is home to 69,560 ultra high net worth (UNHW) individuals worth at least US$30 million, equivalent to a third of the global...
So compared to how many billionaires are there in the USA?
According to this: Updates: Billionaire Wealth, U.S. Job Losses and Pandemic Profiteers
614 Americans have 10-figure bank accounts or per the below chart total of $2,947,500,000 ... $2.9 trillion.
So tell me that the problem you described..."corporate socialism" will happen?
And this is just the millionaires who at $1,000,000 each or a total of $21.951 Trillion!
So when you compare the 614 billions at total of $2.947 Trillion to the 21,951,202 millionaires.
The growth of 4,000 millionaires to 21,951,202 millionaires today is a perfect example of the rising tide concept!
Oh one more simple fact:
As of 2019, the median US household income stands at $68,703 (U.S. Census Bureau, 2019).
As of 1900 Census Average salary was $449.80...
Now what was comparable inflation adjusted value of $449.80 in 1913 today 2021 the value is $12,407.
Hmmm... what this means is median income has increased 125 times ($56,000/$449=125 times).
Yes you are right... for a communist state.
The funny thing is people like you that want to have socialism claim to be factual, science believers, etc.
You don't believe the FACTS that a rising tide raises all vessels. Small and big.
The facts are as I've pointed out and I'll do it again and again as it seems to require multiple reminders to thick headed people.
By the late 1800s, there were about 4,000 millionaires in the USA. Historically Speaking: 19th-century Norwich had many millionaires
Millionaires in USA in 2021 --- Total 21,951,202 again that is 17% of the 128.45 million households in the US.
Number of US Households in 2024: Demographics, Statistics, & Trends - Financesonline.com
The number of US households is changing due to several factors, technology among them. We crunch the numbers to make sense of these changes.So of course we have to adjust for inflation:CPI Inflation CalculatorMillionaire - Wikipedia
Inflation calculators go only back to 1913 so a $1,000,000 in 1913 would be worth $27,915,000 today.
So how many people in the USA are worth over $27,915,000?
The United States is home to 69,560 ultra high net worth (UNHW) individuals worth at least $30 million,
In summary, these 69,960 Americans given ownership of $30 million control $2,098,000,000 -- $2 trillion.Interactive Map: Ultra Wealthy Population As Percentage Of Total US State Population - Wealth-X
Uncover the Wealthiest US States The United States is home to 69,560 ultra high net worth (UNHW) individuals worth at least US$30 million, equivalent to a third of the global...
So compared to how many billionaires are there in the USA?
According to this: Updates: Billionaire Wealth, U.S. Job Losses and Pandemic Profiteers
614 Americans have 10-figure bank accounts or per the below chart total of $2,947,500,000 ... $2.9 trillion.
So tell me that the problem you described..."corporate socialism" will happen?
And this is just the millionaires who at $1,000,000 each or a total of $21.951 Trillion!
So when you compare the 614 billions at total of $2.947 Trillion to the 21,951,202 millionaires.
The growth of 4,000 millionaires to 21,951,202 millionaires today is a perfect example of the rising tide concept!
Oh one more simple fact:
As of 2019, the median US household income stands at $68,703 (U.S. Census Bureau, 2019).
As of 1900 Census Average salary was $449.80...
Now what was comparable inflation adjusted value of $449.80 in 1913 today 2021 the value is $12,407.
Hmmm... what this means is median income has increased 125 times ($56,000/$449=125 times).
Wrong.
The people getting these mortgages were paying them fine for years.
What happened is that they were adjustable rate mortgage, (ARM), based on the British LIBOR instead of the US prime lending rate.
So then when the economy crashed and US interest rates went down, the LIBOR went up, and the monthly mortgage payments suddenly nearly doubled.
It was not uncovered and corrected until 2012, but it was what caused much of the 2008 crash.
{...
The Libor scandal was a series of fraudulent actions connected to the Libor (London Inter-bank Offered Rate) and also the resulting investigation and reaction. Libor is an average interest rate calculated through submissions of interest rates by major banks across the world. The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were.[3] Libor underpins approximately $350 trillion in derivatives. It is currently administered by Intercontinental Exchange, which took over running the Libor in January 2014.[4]
The banks are supposed to submit the actual interest rates they are paying, or would expect to pay, for borrowing from other banks. The Libor is supposed to be the total assessment of the health of the financial system because if the banks being polled feel confident about the state of things, they report a low number and if the member banks feel a low degree of confidence in the financial system, they report a higher interest rate number. In June 2012, multiple criminal settlements by Barclays Bank revealed significant fraud and collusion by member banks connected to the rate submissions, leading to the scandal.[5][6][7]
Because Libor is used in US derivatives markets, an attempt to manipulate Libor is an attempt to manipulate US derivatives markets, and thus a violation of American law. Since mortgages, student loans, financial derivatives, and other financial products often rely on Libor as a reference rate, the manipulation of submissions used to calculate those rates can have significant negative effects on consumers and financial markets worldwide.
On 27 July 2012, the Financial Times published an article by a former trader which stated that Libor manipulation had been common since at least 1991.[8] Further reports on this have since come from the BBC[9][10] and Reuters.[11] On 28 November 2012, the Finance Committee of the Bundestag held a hearing to learn more about the issue.[12]
The British Bankers' Association (BBA) said on 25 September 2012 that it would transfer oversight of Libor to UK regulators, as predicted by bank analysts,[13] proposed by Financial Services Authority managing director Martin Wheatley's independent review recommendations.[14] Wheatley's review recommended that banks submitting rates to Libor must base them on actual inter-bank deposit market transactions and keep records of those transactions, that individual banks' LIBOR submissions be published after three months, and recommended criminal sanctions specifically for manipulation of benchmark interest rates.[15] Financial institution customers may experience higher and more volatile borrowing and hedging costs after implementation of the recommended reforms.[16] The UK government agreed to accept all of the Wheatley Review's recommendations and press for legislation implementing them.[17]
...}
Libor scandal - Wikipedia
www.businessinsider.com
yeah, the world where hard work is rewarded and best practice money sense is basically mandatory from us.
Wrong.
The people getting these mortgages were paying them fine for years.
What happened is that they were adjustable rate mortgage, (ARM), based on the British LIBOR instead of the US prime lending rate.
So then when the economy crashed and US interest rates went down, the LIBOR went up, and the monthly mortgage payments suddenly nearly doubled.
It was not uncovered and corrected until 2012, but it was what caused much of the 2008 crash.
{...
The Libor scandal was a series of fraudulent actions connected to the Libor (London Inter-bank Offered Rate) and also the resulting investigation and reaction. Libor is an average interest rate calculated through submissions of interest rates by major banks across the world. The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were.[3] Libor underpins approximately $350 trillion in derivatives. It is currently administered by Intercontinental Exchange, which took over running the Libor in January 2014.[4]
The banks are supposed to submit the actual interest rates they are paying, or would expect to pay, for borrowing from other banks. The Libor is supposed to be the total assessment of the health of the financial system because if the banks being polled feel confident about the state of things, they report a low number and if the member banks feel a low degree of confidence in the financial system, they report a higher interest rate number. In June 2012, multiple criminal settlements by Barclays Bank revealed significant fraud and collusion by member banks connected to the rate submissions, leading to the scandal.[5][6][7]
Because Libor is used in US derivatives markets, an attempt to manipulate Libor is an attempt to manipulate US derivatives markets, and thus a violation of American law. Since mortgages, student loans, financial derivatives, and other financial products often rely on Libor as a reference rate, the manipulation of submissions used to calculate those rates can have significant negative effects on consumers and financial markets worldwide.
On 27 July 2012, the Financial Times published an article by a former trader which stated that Libor manipulation had been common since at least 1991.[8] Further reports on this have since come from the BBC[9][10] and Reuters.[11] On 28 November 2012, the Finance Committee of the Bundestag held a hearing to learn more about the issue.[12]
The British Bankers' Association (BBA) said on 25 September 2012 that it would transfer oversight of Libor to UK regulators, as predicted by bank analysts,[13] proposed by Financial Services Authority managing director Martin Wheatley's independent review recommendations.[14] Wheatley's review recommended that banks submitting rates to Libor must base them on actual inter-bank deposit market transactions and keep records of those transactions, that individual banks' LIBOR submissions be published after three months, and recommended criminal sanctions specifically for manipulation of benchmark interest rates.[15] Financial institution customers may experience higher and more volatile borrowing and hedging costs after implementation of the recommended reforms.[16] The UK government agreed to accept all of the Wheatley Review's recommendations and press for legislation implementing them.[17]
...}
Libor scandal - Wikipedia
I am speaking of people who live off of their investments as this thread is about capital gains taxes
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