On a side note, I wish I made enough capital gains income to avoid paying income tax but I guess that's another thread right?
Me too. However unlike many on this board i do not begrudge the guy that worked hard and invested wisely to get to that point. I would much rather take some invesment tips from him so i can one day be in the position to only have to pay capital gains tax.
Nobody gets rich by working for somebody else. Does well maybe in the case of a CEO or something, but the true path to wealth is taking invesment risk and reward.
Thats the part of america that is great...ANYBODY can do it but it takes effort. Sadly there are many many who would rather avoid the effort and stand around for handouts and free phones.
Of the people I know that complain the most about "the rich" most make a good living....but they cannot control themselves and spend every dime they make plus some and end up with creditcard debt etc. or others that went out and could afford to buy a 130000 house but instead bought a 250000 house then complain its not fair that they are being forclosed on and want the govt to bail them out.
Obama panders to the afore mentioned catagory of people, the ones that could be doing very well with a bit of fiscal planning but piss it all away on flat screens for every room or fancy cars. How many houses have you driven by in a lower income neighborhood in your life and seen mercedes, cadillacs, and corvettes sitting in the driveway? Just the other day I drove by a house that in my section of the world sells for about 50,000 (800 to 1000 sq ft) in good shape but was probably in the 30000 range in the run down shape it was in....and sitting in the driveway was a brand new vette with temp tags. 60k price tag I think the last time I passed by a chevy dealer. Here is a person that clearly has the means to improve their living standard but chose to piss it away. even with the best rates possible that vette will run you around 700 a month or more. you can pay for a1900 to 2000 or more sq ft house in my area for 700 a month.
Or with that 700 a month....$8400 a year he/she could save or invest the money in safe investments and come out very well indeed a few years down the road........but then they might end up being one of those evil 1% ers that only pays tax on capital gains.
instead most just whine about the evil rich...and go buy another item that they have no real need for at the Wal mart or whatever.
Not everybody falls into the catagory I laid out above....but you have to be really really bad off to not be able to save and invest in your future. I know, I have been there and even when I was working a 18k a year job I managed to save money and invest in cd's etc to make the furure better. granted 18k was a bit more back then, but still not much.
Bottom line is if you go out and buy a new car that costs more than you make a year you are an idiot......and I don't want to have to pay for your stupidity.
just my take on it!
🙂