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Topic: In other news ...

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utee94

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Re: In other news ...
« Reply #17920 on: July 12, 2022, 07:21:31 PM »
Yup it's all great-- right up to the point when the asset depreciates.  Or in some cases, doesn't appreciate in line with expected market values.
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Cincydawg

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Re: In other news ...
« Reply #17921 on: July 12, 2022, 07:49:24 PM »
There is a 3.8% Medicare tax plus state on large numbers
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FearlessF

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Re: In other news ...
« Reply #17922 on: July 12, 2022, 08:56:22 PM »
Quote from: utee94 on July 12, 2022, 05:02:08 PM
San Diego State or U of Hawaii would be my jam.
was staying with P5 but those would be on my list

not sure about Hawaii, too many long flights
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"Courage; Generosity; Fairness; Honor; In these are the true awards of manly sport."

FearlessF

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Re: In other news ...
« Reply #17923 on: July 12, 2022, 08:58:13 PM »
Quote from: longhorn320 on July 12, 2022, 06:51:31 PM
In your example you say selling $20 million of investments would cause a capital gains tax of $7 million

using a 20% tax rate for capital gains if your gain was the whole $20 million your tax would be $4 million dollars and its very unlikely all of the $20 million would be a gain

and yes paying interest is cheaper but again how many years can you go not paying it back and increasing the lean the loan institution has on you


I let my money guy worry about these things in the middle of the night
he's smart and he thinks about it WAY TOO MUCH
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bayareabadger

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Re: In other news ...
« Reply #17924 on: July 12, 2022, 09:27:42 PM »
Quote from: 847badgerfan on July 12, 2022, 02:56:19 PM
I could get behind eliminating ALL deductions and loopholes, and then have everyone pay 10-12 percent, regardless of income and regardless of the source (with some exceptions, like a pre-existing Roth IRA).

But, nobody would ever propose this, because the people in power are mostly beholden to the mega-rich, and therefore highly compromised.
I'm partial to the marginal approach, but would definitely be behind the shuttering of deductions/loopholes. 

I'm guessing there's an interesting set of people who oppose this. Businesses want the encouragement to provide borrowable money, and loopholes help there. A lotta people have kids and houses, and those groups would oppose some of those rollbacks. And then there's the tax preparation lobby, which opposes things like allowing the government to do a lot of the math for you. 
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FearlessF

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Re: In other news ...
« Reply #17925 on: July 12, 2022, 09:43:28 PM »
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longhorn320

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Re: In other news ...
« Reply #17926 on: July 12, 2022, 10:23:10 PM »
Quote from: FearlessF on July 12, 2022, 08:58:13 PM
I let my money guy worry about these things in the middle of the night
he's smart and he thinks about it WAY TOO MUCH
money guy ha

you mean the local bartender
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They won't let me give blood anymore. The burnt orange color scares the hell out of the doctors.

FearlessF

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Re: In other news ...
« Reply #17927 on: July 12, 2022, 10:25:45 PM »
well, I give the local bartenders more money than my money guy
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Cincydawg

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Re: In other news ...
« Reply #17928 on: July 13, 2022, 06:47:41 AM »
Quote from: utee94 on July 12, 2022, 07:21:31 PM
Yup it's all great-- right up to the point when the asset depreciates.  Or in some cases, doesn't appreciate in line with expected market values.
If you have billions in stock in say Tesla, you might have to put up more stock to cover the margin, and your cost basis is near zero.  Your heirs might get less than otherwise, depending on how the stock moves, but we're talking billions.

Whether anyone likes this device or not, it's how many many billionaires fund their lifestyles.  And at times they may sell some stock/land/assets to make some large donation or fund a charitable trust.
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Cincydawg

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Re: In other news ...
« Reply #17929 on: July 13, 2022, 06:48:23 AM »
The charitable trust thing is a good idea if you have some money to set aside for future donations and are in an unusually high income year.

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Cincydawg

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Re: In other news ...
« Reply #17930 on: July 13, 2022, 07:40:24 AM »
I used this cap gains calculator to get nearly $7 million in taxes on a $20 million sale (near zero cost basis).

2022 Capital Gains Tax Calculator - See What You'll Owe - SmartAsset
2022 Capital Gains Tax Calculator - See What You'll Owe - SmartAsset

There is that 3.8% Medicare add on plus NJ state tax.  If a wealthy person chooses not to pay income tax, they can, and they often do.  It's an entirely legal dodge.

Fortunately I don't have this problem, I just pay income tax and have used the standard deduction the past three years.

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Cincydawg

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Re: In other news ...
« Reply #17931 on: July 13, 2022, 07:52:39 AM »


First time a Ford class on top and Nimitz class bottom operated together.

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MrNubbz

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Re: In other news ...
« Reply #17932 on: July 13, 2022, 08:49:22 AM »
SO....
LeBron James critical of US efforts to free Brittney Griner
In a trailer for the latest episode of his show "The Shop," LeBron James said if he was in Brittney Griner's situation, he would have doubts about wanting to return to the U.S. after being a detainee in Russia. The episode of "The Shop" premieres Friday at noon ET on the Uninterrupted YouTube channel.

"Over 110 days, now how could she feel like America has her back?" James said. "I would be feeling like, 'Do I even want to go back to America?'"
Last month, the Los Angles Lakers star shared a Twitter post urging President Joe Biden and Vice President Kamala Harris do what they can to bring Griner back home. Griner has been incarcerated in Russia since Feb. 17 after law enforcement arrested her at an airport outside of Moscow due to possession of vape cartridges containing cannabis oil in her bag. Griner has since pleaded guilty to the charges – standard procedure in a country where virtually all trials result in convictions – and wrote a handwritten letter to the White House pleading for help.



Maybe Lebron should go over there and negotiate it himself.And he could fire up a blunt in the process

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utee94

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Re: In other news ...
« Reply #17933 on: July 13, 2022, 09:27:25 AM »
Quote from: Cincydawg on July 13, 2022, 06:47:41 AM
If you have billions in stock in say Tesla, you might have to put up more stock to cover the margin, and your cost basis is near zero.  Your heirs might get less than otherwise, depending on how the stock moves, but we're talking billions.

Whether anyone likes this device or not, it's how many many billionaires fund their lifestyles.  And at times they may sell some stock/land/assets to make some large donation or fund a charitable trust.

Tesla took a big nosedive the moment Musk announced Twitter.  If he were extended on margin at that point, it no doubt became an issue for him.

And yes, of course billionaires can extend themselves further than normal people.  But billionaires spend more than normal people, too. 

This is a deferment mechanism, and it only works like it is currently, due to historically low interest rates and historically hot markets in some commodities.  
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