Ponderable

messy said:
They’re too busy feeling sorry for themselves to have feelings for others. The rich people don’t have all their money...the Mescuns do...
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Maybe they can survive on their collateralized debt masquerading as monthly income.....from their assets. Kek!! Cash under the mattress, Warhols, jewelry? Kek!
 
Bruddah IZ said:
If you’re a non-essential employee you will get paid. Whatever happened to saving for such events given that you are non-essential. If you had some monthly income generating assets like finance boy’s home maybe you can sustain a shutdown without too much difficulty.
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I like Trump’s billionaire (well, self-proclaimed, anyway) Sec of Agriculture Wilbur Ross’ idea...go get a loan!
 
Bruddah IZ said:
Maybe they can survive on their collateralized debt masquerading as monthly income.
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Unfortunately, I work for most of my income, so I pay ordinary income tax rates on it. Income-producing asset income is also ordinary income, like rental income and tax dividends. It’s when you sell the asset that you get the much lower taxes. Has that ever happened to you, Iz?
 
messy said:
Unfortunately, I work for most of my income, so I pay ordinary income tax rates on it. Income-producing asset income is also ordinary income, like rental income and tax dividends. It’s when you sell the asset that you get the much lower taxes. Has that ever happened to you, Iz?
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People are going to be laughing at you for the rest of your life.
 
messy said:
You didn’t answer the question. Have you sold an asset, paying a much lower tax rate on that income than the income you earn from working?
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Why would they both be “ordinary” income if you paid less taxes on non wage income?
 
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Bruddah IZ said:
Why would they both be “ordinary” income if you paid less taxes on non wage income?
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Because money earned from the sale of a capital asset, like stock or a house (provided you have held them for a year so it’s “long-term”), is called “capital gains” revenue and is taxed at about half of the rate at which your paycheck is taxed. The tax system favors capital over labor and the government wants less of the money you made from selling stock (or your house) than the money you earn at your job.
 
messy said:
Unfortunately, I work for most of my income, so I pay ordinary income tax rates on it. Income-producing asset income is also ordinary income, like rental income and tax dividends. It’s when you sell the asset that you get the much lower taxes. Has that ever happened to you, Iz?
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Or you can roll it over into a like asset and pay no taxes (for the moment, at least).
 
messy said:
Thanks! #5 basically was a “yes” to my question.
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One point that should not be missed is that one can purchase stock assets by paying only a portion of the price, the remainder being in the form of a loan from a bank or brokerage account, secured by the stock itself, obviously parallel to the method often used to purchase a principal residence asset.
 
espola said:
One point that should not be missed is that one can purchase stock assets by paying only a portion of the price, the remainder being in the form of a loan from a bank or brokerage account, secured by the stock itself, obviously parallel to the method often used to purchase a principal residence asset.
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Now,you're way over Izzy's head. I think maybe he's never sold an asset...
 
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