The U.S. Already Soaks the Rich

8,322 Views | 86 Replies | Last: 1 yr ago by concordtom
Unit2Sucks
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calbear93 said:

Unit2Sucks said:

calbear93 said:

Unit2Sucks said:

calbear93 said:

Unit2Sucks said:

tequila4kapp said:

Interesting stuff. It is my opinion that Clinton and JFK couldn't get elected in today's D party - they are effectively establishment Republicans.

In any case, Clinton's economic record coincided with the invention / start of the internet. Massive amounts of growth and innovation came with that. Maybe that doesn't happen without his underlying policies?? Maybe he was the beneficiary of some very lucky timing??
I don't know about JFK, that was too long ago, but you are on another planet if you think "establishment" republicans are anything like Clinton.

First - it needs to be said that every politician is a product of their era. We live in a different world than we did 30 years ago. The Overton Window has shifted on numerous topics. Clinton is very much aligned with today's democratic party. Disingenuous people like to bring up Don't Ask Don't Tell as if it was some sort of deeply held belief by Clinton to limit gay rights. It was a radical notion back then and a pivotal movement in civil rights history. It was opposed by the GOP and even many democrats who weren't ready.

What exactly do you think "establishment" even means for the GOP? Are you ignoring the base and all GOP elected officials to construct some sort of sane utopian version of the party or are you talking about the party as it actually is? If someone like Clinton showed up to the GOP today he would be labeled a RINO. The closest thing to an "establishment" in the GOP is whatever Trump believes at any given time. He's the only person that matters and any attempt to define the GOP that ignores his total influence and control is foolish. The only thing preventing us from passing certain legislation right now (like immigration and Ukraine aid) is Donald Trump stopping it.
I will say this. I view myself as an establishment Republican with conservative views on economy, budget, rule of law, crime and safety, etc. I don't view myself as a current day Republican where I view their isolationist, nationalistic politics more focused on fighting divisive social wars than governing and building a future for the next generation as more akin to the southern populist Democrats from 5 or 6 decades ago.

And as an establishment Republican, I agreed quite often with Clinton. Not so much Biden anymore. The only reason I will vote for Biden is because of Trump. That's it. If Clinton ran again, I would vote for him in a heartbeat.
If Clinton were allowed to be President again, he would probably be to the left of Biden. I think he would be painted as a pinko commy liberal coming for your guns and bringing socialism.

And I guess maybe it's just semantics but what "establishment" do you represent? Certainly not the mainstream GOP. I guess you could represent a theoretical sane GOP that stands for stuff that the GOP used to stand for in theory but not really in practice. I would argue that in practice the GOP's only consistent policy priorities over the past few decades were lowering taxes on the wealthy and conservative social values. The GOP never made our government smaller or reduced our deficit. It has consistently failed to deliver promised results for the American people apart from lower taxes and expansion of certain individual liberties (mostly guns) while curtailing others (abortion, etc.).
I don't know why your facts differ so much from my recollection of facts. How is a President who agreed to put in a work requirement for welfare, cut benefits, etc. left of Biden?

As far as establishment, I don't think it is a term that I came up with. It is commonly understood as the governing, compromising group of Republicans as opposed to disruptive, anti-establishment no-compromise segment like the Tea Party and now the Freedom Caucus. It just happens that the anti-establishment, even when having control of the party, cannot govern because how do you stay anti-establishment when you choose to participate in an organization that is by its nature and core intended to govern? If you are still confused, there is this called Google that may help you understand what is commonly understood when people refer to establishment Republican as opposed to anti-establishment Republicans.

You are generally a smart person, but then when you describe the Republican party, your emotions take over your brain and you present things in a tilted manner no different than someone who argues that Democrats are all about socialism and woke politics. No, neither is correct. For example, I was for lowering corporate taxes, because unlike some who promote it based on rhetoric, I actually practiced M&A and knew of all of the corporate inversions, with countries otherwise known for high taxes like France and Germany and of course Ireland had such lower corporate tax. It was such a disadvantage that we had to use leverage to even have EU agree to a minimal tax that is still lower than our current corporate tax. I know of a few potential inversions even beyond Pfizer before TCJA.

And the whole concept of wealth tax is not even a practical consideration. So, saying that Republicans just want to lower taxes when they are often OK with it when coupled with lower entitlements. Just like it is not accurate to say all Democrats just want to spend, spend, spend, and then spend some more and solve everything through tax and spend and bigger government. That wouldn't describe you, would it? Now if someone said that was what Democrats represented, would you think they were smart?

While I think we need to raise taxes for everyone else, I don't buy into this fallacy that someone richer than me has to pay more. Why them and not me or you? And we should tax to reduce the deficit while also reforming entitlements that use up almost all of our revenues and comprise of most of our budget. WE talk of military or discretionary, but it's entitlements that cause 70-80% of our deficit. And adding more entitlements is not the solution just like cutting taxes is not.


Quite simple, that was the mid 90's and it was a completely different environment.

Let me ask you an easy question - was BIden to the left or right of Clinton in the 90's? I think we will both agree that Biden was to the right. One of the consistent points of attack from the right on Biden is that he used to be conservative (lol, they attack him for previously sharing their positions). The difference is that Biden's views have evolved along with the rest of our country. There is no reason to believe that Clinton's "solutions" or policies which he felt were the best for our country in the mid-90's would be the same today.

As to the latter part of your message, saying the GOP is "for" certain things is a bit too glib for me. The GOP had control of both houses of congress under Trump and mad no attempts to reduce the size of the government. They reduced taxes and increased our deficit. They talked about repealing and replacing ACA but never even came close to starting a plan. They talked about infrastructure week but never did anything. They pay lip service to entitlements but have no plans. At some point you have to look at their actions.

And, I think you know this, but you and I aren't that different when it comes to taxing and spending. I think we spend too much. I agree we can't just arbitrarily raise taxes and hope for the best. I agree the wealth tax is problematic for any number of reasons. I just don't think the GOP is in any position to govern responsibly so the democrats are our only chance to move forward responsibly.
When Trump was a liberal in the mid 90s. People change. Biden has changed. I wasn't referring to Clinton as a politician he may have had to become to win an election now. I was referring to the president he was in the mid 90s. That is the type of president I would support and is closer to the establishment Republican who want to solve problems within the establishment and through compromise despite disagreement with the other side. How do you go from me saying I liked Clinton when he was president to Clinton is left of Biden NOW?

I think you are so set in your argument that no matter what I write about what establishment Republicans mean, you will just skip past it and then refer to anti-establishment Republicans as why I am wrong about establishment Republicans. During Obama, there was a small faction of Tea Party (and not Freedom Caucus) that made it impossible for establishment Republicans to govern. And the Republicans couldn't get anything done because of anti-establishment Republicans (other than McCain - an establishment Republican - cratering the attempt to remove ACA without a replacement). I mention that anti-establishment Republicans cannot govern because they are against establishment, and then you refer to the period when anti-establishment Republicans drove the agenda? Not sure why you keep asking about establishment Republicans and then ignore the discussion to address anti-establishment Republicans as establishment Republicans.

I agree on Republicans not being the answer as long as the Republicans cater to Trump and to the anti-establishment sector of the party.

Sure, if your point was that you would like to have someone who pursues the policies enacted under Clinton, then that's something I can understand.

It's like when people try to compare athletes across eras. I think if Michael Jordan were in his prime right now he would be a ridiculous 3 point shooter with a completely different game than he had in the 80's and 90's. I don't think it makes sense when people say that MJ wouldn't be dominant in this era, and they assume that he would play exactly the way he played back then. Just like players adapt to the rules of the game and style of play, politicians are products of their environment, the state of the institutions they serve, and society's general support of and readiness for certain policies.

The reason I harp on "establishment" Republicans is because I think people are using it as a way of handwaving away what has actually happened which is that the "establishment" either no longer exists or has been replaced by the MAGAts. Apart from tax cuts and approving SCOTUS nominations, establishment Mitch got nothing done during the Trump era. I agree with you that the legacy establishment was a thing and that there are reasonable people like you and t4k who still support that type of movement.
dajo9
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A couple of things -

Since 1984 the S&P 500 is up about 3,100% so congratulations to everybody with skin in the game.

In 1997, establishment Republicans in the House wanted a tax cut that gave 19% to the top 1%. The Clinton plan wanted to give 3% to the top 1%.
https://www.cbpp.org/sites/default/files/archive/clinttax.htm

The far left hates Bill Clinton. Just like they hate Joe Biden. The only people that hated Bill Clinton more than today's far left are the 1990s establishment Republicans.

Bill Clinton's $1M estate tax threshold is lower than Democrats are asking for today.

Democrats still support Bill Clinton's welfare reform.

The capital gains tax cut is the only thing listed in this thread that this Democrat did and does oppose. But big laughs to anybody who tries to argue this 1998 tax cut worth a few billion dollars was a driver of the Clinton economy.
DiabloWags
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dajo9 said:

Bill Clinton's $1M estate tax threshold is lower than Democrats are asking for .


Funny.
"Cults don't end well. They really don't."
dajo9
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DiabloWags said:

dajo9 said:

Bill Clinton's $1M estate tax threshold is lower than Democrats are asking for .


Funny.



Even Bernie Sanders recently proposed $3.5 million. Far more lenient than Bill Clinton.
concordtom
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How Many Millionaires Are There in America? (Latest US Statistics)

https://dqydj.com/millionaires-in-america/

This website is a blog by a couple of writers. DQYDJ: Don't quit your day job.

These household wealth estimates include primary residence.

millionaire households in US:

23,684,985, or roughly 18.04% of all households.

Two millionaire net worth households:

12,673,760
9.65% of all US Households.

3M

8,047,570
6.13%

$4M
6,257,0056
4.77%

$5M
4,813,281
3.679%

$10M

Around 2,132,856 households
1.62%

the one percent starts a bit higher, at $13,666,778.


How Many Americans Have More than $50,000,000 or $100,000,000 in Net Worth?

There are somewhere around 185,000 households with $50,000,000 or more in net worth. With $100,000,000? Somewhere around 64,440. That's somewhere around .14% and .05% of the country, respectively.
concordtom
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dajo9 said:

DiabloWags said:

dajo9 said:

Bill Clinton's $1M estate tax threshold is lower than Democrats are asking for .


Funny.



Even Bernie Sanders recently proposed $3.5 million. Far more lenient than Bill Clinton.


Funny, I was going to say it shouldn't start below $10M !!
But I was curious how many that would impact. And my estimate places it roughly at the top 1%.

I'll bet those with $10M do not believe they are in the top 1%. Well, $13M
dajo9
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concordtom said:

dajo9 said:

DiabloWags said:

dajo9 said:

Bill Clinton's $1M estate tax threshold is lower than Democrats are asking for .


Funny.



Even Bernie Sanders recently proposed $3.5 million. Far more lenient than Bill Clinton.


Funny, I was going to say it shouldn't start below $10M !!
But I was curious how many that would impact. And my estimate places it roughly at the top 1%.

I'll be those with $10M do not believe they are in the top 1%. Well, $13M
$10M sounds reasonable to this Democrat. I could see going down to $5M also.
DiabloWags
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concordtom said:

dajo9 said:

DiabloWags said:

dajo9 said:

Bill Clinton's $1M estate tax threshold is lower than Democrats are asking for .


Funny.



Even Bernie Sanders recently proposed $3.5 million. Far more lenient than Bill Clinton.


Funny, I was going to say it shouldn't start below $10M !!
But I was curious how many that would impact. And my estimate places it roughly at the top 1%.

I'll bet those with $10M do not believe they are in the top 1%. Well, $13M

For some perspective.
According to the Schwab 2023 Modern Wealth Survey:

The Top 1% Net Worth in the U.S. in 2022 was $10.8 million

The Top 2% had a net worth of $2.47 million

The Top 5% had a net worth of $1.00 million

The Top 10% had a net worth of $855,000

The Top 50% had a net worth of $522,000

Note: The average net worth for all U.S. households in 2022 according to the FRB Survey of Consumer Finances: $1.06 million.

The TCJA sunsets at the end of 2025 if Congress does nothing.
The estate tax exemption would revert back to its previous number of $5.6 million (pre-2017).
With inflation being taken into account, that means the new threshold is around $7 million.
It's currently at $13.6 million for 2024.







"Cults don't end well. They really don't."
tequila4kapp
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DiabloWags said:


For some perspective.
According to the Schwab 2023 Modern Wealth Survey:

The Top 1% Net Worth in the U.S. in 2022 was $10.8 million

The Top 2% had a net worth of $2.47 million

The Top 5% had a net worth of $1.00 million

The Top 10% had a net worth of $855,000

The Top 50% had a net worth of $522,000

Note: The average net worth for all U.S. households in 2022 according to the FRB Survey of Consumer Finances: $1.06 million.

The TCJA sunsets at the end of 2025 if Congress does nothing.
The estate tax exemption would revert back to its previous number of $5.6 million (pre-2017).
With inflation being taken into account, that means the new threshold is around $7 million.
It's currently at $13.6 million for 2024.
And yet something like 65% of people cannot stroke a $500 check to cover an emergency and the average credit card debt as of Q3 2023 was $6500. Something doesn't add up.
DiabloWags
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tequila4kapp said:

DiabloWags said:


And yet something like 65% of people cannot stroke a $500 check to cover an emergency and the average credit card debt as of Q3 2023 was $6500. Something doesn't add up.

Keep in mind that the average household net worth of $1.06 million is simply an AVERAGE.
The median net worth was $192,900, a +37% increase from 2019 - 2022.

Median = Middle

Net worth surged 37% in pandemic era for typical family, Fed finds (cnbc.com)

Credit card debt:

Average Credit Card Debt Study 2023 Forbes Advisor

"Cults don't end well. They really don't."
Unit2Sucks
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tequila4kapp said:

DiabloWags said:


For some perspective.
According to the Schwab 2023 Modern Wealth Survey:

The Top 1% Net Worth in the U.S. in 2022 was $10.8 million

The Top 2% had a net worth of $2.47 million

The Top 5% had a net worth of $1.00 million

The Top 10% had a net worth of $855,000

The Top 50% had a net worth of $522,000

Note: The average net worth for all U.S. households in 2022 according to the FRB Survey of Consumer Finances: $1.06 million.

The TCJA sunsets at the end of 2025 if Congress does nothing.
The estate tax exemption would revert back to its previous number of $5.6 million (pre-2017).
With inflation being taken into account, that means the new threshold is around $7 million.
It's currently at $13.6 million for 2024.
And yet something like 65% of people cannot stroke a $500 check to cover an emergency and the average credit card debt as of Q3 2023 was $6500. Something doesn't add up.

Vast majority of people (even some "affluent" people) are terrible with personal finance. You would be surprised how many "wealthy" people I've come across in my professional life who don't have the liquidity necessary to exercise 5 figures worth of stock options, even where there would be significant tax benefits to doing so.

And then you look at the debt that people are willing to take on.



dajo9
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That tiktok video made me laugh. I enjoyed it so much I watched it twice.
Lets Go Brandon 14
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Unit2Sucks said:

tequila4kapp said:

DiabloWags said:


For some perspective.
According to the Schwab 2023 Modern Wealth Survey:

The Top 1% Net Worth in the U.S. in 2022 was $10.8 million

The Top 2% had a net worth of $2.47 million

The Top 5% had a net worth of $1.00 million

The Top 10% had a net worth of $855,000

The Top 50% had a net worth of $522,000

Note: The average net worth for all U.S. households in 2022 according to the FRB Survey of Consumer Finances: $1.06 million.

The TCJA sunsets at the end of 2025 if Congress does nothing.
The estate tax exemption would revert back to its previous number of $5.6 million (pre-2017).
With inflation being taken into account, that means the new threshold is around $7 million.
It's currently at $13.6 million for 2024.
And yet something like 65% of people cannot stroke a $500 check to cover an emergency and the average credit card debt as of Q3 2023 was $6500. Something doesn't add up.

Vast majority of people (even some "affluent" people) are terrible with personal finance. You would be surprised how many "wealthy" people I've come across in my professional life who don't have the liquidity necessary to exercise 5 figures worth of stock options, even where there would be significant tax benefits to doing so.

And then you look at the debt that people are willing to take on.



That lady might be too stupid to be real, but I bet even she knows Ukraine lost the war to Russia and that Israel is committing a genocide in Gaza.

https://media.tenor.com/uARaKFpSkaMAAAAC/anger-management-jack-nicholson.gif
concordtom
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Watch this segment about A.I., consider the increasing wealth concentration that will result, and then let me know what you think about wealth tax and/or society structure in the future.

I'm not trying to bash anyone here. This field is wide open for discussion.

I personally believe that mankind should for the most part employ as many robots as possible. It frees us up for new work and creativity. This is, economically, another Productivity Gain tool! Wealth is always created via Productivity Gains!

But it definitely raises the questions of who earns the newly generated wealth? What do the displaced workers transition to, and how long will that take?
What are the societal ramifications for the obviously predicable increased wealth concentration?

Glad to hear all your thoughts.

AI portion, in earnest, begins about 3:40 in.
DiabloWags
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Here are your answers:

The Potentially Large Effects of Artificial Intelligence on Economic Growth (Briggs/Kodnani) (gspublishing.com)
"Cults don't end well. They really don't."
concordtom
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DiabloWags said:

Here are your answers:

The Potentially Large Effects of Artificial Intelligence on Economic Growth (Briggs/Kodnani) (gspublishing.com)



Sorry. But that's a weak response.

You failed to provide your opinion in response to my questions.
Second, so did the article.

The article did agree with me that we expect productivity gains. I didn't need to skim that to think so.
The article did not address who gets those productivity gains and what impact that will have on society.

As to displaced workers:

Exhibit 11: Historically, Worker Displacement from Automation Was Roughly Offset by Creation of New Roles/Tasks Prior to 1980, but Displacement Has Created a Net Drag on Labor Demand More Recently


Which kinda also affirms my point. Or, Jon Stewart's, rather.

Next time, a more thoughtful response is appreciated. But no matter, it's merely a chat board. Type whatever you like.
Peace.
calbear93
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concordtom said:

Watch this segment about A.I., consider the increasing wealth concentration that will result, and then let me know what you think about wealth tax and/or society structure in the future.

I'm not trying to bash anyone here. This field is wide open for discussion.

I personally believe that mankind should for the most part employ as many robots as possible. It frees us up for new work and creativity. This is, economically, another Productivity Gain tool! Wealth is always created via Productivity Gains!

But it definitely raises the questions of who earns the newly generated wealth? What do the displaced workers transition to, and how long will that take?
What are the societal ramifications for the obviously predicable increased wealth concentration?

Glad to hear all your thoughts.

AI portion, in earnest, begins about 3:40 in.

I went to a private meeting with a group of investors back in 2018 to meet with some of the thought leaders in Silicon Valley. We were really focused on upcoming technology that will disrupt existing businesses and processes.

One of the leaders who met with us was this journalist / visionary who talked to us about the potential dystopian society AI and automation may create. I think I wrote about that here about 5 or 6 years ago to suggest that all this back and forth about tax rates, etc. were immature thinking by people who are not aware of the potential disruption and hardship as well as comfort AI and machine learning as well as automation can create.

I view automation as threat to blue collar workers and AI and machine learning as a threat to white collar workers.

Here is what I told one of my kid's friend when he asked about what he should be thinking from AI - it is not as broadly adopted as every says it is, but it is even more disruptive. The improvements are accelerating at an unbelievable pace that there is really no status quo. Anyone who has a lead at this stage will be easily displaced in a year. So, the only way to think of AI is to embrace it. What are the processes that will make your job obsolete? Find it first and embrace it because if you don't, your employer will. And incorporate into your daily process. Due diligence? Start with AI. That summary of a 300 page regulation? Feed it to AI. But it requires people review because of potential hallucination and because of AI's desire to please (you can use emotion in GPT to get it to provide a better answer by writing things like, can you provide a better answer because my job depends on it - it will take a nanosecond longer and improve its response). It may sometimes make up a response because it thinks that is what you want it to do. But find what can be simplified. That memo that will take you three hours? That coding that will take 8 hours? AI can do it in seconds. So find the new innovation and new process that AI will now enable you to take on by freeing up your time. If you don't do that proactively, you will just be made obsolete by AI. You want translation? AI can do it. You want a video of you in your voice speaking in another language to translate what you wrote in English? AI can do that now. Find what AI cannot do. That will mean there will be leaders / winners and laggards / losers. AI enablers, whether chip maker that makes the intense computing possible, AI developers, data scientists, etc. will be the winners. But everyone has the same opportunity right now. No point in complaining later when you chose intentionally not to take the time and effort to figure our how to embrace it and rise at the top from it.

Automation will make manual labor less desirable.

At the end of the day, we will need to figure out what minimum support we will need to provide to people who chose to ignore the progress and was made obsolete or who were not able to keep up. Don't complain about those who accumulate wealth from this next great innovation and then demand we take their wealth away out of envy. Instead, decide to grab this opportunity to learn more about it, experiment with AI (ChatGPT 3.5 is free even if inferior), and progress.
DiabloWags
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concordtom said:

DiabloWags said:

Here are your answers:

The Potentially Large Effects of Artificial Intelligence on Economic Growth (Briggs/Kodnani) (gspublishing.com)



Sorry. But that's a weak response.

You failed to provide your opinion in response to my questions.

Next time, a more thoughtful response is appreciated. But no matter, it's merely a chat board. Type whatever you like.
Peace.


Sorry, but I just don't have the time.
Besides, it hijacks the thread regarding taxation.
You should have started your own thread.
"Cults don't end well. They really don't."
dajo9
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concordtom said:

Watch this segment about A.I., consider the increasing wealth concentration that will result, and then let me know what you think about wealth tax and/or society structure in the future.

I'm not trying to bash anyone here. This field is wide open for discussion.

I personally believe that mankind should for the most part employ as many robots as possible. It frees us up for new work and creativity. This is, economically, another Productivity Gain tool! Wealth is always created via Productivity Gains!

But it definitely raises the questions of who earns the newly generated wealth? What do the displaced workers transition to, and how long will that take?
What are the societal ramifications for the obviously predicable increased wealth concentration?

Glad to hear all your thoughts.

AI portion, in earnest, begins about 3:40 in.



John Stewart's interview with Lina Khan of the FTC was great. She is a great advocate for restoring some gumption back into our anti-trust laws.
cbbass1
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DiabloWags said:


Another Thatcher classic:
Quote:

"And, you know, there's no such thing as society. There are individual men and women and there are families. And no government can do anything except through people, and people must look after themselves first. It is our duty to look after ourselves and then, also, to look after our neighbours."
Maggie Thatcher, in an interview in Women's Own in 1987




concordtom
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DiabloWags said:

concordtom said:

DiabloWags said:

Here are your answers:

The Potentially Large Effects of Artificial Intelligence on Economic Growth (Briggs/Kodnani) (gspublishing.com)



Sorry. But that's a weak response.

You failed to provide your opinion in response to my questions.

Next time, a more thoughtful response is appreciated. But no matter, it's merely a chat board. Type whatever you like.
Peace.


Sorry, but I just don't have the time.
Besides, it hijacks the thread regarding taxation.
You should have started your own thread.



Hardly!
Taxation is about pooling societal resources to pay for things that be evita the whole of society.
Progressive taxation policies are about leveling the playing field so that we don't end up with a caste system, but that a meritocracy may exist.
I have introduced the posit that AI will increase wealth mainly for a select class of Americans and therefore questioned whether tax policy should be considered.

I'm guessing you made some short term trading profits but just wanted to rant about your coming tax bill, and not really interested in the myriad branches of the subject you raised.

Good luck.
concordtom
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cbbass1 said:

DiabloWags said:


Another Thatcher classic:
Quote:

"And, you know, there's no such thing as society. There are individual men and women and there are families. And no government can do anything except through people, and people must look after themselves first. It is our duty to look after ourselves and then, also, to look after our neighbours."
Maggie Thatcher, in an interview in Women's Own in 1987





I'm too young and too not-British to have had an understanding of her politics when she was around. But I'm thinking I wouldn't have liked her much.
calbear93
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concordtom said:

DiabloWags said:

concordtom said:

DiabloWags said:

Here are your answers:

The Potentially Large Effects of Artificial Intelligence on Economic Growth (Briggs/Kodnani) (gspublishing.com)



Sorry. But that's a weak response.

You failed to provide your opinion in response to my questions.

Next time, a more thoughtful response is appreciated. But no matter, it's merely a chat board. Type whatever you like.
Peace.


Sorry, but I just don't have the time.
Besides, it hijacks the thread regarding taxation.
You should have started your own thread.



Hardly!
Taxation is about pooling societal resources to pay for things that be evita the whole of society.
Progressive taxation policies are about leveling the playing field so that we don't end up with a caste system, but that a meritocracy may exist.
I have introduced the posit that AI will increase wealth mainly for a select class of Americans and therefore questioned whether tax policy should be considered.

I'm guessing you made some short term trading profits but just wanted to rant about your coming tax bill, and not really interested in the myriad branches of the subject you raised.

Good luck.


How much of this bridging of inequality starts with you? What will you do before being forced into it to help those who are displaced? Like most things, we have become a society of expecting things to do be done by just complaining about it. And like most things, the real good comes from one looking within oneself to help in real life and not waiting for someone to force them to act.

Not a criticism. If people could spend one hour they spend here to volunteer at a shelter, you will be able to make a real and not theoretical difference for at least one person. Or donate part of your wealth to relief centers locally or efforts in Gaza or Ukraine. Much more good than what we do here.

Come back to us and let us know so you can lead by experience.
dajo9
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For me personally, if the more dystopian views of AI come to fruition, I won't have time to volunteer. I'll be too busy working with others to seize the means of production.
concordtom
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calbear93 said:

concordtom said:

DiabloWags said:

concordtom said:

DiabloWags said:

Here are your answers:

The Potentially Large Effects of Artificial Intelligence on Economic Growth (Briggs/Kodnani) (gspublishing.com)



Sorry. But that's a weak response.

You failed to provide your opinion in response to my questions.

Next time, a more thoughtful response is appreciated. But no matter, it's merely a chat board. Type whatever you like.
Peace.


Sorry, but I just don't have the time.
Besides, it hijacks the thread regarding taxation.
You should have started your own thread.



Hardly!
Taxation is about pooling societal resources to pay for things that be evita the whole of society.
Progressive taxation policies are about leveling the playing field so that we don't end up with a caste system, but that a meritocracy may exist.
I have introduced the posit that AI will increase wealth mainly for a select class of Americans and therefore questioned whether tax policy should be considered.

I'm guessing you made some short term trading profits but just wanted to rant about your coming tax bill, and not really interested in the myriad branches of the subject you raised.

Good luck.


How much of this bridging of inequality starts with you? What will you do before being forced into it to help those who are displaced? Like most things, we have become a society of expecting things to do be done by just complaining about it. And like most things, the real good comes from one looking within oneself to help in real life and not waiting for someone to force them to act.

Not a criticism. If people could spend one hour they spend here to volunteer at a shelter, you will be able to make a real and not theoretical difference for at least one person. Or donate part of your wealth to relief centers locally or efforts in Gaza or Ukraine. Much more good than what we do here.

Come back to us and let us know so you can lead by experience.


the fact that you have pointed fingers to a theoretical question about how to create a more ideal society shows defensiveness and tells me you come from wealth.

I'm an associate of a foundation that gives away hundreds of thousands annually.

That said, your point about volunteering as well as the high minded checks is well taken.

Now then, back to the question:

Does AI increase societal wealth?
Yes. Increased per capita productivity is wealth creation.

Does AI lead to increased concentration of wealth?
I believe so.

Is society better off when there is a large concentration of wealth, a large disparity?
I have written in other threads about how if we subtract the mentally ill destitute from our very bottom (because there's little helping these psychologically malfunctioning people) our bottom 10% (say, of the workforce) have a better standard of living today than the richest 10% did 200 years ago.
*Indoor plumbing
*HVAC
*Transportation
*Groceries, Merchandise markets
*Communications
*all things digital
So, in this sense, technology gains impacts everyone positively, and who should care if Mister Miser over there has 100 billion of the gains when the littlest guy is better off than before.

And yet, we know that crime and political turmoil occur when people FEEL that things are unfair and they aren't getting their share.

These are philosophical questions, 93.
But I understand, defensiveness and personal attacks are common.

…Ah! This is the type of stimulating response I was looking for!!!



The conclusion is that more people feel happier if there is wealth redistribution. It's at the end if you watch it.

So, what does anyone here think about that?
calbear93
How long do you want to ignore this user?
Unit2Sucks said:

tequila4kapp said:

DiabloWags said:


For some perspective.
According to the Schwab 2023 Modern Wealth Survey:

The Top 1% Net Worth in the U.S. in 2022 was $10.8 million

The Top 2% had a net worth of $2.47 million

The Top 5% had a net worth of $1.00 million

The Top 10% had a net worth of $855,000

The Top 50% had a net worth of $522,000

Note: The average net worth for all U.S. households in 2022 according to the FRB Survey of Consumer Finances: $1.06 million.

The TCJA sunsets at the end of 2025 if Congress does nothing.
The estate tax exemption would revert back to its previous number of $5.6 million (pre-2017).
With inflation being taken into account, that means the new threshold is around $7 million.
It's currently at $13.6 million for 2024.
And yet something like 65% of people cannot stroke a $500 check to cover an emergency and the average credit card debt as of Q3 2023 was $6500. Something doesn't add up.

Vast majority of people (even some "affluent" people) are terrible with personal finance. You would be surprised how many "wealthy" people I've come across in my professional life who don't have the liquidity necessary to exercise 5 figures worth of stock options, even where there would be significant tax benefits to doing so.

And then you look at the debt that people are willing to take on.




Just my personal experience from someone who came from, while a loving, two parent family, lower middle class environment and grew my wealth:

  • Always budget and be conservative in budgeting.
  • Always live significantly below your means. If where you live is too expensive, move to a different state. I know it's painful, but everything is a tradeoff. Don't spend a lot of money on depreciating assets. Even as a partner, I always bought used cars and paid cash instead of paying interest on a depreciating asset. Even as a GC, my CEO boss would make fun of my frugal decision to drive an old car, always reminding me that he knows how much I make.
  • Save early and consistently. And diversify and invest, with overweight on equities early in your career.
  • Always bet on yourself. Don't expect something from anyone else because they are not obligated to look out for you. Invest in your career. Have a long-term plan on where you want to be, network, talk to people, and make an impact on every project (even one you think is below you) so that everyone only has great things to say about you when it comes to succession planning or referrals when they see an opening for an executive or board role. Any work experience, any network you made, any champion / mentor you get from going the extra mile is an investment for you and not just for the heartless employer.
  • Avoid debt like the plague other than mortgage. If you need to borrow money to buy things, go back to step one.
  • Always have a rainy day fund. If you don't know how, go back to step one.
  • Never compare yourself to others. Envy and lack of self confidence leads to bad financial decisions.
  • Don't be short term greedy. Be long-term greedy, always asking if what you are doing is building in that investment in you.

These are basic common sense that more parents need to teach their kids.

Nothing special about what I did. Nothing special about my family. Nothing special about me. Was not some genius, trust fund baby, freak athlete, or innovator. The only thing I had more than average was discipline, curiosity, comfort with collaboration, and need to add value in every project, no matter how menial. Went to a public university as a Regent's Scholar, still worked in college, and invested in myself whenever there was a choice between having fun and studying.

Never invented anything. Worked like a dog mostly in law firms forced to pull all-nighters by the partners and clients, made great connections through hard work with clients and colleagues, and was in corporate until a friend asked me to join his hedge fund. I don't envy the billionaires who took risks that I didn't, had innovation and drive that I didn't, and added value to society that I didn't. I also know that the wealth I built could have been built by almost anyone else. I know so many people who had more resources growing up, who had more natural potential than I did, and who had much longer runway who wasted all that because they couldn't think long-term over short-term.
concordtom
How long do you want to ignore this user?
dajo9 said:

For me personally, if the more dystopian views of AI come to fruition, I won't have time to volunteer. I'll be too busy working with others to seize the means of production.


Insert that graphic I mentioned elsewhere where a squad of robots laser blast you, hahaha.
calbear93
How long do you want to ignore this user?
concordtom said:

calbear93 said:

concordtom said:

DiabloWags said:

concordtom said:

DiabloWags said:

Here are your answers:

The Potentially Large Effects of Artificial Intelligence on Economic Growth (Briggs/Kodnani) (gspublishing.com)



Sorry. But that's a weak response.

You failed to provide your opinion in response to my questions.

Next time, a more thoughtful response is appreciated. But no matter, it's merely a chat board. Type whatever you like.
Peace.


Sorry, but I just don't have the time.
Besides, it hijacks the thread regarding taxation.
You should have started your own thread.



Hardly!
Taxation is about pooling societal resources to pay for things that be evita the whole of society.
Progressive taxation policies are about leveling the playing field so that we don't end up with a caste system, but that a meritocracy may exist.
I have introduced the posit that AI will increase wealth mainly for a select class of Americans and therefore questioned whether tax policy should be considered.

I'm guessing you made some short term trading profits but just wanted to rant about your coming tax bill, and not really interested in the myriad branches of the subject you raised.

Good luck.


How much of this bridging of inequality starts with you? What will you do before being forced into it to help those who are displaced? Like most things, we have become a society of expecting things to do be done by just complaining about it. And like most things, the real good comes from one looking within oneself to help in real life and not waiting for someone to force them to act.

Not a criticism. If people could spend one hour they spend here to volunteer at a shelter, you will be able to make a real and not theoretical difference for at least one person. Or donate part of your wealth to relief centers locally or efforts in Gaza or Ukraine. Much more good than what we do here.

Come back to us and let us know so you can lead by experience.


the fact that you have pointed fingers to a theoretical question about how to create a more ideal society shows defensiveness and tells me you come from wealth.

I'm an associate of a foundation that gives away hundreds of thousands annually.

That said, your point about volunteering as well as the high minded checks is well taken.

Now then, back to the question:

Does AI increase societal wealth?
Yes. Increased per capita productivity is wealth creation.

Does AI lead to increased concentration of wealth?
I believe so.

Is society better off when there is a large concentration of wealth, a large disparity?
I have written in other threads about how if we subtract the mentally ill destitute from our very bottom (because there's little helping these psychologically malfunctioning people) our bottom 10% (say, of the workforce) have a better standard of living today than the richest 10% did 200 years ago.
*Indoor plumbing
*HVAC
*Transportation
*Groceries, Merchandise markets
*Communications
*all things digital
So, in this sense, technology gains impacts everyone positively, and who should care if Mister Miser over there has 100 billion of the gains when the littlest guy is better off than before.

And yet, we know that crime and political turmoil occur when people FEEL that things are unfair and they aren't getting their share.

These are philosophical questions, 93.
But I understand, defensiveness and personal attacks are common.

…Ah! This is the type of stimulating response I was looking for!!!



The conclusion is that more people feel happier if there is wealth redistribution. It's at the end if you watch it.

So, what does anyone here think about that?
I gave you a detail description of the discussion I had with thought leaders from SV, and you ignored it and moved on to irrelevant class war discussion. So, if all you want is a class war discussion and, despite your veneer, don't really care about AI, then do something in your personal life.

Otherwise, you provided no response to me mistakenly taken you seriously about AI and the dystopian society.

If you want to be taken seriously, have a serious discussion. Be a fountain of ideas, and not a drain
concordtom
How long do you want to ignore this user?
calbear93 said:

concordtom said:

calbear93 said:

concordtom said:

DiabloWags said:

concordtom said:

DiabloWags said:

Here are your answers:

The Potentially Large Effects of Artificial Intelligence on Economic Growth (Briggs/Kodnani) (gspublishing.com)



Sorry. But that's a weak response.

You failed to provide your opinion in response to my questions.

Next time, a more thoughtful response is appreciated. But no matter, it's merely a chat board. Type whatever you like.
Peace.


Sorry, but I just don't have the time.
Besides, it hijacks the thread regarding taxation.
You should have started your own thread.



Hardly!
Taxation is about pooling societal resources to pay for things that be evita the whole of society.
Progressive taxation policies are about leveling the playing field so that we don't end up with a caste system, but that a meritocracy may exist.
I have introduced the posit that AI will increase wealth mainly for a select class of Americans and therefore questioned whether tax policy should be considered.

I'm guessing you made some short term trading profits but just wanted to rant about your coming tax bill, and not really interested in the myriad branches of the subject you raised.

Good luck.


How much of this bridging of inequality starts with you? What will you do before being forced into it to help those who are displaced? Like most things, we have become a society of expecting things to do be done by just complaining about it. And like most things, the real good comes from one looking within oneself to help in real life and not waiting for someone to force them to act.

Not a criticism. If people could spend one hour they spend here to volunteer at a shelter, you will be able to make a real and not theoretical difference for at least one person. Or donate part of your wealth to relief centers locally or efforts in Gaza or Ukraine. Much more good than what we do here.

Come back to us and let us know so you can lead by experience.


the fact that you have pointed fingers to a theoretical question about how to create a more ideal society shows defensiveness and tells me you come from wealth.

I'm an associate of a foundation that gives away hundreds of thousands annually.

That said, your point about volunteering as well as the high minded checks is well taken.

Now then, back to the question:

Does AI increase societal wealth?
Yes. Increased per capita productivity is wealth creation.

Does AI lead to increased concentration of wealth?
I believe so.

Is society better off when there is a large concentration of wealth, a large disparity?
I have written in other threads about how if we subtract the mentally ill destitute from our very bottom (because there's little helping these psychologically malfunctioning people) our bottom 10% (say, of the workforce) have a better standard of living today than the richest 10% did 200 years ago.
*Indoor plumbing
*HVAC
*Transportation
*Groceries, Merchandise markets
*Communications
*all things digital
So, in this sense, technology gains impacts everyone positively, and who should care if Mister Miser over there has 100 billion of the gains when the littlest guy is better off than before.

And yet, we know that crime and political turmoil occur when people FEEL that things are unfair and they aren't getting their share.

These are philosophical questions, 93.
But I understand, defensiveness and personal attacks are common.

…Ah! This is the type of stimulating response I was looking for!!!



The conclusion is that more people feel happier if there is wealth redistribution. It's at the end if you watch it.

So, what does anyone here think about that?
I gave you a detail description of the discussion I had with thought leaders from SV, and you ignored it and moved on to irrelevant class war discussion. So, if all you want is a class war discussion and, despite your veneer, don't really care about AI, then do something in your personal life.

Otherwise, you provided no response to me mistakenly taken you seriously about AI and the dystopian society.

If you want to be taken seriously, have a serious discussion. Be a fountain of ideas, and not a drain


Ah yes, that was good. I even started it, didn't you see?
No, I suppose you could not tell.

Alas, this was a thread on taxation policy, and I was instructed by the thread's creator to stay on topic and not hijack the thread to a discussion specifically about AI.

I dare say, that's not very Christ like of you to be insulting me when I'm trying to have a serious thoughtful discussion about wealth inequality and taxation policy.

Come on, now, 93.
Now that you have sworn your allegiance to the anti-trump-vote-in-24 crowd, I want to be on your team.

In the battle between Heaven and Hell, there is only one true Satin.

Uh oh, am I thread hijacking again?
calbear93
How long do you want to ignore this user?
concordtom said:

calbear93 said:

concordtom said:

calbear93 said:

concordtom said:

DiabloWags said:

concordtom said:

DiabloWags said:

Here are your answers:

The Potentially Large Effects of Artificial Intelligence on Economic Growth (Briggs/Kodnani) (gspublishing.com)



Sorry. But that's a weak response.

You failed to provide your opinion in response to my questions.

Next time, a more thoughtful response is appreciated. But no matter, it's merely a chat board. Type whatever you like.
Peace.


Sorry, but I just don't have the time.
Besides, it hijacks the thread regarding taxation.
You should have started your own thread.



Hardly!
Taxation is about pooling societal resources to pay for things that be evita the whole of society.
Progressive taxation policies are about leveling the playing field so that we don't end up with a caste system, but that a meritocracy may exist.
I have introduced the posit that AI will increase wealth mainly for a select class of Americans and therefore questioned whether tax policy should be considered.

I'm guessing you made some short term trading profits but just wanted to rant about your coming tax bill, and not really interested in the myriad branches of the subject you raised.

Good luck.


How much of this bridging of inequality starts with you? What will you do before being forced into it to help those who are displaced? Like most things, we have become a society of expecting things to do be done by just complaining about it. And like most things, the real good comes from one looking within oneself to help in real life and not waiting for someone to force them to act.

Not a criticism. If people could spend one hour they spend here to volunteer at a shelter, you will be able to make a real and not theoretical difference for at least one person. Or donate part of your wealth to relief centers locally or efforts in Gaza or Ukraine. Much more good than what we do here.

Come back to us and let us know so you can lead by experience.


the fact that you have pointed fingers to a theoretical question about how to create a more ideal society shows defensiveness and tells me you come from wealth.

I'm an associate of a foundation that gives away hundreds of thousands annually.

That said, your point about volunteering as well as the high minded checks is well taken.

Now then, back to the question:

Does AI increase societal wealth?
Yes. Increased per capita productivity is wealth creation.

Does AI lead to increased concentration of wealth?
I believe so.

Is society better off when there is a large concentration of wealth, a large disparity?
I have written in other threads about how if we subtract the mentally ill destitute from our very bottom (because there's little helping these psychologically malfunctioning people) our bottom 10% (say, of the workforce) have a better standard of living today than the richest 10% did 200 years ago.
*Indoor plumbing
*HVAC
*Transportation
*Groceries, Merchandise markets
*Communications
*all things digital
So, in this sense, technology gains impacts everyone positively, and who should care if Mister Miser over there has 100 billion of the gains when the littlest guy is better off than before.

And yet, we know that crime and political turmoil occur when people FEEL that things are unfair and they aren't getting their share.

These are philosophical questions, 93.
But I understand, defensiveness and personal attacks are common.

…Ah! This is the type of stimulating response I was looking for!!!



The conclusion is that more people feel happier if there is wealth redistribution. It's at the end if you watch it.

So, what does anyone here think about that?
I gave you a detail description of the discussion I had with thought leaders from SV, and you ignored it and moved on to irrelevant class war discussion. So, if all you want is a class war discussion and, despite your veneer, don't really care about AI, then do something in your personal life.

Otherwise, you provided no response to me mistakenly taken you seriously about AI and the dystopian society.

If you want to be taken seriously, have a serious discussion. Be a fountain of ideas, and not a drain


Ah yes, that was good. I even started it, didn't you see?
No, I suppose you could not tell.

Alas, this was a thread on taxation policy, and I was instructed by the thread's creator to stay on topic and not hijack the thread to a discussion specifically about AI.

I dare say, that's not very Christ like of you to be insulting me when I'm trying to have a serious thoughtful discussion about wealth inequality and taxation policy.

Come on, now, 93.
Now that you have sworn your allegiance to the anti-trump-vote-in-24 crowd, I want to be on your team.

In the battle between Heaven and Hell, there is only one true Satin.

Uh oh, am I thread hijacking again?
As I mentioned, you are a drain, killing any serious conversation with your lack of curiosity and knowledge.

Carry on.
dajo9
How long do you want to ignore this user?
concordtom said:

calbear93 said:

concordtom said:

calbear93 said:

concordtom said:

DiabloWags said:

concordtom said:

DiabloWags said:

Here are your answers:

The Potentially Large Effects of Artificial Intelligence on Economic Growth (Briggs/Kodnani) (gspublishing.com)



Sorry. But that's a weak response.

You failed to provide your opinion in response to my questions.

Next time, a more thoughtful response is appreciated. But no matter, it's merely a chat board. Type whatever you like.
Peace.


Sorry, but I just don't have the time.
Besides, it hijacks the thread regarding taxation.
You should have started your own thread.



Hardly!
Taxation is about pooling societal resources to pay for things that be evita the whole of society.
Progressive taxation policies are about leveling the playing field so that we don't end up with a caste system, but that a meritocracy may exist.
I have introduced the posit that AI will increase wealth mainly for a select class of Americans and therefore questioned whether tax policy should be considered.

I'm guessing you made some short term trading profits but just wanted to rant about your coming tax bill, and not really interested in the myriad branches of the subject you raised.

Good luck.


How much of this bridging of inequality starts with you? What will you do before being forced into it to help those who are displaced? Like most things, we have become a society of expecting things to do be done by just complaining about it. And like most things, the real good comes from one looking within oneself to help in real life and not waiting for someone to force them to act.

Not a criticism. If people could spend one hour they spend here to volunteer at a shelter, you will be able to make a real and not theoretical difference for at least one person. Or donate part of your wealth to relief centers locally or efforts in Gaza or Ukraine. Much more good than what we do here.

Come back to us and let us know so you can lead by experience.


the fact that you have pointed fingers to a theoretical question about how to create a more ideal society shows defensiveness and tells me you come from wealth.

I'm an associate of a foundation that gives away hundreds of thousands annually.

That said, your point about volunteering as well as the high minded checks is well taken.

Now then, back to the question:

Does AI increase societal wealth?
Yes. Increased per capita productivity is wealth creation.

Does AI lead to increased concentration of wealth?
I believe so.

Is society better off when there is a large concentration of wealth, a large disparity?
I have written in other threads about how if we subtract the mentally ill destitute from our very bottom (because there's little helping these psychologically malfunctioning people) our bottom 10% (say, of the workforce) have a better standard of living today than the richest 10% did 200 years ago.
*Indoor plumbing
*HVAC
*Transportation
*Groceries, Merchandise markets
*Communications
*all things digital
So, in this sense, technology gains impacts everyone positively, and who should care if Mister Miser over there has 100 billion of the gains when the littlest guy is better off than before.

And yet, we know that crime and political turmoil occur when people FEEL that things are unfair and they aren't getting their share.

These are philosophical questions, 93.
But I understand, defensiveness and personal attacks are common.

…Ah! This is the type of stimulating response I was looking for!!!



The conclusion is that more people feel happier if there is wealth redistribution. It's at the end if you watch it.

So, what does anyone here think about that?
I gave you a detail description of the discussion I had with thought leaders from SV, and you ignored it and moved on to irrelevant class war discussion. So, if all you want is a class war discussion and, despite your veneer, don't really care about AI, then do something in your personal life.

Otherwise, you provided no response to me mistakenly taken you seriously about AI and the dystopian society.

If you want to be taken seriously, have a serious discussion. Be a fountain of ideas, and not a drain


Ah yes, that was good. I even started it, didn't you see?
No, I suppose you could not tell.

Alas, this was a thread on taxation policy, and I was instructed by the thread's creator to stay on topic and not hijack the thread to a discussion specifically about AI.

I dare say, that's not very Christ like of you to be insulting me when I'm trying to have a serious thoughtful discussion about wealth inequality and taxation policy.

Come on, now, 93.
Now that you have sworn your allegiance to the anti-trump-vote-in-24 crowd, I want to be on your team.

In the battle between Heaven and Hell, there is only one true Satin.

Uh oh, am I thread hijacking again?
No satin for me. Burlap only. I'm investing in myself.
Unit2Sucks
How long do you want to ignore this user?
calbear93 said:


  • Always budget and be conservative in budgeting.
  • Always live significantly below your means. If where you live is too expensive, move to a different state. I know it's painful, but everything is a tradeoff. Don't spend a lot of money on depreciating assets. Even as a partner, I always bought used cars and paid cash instead of paying interest on a depreciating asset. Even as a GC, my CEO boss would make fun of my frugal decision to drive an old car, always reminding me that he knows how much I make.
  • Save early and consistently. And diversify and invest, with overweight on equities early in your career.
  • Always bet on yourself. Don't expect something from anyone else because they are not obligated to look out for you. Invest in your career. Have a long-term plan on where you want to be, network, talk to people, and make an impact on every project (even one you think is below you) so that everyone only has great things to say about you when it comes to succession planning or referrals when they see an opening for an executive or board role. Any work experience, any network you made, any champion / mentor you get from going the extra mile is an investment for you and not just for the heartless employer.
  • Avoid debt like the plague other than mortgage. If you need to borrow money to buy things, go back to step one.
  • Always have a rainy day fund. If you don't know how, go back to step one.
  • Never compare yourself to others. Envy and lack of self confidence leads to bad financial decisions.
  • Don't be short term greedy. Be long-term greedy, always asking if what you are doing is building in that investment in you.

I think these are generally great principles and I almost uniformly have had the same experience. One difference though is that I think people should use leverage where it makes sense. Wealthy people use debt to their advantage and it can be used responsibly. Obviously, knowing when and where to do so matters.

In 2016 I could have paid cash for a car but was offered 0% interest for 5 years so I took it. No-brainer. This past summer, interest rates were bonkers so I paid cash.
calbear93
How long do you want to ignore this user?
Unit2Sucks said:

calbear93 said:


  • Always budget and be conservative in budgeting.
  • Always live significantly below your means. If where you live is too expensive, move to a different state. I know it's painful, but everything is a tradeoff. Don't spend a lot of money on depreciating assets. Even as a partner, I always bought used cars and paid cash instead of paying interest on a depreciating asset. Even as a GC, my CEO boss would make fun of my frugal decision to drive an old car, always reminding me that he knows how much I make.
  • Save early and consistently. And diversify and invest, with overweight on equities early in your career.
  • Always bet on yourself. Don't expect something from anyone else because they are not obligated to look out for you. Invest in your career. Have a long-term plan on where you want to be, network, talk to people, and make an impact on every project (even one you think is below you) so that everyone only has great things to say about you when it comes to succession planning or referrals when they see an opening for an executive or board role. Any work experience, any network you made, any champion / mentor you get from going the extra mile is an investment for you and not just for the heartless employer.
  • Avoid debt like the plague other than mortgage. If you need to borrow money to buy things, go back to step one.
  • Always have a rainy day fund. If you don't know how, go back to step one.
  • Never compare yourself to others. Envy and lack of self confidence leads to bad financial decisions.
  • Don't be short term greedy. Be long-term greedy, always asking if what you are doing is building in that investment in you.

I think these are generally great principles and I almost uniformly have had the same experience. One difference though is that I think people should use leverage where it makes sense. Wealthy people use debt to their advantage and it can be used responsibly. Obviously, knowing when and where to do so matters.

In 2016 I could have paid cash for a car but was offered 0% interest for 5 years so I took it. No-brainer. This past summer, interest rates were bonkers so I paid cash.

Of course agree with you on debt from an investment perspective. Speaking of debt from a consumable perspective. The hedge fund, my corporation, etc. all used leverage. Also, if for some reason, someone is giving you free money with zero percent interest, you have to take it. My life lessons to my kids were about not using debt to think you can afford some consumable / disposable want.
Unit2Sucks
How long do you want to ignore this user?
calbear93 said:

Unit2Sucks said:

calbear93 said:


  • Always budget and be conservative in budgeting.
  • Always live significantly below your means. If where you live is too expensive, move to a different state. I know it's painful, but everything is a tradeoff. Don't spend a lot of money on depreciating assets. Even as a partner, I always bought used cars and paid cash instead of paying interest on a depreciating asset. Even as a GC, my CEO boss would make fun of my frugal decision to drive an old car, always reminding me that he knows how much I make.
  • Save early and consistently. And diversify and invest, with overweight on equities early in your career.
  • Always bet on yourself. Don't expect something from anyone else because they are not obligated to look out for you. Invest in your career. Have a long-term plan on where you want to be, network, talk to people, and make an impact on every project (even one you think is below you) so that everyone only has great things to say about you when it comes to succession planning or referrals when they see an opening for an executive or board role. Any work experience, any network you made, any champion / mentor you get from going the extra mile is an investment for you and not just for the heartless employer.
  • Avoid debt like the plague other than mortgage. If you need to borrow money to buy things, go back to step one.
  • Always have a rainy day fund. If you don't know how, go back to step one.
  • Never compare yourself to others. Envy and lack of self confidence leads to bad financial decisions.
  • Don't be short term greedy. Be long-term greedy, always asking if what you are doing is building in that investment in you.

I think these are generally great principles and I almost uniformly have had the same experience. One difference though is that I think people should use leverage where it makes sense. Wealthy people use debt to their advantage and it can be used responsibly. Obviously, knowing when and where to do so matters.

In 2016 I could have paid cash for a car but was offered 0% interest for 5 years so I took it. No-brainer. This past summer, interest rates were bonkers so I paid cash.

Of course agree with you on debt from an investment perspective. Speaking of debt from a consumable perspective. The hedge fund, my corporation, etc. all used leverage. Also, if for some reason, someone is giving you free money with zero percent interest, you have to take it. My life lessons to my kids were about not using debt to think you can afford some consumable / disposable want.
Absolutely. It's critical to see the whole picture.

One example of a mistake I made in the past two years was not taking advantage of installment payments when the extra "cost" of the payments was much lower than what I would earn in interest by keeping the cash for longer.

Having strong personal financial skills is something people assume others have but in reality very few do.
concordtom
How long do you want to ignore this user?
dajo9 said:

concordtom said:

calbear93 said:

concordtom said:

calbear93 said:

concordtom said:

DiabloWags said:

concordtom said:

DiabloWags said:

Here are your answers:

The Potentially Large Effects of Artificial Intelligence on Economic Growth (Briggs/Kodnani) (gspublishing.com)



Sorry. But that's a weak response.

You failed to provide your opinion in response to my questions.

Next time, a more thoughtful response is appreciated. But no matter, it's merely a chat board. Type whatever you like.
Peace.


Sorry, but I just don't have the time.
Besides, it hijacks the thread regarding taxation.
You should have started your own thread.



Hardly!
Taxation is about pooling societal resources to pay for things that be evita the whole of society.
Progressive taxation policies are about leveling the playing field so that we don't end up with a caste system, but that a meritocracy may exist.
I have introduced the posit that AI will increase wealth mainly for a select class of Americans and therefore questioned whether tax policy should be considered.

I'm guessing you made some short term trading profits but just wanted to rant about your coming tax bill, and not really interested in the myriad branches of the subject you raised.

Good luck.


How much of this bridging of inequality starts with you? What will you do before being forced into it to help those who are displaced? Like most things, we have become a society of expecting things to do be done by just complaining about it. And like most things, the real good comes from one looking within oneself to help in real life and not waiting for someone to force them to act.

Not a criticism. If people could spend one hour they spend here to volunteer at a shelter, you will be able to make a real and not theoretical difference for at least one person. Or donate part of your wealth to relief centers locally or efforts in Gaza or Ukraine. Much more good than what we do here.

Come back to us and let us know so you can lead by experience.


the fact that you have pointed fingers to a theoretical question about how to create a more ideal society shows defensiveness and tells me you come from wealth.

I'm an associate of a foundation that gives away hundreds of thousands annually.

That said, your point about volunteering as well as the high minded checks is well taken.

Now then, back to the question:

Does AI increase societal wealth?
Yes. Increased per capita productivity is wealth creation.

Does AI lead to increased concentration of wealth?
I believe so.

Is society better off when there is a large concentration of wealth, a large disparity?
I have written in other threads about how if we subtract the mentally ill destitute from our very bottom (because there's little helping these psychologically malfunctioning people) our bottom 10% (say, of the workforce) have a better standard of living today than the richest 10% did 200 years ago.
*Indoor plumbing
*HVAC
*Transportation
*Groceries, Merchandise markets
*Communications
*all things digital
So, in this sense, technology gains impacts everyone positively, and who should care if Mister Miser over there has 100 billion of the gains when the littlest guy is better off than before.

And yet, we know that crime and political turmoil occur when people FEEL that things are unfair and they aren't getting their share.

These are philosophical questions, 93.
But I understand, defensiveness and personal attacks are common.

…Ah! This is the type of stimulating response I was looking for!!!



The conclusion is that more people feel happier if there is wealth redistribution. It's at the end if you watch it.

So, what does anyone here think about that?
I gave you a detail description of the discussion I had with thought leaders from SV, and you ignored it and moved on to irrelevant class war discussion. So, if all you want is a class war discussion and, despite your veneer, don't really care about AI, then do something in your personal life.

Otherwise, you provided no response to me mistakenly taken you seriously about AI and the dystopian society.

If you want to be taken seriously, have a serious discussion. Be a fountain of ideas, and not a drain


Ah yes, that was good. I even started it, didn't you see?
No, I suppose you could not tell.

Alas, this was a thread on taxation policy, and I was instructed by the thread's creator to stay on topic and not hijack the thread to a discussion specifically about AI.

I dare say, that's not very Christ like of you to be insulting me when I'm trying to have a serious thoughtful discussion about wealth inequality and taxation policy.

Come on, now, 93.
Now that you have sworn your allegiance to the anti-trump-vote-in-24 crowd, I want to be on your team.

In the battle between Heaven and Hell, there is only one true Satin.

Uh oh, am I thread hijacking again?
No satin for me. Burlap only. I'm investing in myself.


Yes, sorry, I was getting confused.
The Satanic Trump wears Satin, just like the Devil wears Prada.

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