Biden creates an economic crisis--Unemployment, Inflation, risk of STAGLFATION increasing

[Chef Jim]

2 minutes ago, Over 29 years of fanhood said:

Always the extremes with you. I will not pass on generational wealth to them, even if I get there, no.

 

Have you written them out of your will yes or no? 

[Over 29 years of fanhood]

2 minutes ago, Chef Jim said:

 

Have you written them out of your will yes or no? 

I probably need to get around to putting one of those together 

[Chef Jim]

Just now, Over 29 years of fanhood said:

I probably need to get around to putting one of those together 

 

That and a proper estate plan.  And do your kids a favor.  Pass on as much of your wealth tax free to them you can.  And you should feel the same towards the extreme wealthy.  You come across as jealous and bitter towards the very wealthy.  Not saying you are you just sound that way here.  There already is a mechanism in place to tax their estates upon their death.  It's currently at 40% of the value of the estate, not even the net value.  So it's taxed leveraged or not.   But you want to pile on a unrealized cap gains tax on top of that.  Why?  So the government can fritter it away?   Line their pockets.  You strike me as someone in the center who leans a little right.  So based on that who would you rather get the money?  The families or the government?   For me given the choice the government can go pound sand.  

[Over 29 years of fanhood]

2 minutes ago, Chef Jim said:

 

That and a proper estate plan.  And do your kids a favor.  Pass on as much of your wealth tax free to them you can.  And you should feel the same towards the extreme wealthy.  You come across as jealous and bitter towards the very wealthy.  Not saying you are you just sound that way here.  There already is a mechanism in place to tax their estates upon their death.  It's currently at 40% of the value of the estate, not even the net value.  So it's taxed leveraged or not.   But you want to pile on a unrealized cap gains tax on top of that.  Why?  So the government can fritter it away?   Line their pockets.  You strike me as someone in the center who leans a little right.  So based on that who would you rather get the money?  The families or the government?   For me given the choice the government can go pound sand.  

Not bitter and have no problem with people getting rich, but how much is enough?? 
 

I don’t like the control elites have, and I have zero faith anyone is going to fix govt spending problem. It is sad that there are good people that work their ass off
2 or 3 jobs to make ends meet while elites drink a bottle of wine worth more than the food that person’s family eats for a year. Where is the humanity in that? 

 

The wealth distribution is out of whack. It’s broken. 

 

I used to be hard core conservative… eff everyone else, everyone for themselves, if your poor it’s because you’re lazy. I guess as I moved on in my life and career I started empathizing more with people that have it harder. At the same time I started seeing first hand that the wealthy and getting wealthier don’t alway work so hard, maybe they did once… maybe they are good at schmoozing and partying with other richies, maybe they can sell ice to Eskimos, maybe they can see a way to generate money out of thin air. And even for myself, I put in the time, but I don’t grind like i did fresh out of school 20 years ago. But the annual jumps now are bigger that my paycheck was back then. 

 

 

[Precision]

35 minutes ago, Chef Jim said:

 

That and a proper estate plan.  And do your kids a favor.  Pass on as much of your wealth tax free to them you can.  And you should feel the same towards the extreme wealthy.  You come across as jealous and bitter towards the very wealthy.  Not saying you are you just sound that way here.  There already is a mechanism in place to tax their estates upon their death.  It's currently at 40% of the value of the estate, not even the net value.  So it's taxed leveraged or not.   But you want to pile on a unrealized cap gains tax on top of that.  Why?  So the government can fritter it away?   Line their pockets.  You strike me as someone in the center who leans a little right.  So based on that who would you rather get the money?  The families or the government?   For me given the choice the government can go pound sand.  

There's a lot of problems with the wealth tax but this is the biggest.  If you own a lot of non-liquid assets the heirs are forced to sell somewhat quickly in order to pay the tax.  This is especially problematic for assets like real estate where sales aren't instantaneous and market conditions can significantly impact the sales price.

[Chef Jim]

12 minutes ago, Over 29 years of fanhood said:

Not bitter and have no problem with people getting rich, but how much is enough?? 
 

I don’t like the control elites have, and I have zero faith anyone is going to fix govt spending problem. It is sad that there are good people that work their ass off
2 or 3 jobs to make ends meet while elites drink a bottle of wine worth more than the food that person’s family eats for a year. Where is the humanity in that? 

 

The wealth distribution is out of whack. It’s broken. 

 

I used to be hard core conservative… eff everyone else, everyone for themselves, if your poor it’s because you’re lazy. I guess as I moved on in my life and career I started empathizing more with people that have it harder. At the same time I started seeing first hand that the wealthy and getting wealthier don’t alway work so hard, maybe they did once… maybe they are good at schmoozing and partying with other richies, maybe they can sell ice to Eskimos, maybe they can see a way to generate money out of thin air. And even for myself, I put in the time, but I don’t grind like i did fresh out of school 20 years ago. But the annual jumps now are bigger that my paycheck was back then. 

 

 

 

I hear ya.  As I've aged I've had more empathy.  Now I don't capitalize the EFF OFF....it's eff off.   

 

And as a planner it's never enough.  

11 minutes ago, Precision said:

There's a lot of problems with the wealth tax but this is the biggest.  If you own a lot of non-liquid assets the heirs are forced to sell somewhat quickly in order to pay the tax.  This is especially problematic for assets like real estate where sales aren't instantaneous and market conditions can significantly impact the sales price.

 

Due 90 days in cash.  Some transactions take 90 days just to pull the paperwork together let alone get the transaction completed.  Why I mentioned fire sale up thread.  I had a plan to market to the wineries in Napa and Sonoma.  Imagine their tax nightmare.  What do the kids do?  Sell a few rows of Cabernet to pay the tax?  I figured it was a great way to make good money and get some free wine.  Well I quickly found out I had been long beaten to the punch. 

[SoCal Deek]

I’m never going to tell anyone that they have ‘enough’. We’re Americans! In comparison to most of the world we ALL have way more than ‘enough’. So since it’s not for me to say, I don’t give it even a second’s thought. So long as they’ve amassed their estate legally, then who’s to say what’s enough…not me, that’s for sure. Just live your life! Money doesn’t buy happiness. It never has. And sprinkling their estate out across the masses will have zero impact on the happiness of any of the folks it’s sprinkled on. 

[Over 29 years of fanhood]

2 hours ago, SoCal Deek said:

I’m never going to tell anyone that they have ‘enough’. We’re Americans! In comparison to most of the world we ALL have way more than ‘enough’. So since it’s not for me to say, I don’t give it even a second’s thought. So long as they’ve amassed their estate legally, then who’s to say what’s enough…not me, that’s for sure. Just live your life! Money doesn’t buy happiness. It never has. And sprinkling their estate out across the masses will have zero impact on the happiness of any of the folks it’s sprinkled on. 

 
Used to see things that way too. Travel the world, see real suffering… then come back and explain why YOU are so deserving of your superior lifestyle. You think you work harder than an 11 year old in a sweatshop with a starving family? Or maybe you are just ‘smarter’ …  the despairty between the top and the bottom is too far

[SoCal Deek]

9 hours ago, Over 29 years of fanhood said:

 
Used to see things that way too. Travel the world, see real suffering… then come back and explain why YOU are so deserving of your superior lifestyle. You think you work harder than an 11 year old in a sweatshop with a starving family? Or maybe you are just ‘smarter’ …  the despairty between the top and the bottom is too far

I’m not going to argue with you. We actually agree there. Where we disagree is that I don’t think it’s the US federal government’s role to correct that condition. And it’s definitely not when I’m done on this world and can no longer  defend myself. If you want to eliminate or reduce the disparity, go right ahead, and do so voluntarily. I’ll be the first to applaud you for it. There are many in this world who do just that every day. 

[Chef Jim]

11 hours ago, Over 29 years of fanhood said:

 
Used to see things that way too. Travel the world, see real suffering… then come back and explain why YOU are so deserving of your superior lifestyle. You think you work harder than an 11 year old in a sweatshop with a starving family? Or maybe you are just ‘smarter’ …  the despairty between the top and the bottom is too far

If you think the governmental “redistribution” is going to help the poor I have one question. With the trillions and trillions of dollars collected by said government why have the number of poor and homeless only seems to have grown?
 

Deserve my superior lifestyle?  No I earned it. It’s an unfair world. Always has been always will be. Keep as much of yours as you can and make your and your family’s world as happy and comfortable as possible.   They government doesn’t care about you. 
 

 

[SoCal Deek]

21 minutes ago, Chef Jim said:

If you think the governmental “redistribution” is going to help the poor I have one question. With the trillions and trillions of dollars collected by said government why have the number of poor and homeless only seems to have grown?
 

Deserve my superior lifestyle?  No I earned it. It’s an unfair world. Always has been always will be. Keep as much of yours as you can and make your and your family’s world as happy and comfortable as possible.   They government doesn’t care about you. 
 

 

I'll add one point to an otherwise awesome post.  If you really feel that you have too much, then by all means give it all away, and leave the rest of us alone. There's no law stopping you from paying more than what you 'owe' each and every year. Knock yourself out! 

[Chef Jim]

3 minutes ago, SoCal Deek said:

I'll add one point to an otherwise awesome post.  If you really feel that you have too much, then by all means give it all away, and leave the rest of us alone. There's no law stopping you from paying more than what you 'owe' each and every year. Knock yourself out! 

 

And I'm pretty sure it's safe to say that many of the billionaires that 29 years of fanhood is railing against are some of the most philanthropic people out there. 

 

Taxing the daylights out of inheritances. 

 

BTW I was at a concert in Golden Gate Park for the 50th Anniversary of Woodstock.  There were a bunch of people around this "rapping table"  Someone said "they should legalize marijuana and tax the ***** out of it!"   I put the brakes on, pulled up and "chair" and said "why tax it to death??  This is the first words out of your mouth when it comes to legalization??  Man the hippies sure have changed.  In my day we would have said "legalize it because it's a ***** weed!"

 

As Peter Tosh sang.

 

 

Legalize it
Don't criticize it
Legalize it, yeah yeah
And I will advertise it

Some call it tamjee
Some call it the weed
Some call it marijuana, daya
Some of them call it ganja

Never mind, got to legalize it
And don't criticize it
Legalize it, yeah yeah
And I will advertise it

Singers smoke it
And players of instrument too
Legalize it, yeah yeah
That's the best thing you can do

Doctors smoke it
Nurses smoke it
Judges smoke it
Even lawyer, too

So you've got to legalize it
And it don't criticize it
Legalize it, yeah yeah
And I will advertise it

It's good for the flu
Good for asthma
Good for tuberculosis
Even numara thrombosis

Go to legalize it
Don't criticize it
Legalize it, yeah yeah
And I will advertise it

Birds eat it
Ants love it
Fowls eat it
Goats love to play with it

So you've got to legalize it
And it don't criticize it
Legalize it, yeah yeah
And I will advertise it

Keep on telling you legalize it

[B-Man]

 

 

 

YOU GET MORE OF WHAT YOU SUBSIDIZE: How Mississippi Flipped the Script on the Labor Shortage.

 

In early 2021, Mississippi faced the worst labor shortage in state history. By late spring, the situation had only worsened.

 

There were a record-high 84,000 jobs open throughout the state — more open jobs than people actually looking for work. There were still nearly 80,000 Mississippians collecting unemployment benefits — more than 10 times as many than before the pandemic struck. And Mississippi businesses desperately needed workers.

 

The cause of this was simple: Federal unemployment expansions and bonuses were paying people more money to stay at home than they could make working. The solution to these woes plaguing our state was also simple. Governor Tate Reeves saw the need for swift action and, in June, Mississippi became one of the first states nationwide to opt out of these expansions and bonuses months before they were set to expire.

 

The results have been tremendous.

 

https://www.realclearpolicy.com/articles/2022/03/29/how_mississippi_flipped_the_script_on_the_labor_shortage_824133.html

 

 

 

[Westside]

19 hours ago, Chef Jim said:

 

That's asinine!  

 

It would be a huge boon for the life insurance industry.  

I was just in Amelia island and took a boat tour that pointed out all the land the Rockefeller's owned and still own at least four generations later. I’m not saying take anything away from them, I’m saying that just because they won the lottery when it comes to families, that they should keep given the perks of being rich just because of DNA. 
 

[SoCal Deek]

41 minutes ago, Westside said:

I was just in Amelia island and took a boat tour that pointed out all the land the Rockefeller's owned and still own at least four generations later. I’m not saying take anything away from them, I’m saying that just because they won the lottery when it comes to families, that they should keep given the perks of being rich just because of DNA. 
 

Won the lottery? You didn’t build that. 

[SoCal Deek]

Everyone comes at this issue from a different angle, but I'll never buy into the concept that anyone's estate should magically revert back to the State upon their demise. For myself, I came from virtually nothing. The estate I've amassed was created from a ton of hard work and with the love and support of a dedicated family.  For every story like mine there are thousands who squandered/spent every dime they made along the way. (I have a few business partners who live just that way.) Some on here promote the idea that the government should come in and say "thanks for playing, we'll take over from here". Why? On who's authority? I gave the government their required share each step along the way. They're supposed to be providing services to me....not the other way around. What did they do with their annual cut?  Did they save and/or invest it...like I did?  Or, did they squander it, like so many do? I'll answer it for you: They squandered it! 

[Chef Jim]

1 hour ago, Westside said:

I was just in Amelia island and took a boat tour that pointed out all the land the Rockefeller's owned and still own at least four generations later. I’m not saying take anything away from them, I’m saying that just because they won the lottery when it comes to families, that they should keep given the perks of being rich just because of DNA. 
 

 

We've been to St John close to 10 times and absolutely love it!  Mainly because due to the Philanthropy of the Rockefellers most of the island is national park. 

[SoCal Deek]

If you’ve never watched it, I highly recommend the History Channel series on the Foods, Cars, Toys etc That Built America. The hour long docu dramas are really well done! It’ll give you an appreciation for the inventor generation that created so much of what we take for granted today. Great stuff!

 

As an example, the guy who invented The Slinky toy made one by mistake in his garage and went on to become a multimillionaire. He then squandered everything and left his family to become a missionary. It was his then destitute wife who created the famous Slinky Jingle that we all know, and she rebuilt the family fortune. 

[aristocrat]

 

 

This is fantastic.  Trump passes bill, Biden reverses it, House reinstates it...Dems declare victory. 

[Chef Jim]

12 minutes ago, aristocrat said:

 

 

This is fantastic.  Trump passes bill, Biden reverses it, House reinstates it...Dems declare victory. 

Political SOP my friend. 😏