lobopride said:

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fixer said:

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lobopride said:

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How many people paid income tax when it was first introduced?

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This is a good question.

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In 1909, progressives in Congress again attached a provision for an income tax to a tariff bill. Conservatives, hoping to kill the idea for good, proposed a constitutional amendment enacting such a tax; they believed an amendment would never receive ratification by three-fourths of the states. Much to their surprise, the amendment was ratified by one state legislature after another, and on February 25, 1913, with the certification by Secretary of State Philander C. Knox, the 16th amendment took effect. Yet in 1913, due to generous exemptions and deductions, less than 1 percent of the population paid income taxes at the rate of only 1 percent of net income.

It always starts off small and then grows because government never gets "enough" of other people's money.

https://www.archives.gov/milestone-documents/16th-amendment

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Thanks for the information. That is compelling.

Bayou City said:

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BRK.A/B

Outperformed the market across every presidency since inception.

Gotta think there will be so really crazy liberal policy moves that put an attractive valuation on certain industries. Having 200 billion to spend when **** hits the fan will pay huge dividends over the next 20-30 years IMO.

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I am piling in to real estate REITS and home builders and gold

Fidelity is giving a very low rating for Berkshire Bs for some reason.

chris1515 said:

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S&P 500 same as always

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DCA into S&P 500. Slow and steady.

BassCowboy33 said:

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Tech. Tech. Tech. The next industrial revolution is at our doorstep. The hard part will be predicting winners and losers.

And, of course, as someone else said, S&P 500.

S&P by president:

Joe Biden: +50%
Donald Trump: +63%
Barack Obama: +163%
Geroge W. Bush: -39.5%
Bill Clinton: +211%
George Bush: +47.5%
Ronald Reagan: 129.5%
Jimmy Carter: +27.5%

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Which type of technology though?

I heard this on CNBC radio then did some research:

Luxury king Bernard Arnault is shopping for AI companies.

Arnault, founder and CEO of LVMH and the world's fourth-richest person with a net worth of $184 billion, has made a string of artificial intelligence investments this year through his tech-focused venture firm and family office, called Agla Ventures.

Agla made five AI-related investments in 2024, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform.

While the amounts of Agla's investments aren't disclosed, the funding rounds for the AI firms totaled more than $300 million, according to Fintrx.

The largest funding round this year, according to Fintrx, was in a firm called H, formerly known as Holistic AI, a French startup that's working toward full artificial general intelligence.

It was founded by former members of Google's DeepMind AI unit and includes venture firm Accel Partners LP and Wendy and Eric Schmidt, the former CEO of Google, as investors. The $220 million round in May, which also included Agla, valued H at $370 million, according to the company.

Bernard Arnoult investments past quarter

Joe Kernen schooling Warren on price gouging…

.@JoeSquawk debates @SenWarren about price-gouging/price control proposals: pic.twitter.com/GddH9JOWzT

— Squawk Box (@SquawkCNBC) August 23, 2024

how many times did that babbling idiot say "one more tool in the toolbox"?

TxAG#2011 said:

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I bleed maroon said:

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TxAG#2011 said:

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themissinglink said:

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Quote:

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I'm not paying anything, I'm not worth over 100 million.

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Congrats on outing yourself as a lolpoor. Great comment to highlight the issues of economic populism. While the direct effects of it may not directly impact you, the indirect effects certainly impact you.

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What are the negative indirect effects on me?

The only guy I personally know worth 9 figures just has his money sitting in investment accounts, bank accounts etc. Dead money. No benefit to anyone.

And I'm pretty sure I paid more in taxes than him last year.

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Perhaps you'd like to live in a command economy somewhere else, comrade? This is the foundation of a capitalist economy. We invest in companies, who use the money to hire workers at fair wages, research and develop better products for consumers, build and lease buildings, and yes, return a profit to the shareholder who risked his money. Are you saying you have a problem with this, or that it doesn't directly benefit you and all other Americans?

This has to be a troll, or is just the most simplistic form of envy I've ever seen on these boards.

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I'm sorry, what? Your post has nothing to do with the bolded.

This very guy thinks the current tax system is a joke and ultra HNW individuals should be paying way more because as it currently stands there are all sorts of ways for him to escape paying taxes.

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I'm guessing he pays someone good money to take advantage of the tax code to save $ in taxes. Meanwhile he tells room temp iq people that the system is rigged and should be changed. He could VERY easily find ways to pay more taxes, but he doesn't, he does the opposite…just like every other extremely wealthy person.

BassCowboy33 said:

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Jabin said:

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You're kidding, right?

What happens when all those high-net-worth individuals move their citizenship and money to a country that doesn't tax their net worth?

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Serious question: Up until a few years ago, the corporate tax rate was 35%. People weren't flocking overseas in the decades that was in place. Why would raising it to 28% make them uproot everything now?

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Raising this to 28% would put us higher than every country in Europe except for Malta and Germany.

Amongst the G20, we would move from 19 out of 23 (less expensive) to 8 out of 23 (more expensive).

Have you not seen all of the news on HNW folks and companies leaving California and New York due to ever higher tax rates?

Tell me then how this is good policy for our country?

Also, the higher and new taxes folks never explain why we need more taxes. They also never address reducing expenditures, especially by removing inefficiencies and waste by government.

Why is that?

I do find it humorous that the democrats in Congress are all now stating

"yeah that kamala harris plan to set socialist price controls- we aren't down with that!"