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OT: American Politics

Most likely what you would do is give up your residency and live in Barbados, like the Euge, or incorporate in some 3rd world banana republic like every other Billionaire out there.
 
There are laws in place about foreign/off shore accounts and businesses. Considering how I make money it isn't viable.
 
Habsy said:
There are laws in place about foreign/off shore accounts and businesses. Considering how I make money it isn't viable.
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There are, but there are ways around them, still, depending on how much money you have.

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Father was part founder of Carnival Cruise lines, which owns just about every other cruise line out there. Princess, Holland America, Costa, P&O, etc....

He was CEO until 2013.

He owns the Miami Heat.

All of the cruise ships are foreign flagged so he doesn't need to pay people things like minimum wage, or give them benefits, or follow things like labor laws.

Carnival earns $16 Billion in ticket sales every year. He pays no tax on any of it.

Read all about him.
 
JohnnyHolmes said:
Why should people that create jobs and do work pay for the people that don't do shit?
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... because even the people who "don't do shit" helped to pay for the infrastructure that allowed said "job creator" to send all the jobs overseas to increase his profit margins... so they have to "do shit" because the only jobs left are Walmart.
 
Habsy said:
In April I had four employees. Today I have 15. All making more than $70k a year with full benefits.

I am a job creator. I don't like getting whacked like I do tax wise.
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... but you sold your prior business because Obamacare was going to force you to cover some benefits for you employees...
Right...
 
Habsy said:
You say that now because you aren't making serious coin. Wait until you do, your tune will change.
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Please.
Nobody who makes $100M pays $40M. Tax shelters. Loopholes. Offshore bank accounts. If you pay the right accountant, you'd pay $20M max, and with $100M, you would pay the right accountant.
Most taxpayers are paying about 33% of their taxes, so 33M out of 100M is no different than anybody else. But make sure you follow the GOP doctrine of concentrating strictly on the dollar figure, not the percentage rate.
"I PAID $40M IN TAXES!!!" gets more play than "I made $320M and paid $40M in taxes."
 
blacksheep said:
... but you sold your prior business because Obamacare was going to force you to cover some benefits for you employees...
Right...
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Yes. It's called cost analysis. Try it some time. I moved into a different sector of the economy.
 
blacksheep said:
I'm telling you you're just regurgitating GOP catch phrases. It's sad to see you give in so easily.
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I don't regurgitate anything. I tell you what I'm seeing and experiencing. You're just too dumb and arrogant to see it. You know better living in another country reading liberal trash.
 
blacksheep said:
Please.
Nobody who makes $100M pays $40M. Tax shelters. Loopholes. Offshore bank accounts. If you pay the right accountant, you'd pay $20M max, and with $100M, you would pay the right accountant.
Most taxpayers are paying about 33% of their taxes, so 33M out of 100M is no different than anybody else. But make sure you follow the GOP doctrine of concentrating strictly on the dollar figure, not the percentage rate.
"I PAID $40M IN TAXES!!!" gets more play than "I made $320M and paid $40M in taxes."
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Wanna bet?

You really think you know it all. I'm betting I paid more in taxes this past year than you made in 10 years. Using very expensive accountants.

But no, let's listen to blacksheep, he knows it all. You're sad man.
 
I love Canadians telling me how it is here. Some of you are ridiculously arrogant. I speak from personal experience on these matters, you guys talk out of your collective asses.
 
Habsy said:
You say that now because you aren't making serious coin. Wait until you do, your tune will change.
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The principle of the law of diminishing returns applies here though. Each additional dollar that one makes is less significant than the one before it, and at that level of financial security, well...

You're financially in a much better place to spend 40% of your income in taxation and have $60 million left over than someone that pays 10% of their income on taxes and has $25,000 remaining. That's why progressive taxation exists.
 
JaysCyYoung said:
The principle of the law of diminishing returns applies here though. Each additional dollar that one makes is less significant than the one before it, and at that level of financial security, well...

You're financially in a much better place to spend 40% of your income in taxation and have $60 million left over than someone that pays 10% of their income on taxes and has $25,000 remaining. That's why progressive taxation exists.
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I agree. The issue however is how hard did you have to work to make it? Was it handed to you? Fine, no problem paying up. Did you go through blood, sweat, tears and high stress to make it? You'll have an issue with giving up close to half.
 
Habsy said:
I agree. The issue however is how hard did you have to work to make it? Was it handed to you? Fine, no problem paying up. Did you go through blood, sweat, tears and high stress to make it? You'll have an issue with giving up close to half.
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That's certainly true and I think it applies well to a point which you made earlier on (and Mindz has mentioned it before too) about the lunacy of a system having one high ceiling bracket that encompasses people who are millionaires dozens of times over along with your ordinary well-off professionals or entrepreneurs making maybe $250,000-$400,000 (which is well-off, but not "rich" objectively).

We disproportionately target our professional and small business classes far too much in Western countries and ignore the oligarchs at the very pinnacle of the financial pyramid.
 
The issue further frustrates you when you see what the money gets spent on.
 
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JaysCyYoung said:
That's certainly true and I think it applies well to a point which you made earlier on (and Mindz has mentioned it before too) about the lunacy of a system having one high ceiling bracket that encompasses people who are millionaires dozens of times over along with your ordinary well-off professionals or entrepreneurs making maybe $250,000-$400,000 (which is well-off, but not "rich" objectively).

We disproportionately target our professional and small business classes far too much in Western countries and ignore the oligarchs at the very pinnacle of the financial pyramid.
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Yep.

To be clear, I'm proud of what I've built and people can think what they want of me and my "no filter" personality as my wife calls it. I bring it up in discussion to let you know I speak from experience, not some article, report or tv talking head. It really makes me shake my head when I read some of the "pundits" on here spewing their "knowledge" of things American. Especially financial issues.
 
Habsy said:
Yep.

To be clear, I'm proud of what I've built and people can think what they want of me and my "no filter" personality as my wife calls it. I bring it up in discussion to let you know I speak from experience, not some article, report or tv talking head. It really makes me shake my head when I read some of the "pundits" on here spewing their "knowledge" of things American. Especially financial issues.
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Rich Canadians get it harder than rich Americans when the taxman comes knocking.

US taxes are ridiculously low in comparison.

I know it's not a problem I'm ever going to have to face, but I really can't see how it is "fair" that someone that earns $100 Million has to pay $20-40 Million in tax on it.

That's contributing a hell of a lot more than almost the entire population of the country. They get equal say to a welfare recipient? Of course we all know that isn't how it works, but that is the argument.

If I ever reach that level of wealth, you can bet your ass I'll be nowhere near Canada.
 
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