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Subject: "Most people in the top 5% are the "Working Rich"" This topic is locked.
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M2
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Sat Mar-05-05 08:56 PM

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13. "Most people in the top 5% are the "Working Rich""
In response to In response to 2


          


To be in the top 5% income wise just means you have a household income over $125k/yr and so in terms of sheer numbers, a lot of those people are just upper-managers at big companies and/or Executives, own privately held businesses, are consultants, Lawyers, Doctors, Accountants, etc.

Most of them aren't "Rich" ($1 Million in Liquid Assets) but having that kind of income will enable them to either become rich later in life and/or has them close to being rich now.

Most of the ways these people will become wealthy relates to being able to Invest, Save more than the average person, buy properties in areas with higher appreciation, receive a greater tax break from deducting the interest on their home since their homes are more expensive and they have a higher top marginal tax rate (Tax Deduction = interest X top marginal rate) and finally contribute more to their retirement funds.

Thing is - the majority of their income comes from a job or their share of the profits from a business they own and it's taxed just like regular income. Plus, people of all income groups build wealth via these methods and can take advantage of the tax benefits.

The difference is that the higher income folks have greater capacity to take advantage and/or more education so they are much less likely to leave money on the table by not taking advantage of various opportunities.

This also means that they're paying more taxes via having more income and wealth streams to be taxed, still - the impact on their finances is MUCH less in terms of it hurting their ability to take care of basic needs and save for the future.

Which nullifies Fox's little discovery of elementary school math.




Peace,









M2






The Blog: http://www.analyticalwealth.com/

An assassinís life is never easy. Still, it beats being an assassinís target.

Enjoy your money, but live below your means, lest you become a 70-yr old Wal-Mart Greeter.

  

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the old tax burden [View all] , foxnesn, Mon Feb-07-05 12:21 PM
 
Subject Author Message Date ID
In order for your statement to be valid logically
Feb 07th 2005
1
RE: In order for your statement to be valid logically
Feb 07th 2005
3
Rich people aren't rich because they have a 9 to 5
Feb 07th 2005
2
      mission accomplished. respect +
Mar 06th 2005
18
      are you blind?
Mar 07th 2005
24
           Elaborate (Again)
Mar 07th 2005
26
                RE: Elaborate (Again)
Mar 07th 2005
31
                     You don't understand what you read
Mar 07th 2005
32
                          there you go again...
Mar 08th 2005
36
You need to get off of that Rush Limbaugh shit.
Feb 07th 2005
4
RE: You need to get off of that Rush Limbaugh shit.
Feb 08th 2005
5
      RE: You need to get off of that Rush Limbaugh shit.
Feb 08th 2005
7
Are you one of the aforementioned rich folk?
Feb 08th 2005
6
lol n/m
Feb 08th 2005
8
lmao
Feb 08th 2005
9
      It's called 'being a community stakeholder'.
Feb 08th 2005
10
You like the flat tax concept?
Mar 05th 2005
11
4th Grade Math Lesson
Mar 05th 2005
12
once again
Mar 06th 2005
15
      Explain.
Mar 06th 2005
17
      Explain your position or shut-up
Mar 07th 2005
23
      lol
Mar 07th 2005
28
Have you been watching FOX again?
Mar 06th 2005
14
i see you are missing your brain again...
Mar 06th 2005
16
I weep for the rich
Mar 06th 2005
19
im not saying that
Mar 07th 2005
21
      who the fuck thinks that?
Mar 07th 2005
22
           i hear it ALL the time
Mar 07th 2005
25
                i agree with that / don't change the topic mid-stream
Mar 07th 2005
27
                     paging Mr. Literal...
Mar 07th 2005
29
the top 1% of U.S. citizens owns more wealth than the bottom 95%
Mar 06th 2005
20
Foxie is a broke-ass Expertise.
Mar 07th 2005
30
The Funny Thing
Mar 07th 2005
33
there's no argument to "try" to make.
Mar 07th 2005
34
      Answer
Mar 07th 2005
35
      bangs head against wall!!
Mar 08th 2005
38
      dude, you need to stop doing that
Mar 08th 2005
40
           this thread turned to pure shit
Mar 08th 2005
49
                here's the problem
Mar 08th 2005
50
      RE: Answer
Mar 08th 2005
42
      no, the "burden" doesn't continue to get bigger
Mar 08th 2005
39
      Show proof...
Mar 08th 2005
43
           grasp this concept
Mar 08th 2005
44
                you haven't shown anything yet.
Mar 08th 2005
45
                     that's ridiculous
Mar 08th 2005
46
                          I think that's what "burden of the taxes" means.
Mar 08th 2005
47
                               regardless of your interpretation
Mar 08th 2005
48
                                    its called a tax 'burden' for a reason
Mar 08th 2005
51
                                         absolutes vs. percentage
Mar 08th 2005
52
                                              RE: absolutes vs. percentage
Mar 10th 2005
55
                                                   *sigh*
Mar 11th 2005
57
                                                        stop putitng words in my mouth
Mar 11th 2005
59
      Umm you missed the point
Mar 11th 2005
56
um...
Mar 08th 2005
37
      And what might those issues be?
Mar 08th 2005
41
           RE: And what might those issues be?
Mar 08th 2005
53
                Wait. Isn't Ex a Libertarian?
Mar 08th 2005
54
Tax Burden is about the Individual
Mar 11th 2005
58
*knocks M2 off his high horse*
Mar 11th 2005
60
      You've obviously gone daft
Mar 11th 2005
61
           typical
Mar 12th 2005
62
                you mean the one where he says this:
Mar 12th 2005
63
                     for the last damn time
Mar 17th 2005
65
                          the plague, i tells ya.
Mar 17th 2005
66
                               RE: the plague, i tells ya.
Mar 17th 2005
67
                                    first post.
Mar 17th 2005
68
up
Mar 17th 2005
64

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