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Thread: Big Government Cripples Incentives To Save Money

  1. #21
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    Quote Originally Posted by Buzz View Post
    I am not in the position to explain the details, but I kindA like the idea of having something left to pass on to my daughter. If you think it is good to be left with nothing so your kids don't have to suffer the fate of a portion going to the tax man, that is fine. There are accountants and lawyers who specialize in estate planning. Maybe your friend should have visited with one. We have good lawyers and they are full of great ideas that we never considered on our own. It is a shame that the tax code is complicated enough to have created that industry but it is what it is.I don't plan to work all my life and don't want to be poor in my old age. Do you live on SS?
    Maybe you should read my post with a little more comprehension. I did state that he had moved assets to his son before he died. I assure you he made his son comfortable, quite comfortable, probably in the top 1/10th of 1% in terms of wealth, BEFORE HE DIED! He was smart enough not to need estate planners in order to get around the rediculous tax code that you have so many times advocated. I did say tht he wanted to spend his last nickel that last day of his life. that is one goal that he would say that he was not able to accomplish, but he tried. As to working he also worked until he died, a goal he also had and did achieve. That was his choice as to the way he wanted to live his life. He loved to work and he loved to make money.

    You asked if I live on SS. Since you have seen and replied to previous posts of mine, I suspect you asked the question sarcastically and not out of stupidity, but I will answer it anyway. My SS probably pays my utility bills which include electric, gas, water, tv, internet and phone, nothing else. Everything else is paid from personal income. Personally, I have been quite fortunate. My net worth has gone up in the past 3 years at least 30% due to my choice of investments. You say the tax code "is what it is" (maybe we need a definition of the word "is"). I would say it is what it SHOULD NOT BE! I guess that if I was as smart as Bill was I would not give a damn what the tax code is, you think?

  2. #22
    Senior Member Franco's Avatar
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    Quote Originally Posted by LokiMeister View Post
    If you don't actively invest in stocks you might not get what I am talking about. Spend some time on www.fool.com and you might begin to see what I am talking about. Reading the stock report every day will show you that things are being manipulated. Actually invest in a number of good stocks will show you that it isn't manipulated as much as you think.
    something?

    I know I can't get you to change your mind, Franco, but what happens to your land when no one wants to buy it and the good stocks I bought that got manipulated are still worth
    One thing you have to realize when you talk to financial reps and people is that they aren't necessarily concerned with the economy. Look at the market the last three years. Economy in the tank, market back up to where it was in 2007. It was a buying opportunity.
    People always want land, just a matter of, can they afford it. In the last 20 years, raw land has continued to increase in value espacally if managed right. Other than the recreational value, there is always a value for the timber which grows is value every day. Unlike stock values that can vanish in hours, land is doing anything but go up.

    After reading Graham's book yesterday, I will say that there wasn't anyhting new or revealing in it. What he doesn't write is that real estate, is the ulimate long term investment!
    The Libertarian Party believes that all persons are entitled to keep the fruits of their labor. A call for the repeal of the income tax, abolishment of the Internal Revenue Service and all federal programs and services not required under the U.S. Constitution. We support the passage of a "Balanced Budget Amendment" to the U.S. Constitution, provided that the budget is balanced exclusively by cutting expenditures, and not by raising taxes. LP.org

  3. #23
    Senior Member Buzz's Avatar
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    Quote Originally Posted by Franco View Post
    People always want land, just a matter of, can they afford it. In the last 20 years, raw land has continued to increase in value espacally if managed right. Other than the recreational value, there is always a value for the timber which grows is value every day. Unlike stock values that can vanish in hours, land is doing anything but go up.

    After reading Graham's book yesterday, I will say that there wasn't anyhting new or revealing in it. What he doesn't write is that real estate, is the ulimate long term investment!
    I wish I could read that book in a day. I learn something every time I pick it up, so you're in a different class than me.
    "For everyone to whom much is given, of him shall much be required." -- Luke 12:48

    Raven - Moneybird's Black Magic Marker***
    (Esprit's Power Play x Trumarc's Lean Cuisine)
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  4. #24
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    Quote Originally Posted by Buzz View Post
    I wish I could read that book in a day. I learn something every time I pick it up, so you're in a different class than me.
    Franco did not say he learned anything , he just said he read it - one has to be receptive to improve their knowledge, sort of like yourself when there is a discussion of unions .
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