this post was submitted on 23 Jan 2025
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This is just peak brainworm. What does someone making nearly a million dollars a year even do with an extra 7k?? Make their scroodge McDuck vault a little deeper? Doesn't matter how deep it is, you still can't dive into it like a pool. Idiots.
Plus, at the other end of the spectrum, I'm quite sure anyone making $28.6k a year would be very happy to pocket an extra $790.
No, you totally can dive into a pile of gold and swim in it and they should definitely all try it. It works better the higher the diving board is.
Pretend that's the end of the bracket and it doesn't increase from there. Now the guy making 100,000,000 gets an extra $700,000
To be honest, if you're able to make a million a year (even hundreds of thousands a year), you can afford an accountant who will tell you not to take compensation as employment income.
If you're a business owner you'll be taking a significant share as dividends, or if you're an executive you'll be taking stock options or other share based compensation. If done correctly, you can not only take advantage of lower tax rates but also defer taxes to future years.
If you say so....I'm more of a turbotax on April 14 kinda guy
They are alluding to capital gains. If you don’t need money now, you take 50 million dollars in stock, hold it for at least a year, and now you’re paying 15% or less instead of whatever the top tax bracket would be (like 37% or something) if you were to take it as employment income.
One of the greatest unfairnesses in the tax systems in many countries (certainly at least the US and UK) is that income from "investment" (which generally is money made from having money or owning thing, though there are often ways for freelancers and small business owners to use it to have their income from work look like the income of business ownership) is taxed less than income from work.
It's "interesting" how the countries with the loudest "strives vs skivers" and "meritocracy" bullshit from politicians, generally penalised people more for working than for sitting on their hands whilst their fortune naturally grows through rent-seeking.
they use dollar bills instead of gold coins, you can get a cushy landing and swim through it pretty well.
I hope they get paper cuts on their eyeballs.
Supposedly they invest it back into the economy, or, at least that’s what I’ve been told.
Yeah, of course, through stock buybacks and executive bonuses.
Just enjoy being the wind beneath the golden parachutes. 🪂