Don't complain 60%+ tax!
If you are going to pay 60%+ tax under new Biden tax plan, then you are the top 5% in the country!
Don't take everything for granted. You earn so much money doesn't mean you are good. The reason you get a high pay job usually because you are luckily enough to born in a family that value education. A lot of minorities don't have this chance. Biden's tax hike will help lower income family get access to a fair and better education. There is a reason why most of people work in investment banking are white male. You are in a privileged class. If government doesn't tax you, it will only increase inequality in this nation.
In reality, you think you are good but you are really not. If you are really good, go open your own company or fund, you can easily get tax saving under Biden's new tax plan of supporting small businesses. And you are also creating jobs. If you need to work in a big company to get paid well, then the problem is you probably don't even deserve your current wage. Your company overpay you and Biden tax is just a adjustment to reflect your fair value.
So in summary, you are top 5% of nation so you need learn to be grateful. The fact you can't get same level of income through opening your own business meaning you probably are overpaid. And you don't deserve your current pay anyway. If think that's wrong, go open your own fund or business for higher income and lower tax!
Can't tell if trolling. In any case I'm sure this will be well-received commentary.
This may be an interesting debate though. I am curious to see how Wall Street people really think about social inequality,government spending and Keynesian economics. In workplace, everything you say need to be politically correct.
lol
Top 5% in NYC pay nearly 60% of the total tax, and top 10% pay 70%. If the government needs to tax more, maybe we should consider spending more wisely. I don’t have a problem with being taxed at a high level, what I do have a problem with is not seeing the benefits. Maybe if taxes didn’t get flushed into an administrative whirlpool and instead actually helped citizens, there wouldn’t be as much pushback.
Also, based on hourly pay, a lot of guys in finance actually do pretty normally. Making 150k all in for 70-80 hour weeks comes out to around $38 an hour pre tax. After tax that’ll be $27 an hour in NYC. A New York City substitute teacher makes $26 an hour pretax, call it 20 after tax. Substitute teacher. The difference in skill required and market competition between an IB analyst and a temp is pretty large, which isn’t that clear of a difference as shown by the post tax earnings. Yes, by volume juniors in banking can do extremely well, and it’s a great place to start a career. But it’s wrong to assume that the comp is unfair, and that it somehow warrants even further taxation.
You didn't get the meaning of tax. Tax is a way of wealth transfer. The purpose of tax is not to benefit you but benefit the society. If you want tax to benefit you, then you are very selfish. If you think government are wasting your tax money, then donate it to charity. You will get tax credit for that as a high earner. I see nothing wrong for Biden asking high earner to pay more. It is the moral responsibility for the top 10% to help rest of 90%, either through charity donation or tax. You don't want to be the 10% that being hated by rest of 90%.
the top earners do enough. It isn't their fault people are poor and the gov't is wasteful.
What if I want to put in additional effort to improve my personal situation and not a Charity or the rest of society? Should there be more barricades for me to get ahead in my own life if I put in more effort?
No shot this guy actually works in private equity
we'll have monkey shits flying soon.
Polling to early to call. Leaning towards MS but who knows at this point.
of course
I own 2 businesses.
You're fucking statements are comical and you ahve your head so far up your ass you don't even know it. I'm set to pay close to a fuckin 3/4 of a million this year in taxes after accountign for all deductions etc and looping in state taxes. I earned every fucking single cent of it. Don't talk to me about the roads i drive on or teh bridges i cross that are funded by tax dollars. 60+ % of our budget goes to the fucking military and the rest goes to overpriced unefficient healthcare.
Absolutely disgusting.
If you don’t believe government make good use of your money, then donate to charity you trust. You will get tax credit for that. If a high earner doesn’t want to give back to society, then he is selfish.
Agree with this. Yes, it sucks seeing uncle sam taking huge chunks out of your paycheck, but as the top of society, we have a moral obligation to give back to it.
I fail to see what is wrong with want to be a little selfish, Especially if an individual is working hard and hustling.
Greed is good.
sorry... no one else said it, was so obvious.
I find all this tax talk to be comical. Let’s be real here, people in the highest income brackets have the best accountants and lawyers. Quite honestly, once you make money at a certain level, there are so many write-offs, loopholes, and deductions you can take care of it. So effectively, I predict the rise in the tax rate will have a minimal effect.
This thread is dumb, but I just want to point out that even with a Biden victory, Republicans are still most likely keeping the Senate. If you think a tax hike is getting past Mitch McConnell, you drank too much last night.
Agreed.
Politics is the art of deal. I think McConnell will sell top 3% for some other deal that more beneficial to him.
Definitely not making 400k+ (well not yet) but I would not want to pay 60%+ tax unless it's going to good use like education, healthcare, or literal redistribution of income through UBI or negative income tax scheme.
No more military Keynesianism, no more lazy-ass government employees making $80K + benefits for opening the door for me at a government building.
Correct me if I'm wrong as you know more about this stuff than me, but what if the gov't stopped throwing money away, do we really NEED a 700 billion dollar military budget, or people who don't do much getting great benefits and good salaries. If they do some cost cutting we won't need any tax raises.
Oh absolutely.
I have my reservations on slashing the military budget. But how that budget is spent definitely needs to be scrutinized. We really shouldn't be throwing money to wage pointless wars in Iraq and Afghanistan. Why do we even have bunch of troops over there? Also who knows how cost inefficient parts of the military are?
As for the "optimizing the costs" of the government, I'm absolutely in favor of it. There are too many unnecessary functions that could easilynbe privatized, there is too much bureaucracy, and too many agencies that seeminglyndo the exact same thing. Also, they really need to be a lot more efficient and digitized in general.
It's crazy how absolutely no major politician talks about this. Back in the Cold War, presidents like Truman, Eisenhower, and even JFK were all about cost optimization (only for the military though). They brought in business people to do some M&A action and some "corporate restructuring" type work.
Bill Clinton brought that attitude do the rest of the government and cutting costs was one of his biggest accomplishment as a president. He was also the only president in the last 70 years to have a budget surplus.
If I could monkey shit this again, I would!
Nothing will really change, including taxes. The only difference is that the White House will be exorcised.
UMC (at best) wage slaves bitching about taxes should be ashamed of themselves. First of all, you are a negligible speck. Second, there are people who are vastly wealthier than you (who actually could be affected by hypothetical tax hikes) that let integrity, not their bank accounts, take the lead. New York, Fairfield, Los Angeles, San Francisco counties — all blue. If you want to get granular as fuck and complain about poor cities within a wealthy county, Greenwich, Darien and New Canaan went blue also. Get over yourselves
wtf are you talking about? Negligible speck?
This is a really shitty and uninformed take. Wealthy people play the "tax me more" card to placate the public, and in private have a litany of offshore accounts and an army of accountants finding every single tax loophole. The "tax me more" ruse is all a game to keep society at large, particularly the have-nots, from revolting against the 1%. Can't believe there are finance people out there that are dumb or naïve enough to believe otherwise.
Take the 3 cities I mentioned - save for Greenwich going with Obama in 2008, each has historically skewed red in every presidential election up until 2016. And that’s understandable as most can agree that Romney, Bush, etc. are stand-up humans who don’t alienate ethnic minorities or mock the disabled.
This isn’t posturing or virtue signaling. You can love money and still have morals. How anyone can twist that around is incomprehensible to me
Ralph Schlosstein explained it well. The appetite for raising revenue has to come closer in line with our appetite for spending. Trump was as much part of government spending/interference as any dem president. At the end of the day, we have less government revenue as % of GDP vs spending that diverges in a gross negative way from historical levels. The pool of $$ might be larger because GDP is larger, but when measured as a % of GDP, the model is out of whack.
Biden likely to win a very very close election. Seriously doubt he immediately makes the very politically unpopular move of raising taxes.
taxation is theft
It never fails to amaze me how racist some of these posts are.....while seemingly trying to oppose racism. The poverty rate for African-Americans is around ~19%. At the same time, 25% of African-Americans are college graduates. 42% own their own home. There are 16,800 African-American millionaires in the US. Now, these numbers are low in comparison to white Americans, and there are many challenges for the community. However, my point is that there is an African-American middle class and even an upper class in the US.
If you read the OP's racist post (and many others like it), you would think that anyone who is black is born into an ignorant dirt poor family in the projects. Do you actually know any black people?
Your statistics backs up OP. 16,800 millionaires is incredibly low. There are 18.6 million millionaires in the United States, and black people make up 13% of the population. If proportional, there should about 2 and a half million black millionaires. But there's 16,800, making up a whooping .09% of millionaires. So you kind of just proved how highly underrepresented they are in in terms of wealth.
No one is saying there's no black middle and upper class, but it's clear they're exceptionally disproportionately low income. The median net worth of a white family is $171,000. The median of a black family is $17,150, nearly 10x lower.
No, I agree with you, and all of your stats are legit.
However, posts like this ARE saying that the color of your skin completely determines your outcomes from the start. If you are white, then you are immediately priviledged and your outcomes are based on your skin color. If you are black, you are ignorant and dirt poor and your outcomes are based on your skin color
There is a wider range of outcomes for both. Just because you're black doesn't mean you were born in the projects and just because you're white doesn't mean everything was handed to you. OPs commentary paints an extremely broad brush....so broad that it's basically racist.
Also, it's a worldview that says if you're born in bad circumstances, there is NO way for you to improve. If you are born rich, then you stay rich. That just doesn't match what we know in economics about social mobility in this country. It is not even an opinion but a falsehood.
Is op one of those undergrads who puts his title as VP to be taken seriously when he comments?
Yes
since when does everyone on this forum make enough to be taxed 60% from Biden? kinda sad if you have that much money and still have to vent on an online forum to highschoolers/college students (lol if that's u).
lol. everyone on this forum feel they are going to make 400k a year...
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