And instead of saving their money they spent it, and the people who got their money spent it, and so on until I got pennies in my ass that are going to Jeff Bezos
Comment on Darn it
Rivalarrival@lemmy.today 3 days ago
People born in the 1950s grew up with a 91% top-tier income tax rate, which ultra-rich people went out of their way to avoid by spending their excess income on “business expenses”, rather than investments.
HeyThisIsntTheYMCA@lemmy.world 3 days ago
Lost_My_Mind@lemmy.world 3 days ago
Pssshhhhh, bezos money is all digital.
HeyThisIsntTheYMCA@lemmy.world 3 days ago
I didn’t say I had a bill to pay, I’m saying I have ass pennies and a trebuchet
Viking_Hippie@lemmy.dbzer0.com 3 days ago
Nice! It even rhymes! 😘👌
DannyBoy@sh.itjust.works 3 days ago
Unless this person happened to be born outside of the USA.
ObviouslyNotBanana@lemmy.world 3 days ago
Which was better tbf
Rivalarrival@lemmy.today 3 days ago
Absolutely.
It used to be that if you had $10,000 excess income, you could use it to buy $900 worth of stock, bonds, and other financial instruments or you could spend the entirety of that $10,000 on something you tell the IRS you plan to use for business purposes.
Now, if you are $10,000 over the line, you can turn $6,300 into stocks, and double your money in 4-5 years. There’s no point in actually spending your money anymore; just keep rolling the excess into the means of making more.