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Thread: Investing in stocks- who’s right?

  1. #46
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    Quote Originally Posted by Malcolm McLeod View Post
    LT capital gains tax rate for most middle class incomes should be 15% IIRC. Hard to beat that … legally at least.

    I’d probably go with moonshining; more job satisfaction than Mr. Funk’s idea.
    Just in the middle of re-watching the TV series Justified. I'll pay closer attention to the moonshine business...

  2. #47
    BC should have good climate for a Scotch-tradition spirit and I can get mesquite barrels for a TRUELY UNIQUE finish. Wanna partner?

  3. #48
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    Quote Originally Posted by Rich Engelhardt View Post
    I never said that.
    What I said was, I never figured out how to keep the .gov from sticking their hands deep into my pockets by investing in the market - so - I just never got involved in it.

    The unsaid part of it is - I would rather not have a million dollars if the .gov is going to take a huge chunk of it - when I can make a million dollars some other way that the 'gov isn't going to grab a bunch of it.
    Someone already presented a good answer for that, a ROTH IRA. Invest income after it has been taxed and withdraw in retirement tax free.

    Another person mentioned long term capital gains are taxed at 15%. That means you get to keep 85%. Someone has to pay for roads, bridges, safety and other public needs.

    jtk
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

  4. #49
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    Someone already presented a good answer for that, a ROTH IRA. Invest income after it has been taxed and withdraw in retirement tax free.

    Another person mentioned long term capital gains are taxed at 15%. That means you get to keep 85%. Someone has to pay for roads, bridges, safety and other public needs.
    @ 70 years old and retired now for 10 years - my ROTH days are long past. Even for the 20 years preceding them, my 401 plan was far too good to even think about a ROTH IRA.

    Besides - by leveraging the losses I had in real estate, I was was able to withdraw nearly all of my 401 and IRA money and pay little to no federal tax on it anyhow - so - a ROTH held/holds no interest for me.

    Roads - bridges - safety and other public needs don't come from your federal or even state taxes for the most part. The bulk of that comes from real estate and state sales tax dollars - of which I don't mind paying a fair amount.
    Very little you have taken out of the money you earn in the stock market goes directly into paying these taxes.

    Again - and this goes back to the OP asking "Who's right".
    The answer is simply both are right and both are wrong - there is no "one size fits all" in investing. You either know what it's about - or - you are served up as lunch.
    Whenever I hear someone mention my "portfolio", I run - I run away fast. My reason is simple - I do what so far has worked well for me and it's not something anyone else would likely understand.
    My granddad always said, :As one door closes, another opens".
    Wonderful man, terrible cabinet maker...

  5. #50
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    Doing what works for you is probably best anyway. I remember when the pandemic was looming. I didn't sell any stock and then lost a considerable sum. I was highly pissed about how stupid I was. At the bottom, which I didn't know at the time, I bought Amazon, Google and S&P 500. Well the market came back and I have made nice money on all three. The taxes alone would have been daunting if I had sold. It may be the only time I time I am able to time the market.

  6. #51
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    The only time I pay an "income" type tax is when I make money and I'm happy when I make money.
    Confidence: The feeling you experience before you fully understand the situation

  7. #52
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    Do not forget to allow for state income tax on top of the 15% federal long term gains tax.
    Bill D

  8. #53
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    Quote Originally Posted by Bill Dufour View Post
    Do not forget to allow for state income tax on top of the 15% federal long term gains tax.
    Bill D
    It didn't occur to me that my current state of residence doesn't have an income tax until it was time to have our taxes done. Some of my income used to come from California so there was state income tax on that. Since selling our rental property in California none of our income from there has been taxable.

    State income taxes are usually equal or less than federal taxes.

    It is difficult to shed a tear for those who feel they are paying too much in taxes when so many are unable to earn enough to pay taxes. It especially irks me when some of the richest people in our country are paying zero income taxes do to the trickery of accounting.

    jtk
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

  9. #54
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    I am always surprised that states with no income tax can make enough revenue to run their states through other means. I know oil & gas states earn a good deal by taxing that, but that seems a precarious way to fund a state.
    < insert spurious quote here >

  10. #55
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    Quote Originally Posted by Rich Engelhardt View Post
    tMy reason is simple - I do what so far has worked well for me and it's not something anyone else would likely understand.
    It sounds like being born in the correct decade was a good starting point, and after that, having a suite of fully funded public services *that someone else paid for* left discretionary funds in your accounts.

    Broadly speaking, you've described the same attitude toward taxation that has made Greece the haven of opportunity for young people that it is today.

    This sentiment is a case perfect example of why people of generous spirit don't stay here.

    Ducking taxes isn't smart - it's a wealth transfer from those that can least afford it.

  11. #56
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    Quote Originally Posted by Jim Matthews View Post
    It sounds like being born in the correct decade was a good starting point, and after that, having a suite of fully funded public services *that someone else paid for* left discretionary funds in your accounts.

    Broadly speaking, you've described the same attitude toward taxation that has made Greece the haven of opportunity for young people that it is today.

    This sentiment is a case perfect example of why people of generous spirit don't stay here.

    Ducking taxes isn't smart - it's a wealth transfer from those that can least afford it.
    Where to start on this mess...
    Public services are funded by local property taxes for the most part. I pay property taxes on 7 different properties - plus - since I only reside in one of those, I pay the max for the other 6.
    In other and plainer terms - I contribute 7 times to the public services that nearly everyone else only contributes towards once.
    Did you catch that? I pay 7 times - others pay 1 time - now pray tell me, how does that become me having a full suite of those services that "someone else" paid for?
    If anything, it's the other way around.


    Umm- again you have things screwed up. People that contribute to charities - the mega dollars - do it because it's a tax deduction. A way of directing their money towards what they wish to contribute it towards - not some sloppy top heavy cluster... that our tax system has become.
    I don't know about Greece & I don't care to know about Greece. My guess is that you aren't nominating me for citizen of the year - so - If that's a veiled personal attack, I'm not going to play.

    "Ducking" taxes?!?!? What in the world are you talking about? I shelter my income from the taxes I can - the others, that I can't, I suck it up and pay them.
    & yes - that includes every single penny of "cash" transactions.
    If a penny on income comes into our house, it gets reported. Period. End of discussion.
    I hate paying taxes - but - paying penalties and interest on top of taxes is just plain stupid.
    My granddad always said, :As one door closes, another opens".
    Wonderful man, terrible cabinet maker...

  12. #57
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    Property taxes are unfair. I

  13. #58
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    Property taxes are unfair. The poorest areas pay the least in property taxes while the rich mansion neighborhood pays more. But I bet the average millionaires house never has the cops called in to break up fights, police dog fighting rings, drive bys, drug dealers etc.
    Bill D

  14. #59
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    Quote Originally Posted by Rich Engelhardt View Post

    Roads - bridges - safety and other public needs don't come from your federal or even state taxes for the most part. The bulk of that comes from real estate and state sales tax dollars - of which I don't mind paying a fair amount.
    I don't know how things work in N.E. Ohio, but around here, there is basically no road or bridge project that isn't partially funded by a federal grant or federal matching funds. Federal Community Development Block Grants help fund all sorts of local projects - water treatment, libraries, parks and playgrounds, etc.

  15. #60
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    round here, there is basically no road or bridge project that isn't partially funded by a federal grant or federal matching funds
    Those funds come from federal gas taxes - not income taxes & they go towards only specific roads/bridges.
    The county is mostly responsible for local roads & bridges.
    Here's where property taxes go:
    https://www.rate.com/resources/where...perty-taxes-go
    My granddad always said, :As one door closes, another opens".
    Wonderful man, terrible cabinet maker...

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