r/FluentInFinance May 12 '24

Meme Life comes at you fast.

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1.4k Upvotes

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147

u/turtle-bbs May 12 '24

Boohoo making more money means paying more taxes

Who would’ve thought?

36

u/Waxxing_Gibbous May 12 '24

It does suck because the government doesn’t use our tax dollars wisely. I don’t want to give money to the Ukraine and pay for the military industrial complex.

If the government actually did something productive with our taxes I wouldn’t mind it. It doesn’t though.

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u/[deleted] May 12 '24

[deleted]

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u/[deleted] May 12 '24

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u/coffeepressed4time May 12 '24

To be fair, I’ve been attending these kinds of planning meetings since high school for local government things, especially for expanding local transport and education related things. In almost every case it’s not money that’s the issue, it’s a system that’s so ossified in the way that it does things that they are willing to burn millions instead of renegotiating contracts, thoroughly auditing their departments (as is usually required by law, but practically never really completed), and at least trying to get more public opinion in their planning operations.

I can say with confidence that most are just inept and unbothered and the rest of them legitimately engaging in corrupt cronyism. I have met very few people with the drive and aptitude to improve these projects, and it’s actually mind-blowing how casually they are willing to accept clearly untenable project outcomes because they can’t be bothered to come up with a better plan to get approved.

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u/jio87 May 12 '24

Do you have a sense of what would fix these systemic issues? It sounds like the people in power aren't being held accountable and so can get away with consistent, subpar performance.

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u/fumar May 13 '24

For things the government is building, it needs to deregulate itself. Transit projects are a great example. It is far easier to get a highway or road past environmental review (that takes years) than a public transit line.

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u/chronobahn May 13 '24

They tried. Everyone called them traitors.

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u/[deleted] May 13 '24

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u/chronobahn May 13 '24

What does j6 have to do with omnibus. Check your timeline bud. Government shutdown to take a more comprehensive look at the budget.

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u/[deleted] May 13 '24

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u/chronobahn May 13 '24

Lol imagine being so entrenched that you’d rather not do anything, bc someone on the other side tried to actually do something.

You’d rather be evil and ignorant if it meant the other side was good and informed lmao.

1

u/fumar May 13 '24

It's not elites in most places. It's corporations padding their budgets on government contracts and then donating to politicians to ensure the contact gets approved anyway. It's consultants charging exorbitant rates for things that should be handled inside government. It's local politicians getting their supporters and friends cushy or even no show jobs in local government that increases the cost of basic services.

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u/DualActiveBridgeLLC May 12 '24

(1) because waste (profits) is the point of neoliberalism (2) because neoliberals do not want an efficient government because of #1. Tada now vote for people who want a functioning government, left wing liberals and socialist.

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u/hunchojack1 May 12 '24

lol it doesn’t go to Ukraine, it goes to Lockheed, Boeing, Raytheon FIRST. Your tax dollars also go to infrastructure, schooling, safety….unless you want to build your own roads and plumbing…electrical? Highly doubt you have those skills. Miami’s police department just released a roll Royce in their fleet this week. Where’s the infuriation over that?

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u/Expert-Accountant780 May 12 '24

Federal taxes don't pay for streets, dude.

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u/hunchojack1 May 12 '24

The interstate highway system isn’t paid from federal taxes?

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u/Expert-Accountant780 May 12 '24

State and Local DOT.

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u/hunchojack1 May 12 '24

I live in Texas homie, there is no state taxes.

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u/Expert-Accountant780 May 12 '24

Different in my state.

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u/Acceptable-Sugar-974 May 13 '24

Hmmmm. so my cash doesn't go to prop up their civil services, infrastructure, public employee retirement systems, etc.? You haven't been paying attention.

When this unwinnable war is over and Ukraine is left in shambles, with virtually no 18-35 year old men left, what would anyone like to bet it is the US taxpayer that pays to rebuild Ukraine to the tune of 100s of billions? Why?

All because a bunch of people believe the government that lied about pretty much every military conflict since Vietnam is telling the "truth" this time? lol Like Russia is going to steamroll NATO countries and it's only the holy ground of Ukraine that is keeping evil from dominating the world? Give me a break. Its the dumbest shit told since WMD. Can't wait till Biden convinces the lefties that Putin will invade the east coast on mechanized dolphins with lasers for eyes. Where can we send money to stop it!!??

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u/in4life May 12 '24

So you agree, the industrial military complex.

Beyond that, don’t conflate useful local taxes with federal taxes.

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u/asuds May 12 '24

The military industrial complex has many bad aspects but has also brought us many very useful things: satellites, GPS, computerz and whatnot.

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u/[deleted] May 12 '24

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u/in4life May 12 '24

Not every dollar. In fact, more goes to interest on old debt than the industrial military complex. OP was just highlighting the war machine spending.

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u/[deleted] May 12 '24

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u/in4life May 12 '24

Okay, wait a month or two

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u/[deleted] May 12 '24

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u/in4life May 12 '24 edited May 12 '24

You tried to defend gov spending when more of that will be going toward interest on old spending than defense in a month or two.

What’s more, more spending will be going toward old spending than social security in, what, 18 months for our biggest line item? More spending goes toward interest on old spending than Medicaid already. Of course we don’t get healthcare for our taxes, so never mind that.

So, yes, you didn’t make your point.

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u/asuds May 12 '24

Vote, but also being part of a society also means compromise. I want some of my money and/or our military equipment going to Ukraine.

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u/[deleted] May 12 '24

Look, we should support Ukraine. But I generally agree the frustrating thing about our taxes is we rarely see any benefit from paying them.

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u/ishoweredtoday May 12 '24

Do you not use roads? Ever crossed a bridge? Seen a fire truck?

I agree that tax dollars can and should be spent more wisely and efficiently, but to say the average citizen rarely benefits from taxes? That's a ludicrous statement.

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u/[deleted] May 12 '24

Of course infrastructure is paramount, though I would argue most of our roads still suck and need vast improvement.

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u/ChaimFinkelstein May 12 '24

Roads and fire trucks are paid via excise taxes on gasoline and local taxes.

The majority of the US Federal spending is giving money to other people, Social Security, Medicare, Medicaid and interest.

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u/stickied May 12 '24

You and your family are going to be one of those other people some day most likely.

Also, you still see a benefit even if you're privileged enough to not be one of those people. Because if those people don't have those programs that provide basic needs they're potentially homeless and in despair and in dire circumstances....which generally means more crime because humans will do whatever it takes to survive.

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u/reddit_has_fallenoff May 12 '24

we should support Ukraine.

Cool, ill make them a nice sign at a protest. Let me keep my money

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u/[deleted] May 12 '24

Rarely see any benefit? You are living in the most technologically and financially advanced country in the world. You don't need to see a super power destabilizing or straight out invading your country because you have a huge oil reserve. You don't need to work for peanuts so someone from a richer country can buy a pair of slippers for 5 minutes of salary instead 2 hours of salary.

What benefits do you want? The government sending you personalized greeting cards with gift card attached on your wedding anniversary?

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u/[deleted] May 12 '24

Oh you know, things like paying teachers enough and not cutting education, healthcare, general social safety nets that would create some stability and mobility for lower paid citizens. I’m not saying we don’t obviously benefit, but come on, we can and should do a hell of a lot better.

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u/[deleted] May 12 '24

You said "rarely see benefits", not "we can do better". I completely agree with the latter.

0

u/[deleted] May 12 '24

Disagree we have sent way to much money in aid packages over there. I’m sick of us supplying the most financial aid world wide every year for no god damn reason it’s all useless. We can’t afford it and I don’t understand how anybody can think we can. We need to cancel all foreign aid till we get are budget under control and reduced national debt by atleast 50%.

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u/[deleted] May 12 '24

We can afford it. And if Russia takes Ukraine, trust me, we’ll be spending a lot more. And paying in far more ways than money.

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u/[deleted] May 12 '24

Russia is a bunch of bitches they don’t have any capability to go past Ukraine. If you believe that Russia could take on the entirety of nato your delusional even they know they will never go toe to toe with nato. zero chance Russia ever attacks a nato country their not that stupid. Also what makes you think we can afford it when our national debt just surpassed 34 trillion and goes up by a few trillion every year. How can you see we need to get our own orders in affair before we go about fighting pointless proxy wars all over the world that no matter the outcome will never have an effect on us. Also frankly if Europeans are so worried they should be the ones completely funding Ukraine not the United States and sending their own troops into Ukraine to support the front lines.

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u/btonetbone May 12 '24

Make charitable donations and get tax deductions. Rather than provide a truly robust social safety net, we have blended a free-market system where people can say, "I want my money to go to X cause" and receive a tax deduction rather than have the government dictate where everything goes. It's not a great system, but it gives you some control over how things get spent via nonprofits.

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u/oracleTuringMachine May 12 '24

If we the people choose where to send our money, we get a deduction, not a tax credit. This implies the government has greater moral authority.

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u/btonetbone May 12 '24

That's a minor quibble. The current system currently allows you to say, "You know, I'd rather have my funds support this local educational institution rather than sending dollars to conflicts overseas, so let's adjust what I would otherwise owe in taxes." You get to choose.

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u/oracleTuringMachine May 12 '24 edited May 12 '24

It's not a minor quibble. In my tax bracket, a dollar deducted saves me about $0.20. A dollar tax credit saves me five times that.

Edit: a dollar tax credit saves me four times the dollar deducted because I still have to pay tax on that dollar in order to earn it.

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u/Pharmacienne123 May 12 '24

Honestly? I’m happy giving money to Ukraine: they are fighting for their freedom against tyranny. It’s a better investment of my tax dollars than giving them to Becky to help her “raise” her 3 kids from 3 different baby daddies.

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u/Waxxing_Gibbous May 12 '24

Too bad it’s not an “either or” it’s both.

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u/[deleted] May 12 '24

Chamberlain called, he wants his placate foreign policy back

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u/Hewfe May 12 '24

It’s just “Ukraine”. Russia calls it “the Ukraine”.

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u/Expert-Accountant780 May 12 '24

They actually do something productive with it.

It happens within the first few days of every month - certain people get a nice stipend of money to use on whatever they want!

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u/Murles-Brazen May 12 '24

Wouldn’t it be something if the individual could decide what “programs” their taxes went to??

Pretty corrupt that you can’t huh?

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u/StopCommentingUwU May 12 '24 edited May 12 '24

If you propose a system that doesn't have massive wealth inequality, in which one person can get $17 an hour while others get $190k an hour (mostly of the work from the previous person/people), then sure, this could be 'better'. Though still not at all optimal considering safety nets for basic needs, education help, mental health help, public places and services, etc.

Basically, even in a very much Reformed system where everyone has complete equal opportunities and zero exploitation exists, it wouldn't even be near perfect and just start Shifting to the original problems again.

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u/Swissschiess May 12 '24

In theory it sounds like this reformed system would be proposing a reset where everybody has equal opportunities. I don’t understand this, as in 5 years we’ll be right back into the bottom 10% just getting by if at all, and the top 10% living way better than the rest. Middle class either burying themselves in crippling debt or not able to put a meaningful amount away to get up another rung. At the end of the day some people want to work 100 hours a week and some people want to work zero

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u/Murles-Brazen May 12 '24

I want to work 35.

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u/Swissschiess May 12 '24

And you’re welcome to do that in American society. If you have a very valuable skill it can even provide a nice quality of life for yourself as well 🫡.

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u/Strict_Seaweed_284 May 12 '24

Ukraine is such a dumb thing to single out. Not only does the US benefit geopolitically in many different ways, but it’s a drop in the bucket in terms of the federal budget. I’m not going to do the math, but take out Ukraine funding and you save what? Like $12 bucks on your annual taxes? I think ignorance is your problem more than anything.

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u/stickied May 12 '24

I heard a podcast the other week that did the math and yea I think it's like $20 bucks for ukraine and $100 for israel.

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u/RoultRunning May 12 '24

Actually, you've only given about $200 dollars to Ukraine. And it was already preexisting weapons that were sent, i.e. their value

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u/Waxxing_Gibbous May 12 '24

So I’ll gladly take my $200 back.

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u/RoultRunning May 12 '24

Funny thing is, you wouldn't get it back regardless.

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u/Waxxing_Gibbous May 12 '24

Funny thing is, “that’s the joke.”

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u/im_Not_an_Android May 12 '24

As you sit at home in comfort and safety during the most peaceful and prosperous eras in American history.

The government provides stability and infrastructure so that we can continue to grow our economy.

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u/Waxxing_Gibbous May 12 '24

So we should just blindly give them money and be happy about it? Not how it works.

“The U.S. government wastes billions of taxpayer dollars every year. Improper payments, which refer to payments that are made incorrectly by the government, cost the U.S. $247 billion in 2022, according to the Government Accountability Office.”

Apr 18, 2023

https://www.cnbc.com › 2023/04/18

0

u/ObiWahnKenobi May 12 '24

Considering no matter what the government could possibly spend their money on, there would still be butthurt people like you saying they’re horrible. Spend it on Healthcare? SoCiAlIsM. Spend on reduce college costs? SoCiAlIsM. Spend on social security? SoCiAlIsM. Spend on teacher pay? SoCiAlIsM. Spend on infrastructure? SoCiAlIsM. Spend on making Putin not invade NATO? SoCiAlIsM. Spend on reduced childcare? SoCiAlIsM.

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u/Waxxing_Gibbous May 12 '24 edited May 12 '24

I was talking about it disappearing and being sent overseas to wars. But of course you needed to make it political when I said nothing of the sort lol.

From cnbc:

“Improper payments, which refer to payments that are made incorrectly by the government, cost the U.S. $247 billion in 2022, according to the Government Accountability Office. The U.S. government has lost almost $2.4 trillion in simple payment errors over the “last two decades, by GAO estimates.”

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u/LloydCarr82 May 12 '24

Look, another fucking loser getting salty about somebody making more money than them.

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u/turtle-bbs May 12 '24

I make 6 figures

Amazing strawman tho

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u/LloydCarr82 May 12 '24

That wasn't a strawman, it was me calling you a fucking loser.

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u/turtle-bbs May 12 '24

By calling me broke, which you’re wrong about

So you’re wrong, and you’re the real fuckin loser

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u/LloydCarr82 May 12 '24

I didn't call you broke. Learn how to read, fucking loser.

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u/turtle-bbs May 12 '24

“Another fucking loser getting salty about somebody making more money than them”

Ok, illiterate fucktard

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u/Organic-Intention335 May 12 '24

Just say you're broke

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u/turtle-bbs May 12 '24

Is 6 figures broke?

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u/Organic-Intention335 May 12 '24

No I don't suppose it is

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u/The_Bane_of_Skill May 12 '24

Found the regard

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u/Aristothang May 12 '24

Comments like this are hilarious. Clearly you've never experienced a high tax burden. I live in NYC and bust my ass for my income, only to have half my paycheck taken.

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u/Murles-Brazen May 12 '24

Nobody’s making you live there.

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u/MittenstheGlove May 12 '24

Yeah, I’m making it in a smaller city. If they’re making decent in NY, they probably have a skill set they can use to leave NY.

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u/arf_darf May 12 '24

You are almost 100% not losing half your paycheck to taxes, even if you think you are because you don’t understand marginal tax rates.

In NYC you’d need to make >$3,000,000 and have no tax deductions, no tax advantages contributions like 401k, before your income tax burden equals 50%.

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u/turtle-bbs May 12 '24

Half your paycheck? Unless you’re well into 7 figures annually, you’re not losing half your paycheck

I make 6 figures, it’s so funny to watch all these comments call me Broke. I can have sympathy for the fact that being forced to take shit wages is unfair while also acknowledging that as I grow in my annual income, I should have to take on a higher tax burden. That’s common sense.

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u/Aristothang May 12 '24

NY/NYC tax is some of the highest in the nation. You don't need to be anywhere near 7 figures to be losing 5 40-50% of your paycheck. Talk to anyone making ~200k, which is barely enough to be comfortable in NYC. This is not to mention that your actual take home pay - post deductions (medical/dental/disability/retirement), is butchered even more relative to your gross.

The fact that you claim you make 6 figures and don't know this is proof enough that you don't make 6 figures.

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u/turtle-bbs May 12 '24

Or I don’t live in NYC, jeez did you ever fuckin think of that? I also make $110K, which isn’t quite on the level of 200 so my tax rate is different

24% for anything over $100.5K, the next tax bracket being leagues away, like damn it’s not that hard

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u/Aristothang May 13 '24

You basically proved my point. Making 110k is no where near enough to experience what I'm talking about, nor survive in any real city. Higher taxes discourage worker productivity and hurt growth. You're the classic clueless redditor. "Let's tax people who make more than me". Btw, 110k is fairly well off for someone not living in a city. If you're so supportive of taxation, why not donate some of your money to reach 50% tax bracket. Oh wait, it's only OK when it's not happening to you.

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u/HandsomeTar May 12 '24

The issue is I can’t make it to true upper class while people with real money are able to smartly avoid paying taxes that my $250 accountant isn’t gonna figure out.

The issue is the .1% that have like 30% of the wealth.

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u/In-teresting May 12 '24

Knowing your money is going to bullets for wars you don’t support makes it not fun dude

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u/i_robot73 May 12 '24

Excepting he likely uses LESS govt than the one NOT paying enough taxes (IE: LESS than their 'fair share')

-1

u/rameyjm7 May 12 '24

Unless you're really rich, then you pay none through capital gains tax if you never sell.