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The whole article is predicated on the lie that low and middle income earners are buying private placements and LLCs in their IRAs. They are not. Full stop.
by darkerside 5y ago
The whole article is predicated on the lie that low and middle income earners are buying private placements and LLCs in their IRAs. They are not. Full stop.
- czbond 5y agoThe whole deal is a 'we are spending tons of cash, so we need to take it from someone' plan. This isn't a "watching out for the average person" deal.
- belltaco 5y agoOr maybe it's trying to close loopholes around having to pay taxes. >The whole deal is a 'we are spending tons of cash, so we need to take it from someone' plan Funny how spending tons of cash is a problem only if it benefits poor and middle class people. I never saw this outrage on trillions spent on endless wars, since that benefits rich people. But if something helps poor or middle class and hurts rich people a little, there is a big outrage.
- czbond 5y agoI don't believe they're the same. Specifically on wars... the lack of 'outrage' is because people have been smart enough to tie "war" to nationalism, patriotism, and "watchdog for the world" which instills a sense of pride in a majority population nationwide; instead of seeing it as a drag on prosperity, nation mongering, and self interest dealing.
- lotsofpulp 5y agoIf they wanted to specifically get rid of loopholes, they would scrap The whole employer requirement of 401k and let anyone contribute to an IRA up to the same limits for everyone. But, of course, politicians want to let big businesses maintain their competitive advantage by making 401k have higher limits than IRAs. > I never saw this outrage on trillions spent on endless wars, since that benefits rich people. Tons of people have been outraged by the war, but it was politically unpopular across all income classes to be against the war in early 2000s.
- belltaco 5y ago>Tons of people have been outraged by the war I am not talking about the war itself. I am talking about the outrage over spending on wars. For example, there is barely any debate in the public sphere about 'where to get money to spend on wars', but if it helps poor or middle income people, like say increased welfare payments, or healthcare or college, suddenly there is a huge outcry over "how do we pay for it".
- lotsofpulp 5y agoI meant spending on wars. I have seen many, many editorials and popular publications talk about how we can spend $x billion in Iraq and Afghanistan but not $x billion at home for various reasons.
- frockington1 5y agoWhat is "Full stop"? I'm seeing it used more and more in political internet discussions
- crysin 5y agoIt's a way to end a statement that you feel so strongly about that you're indicating to others no amount of arguing or talking with change your opinion on it. Your mind's made up and you believe in that statement so strongly that you believe it to be unequivocally universally true.
- frockington1 5y agoAnnouncing closed mindedness.... not something I would ever want to do but I can see how its helpful in letting people know not to waste their time. Is there a reverse of this? As in, I have an opinion but am open to hearing others and their rational
- minitoar 5y agoI think “announcing closed mindedness” is pretty reasonable when it’s something that’s just a fact. 2+2=4, full stop.
- rendang 5y agoIt's the British English term for "period", as in the punctuation mark.
- darkerside 5y agoI don't mean it to indicate closemindedness. I do mean it to indicate that there aren't a whole bunch of exceptions and clauses to come. Take it as a contrast to an article that spent a lot of time and words on an argument that was based on what I believe to be a very flawed assumption. IMO so flawed as to be intentionally deceitful.
- technick 5y agoThat's a massive flex on your part, I know a co-worker who did this and he earns less than 185k a year.
- minitoar 5y agoNot sure if this is a joke but I’m pretty sure that’s not low or middle income.
- ac29 5y ago$185k/year would be 95th percentile in income for the US.
- darkerside 5y agoThe median income in the US was $67,251 in 2020 per the US Census Bureau. Low income would be much less than that, and middle income would approximate it. How many people making $70k/year do you think are investing in a private placement in their IRA?
- loourr 5y agoThat's false. I know for a fact that tens of thousands of middle class people are doing this today.
- difu_disciple 5y agodefinitions of middle class are very fluid here.
- darkerside 5y agoCare to expand on this?