3 ms·

$4M at 3% annual interest is $120,000/yr. In some parts of the country (NYC, SF) that is barely enough (or even not enough) to retire on.

refurb 4y ago
Nobody needs so much money they never have to work again. Great, you won the start-up lottery! You've got a nice nest egg, now go back to work. Or, go and move to mid-west and retire. US tax payers don't need to subsidize your lifestyle so you can live in NYC or SF.
- horns4lyfe 4y ago
  Why?
  - refurb 4y ago
    Because the priority should be people who have nothing.
  - anonymouskimmer 4y ago
    Because the financial priority of the economic regulatory system (which includes taxes) should be the economy. And working people add to the economy much moreso than rich slackers.
anonymouskimmer 4y ago
BS. I live in the SF bay area and we gross less than $100k/year supporting a two person household. $120k/year would be a bit over a 33% raise. Married filing jointly (MFJ) or Single (S) on the $120k/year in capital gains would be: MFJ: 0% up to $83,350. 15% above that amount. For a total tax of $5497.50 in federal taxes. S: 0% up to $41,675. 15% above that amount. For a total tax of $11748.75 in federal taxes. The California tax rates for income or capital gains are: MFJ: $3,623.42 plus 8% of the amount over $104,910. For a total of $4830.62 in state taxes. S: $2,918.91 plus 9.3% of the amount over $66,295. For a total tax of $7913.48 in state taxes. Net, after tax income is: MFJ: $9139.32 per month S: $8361.48 per month These both compare quite favorably to the average ~$6,200 after-tax income my household lives on. And that's without subtracting the $650 additional taken out for the pension (because a person living on interest doesn't need to subtract money for retirement, as they are effectively retired!!). Or the extra $180 or so taken out for other post-tax payroll deductions.

refurb 4y ago

Nobody needs so much money they never have to work again. Great, you won the start-up lottery! You've got a nice nest egg, now go back to work. Or, go and move to mid-west and retire. US tax payers don't need to subsidize your lifestyle so you can live in NYC or SF.

horns4lyfe 4y ago
Why?
- refurb 4y ago
  Because the priority should be people who have nothing.
- anonymouskimmer 4y ago
  Because the financial priority of the economic regulatory system (which includes taxes) should be the economy. And working people add to the economy much moreso than rich slackers.

anonymouskimmer 4y ago

BS. I live in the SF bay area and we gross less than $100k/year supporting a two person household. $120k/year would be a bit over a 33% raise. Married filing jointly (MFJ) or Single (S) on the $120k/year in capital gains would be: MFJ: 0% up to $83,350. 15% above that amount. For a total tax of $5497.50 in federal taxes. S: 0% up to $41,675. 15% above that amount. For a total tax of $11748.75 in federal taxes. The California tax rates for income or capital gains are: MFJ: $3,623.42 plus 8% of the amount over $104,910. For a total of $4830.62 in state taxes. S: $2,918.91 plus 9.3% of the amount over $66,295. For a total tax of $7913.48 in state taxes. Net, after tax income is: MFJ: $9139.32 per month S: $8361.48 per month These both compare quite favorably to the average ~$6,200 after-tax income my household lives on. And that's without subtracting the $650 additional taken out for the pension (because a person living on interest doesn't need to subtract money for retirement, as they are effectively retired!!). Or the extra $180 or so taken out for other post-tax payroll deductions.