I guess the Walton family has a long-term local presence in basically every mid to large town and city in america. Same with Mcdonalds Corp. They have vested interests there (crushing competition, raising prices, lower quality, profit!). And their bigly profits certainly show a more significant vested interest as opposed to just a small property owner or worse a bystander or citizen.
You're going to have a hard time convincing me the wealthy aren't gaming the tax system after all the reporting and leaks over the last ~40 years.
I suspect you are simplifying what's happening quite a bit, not sure if it's intentional or otherwise. But wouldn't the more likely scenario be that you borrow 100m with a 10 year draw at x% interest and then at the end of the 10 years you do a stock sale (some taxes paid), pay the interest (interest is generally non-taxable) and then take out a new loan for 500m based on your much larger portfolio, and finally claim significant losses against some other asset (regain your actual stock sale taxes losses "oh no my art lost value!")? Repeat ad nauseam until you're dead.
>You're going to have a hard time convincing me the wealthy aren't gaming the tax system after all the reporting and leaks over the last ~40 years.
Obviously every person tries to avoid taxes - you don’t have to be rich do do that - but the idea that there are magic banks that loan money and don’t mind waiting decades to get their money back is some kind of weird propaganda.
>...I suspect you are simplifying what's happening quite a bit
People keep saying “buy, borrow, die” as if it is really that simple - like it is that one simple trick that banks and the IRS hate.
>...But wouldn't the more likely scenario be that you borrow 100m with a 10 year draw at x% interest and then at the end of the 10 years you do a stock sale (some taxes paid), pay the interest (interest is generally non-taxable) ...
Your scenario is not “buy, borrow, die” as a core concept of that meme is you take advantage of the stepped-up basis upon death and the estate pays the interest. With your scenario the person imght have an interest payment of 50 million + the original 100 million, so now they have to sell enough stock to pay the 150 million and the 23-36% taxes on the gain (depending on the state they are located in - obviously different for countries other than the USA). That isn’t estate planning, that is hoping your stocks really go up and that the loan doesn’t come due in a downturn like 2008.
>"oh no my art lost value!"
That trick where for example, where someone would donate some painting to a museum and pay someone to say the donation is with N million, might have worked at some point in time, but that kind of thing is pretty much guaranteed to get an audit these days from what I have read and I would be very careful trying to do that.
A variant of the "buy, borrow, die" which some claim is done is basically that a bank essentially becomes a minority shareholder of the estate for giving the money. Though I recall one CPA who dealt in this area replying that none of the family offices he knew would likely be interested in this approach - people like Goldman Sachs are not your friends.
What is the demographics breakdown on those statistics? How much is old vs new wealth vs generational wealth?
A lot has changed in the U.S. in the last 20-40 years.
Also I'm not really convinced that the existence of individuals with over a billion dollars in wealth is a net positive for society or really anyone except that individual.
No snark: Why not? Unless you're saying that it doesn't exist or has been destroyed because the orange man or one of the alcoholics on the tiktok/foxnews proclaimed it to be true hundreds of times over the last two months?
Until they exercise it I suspect we can't truly know. They have demonstrated that have reliable drone manufacturing and ballistic capabilities. Whether those include submersibles or munitions that can strike submerged targets is unclear.
In terms of raw capabilities and ability to actually damage these cables as an entity. Yes they have them today, they don't need special naval craft for such an endeavor, you can drag a hook behind any vessel large enough for the conditions and damage the cables repeatedly. This has been happening in other parts of the globe for some time, with Russia using cargo ships, I believe. Other parties could try and prevent this, possibly with some success but it would either involve sinking those vessels at a distance (hope they're right about what those vessels are doing), or putting your own assets in danger of missile or drone strikes.
> What prevents them from pooling together the funds for 2 decades of relentless cyberattacks on Iran, unless twice the same fee is payed in reverse to compensate for just the threat?
I thought it was clear to everyone that this is _exactly_ what the U.S. and Israel have been doing to Iran for literally 20+ years [0] [1]. In addition to economic warfare, other types of espionage, and acts of terrorism - e.g. blowing up a bunch of people's mobile devices and pagers (in before someone accuse the children and civilians harmed in the attack of being terrorists themselves).
Bad actors have been extracting all kinds of concessions and actions out of Iran for many decades now under all kinds of threats, tactics, and attacks.
This war was literally started by the U.S. and Israel blowing up peace talks in Iran.
> I thought it was clear to everyone that this is _exactly_ what the U.S. and Israel have been doing to Iran for literally 20+ years [0] [1].
You changed my proposition to a different one by equating
US & Israeli cyber warfare, with
US & Israeli & worldwide telecom sector cyber warfare.
I ask why risk that step? worldwide telecom sector is highly networked (by profession obviously) and is probably already picking up phones and coordinating a common response, together they stand, divided they fall, none of them look forward to potential normalization of nation states charging fees unilaterally.
Its an error to confuse big problems with even bigger ones than they already face.
Telecom sector might collectively demand public payment of twice the threatened fee (however small the actual demanded fee is) plus a public statement by Iran that they publically repeal the threat just to make clear this type of precedent won't be tolerated.
this makes no sense, you're saying that if some cable operator in some distant nation agrees to chip in to prevent such normalization worldwide, that Iran will come over to that nation to physically overpower the cable operator who doesn't have an army?
5 more months until midterms is plenty of time to do what exactly? Tell us that he won the war on Iran twice a day every, just like he has been doing for the last 2 months? The economic impact of this is just starting to be felt and will get increasingly painful for at least the remainder of the calendar year (depending on how much longer the straight stays closed). There is no mechanism for him to just sweep this under the rug. Perhaps you believe him every time he says he won, I think most us don't believe it and never will not matter how many times he repeats the lie.
"never get blocked again" just like when it was claimed by the U.S. it wouldn't be blocked in the first place, or that it would only be a few days...sure sure. I'm sure the IRGC is about to call the European and U.S. leaders and tell them how bigly they are and how scared of more bombing they are.
Is it illegal to pay kidnappers in the united states? I've never heard of this and I can't seem to find anything that says any such law has actually been passed.
It's technically not illegal, but often is. You can't pay terrorist organizations or specially sanctioned orgs. See https://sanctionssearch.ofac.treas.gov
Probably should consult an attorney before paying a ransom (whether for kidnapping or other purposes).
What about Nest? It's great that they announced a lifetime and stuck with it I guess? Sucks for anyone who bought into the ecosystem. You'd have to pay me to try and adopt more google products at this point, otherwise it's almost certainly sooner or later going to be deemed a waste of money/time.
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