this post was submitted on 17 Jan 2025
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People born in the 1950s grew up with a 91% top-tier income tax rate, which ultra-rich people went out of their way to avoid by spending their excess income on "business expenses", rather than investments.
Unless this person happened to be born outside of the USA.
Which was better tbf
Absolutely.
It used to be that if you had $10,000 excess income, you could use it to buy $900 worth of stock, bonds, and other financial instruments or you could spend the entirety of that $10,000 on something you tell the IRS you plan to use for business purposes, and pay some salaries for making it.
Now, if you are $10,000 over the line, you can turn $6,300 into stocks, and double your money in 4-5 years. There's no point in actually spending your money anymore; just keep rolling the excess into the means of making more.
And instead of saving their money they spent it, and the people who got their money spent it, and so on until I got pennies in my ass that are going to Jeff Bezos
Pssshhhhh, bezos money is all digital.
I didn't say I had a bill to pay, I'm saying I have ass pennies and a trebuchet
Nice! It even rhymes! 😘👌