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Oct 28, 2021
10:37
:47
am
cougfanz
Truly Addicted User
The they need to “pay their fair share” movement against those 4 individuals
Will result in so much collateral damage to who the govt is truly targeting (ie many of us here)
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cougfanz
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ndfan
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cougfanz
Joined
May 15, 2011
Last login
Jun 12, 2024
Total posts
18,181 (1 FO)
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Messages
Author
Time
So billionaires get personal loans using their assets as collateral
Windward_Coug
10/28/21 10:28am
<< Deleted >>
spinner
10/28/21 10:29am
If i were a billionaire, I’m confident i wouldn’t really care how it’s done
Heath Squashwell
10/28/21 10:33am
All you need to do is take enough salary or sell stock to pay the loan
JOPE
10/28/21 10:33am
They don't take a salary if possible, just stock options. It avoids the SS taxes
Nat Gas Man
10/28/21 11:22am
not necessarily. If the asset continues to go up (like it has)
Cougforgood
10/28/21 10:34am
Yeah, but you push back the tax hit and only have to come up with interest and
stoils
10/28/21 10:35am
"Since loans aren't considered taxable income, the wealthy need only pay back th
SalmonOfCapistrano
10/28/21 10:35am
Right. So they are avoiding 25% tax with 4% interest. That’s the point.
cougsareforreal
10/28/21 10:40am
please do not conflate tax with interest rate. They are not the same thing.
SalmonOfCapistrano
10/28/21 10:42am
actually you know what? Let's go there.
SalmonOfCapistrano
10/28/21 10:46am
Open your mind a bit. Let’s say you want $100 million. You can sell stocks and
cougsareforreal
10/28/21 10:48am
Read my other reply. You're wrong.
SalmonOfCapistrano
10/28/21 10:50am
My boss does this. The interest on the loans he is getting are below 1% right now.
P-Boy Squad
10/28/21 10:54am
It seems you are missing the point, they will pay taxes eventually, BUT they are
BYUFootballisBack
10/28/21 10:52am
But they *will* pay taxes on it. And in fact MORE taxes.
SalmonOfCapistrano
10/28/21 10:53am
But by not having to pay the taxes now, they are essentially getting a tax-free
BYUFootballisBack
10/28/21 10:54am
and?
SalmonOfCapistrano
10/28/21 10:55am
And nothing, we were just arguing semantics, essentially
BYUFootballisBack
10/28/21 10:58am
You seem to think there's a problem somewhere. There are always a handful of
SalmonOfCapistrano
10/28/21 11:02am
No problem with it, it just seemed like you didn't understand at first, I see
BYUFootballisBack
10/28/21 11:05am
Too clarify, I thought you were under the impression that they weren't getting a
BYUFootballisBack
10/28/21 11:08am
This is incorrect man. They can wait until they pass away, get a step in basis on their assets, and have all that growth
RdF3
10/28/21 11:11am
This is right. 1% loans or less, secured with massive funds, done through trusts
Nat Gas Man
10/28/21 11:25am
this is a completely different problem with a different solution
SalmonOfCapistrano
10/28/21 11:56am
No one lives forever. I think many plan to run this play until they die.
joelvandyne
10/28/21 10:56am
If you think that you have a company that will grow by 100x selling stock now
novacoug1
10/28/21 10:36am
So don't sell my safemoon or Shiba? 🙂
paulb
10/28/21 10:46am
The they need to “pay their fair share” movement against those 4 individuals
cougfanz
10/28/21 10:37am
The people I know who are always set on paying stuff off & never having any "debt" don't have much money.
RdF3
10/28/21 10:38am
Depend on phase of life. Towards retirement less debt is better. Younger, be more aggressive.
Turnpike Lane
10/28/21 10:42am
They can let the debt run up forever and then have it paid for with assets that have stepped up in basis at their death.
RdF3
10/28/21 10:39am
This was EXACTLY my first thought. The "income" is never recognized
dratax
10/28/21 10:52am
Or even better
Cougrrrs Roll
10/28/21 1:30pm
lol at Elon’s response
letthewookieewin
10/28/21 10:39am
Why do people take out 80-90% loan to equity loans when many could put more
BYU71
10/28/21 10:40am
They pay interest on the loans, and pay it from their income earned. All large brokerage houses do these loans.
Turnpike Lane
10/28/21 10:41am
Another thing they do is have huge life insurance policies that cover the loans
Nat Gas Man
10/28/21 11:33am
It does work out
Cougrrrs Roll
10/28/21 10:44am
What you've described is the ideal retirement. A *lot* of normal people do this.
SalmonOfCapistrano
10/28/21 10:49am
Which assets do they make income off of?
BYU '80
10/28/21 10:59am
Obviously there are ways
Cougrrrs Roll
10/28/21 11:51am
So you were thinking housing specifically as the assets. Are there other example
BYU '80
10/28/21 1:05pm
There are lots of ways to create passive income where assets spin off cash. Some
Nat Gas Man
10/28/21 2:56pm
No, not at all
Cougrrrs Roll
10/28/21 6:09pm
14 days of rent won't provide much income.
dratax
10/28/21 3:33pm
Doesn't matter to me
Cougrrrs Roll
10/28/21 6:15pm
Clearly the person who wrote this doesn’t understand finance.
lilpenny
10/28/21 10:53am
The top 1% pays over 40% of the tax burden in the US.
Zastava
10/28/21 10:55am
Me too. I hate roads, bridges, sewers, and national defense. Stupid Government.
Utefaninenemyland
10/28/21 10:58am
The feds have more than enough revenue to maintain and build infrastructure.
Zastava
10/28/21 10:58am
You left out illegal wars, for profit prisons, racist police forces
lilpenny
10/28/21 11:01am
Arming the taliban, funding fascist regimes, teaching of critical race theory
lilpenny
10/28/21 11:07am
The university of Utah football program, Coach K’s salary even though he’s fired
lilpenny
10/28/21 11:10am
I never said government was perfect. But I don’t demonize it either
Utefaninenemyland
10/28/21 11:19am
Having worked for the federal government (The EPA, the DOE, and the USGS)…
Zastava
10/28/21 11:51am
I don’t rely on Government to innovate. However all these innovators benefit
Utefaninenemyland
10/28/21 1:26pm
Zuckerberg and Trump have paid hundreds and hundreds of millions…
Zastava
10/28/21 1:59pm
Exactly. Let’s just flat tax it and we can all pay our “fair share”.
cougfanz
10/28/21 3:20pm
Flat tax is regressive and unfairly impacts the poor
Utefaninenemyland
10/28/21 5:38pm
I’m in the top 3% of wage earners in Utah. I never gripe about taxes.
Utefaninenemyland
10/28/21 5:42pm
The system isn’t rigged against the poor. The poor have every opportunity…
Zastava
10/28/21 5:53pm
Ok if the French are wrong, why do they live longer,
Utefaninenemyland
10/28/21 6:23pm
I didn’t say the French were wrong. I’ve spent a lot of time in France.
Zastava
10/28/21 7:45pm
The reference was not to 18th century France, it was to let them eat cake
Utefaninenemyland
10/28/21 8:40pm
Critical race theory in the same sentence as Abu Ghraib?
Hotlanta
10/28/21 12:20pm
"welfare state" was referenced. Not a single item listed is a transfer payment
dratax
10/28/21 11:33am
I’m with the rich paying taxes. I’m just not willing to listen to people who pay
BYU '80
10/28/21 10:57am
Why the rich pay all the taxes
Cougrrrs Roll
10/28/21 11:57am
Eventually. But not now. Interest rates are insanely low - why pull money from growing stock? It's smart.
zonacougar
10/28/21 10:57am
Government could just make it illegal to pledge stock to obtain loans
Taccoug
10/28/21 11:31am
Not sure that would hold up. Same category as Real Estate loans. Nobody will
Nat Gas Man
10/28/21 11:34am
How is what the rich are doing any different than what the federal government is
Cougforgood
10/28/21 12:03pm
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