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Is the regular Joe better off : Swingers Discussion 899851051
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TOPIC: Is the regular Joe better off
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The poor don't pay income tax now.

Destin FL
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Scotty

I'm not trying to fight with you either. I asked genuine questions as to my confusion. But as I said, $500,000 to me is pretty damned wealthy. I'm referring to annual income not a portfolio balance. As a portfolio balance for those able to invest and being in the business your in, I can see where a $500K portfolio balance would not be that so impressive but I'd like to have it lol.

The last firm I worked at our wealthiest client was around $4mil portfolio......almost all UPS stock from his employee purchase plan, of course now retired a many years ago and now playing, buying litters of greyhounds and race horses (lol a dog and pony show) giving annual stock to grandchildren etc.

St Petersburg FL
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I wouldn't sell a stock just to keep their hands off of it. BUt i would use offesting gains. you're right, not gains or losses until you sell. It was simply the context i guess i found confusing.

sorry about that.

Lake Worth FL
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pete,

I'm not trying to fight with you. It's the context you put it in. I HATE THE FUCKING IRS. And i will use whatever mean I can legally to keep their greedy mits off my money.

500k is not wealthy. It's slightly over middle class in south florida.

Lake Worth FL
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Scotty

"I don't consider 500k very wealthy."

This doesn't answer my questions. And the level of income that one considers very wealthy is a subjective measurement. At my income level over $500,000 is pretty damn significant wealth.

St Petersburg FL
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Scotty

Why do you keep trying to insist I've said anything was illegal or unethical when I haven't?

I'm also not talking about insightful and creative planning of stock portfolios. I was referencing one time where it "purely" was to keep IRS from getting a buck. No reinvestment, nothing......just a sale. And he didn't have a investment advisor.....he just hated the fucking IRS...period. He chose to having 100% of nothing. As I recall the stock turned around a couple months later.

St Petersburg FL
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I don't consider 500k very wealthy.

Lake Worth FL
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Scotty

"There was a time and we should get back to it, that the *average person didn't pay taxes*. *Taxes were only on the very wealthy*. And most of the federal income came from tariffs on trade."

I'm confused. Hasn't the complaints lodged here been against any tax increases which would affect the wealthy?......the "progressive tax" shifiting taxes from the middle class to the wealth?

Now I don't know what you consider the very wealthy. But I'll give you an example. Under Rangels plan recently announced that they wouldn't probably vote on until 2009, he advocates repeal of the AMT which was originally intended to affect the "very wealthy" but has been including more and more of the middle class and adding a new tax bracket of 4.6% on income that exceeds $500,000. Now that would mean someone with taxable income of $550,000 would pay tax on the now established bracket rates up to the first $500,000 and hit the new bracket of 4.6% of that last $50,000. That would seem to be giving tax relief (repeal of AMT) to many in the middle class and taxing the wealth more.

So isn't that exactly what you said above.....taxing only the very wealthy and providing relief to the average taxpayer?

St Petersburg FL
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makes perfect sense to me to sell stock that had a temp down turn. to offset other gains. There is nothing illegal or unethical. It's part of the law.

It's a very very very common practice in my business. If your advisor isn't actively managing your portfolio to and tax selling i suggest you find a new advisor.

Lake Worth FL
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Scotty

"There is nothing wrong with "tax harvesting" a portfolio. THere is no capital gain due on a stock until it's sold."

No in my memory of that client....he was not tax harvesting. He simply stated he wanted to sell the stock to "generate" a loss so IRS wouldn't get capital gains tax on other gains. As I recall it was a stock with a temporary down turn and he was buying nothing to replace. Simply did not want IRS to get any tax or less tax.

And I didn't say anything was criminal so I'm not exactly sure where you got that from my post. As you say...no gain until sold, well there also is no loss until sold.

St Petersburg FL
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TOPIC: Is the regular Joe better off