inflation

[Hetfield]

Point taken, but truthfully I'm concerned about my grandsons basketball game tomorrow night than some two bit billionaire ...........

Yeah F it in the end. Basketball, great game. I got into the Knicks this season after the season they had last year and now they are having a crap season. Go figure.

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[highfigh]

Yeah F it in the end. Basketball, great game. I got into the Knicks this season after the season they had last year and now they are having a crap season. Go figure.

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Timing is everything.

 

[highfigh]

That's a good point. The super rich make most of their money via capital gains. Buffet makes 100k in salary but huge bucks in CapGains. That's how he was able to say he pays less income taxes than his secretary a few years ago for the Obama campaign.

For general knowledge and amusement. See Al Gore on SS in the 2000 election. He borrowed the idea from a young Paul Ryan but it was interesting to see this open discussion of ideas in the campaign. A much higher attention to detail and subject than we get now...

Al Gore on Social Security

OTOH, Cap Gains can amount to huge tax bills. I have seen quarterly estimated tax bills that were more than I have ever made in a year and it wasn't from ordinary income. OTOH, I have seen tax returns that WERE mainly ordinary income and the gross tax was also huge, but they had write-offs. Most people don't pay full load unless they just don't want to bother to take advantage of the tax code.

 

[Trell]

Most people don't pay full load unless they just don't want to bother to take advantage of the tax code

Most people can’t take advantage of the US tax code because they are too poor.

 

[highfigh]

Most people can’t take advantage of the US tax code because they are too poor.

There are deductions that can be taken without having a lot of money. Obviously, the large deductions are out of their range, but there are many that are available even if they qualify as 'just getting by'.

If you have never checked into the list of deductions, you won't know but one reason many can't take these is due to the fact that they don't know about them and they use the 1040EZ form, which can be filled out in less than half hour while watching TV.

 

[Trell]

There are deductions that can be taken without having a lot of money. Obviously, the large deductions are out of their range, but there are many that are available even if they qualify as 'just getting by'.

If you have never checked into the list of deductions, you won't know but one reason many can't take these is due to the fact that they don't know about them and they use the 1040EZ form, which can be filled out in less than half hour while watching TV.

You can see it in that very many don’t save for retirement despite that being very subsided by the federal government. Nice handout.

Federal tax credits, great if you pay any. Another handout.

Then there is paying for the US extremely expensive health healthcare system with poor health outcomes for the expenses.

Tax loss harvesting where you sell stocks/funds with a loss that you can use against paying capital gains later on. Indefinitely. Great handout.

 

[SithZedi]

OTOH, Cap Gains can amount to huge tax bills. I have seen quarterly estimated tax bills that were more than I have ever made in a year and it wasn't from ordinary income. OTOH, I have seen tax returns that WERE mainly ordinary income and the gross tax was also huge, but they had write-offs. Most people don't pay full load unless they just don't want to bother to take advantage of the tax code.

Definitely will swing depending on sources and circumstances:
Politicians, lobbyists, consultants, etc, make beaucoup money keeping things complicated and shooting down simpler and fair tax rules.

 

[davidscott]

$4.00 gasoline anyone? Sorry to you California peeps it was over $4.00 the last 2 times I was out there. (LA and Sacramento a few years ago).

 

[Mikado463]

$4.00 gasoline anyone? Sorry to you California peeps it was over $4.00 the last 2 times I was out there. (LA and Sacramento a few years ago).

I'm retired, gone from 33-36,000 miles a year to less than 10,000 miles. Trouble is, it's 'my dime' now, LOL !

 

[Hetfield]

I paid 3.15 just the other day in NJ. Like it to be lower but I got to be honest, no matter how low it is I say that.

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[Old Onkyo]

We don’t even blink anymore when gas is $4.00 a gallon. $60 to fill up a Camry, once every 9-10 weeks.

 

[Dude#1279435]

$4.00 gasoline anyone? Sorry to you California peeps it was over $4.00 the last 2 times I was out there. (LA and Sacramento a few years ago).

Back in the late 2000s it was $4 here in the Midwest.

 

[Trell]

We don’t even blink anymore when gas is $4.00 a gallon. $60 to fill up a Camry, once every 9-10 weeks.

That is less than half the price of gasoline in Sweden, depending on the type bought.

This gives the European car manufacturers an incentive to make more fuel efficient cars as customers cares about it. Other sources of energy, like electricity, becomes less expensive relatively speaking.

Edit: Mobile phone auto correct/suggestion is a mixed blessing.

 

[Mikado463]

and to think........it was 27 cents a gallon when I got my first car !

 

[Hetfield]

and to think........it was 27 cents a gallon when I got my first car !

that's funny. My dad always told me about a sub shop in my area that has been open since the 50s. He used to get a half sub and soda for 75 cents. I never could even comprehend that.

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[highfigh]

that's funny. My dad always told me about a sub shop in my area that has been open since the 50s. He used to get a half sub and soda for 75 cents. I never could even comprehend that.

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We have a sub shop chain in MKE- their Cheese Steak sub was $1.75 for the 7" (half sub) when they opened in '73 and now, it's $7.99.

 

[Mikado463]

We have a sub shop chain in MKE- their Cheese Steak sub was $1.75 for the 7" (half sub) when they opened in '73 and now, it's $7.99.

for sure, a real good example of inflation ! I bet that same sandwich a year ago was 5.99 !!

 

[highfigh]

for sure, a real good example of inflation ! I bet that same sandwich a year ago was 5.99 !!

No, I think it was $6.99. They raise their prices gradually unlike some places like Culver's, who jacked some of theirs by 40% in one shot. Both are based in Wisconsin, too.

 

[Hetfield]

No, I think it was $6.99. They raise their prices gradually unlike some places like Culver's, who jacked some of theirs by 40% in one shot. Both are based in Wisconsin, too.

Subs around here have been pretty expensive here for years, I mean really for as long as I can remember.

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[Mikado463]

we call 'em hoagies in this neck of the woods. Regardless, shaved ribeye which is the primary meat in a Philly Cheese steak has gone up in price significantly in the past year, avg cheese steak now $10-14 !!