richardhutnik said:
Kasz216 said:
richardhutnik said:
Kasz216 said:
richardhutnik said:
Galaki said:
To get rich quick, you don't play the rules. |
That depends on what the rules are. Rich people play by different rules than the average hard working joe. Didn't say the rules they play by are illegal, just different rules. The system is written to benefit people accumulating wealth and getting ahead on the top.
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That wouldn't mean they were playing by different rules.
Also I wouldn't say the rules are written that way, so much as, that's just how reality is.
I mean, for example, school systems are built so smart people have an easier time getting good grades.
It would take different rules for different people to make things not that way if anything. Hell we already have rules written against the rich and it still hasn't changed that way (ex. tax code).
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I said rules, and not laws, for a reason. The are rules they follow, which benefit them, and which average people don't follow. On the Law front, the tax code is structured to benefit the rich. If you incorporate, you take out your expenses before being taxed. The average joe has taxes out and their expenses are ignored. There are deductions, but they are fewer. Special interests and other groups with money, also write in tax breaks, get subsidies, and other advantages. And when the financial system broke down, it wasn't the average joe that got bailed out, it was banks, and other corpoprations, that got bailed out, like the auto industry. The average joe is used as a meat shield, to scare politicians that they might just get offed unless they get bailed out.
Also, take the case where top executives get contracts that pay them money if they are kicked out. They get millions of dollars. The average joe doesn't get those. They get downsized, and little if any money involved at all towards them. They also don't often get sign-on bonuses either. People on top get these.
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How many individuals incorporate exactly?
I mean, we were talking about the rich here right?
The Wallstreet movement has mostly been complaining about the individual rich.
Now your comparing companies with individuals. Which seems like a strange thing to do.
Aside from which, the average joe CAN buy into these companies... any average joe that did hold stock did get bailed out, no? It just seems to support my "more people should be in the stock market" theory.
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Anyone who is well off, will likely get adviced by their accountant to incorporate themselves, and set up a business, in order to change how they are taxed, and keep their taxes as low as possible.
As far as why the comparison, someone said that rich people pretty much cheat to get where they are. I commented to that by saying people who are rich play by different rules than people that aren't. This is what I was commenting on. Individuals incorporate themselves. And it was in response to this quote:
Galaki said:
To get rich quick, you don't play the rules.
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I think you have it backwords... if they incorporate as an intependent contractor it's so their buisness pays less taxes.
If you own your own single person company your still taxed on everything you pay yourself at the regular rate.
You yourself aren't incorporated. If you say, default on your morgage, you can't protect yourself via your corporation.
The "Tax benefits" are that you aren't taxed on anything kept in the company to increase the buisness of the company....
and anyone who has like a thousand bucks at most can do it if they really want to.
