Older boomers won the pandemic after becoming a whopping $14 trillion richer, Fed data reveals—and Gen X is losing the race

[Latimer]

@NotHardUp1 "The wealth disparity in the U.S. is obscene."

The problem is much like the prison system. We're not trying to devise a fair system -- we're dealing with the consequences of an unfair system.

That goes to my point about limiting the accumulation of the control of wealth.

But, it is really not difficult to redistribute the benefits of a society's wealth. If vast amounts of stock earnings can be given to an individual, then much lesser amounts can be spread out across the employees of that company, or even across the population of the nation. Instead, the system is set to give executives ego-intoxicating, dick-hardening bonuses and massive stock options that unfairly reward them for the work of their underlings.

The wealth can be used to pay for things that citizens once funded: excellent public education, public hospitals, art and music, public works, conservation, research, and all the other things that benefit the commonwealth. Gee, what an outdated word that, "commonwealth."

Taxes have been increasingly sucked from the working class and the due from the richest has been manipulated, much like the Brits, to be untouchable. When you have Warren Buffet proclaiming to the world that his secretary pays more taxes than he does, you have every evidence you need of revolution, not merely reform.

But our nation last saw revolution when Southern plantation owners saw a threat to their riches from slavery threatened, and the time before that, when our Yankee cousins were threatened to lose their merchant riches from the tea tax. Can't have the rich not getting richer, can we? TO ARMS!!!

I don't disagree. However, I take exemption to the following:

"Taxes have been increasingly sucked from the working class and the due from the richest has been manipulated, much like the Brits, to be untouchable. When you have Warren Buffet proclaiming to the world that his secretary pays more taxes than he does, you have every evidence you need of revolution, not merely reform."

I believe Mr. Buffet's well-compensated secretary is in the 36% tax bracket. Assuming he only pays taxes on capital gains, he is in the 20% bracket. I believe he has advocated a minimum tax beyond the 20% capital gains. I doubt this takes a revolution, only prudent legislation.

Taxes are, by the way, not sucked from the lower classes, but rather from the upper-middle and upper class. Please see the tables below.

The US tax rates are highly progressive. My partner and I are each in the 35% tax bracket. (Were we to file jointly we'd be two points higher.) Add another 10% for the State of California and we are each in the 45% tax bracket. Imagine what it must be for a family living in NYC and also subject to city taxes! No wonder there has been an exodus to Florida and Texas. For myself, I spend inordinate amounts of money a year to accountants to help me divert my income and fund retirement accounts to be sure I pay as little to the state and the feds, and to ensure that I continue to enjoy a substantial income when and if I ever retire.


2024 Tax Brackets:

Tax brackets for income earned in 2024​

Table with 3 columns and 7 rows.

	Tax rate	Single filers	Married filing jointly
	37%	$609,350 or more	$731,200 or more
	35%	$243,725 - $609,349.99	$487,450 - $731,199.99
	32%	$191,950 - $243,724.99	$383,900 - $487,449.99
	24%	$100,525 - $191,949.99	$201,050 - $383,899.99
	22%	$47,150 - $100,524.99	$94,300 - $201,049.99
	12%	$11,600 - $47,149.99	$23,200 - $94,299.99
	10%	$11,599.99 or less	$23,199.99 or less

 

[NotHardUp1]

I don't disagree. However, I take exemption to the following:

"Taxes have been increasingly sucked from the working class and the due from the richest has been manipulated, much like the Brits, to be untouchable. When you have Warren Buffet proclaiming to the world that his secretary pays more taxes than he does, you have every evidence you need of revolution, not merely reform."

I believe Mr. Buffet's well-compensated secretary is in the 36% tax bracket. Assuming he only pays taxes on capital gains, he is in the 20% bracket. I believe he has advocated a minimum tax beyond the 20% capital gains. I doubt this takes a revolution, only prudent legislation.

Taxes are, by the way, not sucked from the lower classes, but rather from the upper-middle and upper class. Please see the tables below.

The US tax rates are highly progressive. My partner and I are each in the 35% tax bracket. (Were we to file jointly we'd be two points higher.) Add another 10% for the State of California and we are each in the 45% tax bracket. Imagine what it must be for a family living in NYC and also subject to city taxes! No wonder there has been an exodus to Florida and Texas. For myself, I spend inordinate amounts of money a year to accountants to help me divert my income and fund retirement accounts to be sure I pay as little to the state and the feds, and to ensure that I continue to enjoy a substantial income when and if I ever retire.


2024 Tax Brackets:

Tax brackets for income earned in 2024​

Table with 3 columns and 7 rows.

	Tax rate	Single filers	Married filing jointly
	37%	$609,350 or more	$731,200 or more
	35%	$243,725 - $609,349.99	$487,450 - $731,199.99
	32%	$191,950 - $243,724.99	$383,900 - $487,449.99
	24%	$100,525 - $191,949.99	$201,050 - $383,899.99
	22%	$47,150 - $100,524.99	$94,300 - $201,049.99
	12%	$11,600 - $47,149.99	$23,200 - $94,299.99
	10%	$11,599.99 or less	$23,199.99 or less

As your friend, I have to snicker at your use of "exemption" in the place of "exception" in the idiom.

I think we define the "working class" differently. I do not equate it with the poor or those below the poverty line. In my experience, many of those in the lowest classes do not work full-time, hide income, and conceal their incomes. They too underpay their taxes as a result.

And, I think we all know the upper classes use myriad tax shelters and deferments and trusts to lie about their real earnings. My boss was preening about creating trusts last week and how the stupid people pay taxes. Patriotic much?

The whole thing is a big game, just like corporate taxes and their now-legal double sets of books under ASC605 & ASC606. They tell one set of numbers to Wall Street and a completely different to IRS. And how did those regulations become law? Because we have the best government money can buy.

And to your point about "prudent legislation," I can't beleive anyone who had observed the relentless march towards tax aversion by the elite over the past five decades can agree with that. Every time significant clawback is attempted in Congress, they build in loopholes that eviscerate it for the richest. We live in a republic that decries the abuses of oligarchs in Moscow while we enthrone our own.

 

[Latimer]

With the close of the year exemptions are on my mind. Exemptions are definitely on the minds of the various "charitable" institutions that have been soliciting my support over the last two weeks.

I won't dispute your characterization of the tax code. However, I still hold that legislation is the easier and safer path to establish the reforms you list than revolution.

 

[fabulouslyghetto]

However, I still hold that legislation is the easier and safer path to establish the reforms you list than revolution.

True shit. If there's anyone we can trust in this matter it's the US govt.

 

[NotHardUp1]

With the close of the year exemptions are on my mind. Exemptions are definitely on the minds of the various "charitable" institutions that have been soliciting my support over the last two weeks.

I made the mistake of donating to two Democrats holding high office in New Mexico, plus contributed to Eugene Vindman's campaign, so now I get stupid text messages from the entire slate of Democrats in Washington.

Chaps my ass.

 

[NotHardUp1]

I won't dispute your characterization of the tax code. However, I still hold that legislation is the easier and safer path to establish the reforms you list than revolution.

I simply believe it will never happen short of revolution. Greedy fingers hold very tightly. And they've successfully blocked representative government, using a two-party monopoly on power that strangles all other comers.

No, I don't welcome the violence and chaos, but I don't see how the average American will get control of our own government any other way. It's rigged system. They won't even outlaw gerrymandering.

 

[LilBit]

I simply believe it will never happen short of revolution. Greedy fingers hold very tightly. And they've successfully blocked representative government, using a two-party monopoly on power that strangles all other comers.

No, I don't welcome the violence and chaos, but I don't see how the average American will get control of our own government any other way. It's rigged system. They won't even outlaw gerrymandering.

Yup. The people who can most afford to pay taxes are the same ones who can most afford to find ways to avoid paying them. No matter what type of taxation system we have, the wealthy will find ways to avoid paying.

 

[PrinceCory]

Very well stated. The article skipped over the fact that time is a leading factor in developing wealth. Small amounts of savings compound over time into wealth. The oldest generation will always be the wealthiest. In another 30 or 40 years, when the last of us boomers has kicked the bucket, someone is going to be complaining that Gen Xers have all the wealth.

Exactly. Well said.

 

[PrinceCory]

I made the mistake of donating to two Democrats holding high office in New Mexico, plus contributed to Eugene Vindman's campaign, so now I get stupid text messages from the entire slate of Democrats in Washington.

Chaps my ass.

My number got shared and spread around also. My local area State Rep had a "town hall" that you could listen in on or participate in. So I used my cell phone to dial into a number and listen. Come the next election cycle I started getting calls and texts from my State politicians and those in Congress as well. The calls and texts just gets worse each election cycle. Our voter registration forms (at least back when I signed up 50 years ago) didn't ask for phone numbers so I'm certain they didn't get my number from those records.