Used Value vs Age

[Hay Dude]

Then we need to figure out what it takes to create values in people.

We already know, but too many people chose not to have values. IMO, many religious values that are impugned in today’s society, would help tremendously

 

[Torvy]

Big difference between income and wealth. The most generational wealthy pass down their land. Many of those continue farming. Others either divide up the land and sell it to developers or to 'corporate' farms. There are not nearly as many fat cat idle rich as people believe. One to three generations is about all it lasts. Those who last beyond that are usually politically connected, think Kennedy. Most farmers have a hard time because of low income, not low wealth. Think 'cash poor'.

The 90% income tax actually prevented people from achieving. It stunted development and contributed to the economic malaise of the 70s. The 'wealthy' avoid income taxes because their money is tied up in trusts and properties. They don't show much 'income' so they were not paying 90%. The people paying that were the young up and comers who innovated and were climbing the economic ladder. Another good reason to abandon income taxes in favor of sales taxes.

 

[Hay Dude]

Big difference between income and wealth. The most generational wealthy pass down their land. Many of those continue farming. Others either divide up the land and sell it to developers or to 'corporate' farms. There are not nearly as many fat cat idle rich as people believe. One to three generations is about all it lasts. Those who last beyond that are usually politically connected, think Kennedy. Most farmers have a hard time because of low income, not low wealth. Think 'cash poor'.

The 90% income tax actually prevented people from achieving. It stunted development and contributed to the economic malaise of the 70s. The 'wealthy' avoid income taxes because their money is tied up in trusts and properties. They don't show much 'income' so they were not paying 90%. The people paying that were the young up and comers who innovated and were climbing the economic ladder. Another good reason to abandon income taxes in favor of sales taxes.

I agree with most of that. I live in DuPont country. They invested in large tracts of land, some of which I farm for them. They are extremely wealthy and generous people. They are not very politically connected, although Pete DuPont was and ran for President in the 80s.
I notice their wealth preservation strategy seems to be the purchase and holding of high value property. Otherwise, they drive ordinary cars, wear ordinary clothes and keep a very humble profile.

 

[Cahaba Valley Farm]

I agree with most of that. I live in DuPont country. They invested in large tracts of land, some of which I farm for them. They are extremely wealthy and generous people. They are not very politically connected, although Pete DuPont was and ran for President in the 80s.
I notice their wealth preservation strategy seems to be the purchase and holding of high value property. Otherwise, they drive ordinary cars, wear ordinary clothes and keep a very humble profile.

"Otherwise, they drive ordinary cars, wear ordinary clothes and keep a very humble profile."

That's the way to be if your wise. The worst thing you can do is advertise you have money.

 

[Hay Dude]

"Otherwise, they drive ordinary cars, wear ordinary clothes and keep a very humble profile."

That's the way to be if your wise. The worst thing you can do is advertise you have money.

That’s something all the first generation Nouveau Riche clowns do in my area.
They move here to get away from the city, buy 20 acres, 5 new trucks and Kubotas and call themselves a “farmer“ to cheat the tax code.

 

[IndyJay]

We were talking about fishing when all of a sudden he bursts out with, " You know something, it isn't possible to have a democracy that endures when laws allow inherited wealth.".

And he went on to say that in his opinion, inherited wealth always ends upcreating a "haves" vs "have nots" society which is so devisive that it either falls apart or is destroyed."

I've thought a lot about what he said. He may have a point. Our system is still evolving in the USA. Before you say it couldn't happen, the US was actually on that path back in Eisenhower's presidency when income over a million was taxed at 90%.

He went on to say that one solution would be to allow people to give away anything they wanted when alive, but after they pass their wealth goes into a common pot. Doing that could also eliminate taxes.

Like I said, Dwight was a thinker. Wish he were here now...
rScotty

Sorry, but I disagree with your friend vehemently. Our country was founded on the principle of the right to own property. Part of ownership is deciding who you want to give it to when you leave this Earth. Socialists often try to gin up class envy by suggesting that the only way to make it fair is to take from one group and give to another group. They do not believe in the right to own anything, everything belongs to "the people" or, as your friend put it, "the common pot".

The funny thing about inheritance taxes and other "feel good" solutions is that it doesn't really affect the very wealthy. They can afford to set up "foundations" and other dodges to shield their wealth from confiscatory taxes. That pretty much leaves the family farm or the estates of upper middle class people who have worked for their wealth.

I am alarmed when I see people spout ideas that are absolutely opposed to the concepts of our freedom. The Constitution was not written to grant us our rights. It was written to declare and affirm our God-given rights and to restrict the Government's ability to infringe upon those rights. When I read comments about how the government should "allow" or "not allow" things that are beyond the scope of their power I have to question where that is coming from.

 

[Cougsfan]

Weather you agree or disagree with Scottie's friend, you seemingly would have to admit that the growing gap between the rich and the poor is an issue that needs to be somehow addressed. Somewhere along the line many of us have modified the definition on liberty and freedom to mean that our priorities and desires overrule that of others. So may the strongest survive and screw the rest. The golden rule has become a rule many talk about but is only for use when convenient and doesn't cost you anything. The people without values are definitely a problem, but maybe some of us who think we have values need to reassess our definition of values.

 

[mo1]

Weather you agree or disagree with Scottie's friend, you seemingly would have to admit that the growing gap between the rich and the poor is an issue that needs to be somehow addressed. Somewhere along the line many of us have modified the definition on liberty and freedom to mean that our priorities and desires overrule that of others. So may the strongest survive and screw the rest. The golden rule has become a rule many talk about but is only for use when convenient and doesn't cost you anything. The people without values are definitely a problem, but maybe some of us who think we have values need to reassess our definition of values.

I think it is more appropriate today to follow the "inverse golden rule," which is "treat others the same way they treat you."

 

[Steppenwolfe]

That’s something all the first generation Nouveau Riche clowns do in my area.
They move here to get away from the city, buy 20 acres, 5 new trucks and Kubotas and call themselves a “farmer“ to cheat the tax code.

******* s... How dare they use capitalism in such a fashion.