Quote from: DaRude on Today at 08:09:05 PM

The level of ignorance on this board is really astonishing. Frankly i was expecting more objective opinions. Argument that ultrarich in US are dispropotionally benefiting from current tax system and every year accumulate higher % of overall wealth, quickly gets shifted into taxation is bad so unless we get rid of it, i'm gonna block any changes. The result? Conveniently keeping current status quo and ultrarich continue to be taxed at lower bracket than teachers.

etc etc etc

In your real life are you a socialist teacher imparting your wisdom to our children?

The point of my post was to illustrate how Singapore with a GDP per person of just a quarter that of USA lifted itself out of poverty in 1950's to surpass GDP per person of USA in the 1990's and continues its upwards trajectory in part through low taxation. Whilst high tax countries' economies are stagnating.

Taxing rich folk never helps poor folk.

I've just finished work now at 5pm after starting at 6am.
I do this every day,
I'm "all in" at this time of year. Crops are sown, seed, fertilizer, fuel, herbicides, pesticides and labor all paid for.
I take the risk with all of my money. If the crops fail I get nothing, if I get a good harvest I may get a good profit or may not if market prices are low.
Then the government demand taxes, which I pay.
It's not the taxation that gets to me, its the amount, when they start taking the lions share, it is a disincentive to strive.
This also applies to rich folk, tax them too much and the actual tax take will fall.

This also applies to Bitcoiners, many here would easily fall in to the £1 mil capital gains bracket should they sell coins later this year. Not nice to be robbed 39.6% after taking all the risk, sweat, 3am price checking and so on.

However its all academic the likelihood of Biden getting the bill passed is low, a quote from Thomas Hayes of Great Hill Capital "If it had a chance of passing, we'd (Dow Jones) be down 2,000 points now". Instead of 400.

Shame I'm all in on both Bitcoin and the crops, today would have been a great opportunity to buy BTC.