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I wish I paid $50 million in taxes

by JP Bill / February 3, 2013 1:33 PM PST

That would mean I had $100 million in income, I think I could scrape by on $50M/year.

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Could you scrape by on a million?
by Steven Haninger / February 3, 2013 6:38 PM PST

Then donate another 49 million. If you don't have favorite charities, the US government will gladly handle distribution of it.

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Maybe JP prefers a Canadian charity?
by Kees_B Forum moderator / February 3, 2013 7:08 PM PST

I don't think the US government does that.


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The US government will take donations
by Steven Haninger / February 3, 2013 7:20 PM PST

To be honest, I don't know about foreign donors and I do imagine it could be a sticky wicket for anyone to give to another country's government. There are plenty of worldwide charities that accept money from anyone, however. The issue becomes whether or not they can qualify for a tax deduction from one's own government. But for the truly generous, that wouldn't matter...would it? AFAIK, there's no requirement to report charitable contributions unless one is wanting to write them off. The truly generous give even of their need and not just their surplus...or so I read somewhere. Happy

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RE: there's no requirement to report
by JP Bill / February 3, 2013 7:35 PM PST
there's no requirement to report charitable contributions unless one is wanting to write them off

But every time I try and take out more than $10K out of the bank they want to know where it's going.
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Every time? You must do this often.
by Steven Haninger / February 3, 2013 7:51 PM PST

The next time you're asked, just say it's going in your pocket. I've never made anything close to a 10K withdrawal so I can't help you. I understand that some people do so but that they use a 9mm as their withdrawal slip. In those cases, I doubt the banks ask where the money is going. Perhaps they do in England but not the US. Happy

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IF you use a 9mm and withdraw less than $10K
by JP Bill / February 3, 2013 8:19 PM PST

They don't have to report the robbery.

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RE: I doubt the banks ask where the money is going
by JP Bill / February 3, 2013 8:45 PM PST
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You need to see a bank in England. Wickets are fronted by
by Ziks511 / February 3, 2013 9:38 PM PST

bullet proof glass about 2 inches thick with steel shutters which slam down instantly isolating the employees behind protection if anyone hits the alarm. There's no easy way to rob them in the conventional, walk in and pull a gun fashion.

I'd like to scrape along on $50 million a year. 5 years of that and I could become as charitable as anyone could wish. I have a compulsive desire to set up an Historical Aviation Charity to replicate aircraft which haven't survived into the modern day. Number one is the Dehavilland Hornet, a small twin engined fighter from just post WW2. Then my Dad's Douglas A20 Havoc.

In the case of the Hornet and Mosquito as wooden aircraft, the substitution of carbon fibre would make them particularly good and no longer prone to de-lamination which is their current problem..

There's a really beautiful non-military fabric covered biplane called the Mistle Thrush from the pre-war years. A small 5 cyilinder radial which is quite lovely.

There are some wonderfully goinky German planes from the War years, particularly in the unarmed reconnaissance category like the FW 189. Oh, and the Messerschmitt 108, a 4 seater communication aircraft that actually gave rise to the 109 fighter. There are numerous examples still flying because it was such a beautiful and well built aircraft.

Then again, I suppose that's not what most people mean by Charity, but I think one could incorporate an educational facility to train mechanics and airframe specialists for the private sector.


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I guess you didn't catch the humor regarding
by Steven Haninger / February 3, 2013 10:04 PM PST

stereotypical British stoicism. Or maybe it just wasn't funny.

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I hear you lost your queen
by James Denison / February 3, 2013 9:52 PM PST


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RE: Could you scrape by on a million?
by JP Bill / February 3, 2013 7:40 PM PST

I'm guessing you think that people that make $100M are going to pay 99%tax in the near future, or you're seeing how low I will go.

You next post would be

"Could you scrape by on 100K?"

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It's about making choices
by Steven Haninger / February 3, 2013 10:17 PM PST

If you have more than needed to scrape by, you get to deal with the rest or let someone else do it for you. There are many ways the excess funds could be dealt with. You could put them in a box and take the money out once in a while to roll in it or count it. Fagan?? Or you could spend it on stuff you didn't really need. You could invest it a number of ways and hope it grew rather than shriveled. You could give it to a trusted neighbor, random persons on the street or you could give it to the government. Only option 1 will prevent it from circulating and provide no real benefit to the greater economy. It really comes down to who you trust most with what comes into your own hands. Some folks trust themselves and some don't. Give it to whomever you think will be the wisest steward if you're not wise enough yourself.

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RE: Only option 1 will prevent it from circulating
by JP Bill / February 3, 2013 10:26 PM PST
Only option 1 will prevent it from circulating and provide no real benefit to the greater economy.

What do you consider option 1?

Under the mattress, in a safety deposit box or stored safely in a bonfire, NEVER to be in circulation again, even in an estate/trust?

IF that's option 1, I have some points I would bring up.
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Hording the cash is option 1
by Steven Haninger / February 3, 2013 10:39 PM PST

Of course the government could always declare those greenbacks legally dead and print more at some point.

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when circulation falls
by James Denison / February 3, 2013 10:55 PM PST

governments gladly print up more money, and what's stuffed away falls in value. Rather than saving script, better to save something with intrinsic value such as gold, land, collectibles, etc.

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(NT) Whatever cannot be turned into food is useless.
by Steven Haninger / February 3, 2013 11:22 PM PST
In reply to: when circulation falls
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I thought about also listing food
by James Denison / February 3, 2013 11:28 PM PST

But I also thought about the difference in attitudes between someone who had hoarded inedibles during times of famine vs someone who had hoarded food. In fact, one of the parables which is often used to condemn wealth is actually condemning the hoarding of food instead.

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Building more barns to hold the bumper crop of wheat?
by Steven Haninger / February 3, 2013 11:33 PM PST

That one, I thought, was generic. Maybe it's not what you're referring to.

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yes, that's it.
by James Denison / February 4, 2013 12:07 AM PST

Cornering the market on wheat to drive up prices, suck more money from the hungry.

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Guess I was thinking of something else from the Greek
by Steven Haninger / February 4, 2013 12:11 AM PST
In reply to: yes, that's it.

texts. I just can't remember book, chapter and verse...the one about the guy who starved to death. Midas...King Midas. That's the one. Grin

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Roman legend or not
by Willy / February 4, 2013 12:58 AM PST

The name "Crassius(sp) of Roman times" was so hated that upon his death or at his death, molten gold was poured down his throat. His love of gold was his downfall. The name remains as a word for greed or selfish or vulgar acts.


Not a good way to go but "priceless". -----Willy Happy

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