Ssneed/sneed
TOTAL SOREN ASSIMILATION
RustShill 2yr ago#1410049
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Those lists are bullshit, probably 10x that number with that amount of wealth, especially in Massachusetts (New England old money). Structure your assets in the right way and journ*lists aren't going to be able to see it in the public records they look at to compile those lists.
Ssneed/sneed
TOTAL SOREN ASSIMILATION
RustShill 2yr ago#1410088
spent 0 currency on pings
When you reach that amount of money the vast majority of your wealth is tied up in investments. Very few if anyone has that in cash. Most keep some amount in stocks, bonds, etc, which obviously have a monetary value. But if they own private companies, trusts, etc, the assets those hold are difficult to value, and you're generally not going to be reporting those if they're not public companies. Normally you only pay capital gains when you sell something. So you'd probably have to report to the IRS if you sold an asset, and I think they track beneficial owners of companies/trusts/etc, but that isn't public info, journ*lists can't see it. And if you don't sell, no one has to know about it.
And things are worth what people are willing to buy them for. If you own the only copy of a painting, there's no way to even value that unless it's sold.
Appraisals are not objective. Like congress passed some tax write off for donating conservation easements on large tracts of land. Some rich folks have been taking advantage of that by buying pieces of land for ex. $1 million, then having them appraised for 10x that number a few years later and writing it off.
Many similar loopholes in the tax system, and again, even if they are reporting something, that doesn't generally become public info unless it's a public company or they're a politician who's required to report such potential conflicts of interest.
longpostbottl/dr
DIDN'T READ LOL! Go essaypost elsewhere.
S 2yr ago#1410089
spent 0 currency on pings
You sat down and wrote all this shit. You could have done so many other things with your life. What happened to your life that made you decide writing novels of bullshit on rdrama.net was the best option?
appreciate your longpost on this, given that how easily us politicians can get bought i am sure it's quite easy for rich people to legally reduce their tax burden.
but if you have billionaire-level wealth it's probably harder to hide your wealth as there are only so many private assets you can own? correct me if i am wrong, but large family offices will have to file 13Fs for their investments in public companies?
Ssneed/sneed
TOTAL SOREN ASSIMILATION
RustShill 2yr ago#1410242
spent 0 currency on pings
Not a tax lawyer not familiar with 13Fs, but from my brief research
Who must file Form 13F? Institutional investment managers with discretion over $100 million or more in 13(f) Securities must file Form 13F. The $100 million threshold applies in aggregate across all accounts over which the investment manager has discretion.
So it seems like this is meant to apply to large funds, it doesn't bind the individual owner. Not sure whether a billionaire managing his own wealth would be considered an "investment manager," but if not, it seems easy to split up assets into multiple funds and avoid that requirement. And again, if most of their money is in intangible assets, the value of those assets can be difficult to quantify.
There is no universal database of who owns what property. There are databases for houses, cars, (guns in some states), stocks, many other categories. But there are lots of things you can buy that don't get recorded anywhere.
And there are ways you can structure those assets so even IRS wouldn't be able to find you.
As I said in another comment, wealth and power are two sides of the same coin.
People think it's rich people buying off politicians, donating to campaigns, etc. But even before Citizen's United there was still that kind of influence, albeit to a lesser extent.
You are the average of your three closest friends. Politicians associate with celebrities, rich people, etc. Does not take buying off politicians to get them to vote in your interest. It doesn't even require politicians to consciously sacrifice what is right for what is in their self interest. By spending time with others in the same social class the way you view the world changes, and you adopt similar goals and values.
It's much easier to morally justify what you're doing as right than it is to think of yourself as the bad guy. Most people think of themselves as good, and good and bad is just subjective anyways.
So even without money in politics, many politicians will still vote the same way because even if they're not super rich themselves they are friends with people who are.
Hence why I love Bernie and hate AOC. Bernie grew up working class, represents those people. AOC is a narcissist who went to BU and then the fricking Met Gala. She seeks personal power, exploits the plight of the poor to achieve her goals, hangs out with the same type of people who she nominally complains about. Bernie is concerned with improving the standards of the poor, AOC is part of that elite which causes those problems. She's motivated by jealousy, not empathy.
tl;dr Same issue, value of assets is not fixed, but subjective, and removing money from politics is effectively impossible
PerryThePlatypusagent/pp
Semi-aquatic egg-laying mammal of action
S 2yr ago#1410273
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Tbh, I don't even know why people are mad about Citizens United. If the government can outright ban the use of money by corporations (profit and non-profit) for political speech, then the only ones who can boost their message through monetary means would be rich individuals. Pooling your money together into a corporate entity, exactly like the Citizens United organization, is the best way for the "little people" to have their voices heard. It just seems like not enough people are doing that. Instead, they're just funneling their donations into giant party machines like the DNC and RNC. IMO, it would be better if more people donate to specialized PACs for specific issues that they care about.
EXACTLY, Citizen's United is a net gain for common man.
The issue with distribution of wealth being as it is, and the interests people with wealth hold, like regular people don't give a frick about Ukraine so our foreign policy reflects that.
Without Citizen's United you still had media manufacturing consent, and the owners of those media companies, as well as those buying ads, were primarily those large corporate interests. DNC vs RNC is just big business versus small business interests in the end.
LowAPMthey/them
draft our dramatards
S 2yr ago#1411152
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there is also a good one that homebuilders use. you buy a large piece of land, convert it into a conservation area, get a massive tax break, and then sell the property (usually around the same price). know a guy thats done it a few times in the last year
The richest person on earth, Bernard Arnault - owner of LVMH - lives in France, the country of decapitating the rich. It is a point of pride to live in the highest taxation areas and pay the lowest taxes on earth.
For example, I pay ridiculously low taxes legally, despite living in MA.
Dude I worked retired there and even though he made $200k a year for 20+ years working overseas he's somehow swindling the state government getting welfare.
haha yeah but tbh i don't understand why would someone renounce us citizenship to take up sg citizenship, the only benefit is lower taxes. i would understand if someone renounces their prc citizenship though.
Unfortunately he’ll still need to pay American capital gains taxes, unless he renounces his citizenship. If does that, he has to pay an exit tax and they’ll just take half his assets.
Flibbertigibbettee/hee
Whole truth, total moral goodness, but don't forget the power to act on them.
dramanaught 2yr ago#1410284
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Darn, that's sad. I don't have much, but I've donated you all my dramacoin (116) just to help you back on your feet. But do not let me see you begging in public like this again, or I swear..!
spookynutzlove/you
sorry for not posting, I've been fighting my demons (microplastics in my brain)
dramanaught 2yr ago#1410063
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why would someone unreasonably rich even spend time here
I kind of never did a lot of drugs and even though I’ve done coke it was more of a “hang out with the bros and do a line” kind of thing. I think at this point I missed the window of doing drugs like that
nonsense, psychedelics are utterly timeless. there's no relation between them and coke, other than being psychoactive. equating drugs on such a basis, is like equating all feelings because you feel them.
if i could gather literally all the billionaires on a secluded island, and get them to all drop a heroic dose of acid at the same time ... a few of them might end up dead from their inner demon, idk.
but those that remain, i dunno ... maybe we could manage to do something braindead obvious with humanity like end war.
there's also the chance you'll get hit by a bus tomorrow, metaphorically.
also, that's just a meme, i was being a bit facetious. there's no correlation between psychedelics and going crazy. despite the fact they do produce something a bit like temporary psychosis ... there's an opposite correlation showing up in statistical research in terms of long term mental health
I would focus on that bad thought and ruin the trip
bad trip/good trip you learn something either way.
i'm personally fairly certain psychedelics were key in humanity developing metacognition. it's a bit tragic we mostly lost them as a social practice, and i do think we're suffering greatly in our collective metacognitive ability as a consequence.
Do you have any advice or tips for making money? I'm currently studying computer engineering at a prestigious university, and I am already getting job offers for when I graduate so I am not concerned about getting a lucrative job, but I am wondering what I can do that no one else does that turns 6 figures into 7 or 8 figures.
Why do you think that most people seem to fail, or that most people don't even attempt starting a business at all? Among my classmates, absolutely none of them even have aspirations beyond working for FAANG. They do not appear to either desire transitioning out of waging for tech (presumably because they are neurodivergent and like keeping themselves with their playthings) or perhaps believe themselves incapable. Do you believe that to be a successful business man it requires a particular or peculiar sort of person, either due to certain traits or genetics?
This is a very detailed question with a lot of points. Business is primarily about connections and leveraging who you know and their networks. Also there are no rules in business - you can be a total shutin and succeed but it’s just doing things on hard mode. Being a charismatic, talkative person is a very good skill because doing business and conducting deals involves a lot of talking and relationship building, plus you have to do diligence on people and figuring out what other people say about them.
Why people want to work at big cos after college is about safety and security. Nothing wrong with that. But a lot of people don’t realize that working for others cannot make them wealthy - at best they get a lot of free cash flow then invest in risky ventures to try and win. But TBQH the best deals are done privately and by the time the average person gets a shot at putting in cash it’s already too late for big gains.
The biggest thing to remember is that there really isn’t a short cut. You gotta work hard at whatever is you want to do. If you wanna be a math professor you gotta work hard. Business is the same. Lazy people generally fail everywhere on earth always
You’re confusing rich people with famous people. My friends are unironically tired of yachting. Being rich is great but not that glamorous unless you’re a celebrity.
If you aren’t gonna pursue funding newspaper (which is still a great idea) I hope you have mercy on our poor asses here and help to keep rdrama going if it ever falters. It’s pitifully my only source of entertainment on the net.
That is a bunch of bullshit semantics. I've never collaborated on anything with that guy. He stole my great idea, and now he's trying to make coin off of it. And you are supporting him. Go frick yourself.
It literally wasnt though I asked first and then he stole the idea (probably saw it while stalking me, which he does regularly. He's also been pming me weird shit).
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yeah im like top 50 richest person in massachusetts who cares
TrailerParkBridge BTFO peepee
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are you in this list: https://www.masslive.com/news/erry-2018/05/127ed408263454/the_50_richest_people_in_massa.html
the 50th richest has a net worth of 600 mil though
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Those lists are bullshit, probably 10x that number with that amount of wealth, especially in Massachusetts (New England old money). Structure your assets in the right way and journ*lists aren't going to be able to see it in the public records they look at to compile those lists.
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most of their wealth are in trust funds i presume?
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When you reach that amount of money the vast majority of your wealth is tied up in investments. Very few if anyone has that in cash. Most keep some amount in stocks, bonds, etc, which obviously have a monetary value. But if they own private companies, trusts, etc, the assets those hold are difficult to value, and you're generally not going to be reporting those if they're not public companies. Normally you only pay capital gains when you sell something. So you'd probably have to report to the IRS if you sold an asset, and I think they track beneficial owners of companies/trusts/etc, but that isn't public info, journ*lists can't see it. And if you don't sell, no one has to know about it.
And things are worth what people are willing to buy them for. If you own the only copy of a painting, there's no way to even value that unless it's sold.
Appraisals are not objective. Like congress passed some tax write off for donating conservation easements on large tracts of land. Some rich folks have been taking advantage of that by buying pieces of land for ex. $1 million, then having them appraised for 10x that number a few years later and writing it off.
Many similar loopholes in the tax system, and again, even if they are reporting something, that doesn't generally become public info unless it's a public company or they're a politician who's required to report such potential conflicts of interest.
Tl;dr they're not liquid assets
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You sat down and wrote all this shit. You could have done so many other things with your life. What happened to your life that made you decide writing novels of bullshit on rdrama.net was the best option?
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you are 100% accurate, hit me up in the groomercord sometime
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Will do
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appreciate your longpost on this, given that how easily us politicians can get bought i am sure it's quite easy for rich people to legally reduce their tax burden.
but if you have billionaire-level wealth it's probably harder to hide your wealth as there are only so many private assets you can own? correct me if i am wrong, but large family offices will have to file 13Fs for their investments in public companies?
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Not a tax lawyer not familiar with 13Fs, but from my brief research
So it seems like this is meant to apply to large funds, it doesn't bind the individual owner. Not sure whether a billionaire managing his own wealth would be considered an "investment manager," but if not, it seems easy to split up assets into multiple funds and avoid that requirement. And again, if most of their money is in intangible assets, the value of those assets can be difficult to quantify.
There is no universal database of who owns what property. There are databases for houses, cars, (guns in some states), stocks, many other categories. But there are lots of things you can buy that don't get recorded anywhere.
And there are ways you can structure those assets so even IRS wouldn't be able to find you.
As I said in another comment, wealth and power are two sides of the same coin.
People think it's rich people buying off politicians, donating to campaigns, etc. But even before Citizen's United there was still that kind of influence, albeit to a lesser extent.
You are the average of your three closest friends. Politicians associate with celebrities, rich people, etc. Does not take buying off politicians to get them to vote in your interest. It doesn't even require politicians to consciously sacrifice what is right for what is in their self interest. By spending time with others in the same social class the way you view the world changes, and you adopt similar goals and values.
It's much easier to morally justify what you're doing as right than it is to think of yourself as the bad guy. Most people think of themselves as good, and good and bad is just subjective anyways.
So even without money in politics, many politicians will still vote the same way because even if they're not super rich themselves they are friends with people who are.
Hence why I love Bernie and hate AOC. Bernie grew up working class, represents those people. AOC is a narcissist who went to BU and then the fricking Met Gala. She seeks personal power, exploits the plight of the poor to achieve her goals, hangs out with the same type of people who she nominally complains about. Bernie is concerned with improving the standards of the poor, AOC is part of that elite which causes those problems. She's motivated by jealousy, not empathy.
tl;dr Same issue, value of assets is not fixed, but subjective, and removing money from politics is effectively impossible
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Tbh, I don't even know why people are mad about Citizens United. If the government can outright ban the use of money by corporations (profit and non-profit) for political speech, then the only ones who can boost their message through monetary means would be rich individuals. Pooling your money together into a corporate entity, exactly like the Citizens United organization, is the best way for the "little people" to have their voices heard. It just seems like not enough people are doing that. Instead, they're just funneling their donations into giant party machines like the DNC and RNC. IMO, it would be better if more people donate to specialized PACs for specific issues that they care about.
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EXACTLY, Citizen's United is a net gain for common man.
The issue with distribution of wealth being as it is, and the interests people with wealth hold, like regular people don't give a frick about Ukraine so our foreign policy reflects that.
Without Citizen's United you still had media manufacturing consent, and the owners of those media companies, as well as those buying ads, were primarily those large corporate interests. DNC vs RNC is just big business versus small business interests in the end.
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there is also a good one that homebuilders use. you buy a large piece of land, convert it into a conservation area, get a massive tax break, and then sell the property (usually around the same price). know a guy thats done it a few times in the last year
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ok darn im worth ~200mil. I thought wrong. maybe top 200 then
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wow not even top 50
lol poorcel
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bring some of your money to singapore, we have no capital gains tax here.
but if you are then too bad you can't escape the grubby hands of the IRS.
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Spoken like a true patriot
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doing it for free for edb
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The richest person on earth, Bernard Arnault - owner of LVMH - lives in France, the country of decapitating the rich. It is a point of pride to live in the highest taxation areas and pay the lowest taxes on earth.
For example, I pay ridiculously low taxes legally, despite living in MA.
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Dude I worked retired there and even though he made $200k a year for 20+ years working overseas he's somehow swindling the state government getting welfare.
Dude has like 6 kids.
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Ahh the ODB system
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do you have state cap gains tax there?
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Doing your best to increase Singapore's Gini coefficient.
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He can still escape the IRS if he renounces citizenship, but then they'll take like a quarter of his assets so it's rly not worth anyway
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why would you want to renounce the citizenship of the greatest country in the world?
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because the other passport you hold doesn't allow dual citizenship
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haha yeah but tbh i don't understand why would someone renounce us citizenship to take up sg citizenship, the only benefit is lower taxes. i would understand if someone renounces their prc citizenship though.
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rare marsey!
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Unfortunately he’ll still need to pay American capital gains taxes, unless he renounces his citizenship. If does that, he has to pay an exit tax and they’ll just take half his assets.
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I would have never told anyone here about this. Have fun with all the money begging
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you just did 😙
gimme some money!
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I'm only mid 5 figures so you gonna have to hit up the big money dramanauts
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i dont believe your lies.
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not impressed
maybe you should try investing in crypto
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Did you really think you were the top echelon of wealth? I bet you havent fricked a kid yet.
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Darn, that's sad. I don't have much, but I've donated you all my dramacoin (116) just to help you back on your feet. But do not let me see you begging in public like this again, or I swear..!
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why would someone unreasonably rich even spend time here
go do coke or crash a yacht or something
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i own a yacht and ive done plenty of coke. However I'm a hard working family man
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its a good show
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Well that pin did nothing lol
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Lol, it's pinned but after the first pin 😔
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ever done ego death levels of acid or mushrooms?
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I kind of never did a lot of drugs and even though I’ve done coke it was more of a “hang out with the bros and do a line” kind of thing. I think at this point I missed the window of doing drugs like that
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nonsense, psychedelics are utterly timeless. there's no relation between them and coke, other than being psychoactive. equating drugs on such a basis, is like equating all feelings because you feel them.
if i could gather literally all the billionaires on a secluded island, and get them to all drop a heroic dose of acid at the same time ... a few of them might end up dead from their inner demon, idk.
but those that remain, i dunno ... maybe we could manage to do something braindead obvious with humanity like end war.
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Maybe but the alternative is I lose my mind and never come back. Even if that’s impossible I would focus on that bad thought and ruin the trip
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there's also the chance you'll get hit by a bus tomorrow, metaphorically.
also, that's just a meme, i was being a bit facetious. there's no correlation between psychedelics and going crazy. despite the fact they do produce something a bit like temporary psychosis ... there's an opposite correlation showing up in statistical research in terms of long term mental health
for example: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3747247
bad trip/good trip you learn something either way.
i'm personally fairly certain psychedelics were key in humanity developing metacognition. it's a bit tragic we mostly lost them as a social practice, and i do think we're suffering greatly in our collective metacognitive ability as a consequence.
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Do you have any advice or tips for making money? I'm currently studying computer engineering at a prestigious university, and I am already getting job offers for when I graduate so I am not concerned about getting a lucrative job, but I am wondering what I can do that no one else does that turns 6 figures into 7 or 8 figures.
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No avocado toast and don't spend money on a free cartoon cat website
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Buy stocks at a low price and then sell them when they are at a high price
@Transgender_spez
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I do that in RuneScape does that count
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You need to start a business or partner with someone who does. You have to own stuff and building new stuff is the surest way
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Why do you think that most people seem to fail, or that most people don't even attempt starting a business at all? Among my classmates, absolutely none of them even have aspirations beyond working for FAANG. They do not appear to either desire transitioning out of waging for tech (presumably because they are neurodivergent and like keeping themselves with their playthings) or perhaps believe themselves incapable. Do you believe that to be a successful business man it requires a particular or peculiar sort of person, either due to certain traits or genetics?
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This is a very detailed question with a lot of points. Business is primarily about connections and leveraging who you know and their networks. Also there are no rules in business - you can be a total shutin and succeed but it’s just doing things on hard mode. Being a charismatic, talkative person is a very good skill because doing business and conducting deals involves a lot of talking and relationship building, plus you have to do diligence on people and figuring out what other people say about them.
Why people want to work at big cos after college is about safety and security. Nothing wrong with that. But a lot of people don’t realize that working for others cannot make them wealthy - at best they get a lot of free cash flow then invest in risky ventures to try and win. But TBQH the best deals are done privately and by the time the average person gets a shot at putting in cash it’s already too late for big gains.
The biggest thing to remember is that there really isn’t a short cut. You gotta work hard at whatever is you want to do. If you wanna be a math professor you gotta work hard. Business is the same. Lazy people generally fail everywhere on earth always
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😴😴😴
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Thanks for the 2 cents king, appreciate it
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I've known more coherent downies.
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I got like $20 million but only $50,000 in cash available. Not much I can do but frick around until my house race.
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You’re confusing rich people with famous people. My friends are unironically tired of yachting. Being rich is great but not that glamorous unless you’re a celebrity.
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ew, massachusetts?
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Man so rich he lives in massachusetts out of spite just to flex
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i live among my class
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The insecure?
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The gays?
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Actually yes, I have no problem with them
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How does it feel knowing that no amount of money will make you white
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Found Notch's RDrama account!!!
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if you're so rich then why do you only have 2k dramacoins?
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Prove it by giving me a psn card
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Send me money you monster
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Still waiting on my 10 bitcoin. And before you say "yOu hAvEn'T gIvEn mE yOuR bItCoIn wAlLeTt", you're fricking rich - pay someone to figure it out
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could u paypal me
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Give me money b-word
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If you aren’t gonna pursue funding newspaper (which is still a great idea) I hope you have mercy on our poor asses here and help to keep rdrama going if it ever falters. It’s pitifully my only source of entertainment on the net.
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dont do this, its next to communism
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Communism is good. Wakanda forever.
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Wakanda wasnt communism, it was a dictatorship decided purely by trial by combat.
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Yeah, and what do YOU think Marx was talking about?
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Semi r-slurred ramblings mostly.
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clearly, it was the dictatorship of the swoletariat
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Black communism but violence instead of welfare
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Not in my version.
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Give every paypig a million.
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durrr live in trailer park durrr
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GIVE ME MONEY SO I CAN GOOMBLE
!SLOTS100
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!slots100
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!slots100
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!slots100
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!slots100
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!slots400
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Let it be known that the timestamped watch was my idea
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Wouldn't the time on the watch be the timestamp?
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I have tiny wrists so I don’t wear watches but maybe I could buy a woman watch
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Good boy.
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He's a liar I thought of it first
https://rdrama.com/comment/1409513?context=8#context
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That is a bunch of bullshit semantics. I've never collaborated on anything with that guy. He stole my great idea, and now he's trying to make coin off of it. And you are supporting him. Go frick yourself.
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I yearn for the day we put all gimmick accounts into the woodchipper. The day rdrama could finally breath free.
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Agreed
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Ive never blocked him I maintain a "no block" ideology.
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It literally wasnt though I asked first and then he stole the idea (probably saw it while stalking me, which he does regularly. He's also been pming me weird shit).
https://rdrama.com/comment/1409513?context=8#context
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Dude he's obviously only saying that because he has a bone to pick with me, edit it again
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Take the mimic eating your coins as a hint.
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Why are you giving him a better deal? Wtf
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He blocked me so I have to respond here
I LITERALLY POSTED THE RECEIPTS DUMBASS
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Rich people don't wear watches anymore
It's not 1960 lol
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A lot of rich people wear watches it’s part of the wealth culture. I don’t like them however
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East coast confirmed
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