The Great Wealth Transfer

[DANC]

I'm not sure you're even capable of reading charts, graphs or data. You seem like the type of guy that excelled at bullshitting his way through life as an insurance broker.

I guess if you can't put together a cogent argument, resort to personal insults.

Insurance broker? lmao Try IT, junior.

 

[VanPastorMan]

I think doing ROTC is a great idea for anyone. Get a liberal arts degree for free, work for four years as an officer doing something meaningful, and then apply to grad/professional school.

I agree, though, the military isn’t for everyone. My daughter, for example, could not do it.

My youngest daughter's boyfriend is an officer in the Army. He graduated from Penn State and they are paying off his loans for his service. I can't say he loves the military but is dealing with it. I keep wondering if they are going to get married. She visited him at Fort Campbell KY and they went to church. Young men were coming up to her and were very interested. Maybe this will get him to think, "I could lose her if I don't close the deal".

 

[JamieDimonsBalls]

My youngest daughter's boyfriend is an officer in the Army. He graduated from Penn State and they are paying off his loans for his service. I can't say he loves the military but is dealing with it. I keep wondering if they are going to get married. She visited him at Fort Campbell KY and they went to church. Young men were coming up to her and were very interested. Maybe this will get him to think, "I could lose her if I don't close the deal".

I hear there are some attractive males available

***cough*** @mcmurtry66 ***cough***

 

[IUCrazy2]

I took any job I could find. I was a paperboy in the 60s and made enough money to have a jingle in my pocket, but not much more. I detassled corn in high school (and as a college summer job) and made 90 cents an hour, plus a dime per hour bonus if I finished out the season.

I joined the Army, partly to get the GI Bill, but it didn't nearly cover all my college costs, but less living expenses. I was always scrambling for money.

I'm embarrassed to say I made $500/month in my first job out of IU, because no one was hiring Econ/History majors. It wasn't until I went to grad school, got married, became a grad assistant (which covered tuition plus a princely sum of $150/mo) and had another part time job, did I feel like I wasn't looking for change in the car and the couch.

And my first mortgage was 15% WITH a VA guaranteed loan - many mortgages were 18%.

I just laugh when people talk about how easy Boomers had it.

I think every generation has its struggles but the chart they showed would indicate that no matter how bad you had it economically, people coming out now have it worse.

There are a whole host of reasons that may be the case but the data being shared seems to bear that out. Also, all the figures that people share really need to be compared in today's dollars. Like your $.90 for corn shucking would be $7.66 to $9.50 today depending on what years in the 60's you were doing that.

Honestly, one of the biggest benefits that Boomers had that they were the main culprits in taking away from subsequent generations was the ability to obtain a good paying job after high school without having to pay a pretty large accreditation fee for entrance. Jobs like insurance adjusters that my Boomer parent's generation were able to get after working their way up in the company that weren't available without a degree to Gen X (me) and later kids. That was my first job out of school. I had today's equivalent of $30,000 in debt I had to pay off to be considered for a job that the older Boomers I worked with at the time were able to obtain without the degree. That skyrocketing college cost and barrier to entry was almost 100% the fault of people in the Boomer generation who were the hiring managers and largest voting block supporting the things that made that so.

Our whole society is kind of broke now though and I think everyone shares the blame.

 

[DANC]

I think every generation has its struggles but the chart they showed would indicate that no matter how bad you had it economically, people coming out now have it worse.

There are a whole host of reasons that may be the case but the data being shared seems to bear that out. Also, all the figures that people share really need to be compared in today's dollars. Like your $.90 for corn shucking would be $7.66 to $9.50 today depending on what years in the 60's you were doing that.

Honestly, one of the biggest benefits that Boomers had that they were the main culprits in taking away from subsequent generations was the ability to obtain a good paying job after high school without having to pay a pretty large accreditation fee for entrance. Jobs like insurance adjusters that my Boomer parent's generation were able to get after working their way up in the company that weren't available without a degree to Gen X (me) and later kids. That was my first job out of school. I had today's equivalent of $30,000 in debt I had to pay off to be considered for a job that the older Boomers I worked with at the time were able to obtain without the degree. That skyrocketing college cost and barrier to entry was almost 100% the fault of people in the Boomer generation who were the hiring managers and largest voting block supporting the things that made that so.

Our whole society is kind of broke now though and I think everyone shares the blame.

Trust me, if you'd have graduated in the 70s, your outlook was pretty bleak.

Detassling is not corn shucking, sir. How dare you!

Maybe Boomers didn't come out of college with the kind of debt today, but whose fault is that? There are cheaper college alternatives than IUB, which is relatively inexpensive.

And I think you ignore the fact that jobs were very scarce back then. It's only recently that there is such a big demand for employees - due, probably, to Boomer retirement.

You can't take one fact like loan debt and look at it in a vacuum. Jobs today are plentiful and high paying, compared to the past.

I guess I just don't get the animosity toward "Boomers", who are responsible for creating much of the interwebz economy we have today.

 

[NPT]

It's called jealousy

Nah.... I don't think so. What is he jealous about. I think he's pretty comfortable. He has some good points but I do think he blames the boomers too much. It's our stupid politicians and they've gotten worse as the years go by.... just look at the deficit. The boomers are not to blame for that any more than all the generations after them. The current generation doesn't want to work.... a lot have an entitled attitude.

 

[DANC]

Nah.... I don't think so. What is he jealous about. I think he's pretty comfortable. He has some good points but I do think he blames the boomers too much. It's our stupid politicians and they've gotten worse as the years go by.... just look at the deficit. The boomers are not to blame for that any more than all the generations after them. The current generation doesn't want to work.... a lot have an entitled attitude.

I think it's 100% jealousy. He thinks people coming into the workforce today should be able to live like their parents, who spent 30-50 years working for what they got.

But that immature reaction will change one he's faced with a younger generation who blames his for not growing up until they're in their late 30s.

 

[IUCrazy2]

Trust me, if you'd have graduated in the 70s, your outlook was pretty bleak.

Detassling is not corn shucking, sir. How dare you!

Maybe Boomers didn't come out of college with the kind of debt today, but whose fault is that? There are cheaper college alternatives than IUB, which is relatively inexpensive.

And I think you ignore the fact that jobs were very scarce back then. It's only recently that there is such a big demand for employees - due, probably, to Boomer retirement.

You can't take one fact like loan debt and look at it in a vacuum. Jobs today are plentiful and high paying, compared to the past.

I guess I just don't get the animosity toward "Boomers", who are responsible for creating much of the interwebz economy we have today.

I don't have animosity. My parents are Boomers. It kind of is what it is. I didn't have to worry about getting drafted to Vietnam. There were things that each generation dealt with that the other cannot relate to. I think the rhetoric behind the conversation leads to people not understanding. I know when I was looking for jobs back in the day my Boomer parent's told me themselves that there were thing that were different and more difficult than in their day. Then again, I was able to do some things they weren't as well.

I think this is a macro discussion. Focusing too much on our own personal micros (which if you feel attacked, I can see why someone would) distorts the conversation. People in their 30's today have stunted economic and personal development when compared to prior generations. Some of that is their fault and some of it is more difficult tailwinds despite whatever tailwinds people before them faced.

 

[NPT]

I don't have animosity. My parents are Boomers. It kind of is what it is. I didn't have to worry about getting drafted to Vietnam. There were things that each generation dealt with that the other cannot relate to. I think the rhetoric behind the conversation leads to people not understanding. I know when I was looking for jobs back in the day my Boomer parent's told me themselves that there were thing that were different and more difficult than in their day. Then again, I was able to do some things they weren't as well.

I think this is a macro discussion. Focusing too much on our own personal micros (which if you feel attacked, I can see why someone would) distorts the conversation. People in their 30's today have stunted economic and personal development when compared to prior generations. Some of that is their fault and some of it is more difficult tailwinds despite whatever tailwinds people before them faced.

This is a side note but your response got me to thinking about my parents.
They released thee 1940 census several years ago and I looked up my parents in it. One of the things they asked on the census was "How much money did you earn in 1939?". My dad had entered $240. Just an interesting side note.

 

[IUCrazy2]

This is a side note but your response got me to thinking about my parents.
They released thee 1940 census several years ago and I looked up my parents in it. One of the things they asked on the census was "How much money did you earn in 1939?". My dad had entered $240. Just an interesting side note.

Yeah, whenever I see the old money comparisons I run to this calculator:

Inflation Calculator | Find US Dollar's Value From 1913-2024

Easily calculate how the buying power of the U.S. dollar has changed from 1913 to 2024. Get inflation rates and U.S. inflation news.

www.usinflationcalculator.com

That was around $5300 in today's money. I think that is something that people need to play with a little bit. I have a niece who is 24 years old who is getting married this summer. She and her fiance just bought a house in Beech Grove for around $180,000. They both work in education but not sure of their incomes but I don't think it is great money. I compared that to myself at a year older than her. In 2004 my salary was equivalent to a $66,000 salary today and that was a little over 3 years out of college. The house I bought then would equate to almost a $190k house today. Different career paths but similar degree (at the time) to her now fiance. Difference being my house was a new build in Hamilton Co. and was 40% larger than there's is with a lower interest rate.

Anyways, just a long winded way of saying you have to put the dollars discussion into equal numbers. There has been 60%+ inflation in the 20 years since I built that first house and that doesn't seem like that long ago. I hear the starting wages now and there are quite a few industries that are really lagging inflation.

 

[hoot1]

I don't have animosity. My parents are Boomers. It kind of is what it is. I didn't have to worry about getting drafted to Vietnam. There were things that each generation dealt with that the other cannot relate to. I think the rhetoric behind the conversation leads to people not understanding. I know when I was looking for jobs back in the day my Boomer parent's told me themselves that there were thing that were different and more difficult than in their day. Then again, I was able to do some things they weren't as well.

I think this is a macro discussion. Focusing too much on our own personal micros (which if you feel attacked, I can see why someone would) distorts the conversation. People in their 30's today have stunted economic and personal development when compared to prior generations. Some of that is their fault and some of it is more difficult tailwinds despite whatever tailwinds people before them faced.

My brother was a member of the Greatest Generation and served during WWIi.

During the Viet Nam war my brother declared he would offer himself up to serve rather than have his Boomer son be compelled to serve in combat.

Unlike myself, my brother was far from having any pacifist proclivities so his declaration surprised me.

Could it be his willingness to serve in place of his son tells us the members of the Greatist Generation were special, and the Boomers benefited from being heirs of them. One benefit included the country having a volunteer military ?

 

[Mas-sa-suta]

Trust me, if you'd have graduated in the 70s, your outlook was pretty bleak.

Detassling is not corn shucking, sir. How dare you!

Maybe Boomers didn't come out of college with the kind of debt today, but whose fault is that? There are cheaper college alternatives than IUB, which is relatively inexpensive.

And I think you ignore the fact that jobs were very scarce back then. It's only recently that there is such a big demand for employees - due, probably, to Boomer retirement.

You can't take one fact like loan debt and look at it in a vacuum. Jobs today are plentiful and high paying, compared to the past.

I guess I just don't get the animosity toward "Boomers", who are responsible for creating much of the interwebz economy we have today.

When I turned 16, I got a raise to $1.60 per hour.

Discharged from Army September 1970.
Total GI Bill qualified for college was $7k.

First house $59,900 in '77

Retired at 67. Took SS at age 70.

The so-called 'animosity ' toward the boomer consists mainly of the generational wealth transfer issue with a big dose of entitlement and lousy education.

My two adult daughters are very close. We talk daily.
It's a big part of the community aspect of successful, fulfilling life choices and commitment.

 

[IUCrazy2]

When I turned 16, I got a raise to $1.60 per hour.

Discharged from Army September 1970.
Total GI Bill qualified for college was $7k.

First house $59,900 in '77

Retired at 67. Took SS at age 70.

The so-called 'animosity ' toward the boomer consists mainly of the generational wealth transfer issue with a big dose of entitlement and lousy education.

My two adult daughters are very close. We talk daily.
It's a big part of the community aspect of successful, fulfilling life choices and commitment.

Your first house is the equivalent of a $308,000 house today (based on inflation). You had some time in the military first and then some time in college in that intervening period. The $7,000 I assume was the total cost to go to IU. That is $44,000 in 2024 dollars. IU estimates that the current cost of attending the school is $30,000....per year.

Cost is important, and so is value.

What’s the value of an IU Bloomington education? It’s employability—IU graduates get jobs, at employers big and small, in Indiana and worldwide.

admissions.indiana.edu

Listen, you guys worked hard and earned what you earned for your time. Personal decisions you made are undoubtedly what got you to a pretty successful life. No one can take that away from you. However, people making similar decisions to you today are facing things outside of their immediate control that are bigger drags than what you faced. Now, there are some that compound that with stupid decisions but not every younger person is some moron who doesn't have the magic elixir of awesomeness of the prior generations. There are legitimate gripes that they have.

 

[DANC]

When I turned 16, I got a raise to $1.60 per hour.

Discharged from Army September 1970.
Total GI Bill qualified for college was $7k.

First house $59,900 in '77

Retired at 67. Took SS at age 70.

The so-called 'animosity ' toward the boomer consists mainly of the generational wealth transfer issue with a big dose of entitlement and lousy education.

My two adult daughters are very close. We talk daily.
It's a big part of the community aspect of successful, fulfilling life choices and commitment.

I'll bet that was a nice house for $59,900 in '77.

 

[dbmhoosier]

I think it's 100% jealousy. He thinks people coming into the workforce today should be able to live like their parents, who spent 30-50 years working for what they got.

But that immature reaction will change one he's faced with a younger generation who blames his for not growing up until they're in their late 30s.

Both of my parents came from little to nothing but they were able to buy a middle class house in a decent neighborhood in their mid-20s shortly after getting married. How many can do that today at that age?

 

[DANC]

Both of my parents came from little to nothing but they were able to buy a middle class house in a decent neighborhood in their mid-20s shortly after getting married. How many can do that today at that age?

I know many who have done it. My daughter and son-in-law had a house when they were 24 and 2 houses they used for their AirBnbs by the times they were 28. This is in Charlotte, one of the hottest real estate markets in the country.

Their neighborhood is filled with others who did the same thing.

Life is about choices and priorities. Trying to claim an entire generation is doomed because they're not living in McMansions by the time they're 30 is ridiculous.

By the way, anyone who didn't buy real estate when interest rates were 3% was not paying attention.

 

[Joe_Hoopsier]

Looking at my Schwabb and Principal accounts, there sure has been some "wealth transfer" the last couple weeks.... Just sayin.

 

[DANC]

Looking at my Schwabb and Principal accounts, there sure has been some "wealth transfer" the last couple weeks.... Just sayin.

Stop your complaining, you privileged white Boomer!

 

[NPT]

Yeah, whenever I see the old money comparisons I run to this calculator:

Inflation Calculator | Find US Dollar's Value From 1913-2024

Easily calculate how the buying power of the U.S. dollar has changed from 1913 to 2024. Get inflation rates and U.S. inflation news.

www.usinflationcalculator.com

That was around $5300 in today's money. I think that is something that people need to play with a little bit. I have a niece who is 24 years old who is getting married this summer. She and her fiance just bought a house in Beech Grove for around $180,000. They both work in education but not sure of their incomes but I don't think it is great money. I compared that to myself at a year older than her. In 2004 my salary was equivalent to a $66,000 salary today and that was a little over 3 years out of college. The house I bought then would equate to almost a $190k house today. Different career paths but similar degree (at the time) to her now fiance. Difference being my house was a new build in Hamilton Co. and was 40% larger than there's is with a lower interest rate.

Anyways, just a long winded way of saying you have to put the dollars discussion into equal numbers. There has been 60%+ inflation in the 20 years since I built that first house and that doesn't seem like that long ago. I hear the starting wages now and there are quite a few industries that are really lagging inflation.

Yeah I do too.... except I go here....

CPI Inflation Calculator

 

[NPT]

Looking at my Schwabb and Principal accounts, there sure has been some "wealth transfer" the last couple weeks.... Just sayin.

 

[stollcpa]

@stollcpa might want to have a word with you.

Stollcpa’s friends told him to get divorced numerous times the 26 years before I filed. I stayed for my son. Coached most all of his sports teams and I stayed until a month after his wedding. Sit son and daughter in law down the night I left. They weren’t surprised.

 

[Mas-sa-suta]

I'll bet that was a nice house for $59,900 in '77.

That house was in a black neighborhood in NW Indy (totally). Area is 65th and Grandview. My next door neighbor was the Olympic coach Sarge Johnson until he died in a tragic accident. Across the street were the founders of a small BBQ chain, well recognized in Indy. Lived there 9 years. Our first daughter was born there.

 

[Spartans9312]

Trust me, if you'd have graduated in the 70s, your outlook was pretty bleak.

Detassling is not corn shucking, sir. How dare you!

Maybe Boomers didn't come out of college with the kind of debt today, but whose fault is that? There are cheaper college alternatives than IUB, which is relatively inexpensive.

And I think you ignore the fact that jobs were very scarce back then. It's only recently that there is such a big demand for employees - due, probably, to Boomer retirement.

You can't take one fact like loan debt and look at it in a vacuum. Jobs today are plentiful and high paying, compared to the past.

I guess I just don't get the animosity toward "Boomers", who are responsible for creating much of the interwebz economy we have today.

Detassling corn….sucks

 

[zeke4ahs]

Detassling corn….sucks

I lasted one day. Lol. But got another job the next. My parents didn’t make me work in high school, but I always liked having my own money and always had jobs that were fun to me.

 

[NPT]

Stollcpa’s friends told him to get divorced numerous times the 26 years before I filed. I stayed for my son. Coached most all of his sports teams and I stayed until a month after his wedding. Sit son and daughter in law down the night I left. They weren’t surprised.

That is the reason I said in my post that I'll bet the divorce rate for people in their 20s, 30s, and 40s was a lot lower. The older generation stayed for their kids. I may be completely wrong but I don't think the younger generation is as likely to do that.

 

[Joe_Hoopsier]

I lasted one day. Lol. But got another job the next. My parents didn’t make me work in high school, but I always liked having my own money and always had jobs that were fun to me.

Did any of them require twirling around a brass pole? Maybe for extra college cash?

 

[DDE-6-20-23]

Trust me, if you'd have graduated in the 70s, your outlook was pretty bleak.

And I think you ignore the fact that jobs were very scarce back then. It's only recently that there is such a big demand for employees - due, probably, to Boomer retirement.

White Collar jobs were scarce. May I add to that there were manufacturing jobs, plenty of them and you did not have to be in a union to be making a white collar salary. Those jobs are gone.

 

[UncleMark]

White Collar jobs were scarce. May I add to that there were manufacturing jobs, plenty of them and you did not have to be in a union to be making a white collar salary. Those jobs are gone.

Today so called white collar workers are treated the same as common laborers, but without a union and with tons of student debt.

 

[JamieDimonsBalls]

I think it's 100% jealousy. He thinks people coming into the workforce today should be able to live like their parents, who spent 30-50 years working for what they got.

But that immature reaction will change one he's faced with a younger generation who blames his for not growing up until they're in their late 30s.

That isn't remotely close to accurate. The fact that you pieced that together in your head shows how unintellectual you are.

 

[JamieDimonsBalls]

Here's how crazy Biden's proposal is:

President Biden’s FY 2025 Budget Proposal: Details & Analysis

President Biden is proposing extraordinarily large tax hikes on businesses and the top 1 percent of earners that would put the U.S. in a distinctly uncompetitive international position and threaten the health of the U.S. economy.

taxfoundation.org

• Expand the base of the net investment income tax (NIIT) to include nonpassive business income and increase the rates for the NIIT and the additional Medicare tax to reach 5 percent on income above $400,000 (effective 2024)
• Increase top individual income tax rate to 39.6 percent on income above $400,000 for single filers and $450,000 for joint filers (effective 2024)
• Tax long-term capital gains and qualified dividends at ordinary income tax rates for taxable income above $1 million and tax unrealized capital gains at death above a $5 million exemption ($10 million for joint filers)
• Limit retirement account contributions for high-income taxpayers with large individual retirement account (IRA) balances
• Tighten rules related to the estate tax
• Tax carried interest as ordinary income for people earning more than $400,000
• Limit 1031 like-kind exchanges to $500,000 in gains
• Repeal the base erosion and anti-abuse tax (BEAT) and replace it with an undertaxed profits rule (UTPR) consistent with the OECD/G20 global minimum tax model rules
• Replace FDII with unspecified R&D incentives
• Create a 25 percent “billionaire minimum tax” to tax unrealized capital gains of high-net-worth taxpayers
• Permanently extend the ARPA premium tax credits (PTCs) expansion (we do include PTCs in our distributional analysis)
• Expand federal rules on drug pricing provisions
• Spending program changes
• Provide additional Internal Revenue Service (IRS) funding

This is insanity. Taxing unrealized capital gains is the stupidest thing ever proposed by a sitting President.

 

[mcmurtry66]

A 50 year politician. And think of the worthless misfits this guy nominates to be stewards of that money.

President Biden’s FY 2025 Budget Proposal: Details & Analysis

President Biden is proposing extraordinarily large tax hikes on businesses and the top 1 percent of earners that would put the U.S. in a distinctly uncompetitive international position and threaten the health of the U.S. economy.

taxfoundation.org

• Expand the base of the net investment income tax (NIIT) to include nonpassive business income and increase the rates for the NIIT and the additional Medicare tax to reach 5 percent on income above $400,000 (effective 2024)
• Increase top individual income tax rate to 39.6 percent on income above $400,000 for single filers and $450,000 for joint filers (effective 2024)
• Tax long-term capital gains and qualified dividends at ordinary income tax rates for taxable income above $1 million and tax unrealized capital gains at death above a $5 million exemption ($10 million for joint filers)
• Limit retirement account contributions for high-income taxpayers with large individual retirement account (IRA) balances
• Tighten rules related to the estate tax
• Tax carried interest as ordinary income for people earning more than $400,000
• Limit 1031 like-kind exchanges to $500,000 in gains
• Repeal the base erosion and anti-abuse tax (BEAT) and replace it with an undertaxed profits rule (UTPR) consistent with the OECD/G20 global minimum tax model rules
• Replace FDII with unspecified R&D incentives
• Create a 25 percent “billionaire minimum tax” to tax unrealized capital gains of high-net-worth taxpayers
• Permanently extend the ARPA premium tax credits (PTCs) expansion (we do include PTCs in our distributional analysis)
• Expand federal rules on drug pricing provisions
• Spending program changes
• Provide additional Internal Revenue Service (IRS) funding

This is insanity. Taxing unrealized capital gains is the stupidest thing ever proposed by a sitting President.

Here's how crazy Biden's proposal is:

President Biden’s FY 2025 Budget Proposal: Details & Analysis

President Biden is proposing extraordinarily large tax hikes on businesses and the top 1 percent of earners that would put the U.S. in a distinctly uncompetitive international position and threaten the health of the U.S. economy.

taxfoundation.org

• Expand the base of the net investment income tax (NIIT) to include nonpassive business income and increase the rates for the NIIT and the additional Medicare tax to reach 5 percent on income above $400,000 (effective 2024)
• Increase top individual income tax rate to 39.6 percent on income above $400,000 for single filers and $450,000 for joint filers (effective 2024)
• Tax long-term capital gains and qualified dividends at ordinary income tax rates for taxable income above $1 million and tax unrealized capital gains at death above a $5 million exemption ($10 million for joint filers)
• Limit retirement account contributions for high-income taxpayers with large individual retirement account (IRA) balances
• Tighten rules related to the estate tax
• Tax carried interest as ordinary income for people earning more than $400,000
• Limit 1031 like-kind exchanges to $500,000 in gains
• Repeal the base erosion and anti-abuse tax (BEAT) and replace it with an undertaxed profits rule (UTPR) consistent with the OECD/G20 global minimum tax model rules
• Replace FDII with unspecified R&D incentives
• Create a 25 percent “billionaire minimum tax” to tax unrealized capital gains of high-net-worth taxpayers
• Permanently extend the ARPA premium tax credits (PTCs) expansion (we do include PTCs in our distributional analysis)
• Expand federal rules on drug pricing provisions
• Spending program changes
• Provide additional Internal Revenue Service (IRS) funding

This is insanity. Taxing unrealized capital gains is the stupidest thing ever proposed by a sitting President.

 

[NewGuyToTheBoard]

Here's how crazy Biden's proposal is:

President Biden’s FY 2025 Budget Proposal: Details & Analysis

President Biden is proposing extraordinarily large tax hikes on businesses and the top 1 percent of earners that would put the U.S. in a distinctly uncompetitive international position and threaten the health of the U.S. economy.

taxfoundation.org

• Expand the base of the net investment income tax (NIIT) to include nonpassive business income and increase the rates for the NIIT and the additional Medicare tax to reach 5 percent on income above $400,000 (effective 2024)
• Increase top individual income tax rate to 39.6 percent on income above $400,000 for single filers and $450,000 for joint filers (effective 2024)
• Tax long-term capital gains and qualified dividends at ordinary income tax rates for taxable income above $1 million and tax unrealized capital gains at death above a $5 million exemption ($10 million for joint filers)
• Limit retirement account contributions for high-income taxpayers with large individual retirement account (IRA) balances
• Tighten rules related to the estate tax
• Tax carried interest as ordinary income for people earning more than $400,000
• Limit 1031 like-kind exchanges to $500,000 in gains
• Repeal the base erosion and anti-abuse tax (BEAT) and replace it with an undertaxed profits rule (UTPR) consistent with the OECD/G20 global minimum tax model rules
• Replace FDII with unspecified R&D incentives
• Create a 25 percent “billionaire minimum tax” to tax unrealized capital gains of high-net-worth taxpayers
• Permanently extend the ARPA premium tax credits (PTCs) expansion (we do include PTCs in our distributional analysis)
• Expand federal rules on drug pricing provisions
• Spending program changes
• Provide additional Internal Revenue Service (IRS) funding

This is insanity. Taxing unrealized capital gains is the stupidest thing ever proposed by a sitting President.

“I’m a capitalist”

 

[Cortez88]

We just got our numbers for IU undergrad next year. It’s now over $31k instate. Federal student loans are capped at $5,500 a year. We got $0 in aid under the new FAFSA formula. The 529 will be depleted in 2 years.

Now that the FAFSA formula does not consider how many kids you have in college at the same time, I’m not sure what the hell I’m gonna do when I have 2 in a couple years. Writing checks for $50k each year seems untenable.

This is the generational issue. College is now outrageously expensive. It’s not just students and their debt load. It’s the parents trying to figure out how to pay these large bills each semester.

 

[Spartans9312]

We just got our numbers for IU undergrad next year. It’s now over $31k instate. Federal student loans are capped at $5,500 a year. We got $0 in aid under the new FAFSA formula. The 529 will be depleted in 2 years.

Now that the FAFSA formula does not consider how many kids you have in college at the same time, I’m not sure what the hell I’m gonna do when I have 2 in a couple years. Writing checks for $50k each year seems untenable.

This is the generational issue. College is now outrageously expensive. It’s not just students and their debt load. It’s the parents trying to figure out how to pay these large bills each semester.

We are in the exact same situation.

 

[Cortez88]

We are in the exact same situation.

I have 3 kids and will have 3 double tuition years. Holy hell. I hit my 529 savings goal and now realize my goal was wildly low.

 

[NPT]

Here's how crazy Biden's proposal is:

President Biden’s FY 2025 Budget Proposal: Details & Analysis

President Biden is proposing extraordinarily large tax hikes on businesses and the top 1 percent of earners that would put the U.S. in a distinctly uncompetitive international position and threaten the health of the U.S. economy.

taxfoundation.org

• Expand the base of the net investment income tax (NIIT) to include nonpassive business income and increase the rates for the NIIT and the additional Medicare tax to reach 5 percent on income above $400,000 (effective 2024)
• Increase top individual income tax rate to 39.6 percent on income above $400,000 for single filers and $450,000 for joint filers (effective 2024)
• Tax long-term capital gains and qualified dividends at ordinary income tax rates for taxable income above $1 million and tax unrealized capital gains at death above a $5 million exemption ($10 million for joint filers)
• Limit retirement account contributions for high-income taxpayers with large individual retirement account (IRA) balances
• Tighten rules related to the estate tax
• Tax carried interest as ordinary income for people earning more than $400,000
• Limit 1031 like-kind exchanges to $500,000 in gains
• Repeal the base erosion and anti-abuse tax (BEAT) and replace it with an undertaxed profits rule (UTPR) consistent with the OECD/G20 global minimum tax model rules
• Replace FDII with unspecified R&D incentives
• Create a 25 percent “billionaire minimum tax” to tax unrealized capital gains of high-net-worth taxpayers
• Permanently extend the ARPA premium tax credits (PTCs) expansion (we do include PTCs in our distributional analysis)
• Expand federal rules on drug pricing provisions
• Spending program changes
• Provide additional Internal Revenue Service (IRS) funding

This is insanity. Taxing unrealized capital gains is the stupidest thing ever proposed by a sitting President.

That just an indirect way of taxing us taxpayers.

 

[BradStevens]

Of course they don't have standards - they let me in!

I think - not sure - there are at least a couple type 'scholarships' available. One used to be just for books that anyone could qualify for if they signed up for ROTC classes, but no commitment after graduation. The other is a full scholarship, where you're committed to 6 years of service (a couple of which may be Reserve) after you graduate.

Of course, things change and I could be completely off base about how it is today.

According to my friend, whose son went through this two years ago, you could sign up, stay in the program and they would pay full tuition. After the first year, you could drop out and not pay anything back. Pretty sweet deal.

 

[Spartans9312]

I have 3 kids and will have 3 double tuition years. Holy hell. I hit my 529 savings goal and now realize my goal was wildly low.

I have two that will have 2 years of overlap. I quit putting in 529 a couple years ago. I definitely was terribly low as well

 

[BradStevens]

No, I don't believe it's all hard work. Some luck is involved, but work was instilled in most of us at an early age and we didn't expect to live like our parents right out of college.

The Boomer generation monetized the internet and developed greater technology. Be grateful that we had such entrepreneurs and risk-takers and geniuses in our generation.

And music - it's by far better than anything your generation calls music today.

*spit*

There is no debating the music point.

 

[BradStevens]

Stollcpa’s friends told him to get divorced numerous times the 26 years before I filed. I stayed for my son. Coached most all of his sports teams and I stayed until a month after his wedding. Sit son and daughter in law down the night I left. They weren’t surprised.

Damn you had to wait until your kid got married? Ugh. Worst thing I’ve read in a long time.