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 The Likely Future Path: YOU WERE WARNED
Tdurden 1k posts, incept 2015-01-29
2020-12-07 13:41:59

I imagine the 1st order of business will be to add one little line item to re-impose the obamacare fine for not doing business with their campaign contributors. And it will be a hell of a lot higher than it was the first time. And they'll expand the means test for subsidies to include assets and not just income.

Whatever they do with student loans it won't be the simplest idea of just letting the loans be dischargable under the bankruptcy laws. No way in hell they are letting those suckers off the hook. There is going to be kind of "national service" requirement, which will be a period of indentured servitude and a chunk of all their future income. At some point these kids are going to learn the lesson from many of the old mobster movies: you need to be careful who you let do favors for you.

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"I'd like to live just long enough to be there when they cut off your head and stick it on a pike as a warning to the next 10 generations that some favors come with too high of a price." -Vir Cotto Ba
Rollformer 2k posts, incept 2013-02-13
2020-12-07 13:49:18

A friend of mine, who is a very senior credit guy at a private equity firm, is of the opinion that there is a 75% chance of a sovereign debt crisis in the next 18 months, should Biden and Harris be seated.
Redjack 1k posts, incept 2018-01-29
2020-12-07 14:01:25

Augeries

In farm country, there are ways to shelter assets. Most common is to create a farm corporation and put the old parents land into it, and the remaining land into a lifetime trust.

Of course, they have to stay out of the home or federal assistance for at least 7 years.

Mom did it, and I will at least have some of the old homestead. But who knows.

The 401K talk reminds me of what my Grandfather did when I opened my first account. He blew a gasket, and said "If the government wants you to do this, they will take it when they fell like it!" Seems his mother had some gold that the Roosevelt administration seized.


Aquapura 3k posts, incept 2012-04-19
2020-12-07 14:15:22

@Greenacr - I think you have it right. Give to your kids what you wish when you are still alive...don't expect them to get it upon your passing. I plan to do the same with my children. Why try to give a windfall when you're dead and gone when you have a lifetime to give them advantages that will pay dividends long after you're worm food.

I know it's different for "family" small businesses and such but for the vast majority the inheritance thing isn't a big deal. Probably why it gets so little attention in politics.
Crosstherubicon 13 posts, incept 2013-01-12
2020-12-07 15:33:58

Anyone who believes their Roth is not touchable is crazy. They would be in the same camp as those who believe Social Security is in a lockbox and can't be touched. The SCOTUS has ruled twice on Social Security - Helvering v. Davis and Flemming v. Nestor. Social Security is not a contract, they can change the rules anytime they want. And they will do the same thing with Roth accounts. When the well runs dry these a**holes will look under every rock for anything they can tax and pilfer.
Copernicus-usdd 54 posts, incept 2013-03-08
2020-12-07 16:33:44

If you can't store it at your homestead and defend it with a gun...it is touchable and will likely be gone by the end of the next decade... in my humble opinion of course :)

At some point, due to some trigger... the reset button gets pushed and all those fake paper assets that make us all feel so rich will get blown away in a surprisingly short amount of time.

Stocks, Bonds, Pensions, Social Security, Medicare... Good luck cashing out or collecting those after a sovereign debt crisis or a few years of hyperinflation... Civil War you say? I don't see Uncle Sam mailing out monthly checks or annual enrollment papers for Medicare after something like that regardless of which side of the border you end up on. Just kiss it all goodbye...it was never real anyway.

Don't get me wrong...on the other side of that fireball....maybe, just maybe...glorious rebirth. But then again...maybe not.






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UsDailyDeficit.com
Tickerguy 190k posts, incept 2007-06-26
2020-12-07 16:34:23

More likely than glorious rebirth is a smoking heap and nasty, slow and ugly death.

After all the Phoenix IS a mythical creature.

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The difference between "kill" and "murder" is that murder, as a subset of kill, is undeserved by the deceased.
Tf0884 15 posts, incept 2010-06-26
2020-12-07 21:04:33

As a random reasonably well paid man in his 30s without kids, with everything that is going on I seriously start to question what is the point of working much beyond that necessary for the bare essentials. Pretty much all of what I earn gets taken in taxes, high living costs etc.

I live in the UK, so slightly different situation to most readers here, but the overall conclusion is the same. There are simply too many mouths sucking on the same tit.

The govt here has boxed themselves into a corner because they have always focused tax policy on helping the poor, or those on welfare. The taxation system is now ridiculously top heavy and reliant on a shrinking pool of high earners.

Well this high earner is checking out, moving to the North East where property is a 5th of the cost of where I am now, there is more space, people are friendlier etc. I work in IT and will do the occasional 3 month contract where I can find it. Failing that I'll do a bit of part time work locally. I won't need much. I can buy a house with cash and don't need much else apart from food. If they push people who have little else than that too hard there will be a revolt.

Once I check out the tax burdens on others will have to increase, and so the positive feedback loop begins. That will be when the fireworks really begin. I see no point in saving beyond what I already have, since the government will simply rob it to pay for all the third world invaders that wash up on our shores.

I see no reason to slave away to pay for my own race replacement. Quite the opposite. I need that time to physically and mentally prepare for what's ahead.

Erroldo 628 posts, incept 2013-09-12
2020-12-07 21:05:18

It sure looks grim from this ticker.
I am here busting my ass as a single dad so kids can have a bright future.
Came to this country with a suitcase and a dream. It has been good. I hope to left most of what I amass to by kids and teach them to grow it and do the same for their offspring: multi-generational wealth building. Looks like what is coming from the medical complex may suck it all back unless I die healthy. Maybe moving back to another country at retirement may escape some of the coming medical-financial pain.
Smanning 42 posts, incept 2020-04-26
2020-12-09 09:36:54

What if assets you live in, trade in and drive are owned by a corporation in Panama, Dominica or the other dozens of secret shell countries?

It doesn't cost much to set up even for middle class - couple three thousand. This way you technically own nothing .gov can get it's greasy paws on. I'd only use foreign companies though - this way .gov/FBI can't subpoena records. Do your research.

Own nothing, control everything.

Reason: added more info
Zappafan 6k posts, incept 2007-11-30
2020-12-10 08:40:13

Question on Medicare, Social Security and government transfer payments for the forum:

I know that UE checks are taxable for state, federal and local income tax. What about Medicare/SS?

Same question on those $1200 direct checks. They don't withhold it, I know that.

If they are, they can play games by getting money into Medicare through the backdoor this way. During the recession this year personal income actually rose because of all the ridiculous money thrown at everyone. Of course it still blows up but it could stave off the formal collapse for a quarter or two, maybe.
Tickerguy 190k posts, incept 2007-06-26
2020-12-10 08:41:02

The direct checks are not considered "income"; that was directly in the statute. Social Security is sort of; the rules are a bit complex. Medicare payments are not since they're considered return of capital (you paid into it.)

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The difference between "kill" and "murder" is that murder, as a subset of kill, is undeserved by the deceased.
Zappafan 6k posts, incept 2007-11-30
2020-12-10 08:57:24

Thanks. Then they cannot play the game of giving everyone $1200 checks, and sneaking some money out into medicare/SS.

Of course a future Congress could always change the law and start giving everyone regular direct checks, make them taxable with some money withheld to "prop up" medicare. It would be another scam that would blow up eventually. I would keep this on my radar for the Kumala/Xiden administration.

Reason: spelling
Tickerguy 190k posts, incept 2007-06-26
2020-12-10 08:58:05

Yeah there was a potential "fuck you" in that it could have hit MAGI, but if I read it correctly that's not a factor. MAGI can hose your Obamacare subsidy and thus lead directly to a clawback.

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The difference between "kill" and "murder" is that murder, as a subset of kill, is undeserved by the deceased.
Whitehat 11k posts, incept 2017-06-27
2020-12-10 11:53:22

respectfully request that this ticker be pinned and protected from roll-off if not already. Personally making it a widely shared link.

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smiley Je souhaite

Quod tu es, ego fui, quod ego sum, tu eris
Tickerguy 190k posts, incept 2007-06-26
2020-12-10 11:53:31

Not gonna pin it but might exempt it.

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The difference between "kill" and "murder" is that murder, as a subset of kill, is undeserved by the deceased.
Whitehat 11k posts, incept 2017-06-27
2020-12-10 13:07:45

thanks Karl.

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smiley Je souhaite

Quod tu es, ego fui, quod ego sum, tu eris
Whitehat 11k posts, incept 2017-06-27
2020-12-10 21:42:45

something just occurred to me. After this article gets passed around enough or some form of the wisdom contained herein reaches people, i can just see how many houses, businesses and other assets are going to be transferred from parents to their children. Other asset protection schemes are soon to be a big industry. I expect this to occur even if parents are still in their early fifties. BTW: it is not a good idea to do this in most cases, but it will be done.

Would like to note for people a recent example of government capriciousness. Young man, just turned legal age (18), who i know has an autoimmune condition that really affected his intestines. He got it under control and is no stranger to working hard since a lot of the formative years got messed up. Before he turned even 17 his single mother got him on disability and collected on his behalf roughly 20K. She is not the problem and took care of him with these resources. Drum roll. The SSA disability program determined after he was 18 that some aspect of his condition was not recognized as a disability and withdrew the payments retroactively. Since his mother has no assets, they are demanding it all back from him. He never made the decision to apply. Yet, he is on the hook and dealing with potential garnishments as he gets started in life. This is all types of wrong and implies other things.

The sky is the limit.

Would respectfully add to Karl's list of possible actions that states in conjunction with the feds could possibly use the filial responsibility laws. Some areas where families support the concept of gerontocracy and make manipulating, controlling and restraining their children a performance art so that they can use them are no doubt going to vote for the formalization of this concept. I think we are going to see in this a grab fest where it is going to be parent against child and the reverse as each one tries to preemptively screw the other. Live in my community and you got a front row seat. Ask any family or elder law attorney for a few stories and get ready to be sick.

Another nice little tidbit that could come back to haunt people. Lots of people with assets, who retired early or just have a situation that works such as living with parents waiting for them to die, whatever, qualify for Medicaid by income only, not assets. They figure that they got it made. Well, what if the government decides to recover this? Right now the cutoff is age 55. Everyone younger figures that they are good until then. I know people who took five or more years off from work with nary a care about healthcare or risking assets or savings. This was not possible before Oslobcare. Purchasing health insurance as an individual and definitely a family was very expensive and did not offer the greatest coverage.

i have cautioned people for years to take a silver plan. What happens when someone who took the Millennial generation travel plan, completely covered by Oslobcare, gets a windfall inheritance?

This could get ugly.

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smiley Je souhaite

Quod tu es, ego fui, quod ego sum, tu eris
Mannfm11 8k posts, incept 2009-02-28
2020-12-11 07:33:52

So basically, the establishment is stealing everything to pay for the free lunch they give out?

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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
Acebarefoot 1k posts, incept 2009-05-20
2020-12-11 08:50:02

Quote:
So basically, the establishment is stealing everything to pay for the free lunch they give out?


Yep, and they are rewarding themselves well in the process.
Zappafan 6k posts, incept 2007-11-30
2020-12-11 10:39:41

The stealing will really get ugly if/when the Fed hits a wall and cannot print fast enough, or at all.
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