The amount of people living subsidized by their parents is astounding

[Anonymous]

What about college scholarships? I received a gift of money from my college to pay my tuition- would I pay income tax on that under your scheme?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m in a big extended family with generational wealth. I benefit from it, and I will pass it on.

I gotta say, this idea of subsidizing doesn’t bother me. If my kids are happy and healthy and fulfilled, I don’t really care if they use trust money or a salary or some combo to pay their bills. There’s no prize when you die for a pile of W2s. The very few people in my extended family who really made piles of money were all entrepreneurs anyway. Boom and bust types.

It would be kind of crazy to me to have a bunch of assets and not change your life at all.

Agree with all of this, but as was said in a previous comment, I just want the rich kids to pay TAXES on this unearned income. That doesn’t seem like too much to ask.

NP. Why just rich kids? If you want to tax gift money, you’re talking about some poor kid’s $50 graduation gift too.

Not necessarily -- even W9 income has a limit from any individual payer before it gets reported to the government, and that limit is higher than $50.

I've been the beneficiary of some very generous gifts from my late grandparents and my parents over the years. It was obviously better for me that I didn't have to pay taxes on that, but it was also obviously unfair. I wouldn't argue at all if someone wanted to change the law (though I think we all know that law will never be changed). I don't see how anyone could argue otherwise unless they just don't want to think for even a half a second about the moral implications of being given money just because of who your parents happened to be.

I am in the same boat but also feel strongly that money which has already been taxed, sometimes twice (Income and cap gains) should not be taxed a third time via a gift to my offspring. If there is any loophole to close it's the step up in cost basis upon death - exclude businesses and farms.

I feel the money that you already paid taxes on, sometimes twice (income and cap gains) should not be taxed a third time when you give it to me to: clean your house, or cut your hair, or serve your food, or write your will, or perform your colonoscopy, etc.

My cleaner accepts venmo. Whether she claims it as income is up to her. I'd be willng to bet MANY Americans DON'T pay taxes on some of the income you described. Additionally, my kids are not a business. They are my dang offspring.

I am paying for a service aka a business. My kid is my kid. I can gift my cleaners 19k if I want, I could gift my Dr 19k if I want. They wouldn't need to pay taxes on it either.

Awesome. New business model unlocked. Soon no one will pay taxes and then we’ll collectively all be better off. Right?

Pp was saying no one would gift money to them. They gift to family or friends..It’s voluntary. Getting your oil changed is a transaction. But hey, if you want to write the mechanic a $19,000 check on top of the $150 for the oil change and say merry Christmas it’s a gift, more power to you.

I get $38k a year from my parents. It’s great. I do not need a dollar of it but it allows me to do house projects, buy things for my kids, all of which is better for the economy than sitting in their trust.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Good for those lucky kids. You should use every opportunity in life. My friend received $500k yes $500k as a down payment when they bought their $800k home. His dad actually wanted to buy the house cash for them, but my friend said he wanted to be independent for a bit lol. Now they get $2000 monthly stipend from his parents.

When they say there are 2 Americas the haves and have nots it's true

I come from a poor family, but I absolutely support wealthy parents who subsidize their kids. It's their money. When you have children they become your priority not society at large. So hook your kids up first and if you have crumbs left you can help the rest.

+1. Same, grew up poor and don’t begrudge at all people with money helping their kids out now. Better than giving it to them when they die.

I don’t get people on here who begrudge that or resent that. Play the cards you are dealt in life, improve your circumstances, and then maybe you can pass some money down to your kids.

Generational wealth is beyond playing the cards you’re dealt. It’s playing the cards you’re dealt while being able to bully the table because you got to start with your parents’ winnings while your opponents start with only their own meager buy-in.

If you’ve ever played poker you’d understand that at some point it’s impossible for the players without the head start in chips to win unless they are literally dealt unbeatable hands. (Or unless the unfairly advantaged player is uniquely terrible at poker.)

The way our society functions is a zero sum game. Resources are finite, and it is disingenuous to pretend otherwise. (See also: monopolies)

PP here. No you are wrong. Anyone can grow up with nothing and become rich in this country. My parents came over here with nothing. I grew up poor, did well in school, got scholarship to college, etc.. and now have a high

Education is the key to start making money and then learn to invest that money.

Stop playing the victim mentality of its not fair, this guy got a leg up from his parents. Guess what? You will never be happy and feel like you have enough.

What you are doing wrong is always comparing yourself to other people wealthier than you. It’s not a zero sum game that anyone has to “win”. You sound like you are just never satisfied with enough and don’t realize how there are so many people who have much less then you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Good for those lucky kids. You should use every opportunity in life. My friend received $500k yes $500k as a down payment when they bought their $800k home. His dad actually wanted to buy the house cash for them, but my friend said he wanted to be independent for a bit lol. Now they get $2000 monthly stipend from his parents.

When they say there are 2 Americas the haves and have nots it's true

I come from a poor family, but I absolutely support wealthy parents who subsidize their kids. It's their money. When you have children they become your priority not society at large. So hook your kids up first and if you have crumbs left you can help the rest.

+1. Same, grew up poor and don’t begrudge at all people with money helping their kids out now. Better than giving it to them when they die.

I don’t get people on here who begrudge that or resent that. Play the cards you are dealt in life, improve your circumstances, and then maybe you can pass some money down to your kids.

Generational wealth is beyond playing the cards you’re dealt. It’s playing the cards you’re dealt while being able to bully the table because you got to start with your parents’ winnings while your opponents start with only their own meager buy-in.

If you’ve ever played poker you’d understand that at some point it’s impossible for the players without the head start in chips to win unless they are literally dealt unbeatable hands. (Or unless the unfairly advantaged player is uniquely terrible at poker.)

The way our society functions is a zero sum game. Resources are finite, and it is disingenuous to pretend otherwise. (See also: monopolies)

PP here. No you are wrong. Anyone can grow up with nothing and become rich in this country. My parents came over here with nothing. I grew up poor, did well in school, got scholarship to college, etc.. and now have a high

Education is the key to start making money and then learn to invest that money.

Stop playing the victim mentality of its not fair, this guy got a leg up from his parents. Guess what? You will never be happy and feel like you have enough.

What you are doing wrong is always comparing yourself to other people wealthier than you. It’s not a zero sum game that anyone has to “win”. You sound like you are just never satisfied with enough and don’t realize how there are so many people who have much less then you.

Certain things are finite though like spots at a university or houses. Consider a person who starts out with their parents buying their way into school, then they graduate with no student loans, they get a job their parents arrange for them, and then they’re able to buy a house when their parents supply the down payment. That person has a continent advantage at all steps and the things they get are finite resources. In an area like DC the homes and jobs are finite and some have significant advantages which have a negative impact on those without it. Now I don’t believe it makes those with advantages bad people and I envy their position. But to pretend it doesn’t impact others is obtuse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m in a big extended family with generational wealth. I benefit from it, and I will pass it on.

I gotta say, this idea of subsidizing doesn’t bother me. If my kids are happy and healthy and fulfilled, I don’t really care if they use trust money or a salary or some combo to pay their bills. There’s no prize when you die for a pile of W2s. The very few people in my extended family who really made piles of money were all entrepreneurs anyway. Boom and bust types.

It would be kind of crazy to me to have a bunch of assets and not change your life at all.

Agree with all of this, but as was said in a previous comment, I just want the rich kids to pay TAXES on this unearned income. That doesn’t seem like too much to ask.

NP. Why just rich kids? If you want to tax gift money, you’re talking about some poor kid’s $50 graduation gift too.

Not necessarily -- even W9 income has a limit from any individual payer before it gets reported to the government, and that limit is higher than $50.

I've been the beneficiary of some very generous gifts from my late grandparents and my parents over the years. It was obviously better for me that I didn't have to pay taxes on that, but it was also obviously unfair. I wouldn't argue at all if someone wanted to change the law (though I think we all know that law will never be changed). I don't see how anyone could argue otherwise unless they just don't want to think for even a half a second about the moral implications of being given money just because of who your parents happened to be.

I am in the same boat but also feel strongly that money which has already been taxed, sometimes twice (Income and cap gains) should not be taxed a third time via a gift to my offspring. If there is any loophole to close it's the step up in cost basis upon death - exclude businesses and farms.

I feel the money that you already paid taxes on, sometimes twice (income and cap gains) should not be taxed a third time when you give it to me to: clean your house, or cut your hair, or serve your food, or write your will, or perform your colonoscopy, etc.

My cleaner accepts venmo. Whether she claims it as income is up to her. I'd be willng to bet MANY Americans DON'T pay taxes on some of the income you described. Additionally, my kids are not a business. They are my dang offspring.

I am paying for a service aka a business. My kid is my kid. I can gift my cleaners 19k if I want, I could gift my Dr 19k if I want. They wouldn't need to pay taxes on it either.

Awesome. New business model unlocked. Soon no one will pay taxes and then we’ll collectively all be better off. Right?

Pp was saying no one would gift money to them. They gift to family or friends..It’s voluntary. Getting your oil changed is a transaction. But hey, if you want to write the mechanic a $19,000 check on top of the $150 for the oil change and say merry Christmas it’s a gift, more power to you.

I get $38k a year from my parents. It’s great. I do not need a dollar of it but it allows me to do house projects, buy things for my kids, all of which is better for the economy than sitting in their trust.

Think twice before you write that check to your mechanic. I’m pretty sure if you have an employer or contractor relationship, there is additional scrutiny.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Good for those lucky kids. You should use every opportunity in life. My friend received $500k yes $500k as a down payment when they bought their $800k home. His dad actually wanted to buy the house cash for them, but my friend said he wanted to be independent for a bit lol. Now they get $2000 monthly stipend from his parents.

When they say there are 2 Americas the haves and have nots it's true

I come from a poor family, but I absolutely support wealthy parents who subsidize their kids. It's their money. When you have children they become your priority not society at large. So hook your kids up first and if you have crumbs left you can help the rest.

+1. Same, grew up poor and don’t begrudge at all people with money helping their kids out now. Better than giving it to them when they die.

I don’t get people on here who begrudge that or resent that. Play the cards you are dealt in life, improve your circumstances, and then maybe you can pass some money down to your kids.

Generational wealth is beyond playing the cards you’re dealt. It’s playing the cards you’re dealt while being able to bully the table because you got to start with your parents’ winnings while your opponents start with only their own meager buy-in.

If you’ve ever played poker you’d understand that at some point it’s impossible for the players without the head start in chips to win unless they are literally dealt unbeatable hands. (Or unless the unfairly advantaged player is uniquely terrible at poker.)

The way our society functions is a zero sum game. Resources are finite, and it is disingenuous to pretend otherwise. (See also: monopolies)

PP here. No you are wrong. Anyone can grow up with nothing and become rich in this country. My parents came over here with nothing. I grew up poor, did well in school, got scholarship to college, etc.. and now have a high

Education is the key to start making money and then learn to invest that money.

Stop playing the victim mentality of its not fair, this guy got a leg up from his parents. Guess what? You will never be happy and feel like you have enough.

What you are doing wrong is always comparing yourself to other people wealthier than you. It’s not a zero sum game that anyone has to “win”. You sound like you are just never satisfied with enough and don’t realize how there are so many people who have much less then you.

Certain things are finite though like spots at a university or houses. Consider a person who starts out with their parents buying their way into school, then they graduate with no student loans, they get a job their parents arrange for them, and then they’re able to buy a house when their parents supply the down payment. That person has a continent advantage at all steps and the things they get are finite resources. In an area like DC the homes and jobs are finite and some have significant advantages which have a negative impact on those without it. Now I don’t believe it makes those with advantages bad people and I envy their position. But to pretend it doesn’t impact others is obtuse.

Who are the people that can do all that you listed? This wouldn't be the top 1%, more like the top .1%. So when you complain that it "affects others," how many positions are being taken away here? 1/1000? Great. So plenty left for people who actually have merit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Good for those lucky kids. You should use every opportunity in life. My friend received $500k yes $500k as a down payment when they bought their $800k home. His dad actually wanted to buy the house cash for them, but my friend said he wanted to be independent for a bit lol. Now they get $2000 monthly stipend from his parents.

When they say there are 2 Americas the haves and have nots it's true

I come from a poor family, but I absolutely support wealthy parents who subsidize their kids. It's their money. When you have children they become your priority not society at large. So hook your kids up first and if you have crumbs left you can help the rest.

+1. Same, grew up poor and don’t begrudge at all people with money helping their kids out now. Better than giving it to them when they die.

I don’t get people on here who begrudge that or resent that. Play the cards you are dealt in life, improve your circumstances, and then maybe you can pass some money down to your kids.

Generational wealth is beyond playing the cards you’re dealt. It’s playing the cards you’re dealt while being able to bully the table because you got to start with your parents’ winnings while your opponents start with only their own meager buy-in.

If you’ve ever played poker you’d understand that at some point it’s impossible for the players without the head start in chips to win unless they are literally dealt unbeatable hands. (Or unless the unfairly advantaged player is uniquely terrible at poker.)

The way our society functions is a zero sum game. Resources are finite, and it is disingenuous to pretend otherwise. (See also: monopolies)

PP here. No you are wrong. Anyone can grow up with nothing and become rich in this country. My parents came over here with nothing. I grew up poor, did well in school, got scholarship to college, etc.. and now have a high

Education is the key to start making money and then learn to invest that money.

Stop playing the victim mentality of its not fair, this guy got a leg up from his parents. Guess what? You will never be happy and feel like you have enough.

What you are doing wrong is always comparing yourself to other people wealthier than you. It’s not a zero sum game that anyone has to “win”. You sound like you are just never satisfied with enough and don’t realize how there are so many people who have much less then you.

Certain things are finite though like spots at a university or houses. Consider a person who starts out with their parents buying their way into school, then they graduate with no student loans, they get a job their parents arrange for them, and then they’re able to buy a house when their parents supply the down payment. That person has a continent advantage at all steps and the things they get are finite resources. In an area like DC the homes and jobs are finite and some have significant advantages which have a negative impact on those without it. Now I don’t believe it makes those with advantages bad people and I envy their position. But to pretend it doesn’t impact others is obtuse.

This this this

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Good for those lucky kids. You should use every opportunity in life. My friend received $500k yes $500k as a down payment when they bought their $800k home. His dad actually wanted to buy the house cash for them, but my friend said he wanted to be independent for a bit lol. Now they get $2000 monthly stipend from his parents.

When they say there are 2 Americas the haves and have nots it's true

I come from a poor family, but I absolutely support wealthy parents who subsidize their kids. It's their money. When you have children they become your priority not society at large. So hook your kids up first and if you have crumbs left you can help the rest.

+1. Same, grew up poor and don’t begrudge at all people with money helping their kids out now. Better than giving it to them when they die.

I don’t get people on here who begrudge that or resent that. Play the cards you are dealt in life, improve your circumstances, and then maybe you can pass some money down to your kids.

Generational wealth is beyond playing the cards you’re dealt. It’s playing the cards you’re dealt while being able to bully the table because you got to start with your parents’ winnings while your opponents start with only their own meager buy-in.

If you’ve ever played poker you’d understand that at some point it’s impossible for the players without the head start in chips to win unless they are literally dealt unbeatable hands. (Or unless the unfairly advantaged player is uniquely terrible at poker.)

The way our society functions is a zero sum game. Resources are finite, and it is disingenuous to pretend otherwise. (See also: monopolies)

PP here. No you are wrong. Anyone can grow up with nothing and become rich in this country. My parents came over here with nothing. I grew up poor, did well in school, got scholarship to college, etc.. and now have a high

Education is the key to start making money and then learn to invest that money.

Stop playing the victim mentality of its not fair, this guy got a leg up from his parents. Guess what? You will never be happy and feel like you have enough.

What you are doing wrong is always comparing yourself to other people wealthier than you. It’s not a zero sum game that anyone has to “win”. You sound like you are just never satisfied with enough and don’t realize how there are so many people who have much less then you.

Stop with the talking points and cliches and try to formulate an original thought.

I have enough and am content with my life, but unlike some of you I can see beyond the end of my own nose and recognize that the increasing concentration of wealth and resources into the hands of a relatively few modern day aristocrats has a devastating impact on society.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Good for those lucky kids. You should use every opportunity in life. My friend received $500k yes $500k as a down payment when they bought their $800k home. His dad actually wanted to buy the house cash for them, but my friend said he wanted to be independent for a bit lol. Now they get $2000 monthly stipend from his parents.

When they say there are 2 Americas the haves and have nots it's true

I come from a poor family, but I absolutely support wealthy parents who subsidize their kids. It's their money. When you have children they become your priority not society at large. So hook your kids up first and if you have crumbs left you can help the rest.

+1. Same, grew up poor and don’t begrudge at all people with money helping their kids out now. Better than giving it to them when they die.

I don’t get people on here who begrudge that or resent that. Play the cards you are dealt in life, improve your circumstances, and then maybe you can pass some money down to your kids.

Generational wealth is beyond playing the cards you’re dealt. It’s playing the cards you’re dealt while being able to bully the table because you got to start with your parents’ winnings while your opponents start with only their own meager buy-in.

If you’ve ever played poker you’d understand that at some point it’s impossible for the players without the head start in chips to win unless they are literally dealt unbeatable hands. (Or unless the unfairly advantaged player is uniquely terrible at poker.)

The way our society functions is a zero sum game. Resources are finite, and it is disingenuous to pretend otherwise. (See also: monopolies)

PP here. No you are wrong. Anyone can grow up with nothing and become rich in this country. My parents came over here with nothing. I grew up poor, did well in school, got scholarship to college, etc.. and now have a high

Education is the key to start making money and then learn to invest that money.

Stop playing the victim mentality of its not fair, this guy got a leg up from his parents. Guess what? You will never be happy and feel like you have enough.

What you are doing wrong is always comparing yourself to other people wealthier than you. It’s not a zero sum game that anyone has to “win”. You sound like you are just never satisfied with enough and don’t realize how there are so many people who have much less then you.

Certain things are finite though like spots at a university or houses. Consider a person who starts out with their parents buying their way into school, then they graduate with no student loans, they get a job their parents arrange for them, and then they’re able to buy a house when their parents supply the down payment. That person has a continent advantage at all steps and the things they get are finite resources. In an area like DC the homes and jobs are finite and some have significant advantages which have a negative impact on those without it. Now I don’t believe it makes those with advantages bad people and I envy their position. But to pretend it doesn’t impact others is obtuse.

Oh cry me a river. Why don’t you go and interact with the poor in DC and realize how privilege YOU are.

If you want true equality, then move to Russia. The US is a capitalistic country and will always be that way. There will always be the haves and the have nots and you are one of the haves but are resentful that you don’t have more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Good for those lucky kids. You should use every opportunity in life. My friend received $500k yes $500k as a down payment when they bought their $800k home. His dad actually wanted to buy the house cash for them, but my friend said he wanted to be independent for a bit lol. Now they get $2000 monthly stipend from his parents.

When they say there are 2 Americas the haves and have nots it's true

I come from a poor family, but I absolutely support wealthy parents who subsidize their kids. It's their money. When you have children they become your priority not society at large. So hook your kids up first and if you have crumbs left you can help the rest.

+1. Same, grew up poor and don’t begrudge at all people with money helping their kids out now. Better than giving it to them when they die.

I don’t get people on here who begrudge that or resent that. Play the cards you are dealt in life, improve your circumstances, and then maybe you can pass some money down to your kids.

Generational wealth is beyond playing the cards you’re dealt. It’s playing the cards you’re dealt while being able to bully the table because you got to start with your parents’ winnings while your opponents start with only their own meager buy-in.

If you’ve ever played poker you’d understand that at some point it’s impossible for the players without the head start in chips to win unless they are literally dealt unbeatable hands. (Or unless the unfairly advantaged player is uniquely terrible at poker.)

The way our society functions is a zero sum game. Resources are finite, and it is disingenuous to pretend otherwise. (See also: monopolies)

PP here. No you are wrong. Anyone can grow up with nothing and become rich in this country. My parents came over here with nothing. I grew up poor, did well in school, got scholarship to college, etc.. and now have a high

Education is the key to start making money and then learn to invest that money.

Stop playing the victim mentality of its not fair, this guy got a leg up from his parents. Guess what? You will never be happy and feel like you have enough.

What you are doing wrong is always comparing yourself to other people wealthier than you. It’s not a zero sum game that anyone has to “win”. You sound like you are just never satisfied with enough and don’t realize how there are so many people who have much less then you.

Stop with the talking points and cliches and try to formulate an original thought.

I have enough and am content with my life, but unlike some of you I can see beyond the end of my own nose and recognize that the increasing concentration of wealth and resources into the hands of a relatively few modern day aristocrats has a devastating impact on society.

It’s not talking points. It’s my life. It is so blatantly clear that you did not grow up poor. BTW your condescension speaks very poorly of your character.

Lastly, this thread is not about the .1% whom you seem so fixated about and reveals that you are not content with what you have.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Good for those lucky kids. You should use every opportunity in life. My friend received $500k yes $500k as a down payment when they bought their $800k home. His dad actually wanted to buy the house cash for them, but my friend said he wanted to be independent for a bit lol. Now they get $2000 monthly stipend from his parents.

When they say there are 2 Americas the haves and have nots it's true

I come from a poor family, but I absolutely support wealthy parents who subsidize their kids. It's their money. When you have children they become your priority not society at large. So hook your kids up first and if you have crumbs left you can help the rest.

+1. Same, grew up poor and don’t begrudge at all people with money helping their kids out now. Better than giving it to them when they die.

I don’t get people on here who begrudge that or resent that. Play the cards you are dealt in life, improve your circumstances, and then maybe you can pass some money down to your kids.

Generational wealth is beyond playing the cards you’re dealt. It’s playing the cards you’re dealt while being able to bully the table because you got to start with your parents’ winnings while your opponents start with only their own meager buy-in.

If you’ve ever played poker you’d understand that at some point it’s impossible for the players without the head start in chips to win unless they are literally dealt unbeatable hands. (Or unless the unfairly advantaged player is uniquely terrible at poker.)

The way our society functions is a zero sum game. Resources are finite, and it is disingenuous to pretend otherwise. (See also: monopolies)

PP here. No you are wrong. Anyone can grow up with nothing and become rich in this country. My parents came over here with nothing. I grew up poor, did well in school, got scholarship to college, etc.. and now have a high

Education is the key to start making money and then learn to invest that money.

Stop playing the victim mentality of its not fair, this guy got a leg up from his parents. Guess what? You will never be happy and feel like you have enough.

What you are doing wrong is always comparing yourself to other people wealthier than you. It’s not a zero sum game that anyone has to “win”. You sound like you are just never satisfied with enough and don’t realize how there are so many people who have much less then you.

Stop with the talking points and cliches and try to formulate an original thought.

I have enough and am content with my life, but unlike some of you I can see beyond the end of my own nose and recognize that the increasing concentration of wealth and resources into the hands of a relatively few modern day aristocrats has a devastating impact on society.

It’s not talking points. It’s my life. It is so blatantly clear that you did not grow up poor. BTW your condescension speaks very poorly of your character.

Lastly, this thread is not about the .1% whom you seem so fixated about and reveals that you are not content with what you have.

No one is fixated on the .1%, it’s blatantly obvious you’re bad at math and lack critical thinking ability.

How would you describe the character of a rich person persistently trying to convince the many people who didn’t win the lottery of birth that they’re jealous, spiteful malcontents when they (rightly) observe that the deck has been stacked against them?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Good for those lucky kids. You should use every opportunity in life. My friend received $500k yes $500k as a down payment when they bought their $800k home. His dad actually wanted to buy the house cash for them, but my friend said he wanted to be independent for a bit lol. Now they get $2000 monthly stipend from his parents.

When they say there are 2 Americas the haves and have nots it's true

I come from a poor family, but I absolutely support wealthy parents who subsidize their kids. It's their money. When you have children they become your priority not society at large. So hook your kids up first and if you have crumbs left you can help the rest.

+1. Same, grew up poor and don’t begrudge at all people with money helping their kids out now. Better than giving it to them when they die.

I don’t get people on here who begrudge that or resent that. Play the cards you are dealt in life, improve your circumstances, and then maybe you can pass some money down to your kids.

Generational wealth is beyond playing the cards you’re dealt. It’s playing the cards you’re dealt while being able to bully the table because you got to start with your parents’ winnings while your opponents start with only their own meager buy-in.

If you’ve ever played poker you’d understand that at some point it’s impossible for the players without the head start in chips to win unless they are literally dealt unbeatable hands. (Or unless the unfairly advantaged player is uniquely terrible at poker.)

The way our society functions is a zero sum game. Resources are finite, and it is disingenuous to pretend otherwise. (See also: monopolies)

PP here. No you are wrong. Anyone can grow up with nothing and become rich in this country. My parents came over here with nothing. I grew up poor, did well in school, got scholarship to college, etc.. and now have a high

Education is the key to start making money and then learn to invest that money.

Stop playing the victim mentality of its not fair, this guy got a leg up from his parents. Guess what? You will never be happy and feel like you have enough.

What you are doing wrong is always comparing yourself to other people wealthier than you. It’s not a zero sum game that anyone has to “win”. You sound like you are just never satisfied with enough and don’t realize how there are so many people who have much less then you.

Certain things are finite though like spots at a university or houses. Consider a person who starts out with their parents buying their way into school, then they graduate with no student loans, they get a job their parents arrange for them, and then they’re able to buy a house when their parents supply the down payment. That person has a continent advantage at all steps and the things they get are finite resources. In an area like DC the homes and jobs are finite and some have significant advantages which have a negative impact on those without it. Now I don’t believe it makes those with advantages bad people and I envy their position. But to pretend it doesn’t impact others is obtuse.

Oh cry me a river. Why don’t you go and interact with the poor in DC and realize how privilege YOU are.

If you want true equality, then move to Russia. The US is a capitalistic country and will always be that way. There will always be the haves and the have nots and you are one of the haves but are resentful that you don’t have more.

Russia is the most unequal country on the face of the planet. I think you meant the old Soviet Union…not modern day Russia.

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Anonymous wrote:Good for those lucky kids. You should use every opportunity in life. My friend received $500k yes $500k as a down payment when they bought their $800k home. His dad actually wanted to buy the house cash for them, but my friend said he wanted to be independent for a bit lol. Now they get $2000 monthly stipend from his parents.

When they say there are 2 Americas the haves and have nots it's true

I come from a poor family, but I absolutely support wealthy parents who subsidize their kids. It's their money. When you have children they become your priority not society at large. So hook your kids up first and if you have crumbs left you can help the rest.

+1. Same, grew up poor and don’t begrudge at all people with money helping their kids out now. Better than giving it to them when they die.

I don’t get people on here who begrudge that or resent that. Play the cards you are dealt in life, improve your circumstances, and then maybe you can pass some money down to your kids.

Generational wealth is beyond playing the cards you’re dealt. It’s playing the cards you’re dealt while being able to bully the table because you got to start with your parents’ winnings while your opponents start with only their own meager buy-in.

If you’ve ever played poker you’d understand that at some point it’s impossible for the players without the head start in chips to win unless they are literally dealt unbeatable hands. (Or unless the unfairly advantaged player is uniquely terrible at poker.)

The way our society functions is a zero sum game. Resources are finite, and it is disingenuous to pretend otherwise. (See also: monopolies)

PP here. No you are wrong. Anyone can grow up with nothing and become rich in this country. My parents came over here with nothing. I grew up poor, did well in school, got scholarship to college, etc.. and now have a high

Education is the key to start making money and then learn to invest that money.

Stop playing the victim mentality of its not fair, this guy got a leg up from his parents. Guess what? You will never be happy and feel like you have enough.

What you are doing wrong is always comparing yourself to other people wealthier than you. It’s not a zero sum game that anyone has to “win”. You sound like you are just never satisfied with enough and don’t realize how there are so many people who have much less then you.

Certain things are finite though like spots at a university or houses. Consider a person who starts out with their parents buying their way into school, then they graduate with no student loans, they get a job their parents arrange for them, and then they’re able to buy a house when their parents supply the down payment. That person has a continent advantage at all steps and the things they get are finite resources. In an area like DC the homes and jobs are finite and some have significant advantages which have a negative impact on those without it. Now I don’t believe it makes those with advantages bad people and I envy their position. But to pretend it doesn’t impact others is obtuse.

Oh cry me a river. Why don’t you go and interact with the poor in DC and realize how privilege YOU are.

If you want true equality, then move to Russia. The US is a capitalistic country and will always be that way. There will always be the haves and the have nots and you are one of the haves but are resentful that you don’t have more.

Actually, the US is quickly moving towards a Russian style system. You’d better start brushing up on your ass kissing skills and stay away from windows…

[Anonymous]

There is a thread on the board right now about some loser living in his parents, who give him money, who claims he is a self made millionaire.

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Anonymous wrote:I’m in a big extended family with generational wealth. I benefit from it, and I will pass it on.

I gotta say, this idea of subsidizing doesn’t bother me. If my kids are happy and healthy and fulfilled, I don’t really care if they use trust money or a salary or some combo to pay their bills. There’s no prize when you die for a pile of W2s. The very few people in my extended family who really made piles of money were all entrepreneurs anyway. Boom and bust types.

It would be kind of crazy to me to have a bunch of assets and not change your life at all.

Agree with all of this, but as was said in a previous comment, I just want the rich kids to pay TAXES on this unearned income. That doesn’t seem like too much to ask.

NP. Why just rich kids? If you want to tax gift money, you’re talking about some poor kid’s $50 graduation gift too.

Not necessarily -- even W9 income has a limit from any individual payer before it gets reported to the government, and that limit is higher than $50.

I've been the beneficiary of some very generous gifts from my late grandparents and my parents over the years. It was obviously better for me that I didn't have to pay taxes on that, but it was also obviously unfair. I wouldn't argue at all if someone wanted to change the law (though I think we all know that law will never be changed). I don't see how anyone could argue otherwise unless they just don't want to think for even a half a second about the moral implications of being given money just because of who your parents happened to be.

I am in the same boat but also feel strongly that money which has already been taxed, sometimes twice (Income and cap gains) should not be taxed a third time via a gift to my offspring. If there is any loophole to close it's the step up in cost basis upon death - exclude businesses and farms.

I feel the money that you already paid taxes on, sometimes twice (income and cap gains) should not be taxed a third time when you give it to me to: clean your house, or cut your hair, or serve your food, or write your will, or perform your colonoscopy, etc.

My cleaner accepts venmo. Whether she claims it as income is up to her. I'd be willng to bet MANY Americans DON'T pay taxes on some of the income you described. Additionally, my kids are not a business. They are my dang offspring.

I am paying for a service aka a business. My kid is my kid. I can gift my cleaners 19k if I want, I could gift my Dr 19k if I want. They wouldn't need to pay taxes on it either.

You know the 19k thing isn’t a god-given right. Us poors could in theory vote for enough congress people to change it. More of us than there are of you.

But there are enough "making under $40K and living in a double wide in the south" who think it will someday affect them so they will continue to vote for R who keep the estate tax at $13M+. SO that won't happen.