Yeah but I don’t get to write off the loan or cancel part of it if I don’t make the money and the bank can come after my assets for failure to pay. This is not the same thing.
Write off the loan and cancel part of it? I’m not familiar with those mechanics, but nor did I think they were required for this system to be evil anyhow. What are you referring to?
I’ve heard that these people don’t pay back the loans. They borrow until they die, or other loopholes. The debt doesn’t vanish, though. The system is designed to remove the burden of an active debt if you can dance to its tune.
Also, I wasn’t saying you’re doing the same thing as them… so I’m not sure what “this” is when you say “this is not the same thing.”
I was just saying that you contribute to the economy, by working in it and paying into it. I’m not saying that you’re happy about. Just acknowledging that the economy which is very real for you DOES recognize the pretend forecasted money which you rejected. The economy legitimizes it already. So your issue is with the system, not necessarily with some rhetoric people use.
Yeah the bank will come after your assets, but really I’m just trying to show you the enemy here. It’s the fact that the system legitimizes the very thing which you call illegitimate.
A corporation that defers taxes and experiences a “loss” as we’ve been discussing may not have to pay those taxes at all - even if they were profitable when the taxes were initially levied.
If you are wealthy using loans, in lieu of selling assets and incurring capital gains taxes, to buy things is absolutely the way to go. And then in top of that, make sure you’re personally worth very little when you die so there’s little for the banks to take from your estate. That’s how the rich stay rich and get richer.
As far as recognizing future earnings, again, there’s the aforementiond deferral and writeoff, as well as banks not normally coming after wealthy/corporations for failure to pay on time. Yes, both rich and normal people get “future earnings” considered, but the consequences and benefits of how those future earnings are handled are wildly different mechanisms for both parties. Corporations might get a tax bill written off for a bad couple quarters, meanwhile a normal person losing their job and being unable to realize those “future profits” could face foreclosure. To make it equal, make the normal person’s loan payment recalculate every quarter based on projected earnings, let them defer some of a payment if they got a good bonus one quarter, and then allow them to completely not owe some payments at all ever if say they become unemployed for half a year or take a pay cut . That’s why it’s not the same thing. I’m trying to keep apples and oranges separate, one is a fiction generated for the corporations’ benefit, a paycheck or lack thereof is a hard reality for the normal people.
Yeah but I don’t get to write off the loan or cancel part of it if I don’t make the money and the bank can come after my assets for failure to pay. This is not the same thing.
Write off the loan and cancel part of it? I’m not familiar with those mechanics, but nor did I think they were required for this system to be evil anyhow. What are you referring to?
I’ve heard that these people don’t pay back the loans. They borrow until they die, or other loopholes. The debt doesn’t vanish, though. The system is designed to remove the burden of an active debt if you can dance to its tune.
Also, I wasn’t saying you’re doing the same thing as them… so I’m not sure what “this” is when you say “this is not the same thing.”
I was just saying that you contribute to the economy, by working in it and paying into it. I’m not saying that you’re happy about. Just acknowledging that the economy which is very real for you DOES recognize the pretend forecasted money which you rejected. The economy legitimizes it already. So your issue is with the system, not necessarily with some rhetoric people use.
Yeah the bank will come after your assets, but really I’m just trying to show you the enemy here. It’s the fact that the system legitimizes the very thing which you call illegitimate.
A corporation that defers taxes and experiences a “loss” as we’ve been discussing may not have to pay those taxes at all - even if they were profitable when the taxes were initially levied.
If you are wealthy using loans, in lieu of selling assets and incurring capital gains taxes, to buy things is absolutely the way to go. And then in top of that, make sure you’re personally worth very little when you die so there’s little for the banks to take from your estate. That’s how the rich stay rich and get richer.
As far as recognizing future earnings, again, there’s the aforementiond deferral and writeoff, as well as banks not normally coming after wealthy/corporations for failure to pay on time. Yes, both rich and normal people get “future earnings” considered, but the consequences and benefits of how those future earnings are handled are wildly different mechanisms for both parties. Corporations might get a tax bill written off for a bad couple quarters, meanwhile a normal person losing their job and being unable to realize those “future profits” could face foreclosure. To make it equal, make the normal person’s loan payment recalculate every quarter based on projected earnings, let them defer some of a payment if they got a good bonus one quarter, and then allow them to completely not owe some payments at all ever if say they become unemployed for half a year or take a pay cut . That’s why it’s not the same thing. I’m trying to keep apples and oranges separate, one is a fiction generated for the corporations’ benefit, a paycheck or lack thereof is a hard reality for the normal people.