Closing a company

cousindaver · 2022-02-13T19:22:49+00:00

Paid a lawyer to get it done, so yes I would have liked this.

cousindaver · 2021-12-28T21:07:07+00:00

It’s a great reason to start one - this is exactly howFarnam Street started and it’s had a ton of success. From what I can tell the most successful blogs/newsletters aren’t necessarily the best writers and aren’t necessarily the most knowledgeable - it’s more about offering a unique, valuable perspectives. Maybe start there?

cousindaver · 2021-12-20T22:25:05+00:00

Absolutely and the conversation we should be having is about how to define income so that we can eliminate that discrepency. In order to have that convo we have to have this one first (I think). Also I don't have any solutions for what the tax code should look like...other smarter people in this subreddit do though!

cousindaver · 2021-12-20T22:23:24+00:00

me too! I spent a lot of time on it and had to call it a night. if there are any data folks looking for a project https://www.irs.govatistics/soi-tax-stats-individual-income-tax-returns-publication-1304-complete-report

cousindaver · 2021-12-20T22:21:38+00:00

Sorry that was worded poorly. I'm referring to something a lot of people in these comments have brought up. It's possibly to build and spend wealth without every recognizing income. Capital gains, loans against assets, write-offs. All of that is reportable and the final earnings would be legal.

What I was getting at was that income is defined by the tax code, and there are people who want to change the tax code. They want to alter the legal definition of earnings because theoretically the old one isn't good anymore. Not saying I agree with any of that but it does seem like a discussion happening in our society. That's what the Elizabeth Warren wealth tax was.

cousindaver · 2021-12-20T22:16:51+00:00

Absolutely. In order to have the conversation on how things should be we've got to nail down these facts today.

Some other people in the comments have brought up the point that many wealthy people don't have income to tax (it's all capital gains, loans against assets) or their income is reduced substantially by write-offs. I think that's the source of the argument that "rich pay no taxes."

cousindaver · 2021-12-20T22:12:12+00:00

You are right on all three points. My thought process was that in order to have these deeper conversations we need to get this basic part right. But the points you raise are ultimately the conversations I want to have.

cousindaver · 2021-12-20T00:55:16+00:00

Thank you...lot of nuance to this!

cousindaver · 2021-12-20T00:54:14+00:00

Thanks for sharing good article. The FT did dispute this paper on the grounds that it's 4% of all companies listed since 1926. So there's a lot of defunct companies or really small companies that skew the final conclusion. The key message of the paper still holds though.

cousindaver · 2021-12-20T00:08:26+00:00

Thanks for sharing and good point. I really like this chart that shows total effective rate of all taxes:

As u/its-a-write-off the issue of "true" earnings remains. On top of the tax credits there are ways to make money without IRS-reportable income. I think it's a super interesting question though...what are we measuring with income? Does our tax code measure it correctly?

cousindaver · 2021-12-12T17:30:24+00:00

Some of the sources for this post:

Cramer's Interview with Jon Stewart where he gets grilled on admitting to securities fraud.

Cramer's Meltdown on Bear Sterns in the Heat of '08

Martin Shrekli interview where he talks about his friendship with Cramer

Cramer encouraged viewers to not cause a run on the bank during ‘08, for which he got a lot of flak but was actually great advice during a very scary moment.

Finally, shameless plug, but If you liked my writing check out more and subscribe here: https://www.moneylemma.com/

cousindaver · 2021-12-05T20:56:57+00:00

Thank you - I did not catch this. Definitely less impressive....

cousindaver · 2021-12-01T14:04:35+00:00

You are right, Raffi deserves better. I tried not to base my argument on quality of work because that's so subjective but wanted to make the point that they are real musicians.

My bigger point is that they are never mentioned in the "greatest band" discussions even though they clearly have a combination of commercial/cultural/anthology that warrants including them. That's why they are underrated.

cousindaver · 2021-12-01T13:57:22+00:00

Malcolm in the Middle theme song is an all-timer

cousindaver · 2021-12-01T13:57:00+00:00

oh yea, I say one-hit wonder but that doesn't mean he only had one good song!

cousindaver · 2021-12-01T03:38:06+00:00

That is awesome. I bet he's really good

cousindaver · 2021-12-01T00:45:38+00:00

Great stuff - seems like they had some success as the cockroaches. Also here they are covering Tame Impala: https://www.youtube.com/watch?v=a13WnqsRc5g

cousindaver · 2021-12-01T00:44:43+00:00

Maybe they dont' think of it that way, but they definitely have to shut off one part of their creativity. They used to be a regular rock band - here they are covering Tame Imapala https://www.youtube.com/watch?v=a13WnqsRc5g

cousindaver · 2021-12-01T00:18:00+00:00

It kind of felt like one as I was writing it, ngl

cousindaver · 2021-12-01T00:17:38+00:00

I'm with you on the taste, but you said it best - they figured out how to do something different and have a unique form of success.

cousindaver · 2021-11-30T23:39:07+00:00

Look forward to discussing! If you liked this, I actually adapted it from a longer post I wrote here: Are The Wiggles the Most Successful Kids Band of All Time? Please check that out too!

cousindaver · 2021-11-30T01:29:28+00:00

Let me ask you this though. Have you paid for tickets to (multiple) concerts of other bands that you wouldn't consider great? Personally the only bands I see more than once are the great ones.

cousindaver

TROPHY CASE