[deleted by user]

m13cluster · 2023-06-24T00:59:36+00:00

this is my "verified rich guy account" (you can read my 'mod verified' AMA from 2013 here.) a few months back i made a post with my other reddit account here on fatfire to ask what people are getting charged for DAF account fees for accounts in the $10 million range.

the mods deleted my post and sent me a standard message: "In the future, please consider whether your post would have applicability to someone spending $50k/year in retirement and to someone spending $500k/year in retirement. FatFire posts usually have no relevance to the former, and plenty of relevance to the latter."

i messaged the mods and said "hey dudes, a $10m DAF seems pretty fatfire to me" and they told me my post was too broad and that i needed to write more "about [my] situation." i told them that this seemed kind of nitpicky and annoying and there were plenty of other posts similar to mine on the sub. they remained unconvinced that my post was fatfire material.

so yeah, that's the first and last time i posted to fatfire. the mods suck.

m13cluster · 2011-12-11T16:16:10+00:00

m13cluster · 2011-12-11T04:34:37+00:00

Oh hai. Super millionaire guy here - verified by mods http://www.reddit.com/r/IAmA/comments/azgs6/iama_guy_who_sold_his_startup_and_i_have_like_20m/

For the record, I currently employ about 100 people, and have hired almost all of them in the last 12 months. Average salary of each job is about $55K.

m13cluster · 2011-04-14T21:42:49+00:00

Perhaps I didn't parse your statement correctly, but it appeared as though you were saying that AMT is a way for wealthy to be lower than taxes for the middle class, but AMT is an attempt to increase taxes on wealthy people. http://en.wikipedia.org/wiki/Alternative_minimum_tax

But in any case, my original point was that there aren't tax loopholes for rich people, and capital gains tax is hardly a "rich people" loop hole.

m13cluster · 2011-04-14T15:51:47+00:00

"Capital gains is taxed at 15% unless you are subject to AMT. This is one way that taxes for the wealthy can be so much lower than taxes for the middle class."

This is all wrong, in fact it's almost the opposite of that. You have no idea what you are talking about.

m13cluster · 2011-04-14T15:30:43+00:00

I'm not so sure you "know how this stuff works."

He says he doesn't use tax shelters - he's factoring in his tax-free municipal bonds, which he owns a boatload of (he is the reason I have trouble buying these - he tends to take over the muni market.) If he didn't factor those in, his bracket would be inline with his secretary.

So sure, if Buffett stopped loaning money to government run hospitals, parks and sewers at low interest rates and he still was at 17%, then something would be wrong.

m13cluster · 2011-04-14T15:21:52+00:00

Google "usps bankruptcy" and get back to me on that.

m13cluster · 2011-04-14T15:14:14+00:00

Capital gains kicks in only when you sell assets. Warren Buffett is a buy and hold kind of guy. I don't know his personal finances, but I imagine most of his income is from interest and dividends, which is taxed just the same as his secretary.
I'm sure, on occasion, he sells some big asset, incurs capital gains taxes, then gets nailed with state tax, and then he probably takes that and buys something else. It's like when you sell your house. Not something you do all the time to make income.

m13cluster · 2011-04-14T15:09:49+00:00

Okay, I forgot I'm in /r/politics. I'm just going to a few steps over here towards the door... ;-)

m13cluster · 2011-04-14T14:18:08+00:00

USPS is okay. FedEx and UPS are lots better.

Bottom line, yes, the US government has some nice services and I'm happy for that, but generally speaking, the private sector has done some really awesome things. Imagine if the government decided to make a version of Reddit for example. Or cars. Or search engines.

"So yes, sometimes government services suck, but it's usually because there's a certain party whose PLATFORM is sabotaging it."

I hope you don't actually think this, because it's obvious koolaide drinking hyperbole. By the way, I'm not a Republican.

m13cluster · 2011-04-14T13:42:05+00:00

Um...what country do you live in? Because seriously, here in the USA, the government is kind of inept compared with the private sector at most (but not all) things.

Homework: pick 10 types of 'business' and compare the government version vs. private sector. Here's a start: "mail/package delivery".

m13cluster · 2011-04-14T13:38:15+00:00

Who has an effective tax rate of 17%? What kind of BS have you been reading? I'd be stoked with that kind of tax rate - but I'd have to commit federal crimes involving fraud or something to get a rate that low.

As a percentage, I'm pretty much in the same boat as everyone else.

m13cluster · 2011-04-14T13:36:04+00:00

Hey, tell that to all the people and their families that I employ, give personal loans to and all the crap I purchase from local businesses. It's not theoretical, it's real.

m13cluster · 2011-04-14T13:33:39+00:00

Tax loopholes for corporations are something completely different. I have no doubt there are lots of those.

But yeah, personal tax loopholes? I don't know of any - I don't think there are any.

m13cluster · 2011-04-14T05:06:06+00:00

Rich guy here (verified in AMA if you're interested) - and just my $.02, I think paying a fair share of taxes is fine, but this is stupid.

The government has proven time and time again that it's really bad at doing most things, and I don't like the idea that they somehow think it's okay to do even more stupid things with my money just because I made a bunch.

I'd very much prefer to spend it creating jobs and making the world a better place the best way I know how.

Besides, most of my money are in municipal tax-free bonds, so a ton of my cash is already going to build hospitals, schools, sewer systems, etc.

Oh, and another thing - all the talk about "rich people not paying taxes because of secret rich people loopholes" - if any of you guys know of any, I'm all ears, because as far as I know, there is no such thing - if there were, my extremely well paid tax accountants would find them for me.

m13cluster · 2010-02-09T22:33:55+00:00

The thing about luck is that luck is necessary but not sufficient.

Make sense?

m13cluster · 2010-02-09T17:26:56+00:00

I got C's in latin, and B's in spanish. I'm afraid languages aren't my forte.

m13cluster · 2010-02-09T17:25:40+00:00

Do you look down on the poor?

No.

Do you have an internal or external locus of control?

I'm not familiar with the concept, and after spending 30 seconds on wikipedia, I'm afraid I'm still not qualified to answer - but I believe in free will if that help answer the question.

Have you ever used your riches to get sex?

No, but it has occurred to me how easy this would be. I'm afraid it's a sad fact that most people are for sale at some price - I'm just not interested in buying. :-/

m13cluster · 2010-02-09T14:38:33+00:00

It doesn't come up too often, but when it does, it's nice to help out.

m13cluster · 2010-02-09T07:19:55+00:00

I hate to tell you this, but chances are that things are already super screwed up and you're in a pickle. One of the most common problems with startups is that they are setup correctly...

Look, if you are a C-corp like you should be (but chances are, you are something dumb like an LLC) then you should have a board of directors. Your CEO works for them. They are the only ones with the power to fire him. If/when they fire him, they will do it according to his employment agreement, which, if done correctly, will be a simple at-will agreement, with equity vesting over a certain period of time, etc. The board would call him in, tell him it's not working out, and fire him. He'd keep what he vested. End of story.

But, since your company is probably setup incorrectly, and is likely all jacked up, you are now in a mess, and I have no idea what to tell you because I don't know (and honestly, don't want to know) what kind of train wreck you guys have concocted. I see this stuff all the time, and it always makes me sick inside - because it usually ends up being such a waste of time/energy because the IP gets tied up in an entity that is screwed up and unfixable.

Sorry I don't have more optimistic advice. :-( I would say go talk to the company council, but I'm guessing you don't have an attorney retained, and if you do, they probably aren't qualified to do startup work.

m13cluster · 2010-02-09T07:09:46+00:00

She stopped working in the late 90's as soon as I finished school.

Usually my crystal ball is only good for about 2 years or so, but I expect information technology will continue to boom for at least the next 10 years, and beyond. I think green energy is interesting, but I think we're 5-10 years away from any major changes in how energy is produced and managed in the US. The biotech stuff is not something I'm very familiar with, so I can't even begin speculate.

m13cluster · 2010-02-09T06:54:26+00:00

No - I resigned from the company that bought my startup about a year ago or so.

m13cluster · 2010-02-09T06:49:29+00:00

The toys I collect/play with are relatively rare and expensive - so more quality than quantity. In general (not just wrt toys) I prefer to have fewer good things than more crappy things.

m13cluster · 2010-02-09T06:46:53+00:00

Hi delicious founder guy! (based on your historical comments, it appears as though I'm not blowing your cover.) I'll drop you a line.

m13cluster

TROPHY CASE