Product photography is not my thing.
That really doesn't matter, because no one is paying me to take photos of their products. But with my wife's fancy engagement coming up on the weekend, her work friend who has a side hustle making leather goods, made a handbag and earrings for my wife to match her dress. My wife paid for them still, however it is far nicer to have something tailormade and very local for the event. As I have said some time earlier, we try our best to pay for local artisans when we can and when we can afford it. Afford it we cannot at the moment, but paid we did.
I think my wife is getting excited about it.
While we don't live a glamorous life by any stretch of the imagination, it is nice to occasionally do something quite different and see how the other half live - or the other one percent. It might be nice to have some of their wealth, but for the most part, I am not jealous of the lives they have because they are either very hard working, or hardly working. There is very little in between it seems, which makes sense because they are no in-between kinds of people. The hardly working ones are the worst of them in my opinion, because they still have a high sense of entitlement and no matter what they do they make it sound like it is super important and valuable to the world, even when they do nothing of consequence at all.
Just like most people.
It is okay to be human.
We all have our flaws, none of us are perfect. Despite what some people believe about themselves, or others as the case may be. Too often people will create an image of another person that does not track with reality and then when their image gets broken by reality, they blame the other person for "changing", or they think they have lied. Often we believe that we judge so well that when we are proven wrong, it must be the other person's fault. It can't possibly be that we got it wrong to begin with.
Those filthy rich...
Filthy lucre... It comes from the bible and was meant as money gained through dishonourable means, but now just means very rich. However, there is still that undertone isn't there, where many people believe that if someone is wealthy, they must have done something dishonest to be so. And perhaps in some ways this is true, but I reckon it is more at the "very rich" levels where it is more true. At the lower levels of just being wealthy, perhaps a lot of them just worked for the money, followed all the laws, and did what was possible. The system might be broken, but using the system as it is designed doesn't automatically make someone dishonourable.
The billionaires might be a different story however. What most people don't know is that the percentage gap between the top of the one percent and the bottom of the one percent, is larger than the gap between the bottom of the one percent and the bottom. That is quite incredible, if you put that into context. For instance, the top 6-8 richest people on earth have the combined wealth of the bottom 4 billion people.
Tax the rich more?
I am not so sure about that. Many people think it might be the way to go, but it just creates another problem down the track with inequality anyway. What would be better is to level the playing field going forward and then start encouraging more wealth to go into human pockets. As I mentioned the other day, income taxes should be significantly lower than corporate taxes, and passive investment income should be taxed at corporate rates. The incentive should be to put money in hands that want to spend on human needs and wants, not money in investments that generate nothing but more money.
It should be the same for inheritance taxes, where the money that has already been taxed, doesn't get taxed again when it is handed down. But again, the encouragement should be there to spend it. For the majority of people, they should pay zero inheritance tax and that money can be used to invest into passive income (at corporate rates) or spend to lower debt or by goods and services. In time, a simpler, balanced system with corporate tax loopholes closed, will distribute wealth far more widely and while the billionaires would seemingly have an advantage at first, as investment and corporate taxes being higher means there is more interest in paying people more, and the wealth starts to balance.
Less variation in wealth is better for everybody.
Even the extremely wealthy. Because it is better to live in a world where most people are happy, healthy and have a good level of wellbeing, than in a world that is falling apart socially, at war, and under increasing threat of violence and total annihilation.
Wealth isn't filthy.
But by the rules of the economy we have created, the most effective way of becoming wealthy, is to do what is filthy for humanity at scale. And to become rich, takes a lot of consumer support, which means we are all part of the filth creation.
I wonder what it would look like if all the companies had to use advertising pictures straight from their production lines and supply chains. Children sewing in textile sweatshops, people working for minimum wage in dangerous conditions at mines, and images of where the products end up after disposal. Would it have any effect on buying decisions?
Probably not.
Taraz
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Remember, it is the love of money, not the money itself, which is the root of all evil. It is possible to become wealthy by virtuous means, because the economy is not a zero-sum game like many socialists model it, where profit is proof of exploitation.
I agree it is probably impossible to become a billionaire without resorting to political plunder. Whenever an exchange is mandated and prices are controlled, there is suddenly room for corruption and abuse.
Of course the political class in society which profits from that process is not threatened when people claim we need more bureaucrats to tax and regulate society for some alleged "greater good." They get to ensure the system does not stifle their schemes. They can afford the accountants and the senators who write loopholes into the law.
The biggest driver of the wealth gap today is probably the Cantillon effect of inflationary fiscal policy. It is more subtle than direct subsidies and bailouts. The new money just... Appears... In their coffers. They buy at the old price, prices rise in response to the new demand, and the workers and those on fixed incomes suffer the consequence. Then "capitalism" gets the blame.
When it comes to corporate taxes, there should be zero loopholes. It should be flatrate, no reductions below flat rate. No way to make the rate less than income tax. All taxes paid in the country it is earned... all earnings transparent, nothing invisible. Everything blockchained... etc etc
Not going to happen.
A lot of the gap I think is also caused by the ability to invest into nothing and generate wealth. Derivative markets and whatnot that are tied to the perception. those investments should be taxed at the corporate rate too - why should they be lower?
I would argue corporations as we know them are creations of the State, and this goes back to the likes of the East India Company. A business license should not be required to open a shop, but that is the system the government has imposed, not something people sought. In today's litigious society, I understand structures to limit personal liability. Neither of these create any obligation to submit to arbitrary extortion. But if you're begging the government for special privileges and protections through their legal corporate structure process, you've made a deal with the devil, so pay your dues. That kind of mindset is necessary before we approach anything like "fair" extortion in society.
They definitely are. the state as we know it, like monarchies and religions, are not great at doing much, but I tend to think that at the scale of humanity now, some organisation is required if we are to tackle larger problems. Sure, some of the larger problems are caused by the organisation itself, but I think it is the way we are organised, not that there is organisation.
I am no fan of tax, but I also don't see it suddenly disappearing (without apocalyptic events) so if it is to change, it will happen incrementally. If we can get incrementally worse, we can also get incrementally better.
I think there's a huge non sequitur when one argues that because society requires organization for some purposes, we need a government to act as a territorial monopoly. That is what we have now, but not because it was the result of prior generations applying reason. It is the result of past generations waging war to conquer their neighbors or throw off prior conquerors. That isn't a foundation for progress or a measure of legitimacy, not even when it has a veneer of democracy.
I have recently watched a video that claimed that $140,000 USD for a family of four is a poverty level. I think official poverty level in USA is something like 30K+
Still the taxation in US is geared to tax middle class and people earning less than a million a year. And the higher the individual earning the less taxes people pay after earning around a million a year... So yeah, billionaires are a separate class. For example in Hawaii the billionaires don't want to live next to the those without multiple billions of dollars, those plebs in hundreds of millions net worth :)
A very broken system. Put more money in real people's pockets (not corporations)and everything gets a little bit better.
I completely understand the billionaires in Hawaii... I wouldn't want to live next to those hundreds of millions slobs either!!! ;D
LOL good one :)
On an unrelated note, the native Hawaiians don't consider themselves part of USA and if you buy a property and don't live there full time and you are a USA resident they call you a "Foreign investor from the mainland"
I'm still on board for a flat tax. That leather piece turned out stunning.
As long as it is implemented with other mechanisms aligned, it would be far, far better.
Yeah it did - I am jealous that some people are able to do such great work out of their home! The designer is really nice too - we look after her dog :)
Yeah, I am sure there will always be people looking to take advantage of the system. I know what you mean about the artisanship. It's amazing. I'd love to be able to have a side hustle like that.
Are you sure that you are on board for flat tax? Here are some interesting Income tax stats from last year:
Total Tax Returns: 153.8 million
Total Tax: 2.1 Trillion
Bottom 50% are those making $50,339 AGI or less
Total Paid by bottom 50% of tax filers: 63 Billion or 3% of the tax total. Or $822 per return
Right now top 50% pay an average tax rate of 15.87% and in dollar terms that is $26,959 per year if you make tax rate flat that means bottom 50% will go up from a current tax rate of 3.74% and everyone will pay a flat tax rate of about 14.48%. So basically that would amount to raising income taxes 3.87 times on the bottom 50% of the USA tax filers... So the average tax paid by the bottom 50% will go up from $822 to $3,182 per year...
For me this would be a tax cut, but I am not sure I want to shift my tax burden to those less fortunate...
https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2025/
I think those who work for their wealth tend to be more grounded, such as those who started a business.
The extremely wealthy never really worked for it and had everything handed down to them. As you said, they just use money to make more money. They don't know what hard work really is and are detached from reality.
I'm in favor of eliminating the income tax entirely and moving more to a sales tax-driven system for bringing in revenue. Basic necessities like food, utilities, clothing, toiletries, kitchen and other home appliances, etc., should incur no sales tax at all. Luxury items should be progressively taxed based on the category. Movies would incur a much smaller fee compared to buying a TV, which would incur less sales tax than buying a yacht. Those who can afford to pay more for luxury items will still pay it, while those who can't afford these things aren't taxed further into poverty from just trying to provide for themselves and their families.
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Yes. I think this would be the logical next step, but I don't see any large things happening all at once. Most countries just aren't geared for it. It needs to be incremental change and once started, it can start to speed up. Unfortunately, we are going in the wrong direction - and it is speeding up the wrong way.
Sometimes I think about how to help poor people in slums. In Bangladesh alone, there are tens of millions of them, half the country. One billion people on the planet live in slums. There are probably a few of them on Hive, too.
Well, the current system is not going to help them, nor are handouts. The system has to change, which means the system that you are hoping to get 30K a month from needs to change too.
I came here and was like this is a cute picture of a handbag, lets see where this is headed and left thinking about inheritance tax reform. Truly, your mind is a theme park. Touche!!
Yeah - my mind works in mysterious (stupid) ways.
We have a proverb here that "Even the moon has its blemishes". That is, each of us goes through life with mistakes and shortcomings. But there are some people who do not understand their own mistakes and can never realize the mistakes they are making and do not find their own faults and shortcomings. It is true that those who work hard are more successful because of their hard work and those who work less are naturally less successful. The handbag and earrings look very beautiful. Perfect craftsmanship.
I wonder, if a person truly believes they are perfect, does that make them perfect? After all, their experience is all they have, so they would perceive themselves in their fantasy as perfect, and die perfect...
The right way would have been to tax the rich and channel the money to improving the lives of the members of the society in ways that matter, like providing more jobs, infrastructural development, improving the quality of healthcare and education, etc.
But, alas, the money isn't equitably distributed, most of it still goes back to the pockets of the rich.
I've pondered this problem so much that the solution I see is for someone or people that think differently to assume political positions and create the needed change. It may come through a revolution or whatever. Activists can also do a job of enlightening the masses so they can stand up to demand better from their leaders.
It doesn't work that way, because it ends up being handouts that end up in the same pockets once again with the excuse of "we gave you the money".
The way the system functions has to change. But most likely, the only way it will happen is like it has always happened - violent revolution. And then, those that have revolted will rebuild in the same way, except with them as the controlling force, and we start again.
Here the LTCG is sucking away the saving of middle class people. What thay save get taxed too. I recently redeemed some stocks, and incurred good amount for taxes in it. How middle class going to be Rich if they pay so much taxes on own saving....
Middle class will never be rich - you need to know your place. The economy is a caste system.
I think it is easy to make judgments from the outside, but realizing the effort that goes into creating that wealth might change our view.
For sure. I know a couple of people who are in Finnish terms, wealthy. There is a mix of earned it and got given it, and those who earned it are far more grounded.
It’s interesting how you describe seeing “how the other half live.” Sometimes stepping into that world for even a moment makes you realize two things at once, how nice comfort can feel, and how little it actually matters for happiness. You’re right: many wealthy people work extremely hard, others barely try, but in the end we all struggle with something. Money solves problems, but it doesn’t solve being human.
Perhaps at some point it will, when it is possible to buy AI implants to combat all the human flaws.
Exploring “how the other half live" shows us the value of comfort and how money can solve certain problems, yet it doesn't cure all of humanity's struggles. Many wealthy people work hard or sometimes barely try, but regardless, everyone faces their own challenges.
Money can only solve some problems. But I guess it is better to be rich and sad, than poor and sad.
That’s true
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Whenever I see stuff like this I think of all the games and the now defunct crypto blogging sites like this one that I was trying out where their idea to make things "fairer" for the newcomers (who often got incredibly upset that they're "losing out" because other people had the audacity to play more/got there earlier) was to just reset everything back to zero every now and again.
none of the crypto sites I was trying implemented this idea but it was floated and generally seen as a bad thing
Is your wife's new handbag going to become her every day one or kept for special fancy occasions? :)
I'm going to hit up a local leatherworker at a market sometime over the next couple of weeks to get J a decent wallet (he had gone there to buy one last weekend but they're on holiday apparently, so he had then gone to an opshop and got himself this hideous emoji wallet because that's what they had XD so I'm hoping to get him an early or otherwise Christmas present). Also saw some nice ones on Etsy (where there's still some decent handmade or 3d printed stuff despite also seemingly being swarmed by dropshippers and people pretending their AI generated art was done all by themselves).
Thanks