OK Boomer; Normal friction or wealth and social inequality symptom

I think shorten has zero to no chance to make a comeback, but anything is possible. I also see liberals winning the next election.

Re ppor tax, I sincerely hope that labor goes after it. It'll be their end before they even have a chance.

 

Have I not said many times it is vitally important to ensure any changes do not affect the Boomers?

As for the rest of your post, I predict the changes will come in way, way, way sooner than Gen Z. I do agree no planning will take place. It will simply occur and either Gen X or Gen Y will just have to deal with it.

 

Fast forward 20-30 years and the baby boomers are dying off, leaving what is forecast to be the biggest inheritances in history to the next generation.

I wish I could be around to hear the yelling from younger people:
Unfair!
Death duties!
Inheritance taxes!

 

The baby boomers might leave it all to the Grandkids. Everything will be diluted down, I’ve got 3 sisters and each of them have 2 kids. So it’s gonna be, you have to work.

Youngest sister got an “inheritance” from her husbands family though a couple of years back, and that was a HUGGGEEEEE leg up.
The rest of us were fortunate to buy before this Sydney boom, and even my younger (the 3rd sister) managed to pay off her first townhouse at the age of 30, even with really high interest rates. That sister and her husband had a boarder/tenant for the first few years, renting out a room. I think they put a huge amount of effort to pay the townhouse off. They decided to upsize to a house in the same suburb and luckily, bought that pre-boom, it was just before my sister went on mat leave for their second child. Of course, given they had paid the townhouse off, it wasn’t so good tax-wise to rent the townhouse out.... technically I think they had a lot in offset but they had also paid a lot of the debt on the townhouse down too.

 

Tongue in cheek or not, it is the only right and just conclusion anyone could come to.

I'm sure there are many boomer bashing stories.

There's also simply stating facts without any judgement attached

It seems the two get confused quite often.

Totally agree.

I just don't think that fact should be used as an excuse to avoid thinking about or discussing things and trying to find a way to make things better. Many, it would seem, disagree with on that but to each their own.

 

Come over and my dad will show you! similar to how @Player does it cashhhh chooooshieeeee big bout soooo stylessssss! @Player what sauce you like on your burger LOL

 

Maaaate......don't tell everyone otherwise we will have banking issue the scale of Cyprus...

 

That's why we have to buy crypto and GT's

 

What on earth did you just snark at me, you lazy millennial? I'll have you know I am a top member of my body corporate, and I've received numerous pre-screened offers for ultra-premium credit cards, and I have over 300 cleared transactions. I was brought up in a culture of civility and I'm the most respected mediator of lunch-related conflicts in the entire HR department. You are nothing to me but just another entitled youth. I will tell you how my attitude and hard work led to my success with precision the likes of which has never been seen before on this Earth, you listen and you listen good. You think you can get away with purchasing avocado toast and still afford a down payment? Think again, child. As we speak I am logged into my Host Plus superannuation and my returns are outpacing your base wage so you better prepare for the right to work, freeloader. The legislation that wipes out the pathetic thing you call organized labor. You're out in the cold, kid. I can get any job, anytime, and I can attach over seven hundred references to my resume, and that's just with my LinkedIn network. Not only do I have twenty years of experience, but I have access to all the equipment in my father in-law's tool shed and I will use it to its full extent to reduce the height of your miserable oleander to the 3.5 feet above grade mandated by local bylaws you little disappointment. If only you could have known what civil discourse your whiny disrespect was about to bring down upon you, maybe you would have held your cultural marxism. But you couldn't, you didn't, and now you're paying the price, you sorry barista. I will reply to every one of your comments with supreme confidence and the connection to whatever you were angry about will be tenuous at best. You're hopelessly unemployable, kiddo.

 

@# 1, totally agree

 

Capitalism does provided measured welfare, but still provides free market economies.

 

Not really on topic for this thread, but since you asked;
One of the main reasons given for this in the USA is fatherless households. Especially within the black community.
The fatherless household stat for them is now at ~72%.
They also have had a recent past of not having any choice in school selection, so have been locked into having to attend poor performing schools with higher levels of gang activity within.
The USA Education Department under Betsy Devos are currently working on trying to implement School Choice across the Nation.
And the Administration has recently,introduced "Zones of Opportunity" which provide programs for these disenfranchised Communities to receive more opportunities.

 

tax bracket creep is not a tax increase. Its an income increase in a progressive tax system - you are still bringing home more money.

A tax increase would be if you gross income was the same, but your net income decreased.

Cheers,
Inertia.

 

sooooo, socialist policies?

 

which ones?

 

Bracket creep - Wikipedia

Due to inflation you may be bringing home less money.

 

Inflation is also not a tax raise.
Inflation *should* be offset by pay rises.

Cheers,
Intertia

 

Bracket creep:

Gross income year 1 = $50,000
Net income = $41,203

You get a 5% raise:

Gross income year 2 = $52,500
Net income = $42,841

However, that 5% pay rise was in-line with inflation. Meaning the $41,203 that you earned in year 1 would be worth $43,263 in year 2. Which is less than the $42,841 you will actually get after the pay rise - because more of your money is taxed in a higher bracket (even if you don't go into a new tax bracket).

Point is we can be getting taxed more over time without any explicit tax increases. Not sure if that has happened, I'd be happy to compare median wage and tax brackets 20-30 years ago to now.

 

What government regulations about where you live???