Forum Post: Puff6962 is a 1%er
Posted 12 years ago on Dec. 18, 2011, 1:32 p.m. EST by Jflynn64
(337)
This content is user submitted and not an official statement
Announcement for all on the Boards, Puff6962 is part of the 1%. He has told me that he had done very well and made more money that the rest of the 99%. He is hoarding his money.
He will not give it up to the government to help the rest of us!!! He talks a good game but won't back it up. I bet he uses an accountant to get around the tax code. How fair is this?
Does one have to be poor to believe in basic human rights? Was Washington, Jefferson, Lincoln, Teddy or Franklin Roosevelt poor?
Further, if your goal is to give back to society, shouldn't the number be, in aggregate, the highest it can possibly be? So, if you are able to manage your investments and earn around 14% per year (meaning that your money doubles about every 5 years), why not wait until your later years to give away your estate? Again, the goal is to contribute the greatest aggregate amount over a lifetime.....and, like Warren Buffett, I choose to mostly follow this approach.
But, you must still fund the government and I think that it is highly unfair that I pay a 15% LTCG rate on most of my investments. That number is impossibly low and that is one of the major reasons I am here on this forum.
I have invested for 30 years and I can tell you that having a capital gains tax rate of 30 percent (versus 15%) will not dissuade human greed. People will still put their money to work in both environments. The supply siders are selling lemonade made with vinegar. Those.....like this idiot, Jflynn64......think that our society will fall into oblivion unless we give the rich even greater amounts of wealth. They are selling you a Yugo. Unfortunately, they've been doing it for over 25 years and the argument still has a hapless following.
The majority of those who are wealthy recognize that things are not equitable in our society, but they are afraid. And fear can make you do some stupid things and listen to some dangerous people. Therefore, I have consistently attempted to present programs that offer real change while being palatable to the radical centrists such as myself.
Mr. Flynn is either smarter than he chooses to appear, or a complete buffoon. Many times, on this board, I have stated that I grew up poor and have done well. I could not have done this in any other country.
But, I see the permutations that allow this path being dramatically shrunken by the idiocy of those, like Mr. Flynn, who choose the path of fear and manipulation in our decisions.
The sad paradox is that, without a progressive tax structure in place, America will be unable to fund the programs and the institutions that shall allow future investments to reap acceptable returns. Therefore, even the most conservative, sane, investor or holder of capital, should desire for capitalism to be reformed and significant investments to continue in our society.
If that means higher taxes, then count me in.....
'I have stated that I grew up poor and have done well. I could not have done this in any other country.' your quote is not true. in many other countries, denmark in particular, a person would have a much greater chance to become wealthy than in the us. most americans are brainwashed into thinking that the us is the best country on earth. this is simply not true.
I would agree. Most of the Nordic countries have higher social mobility than do we.
But, my route was something more uniquely American.
wow - you have some good defenders - keep at it. to me there is a problem with the buffets of the world - making that kind of money can't be defended. having said that i don't know where the cut off should be but high top tax rates would solve the problem. i also have some money - not in the 1% income wise but up there - self employed for 40 yrs and i need to save my own retirement. the system is such that we all must do that - that is really the point i think. those of us who want change need to change the system and not some individual behavior - but i guess you know this already
Puff, It's great that you have done so well. 14% annualized for the past 30 years is Buffet like and extremely good. You must be great at what you do and congratulations to you. In fact, I think that's actually better than Paulson as done over the past decade. Did you short housing?
The reason the cap gains rate is lower than the income tax rate is the money has already been taxed once. You pay on the difference but even so treating all forms of income with the same rate would be preferable.
Of course things aren't equitable in our society or any others. One of the most interesting aspects of the economic divergence is it is happening around the world in both free marker countries as well as more controlled economies. Some studies are suggesting that is the low cost labor effect but that is anther topic and one I am sure that no one here would actually want to debate.
We should be focused on bringing people up and not bringing others down. I don't care how much Puffy makes and what he does with it. He is so good at investing, claims better than any others I have seen that I would give him money, but I am just a poor idiot. The best way to help people is to get the economy growing again and their is a correlation between high taxes and GDP. This was recently affirmed again by Christine Roemer at Cal.
The market is a better allocator of assets than the Federal Government. Do we really need a high speed rail in California when Southwest Airlines does it already. We have to take the corruption and influence out of the decision and that means taking it away from Washington and bringing it back to the localities.
Puff wants to call the supply sider idiots and hapless but the truth is more economies of the world have instigated these policies - Russia has had a flat tax for ten years - than moved to government controlled economies. The University of Chicago, winner of the most Noble prizes, has had and has many faculty on staff who have been recognized by the Noble Prize committee for their work in this area. So it's a bit of a stretch to call us idiots. I don't call Krugman that.
But if the Puffster who has made so much money, thinks that the government does a better job of allocating assets than the private markets, let him write the check. What say you Puff, are you willing to put your money where your mouth is?
Haven't heard back from Puffy yet. I don't think he wants to send the check. With all the money he has made, we could get working on the high speed rail in California. This of course will use solar panels from Solyndra.
puffy is a tea-bagger wanna be. Just go ask Starbucks!lol.
SO, Puff is in the 10% and supports this OWS movement.
Despite having earned a very comfortable life, Puff believes in fairness for everyone that doesn't have comfort or security. Puff supports raising taxes on himself. Puff supports having less unequal access to the halls of power, despite the fact it would mean he would have less access himself. Puff is wiling to sacrifice a portion of his comfort for the well-being of society as a whole. Not only is Puff simply willing to accept having less, but is working hard to make it happen for him and his fellow 10%ers.
And then some twit comes along and declares Puff unworthy to participate in OWS and to help it be successful, basically accusing him of - of all things - hypocrisy.
Absolutely idiotic.
The enemy are those who have great wealth who refuse to relinquish even a portion of their unfair advantage. The ally is the one who has much and is willing to sacrifice a portion of what they worked hard to achieve for the sake of fairness and equity. The latter are heroes. The inability to make that distinction demonstrates a mind developmentally frozen in adolescence and double-think.
You call it an "unfair advantage: So by definition Puffy had that unfair advantage. If he had an unfair advantage why shouldn't he give up what he has to help everybody else. So are you saying he only has to give up a little bit. But you are telling me he has an unfair advantage.
Pleas explain, either you believe that the 1% should help the less fortunate or not. No in between here. Either the model works or it doesn't.
So he either has to keep it all or give it all up? Seems like you favor absolutism.
Does government control work or not. You are telling me that we need the government to make investment decisions, that they do a better job than the free markets, so ergo, why wouldn't he and the rest of the wealthy give up their money. I have read many times on this board how they are crooks and they didn't work for their money and even you said they had an unfair advantage so why should they pay to help the less fortunate.
You have not addressed my post. You said that he has to either keep it all or give it all up. "No in between here," was your phrase.
That's absolutism. No one but you is claiming that as a legitimate choice.
According to you folks, he got his money with an unfair advantage, so give it up. He needs to help the middle class.
he is tearing you a new asshole - well i guess that should help you in some ways - you should find another post to spread your shit - try to stay away from this guy. of course, it is possible that you do not realize that he has destroyed your argument - in that case just keep playing - no one is keeping score
No, that's another distortion. No one but you is claiming that.
Keep 'em coming.
you are good - once again nice job
From your post above: "The enemy are those who have great wealth who refuse to relinquish even a portion of their unfair advantage".
So maybe we should qualify how people make their money, did they inherit it, did they work hard for it. did they make it in the market.
We should make you two in charge, there won;'t be any corruption.
the model doesn't work . . . ..!
For each one of you who claim true ows blood . . .if you won a scratch-off and suddenly got rich . . . . YOU would be gone in a flash, hoarding the whole amount . .. figuring out how NOT to give a "fair-Share" to anybody..... let alone the poor OWS slobs.
Liberals and Progressives don't believe in charity, nor paying their fare share . . .when THEY . . .have the money. They just like to steal and give away "Other People's Money" . . .
I've been a huge fan of Puff's from the beginning. It speaks volumes for Puff's character that he has risen so high and enjoyed so much success, but still has the heart and generosity to come here and spend his time here, to care enough to lend his support and advisement for a great cause.
In contrast to Puff's portrait, your incessant failure to see clearly says much about you, and I would recommend going to sleep and never waking up again as the remedy for your poor vision.
So he is a greedy 1%er who has stolen from the system, but because he has spent time with you its okay, he gets a pass. So there is favortism to the model...Stalin, Stalin, anybody anybody.
You really should see a doctor about your poor ability to see things clearly. I'm really concerned you might injure yourself.
Yeah, your the one who believes that nobody has to work and there is a fairy from the government who is going to guarantee you a job, food, a home, healthcare, and retirement. Yes, I very delusional.
Hey goofy, a word of advice: proofread your own words.
You just called yourself delusional. Nice job.
I'm a 5%'er myself. Does that mean my support of this movement and the merit of my ideas is 4% better than Puff's ? If I were in the lowest 10%, would that imbue my arguments with even more merit ?
Seriously. Are you unable to evaluate an idea or statement on it's merits alone or can 'trustworthy' thoughts only occur in your precious 99% ?
I suppose the protesters in Syria should turn on all those Army defectors. Oh, wait, those defectors bring knowledge and understanding of the regime with them. Maybe the protesters should listen.
Perhaps you should listen to Puff.
Puff is a 1%er who believes that government should take money from one group and give to another. If he believes this and you do as well, then I don't see why you are not writing a check to the government to help the people and right the cause that you are so worried about.
In my opinion, this redistribution of income is not about trying to help people move up and have more but is about taking from one group and giving to another. Of course you are going to get income division in strong growth periods like we saw from 1980, you want to shrink them, they have a recession.
Why do you trolls play these loaded games, why not use the real world as your model?
Why call me names, I don't hide under a pseudonym. Are you afraid of something?
If Puff really is rich, than I give him even more credit for understanding that the path we are on is leading rich, poor and in between down the primrose path of destruction.
Wealth is not the problem. Criminality and and short-sighted ignorance are the problem. And by the way, I say this even though I am as poor as a church mouse.
Which one is that, the real one, or the impersonator?
JFlynn is bitching about the real one, trying to put a wedge between those of us who are struggling to get by and those who aren't but are still trying to help.
Yeah, just ignore stuff like that. I think we can have both components of the movement, the grass roots, who started this movement, and a mainstream movement within the system that can reinforce each other. It would be more inclusve and double our stregnth. The ideas we are promoting have broad appeal, why limit them through a false separation?
There's no broad appeal for anti-capitalism. Good luck selling that. People don't trust government.
You are just like a parrot, or an automiton, saying the same things over and over in the hope that someday they will make sense. The world has passed you by.
Seriously, do you run a Chinese donut store?
Honestly, I am not trying to drive any wedge. I only came to this website just a week ago after I walked past one of the encampments and ended up seeing a bunch of people smoking pot, fornicating in public, naked in public, and defecating on the street.
So I wanted to see if there was any integrity and true thought behind this movement and all I am seeing are very angry people who throw invectives around, are anti- capitalist and want some form of governmental control, maybe socialism depending upon who is speaking, over the economy.
Puffy is a bully who tries to verbally intimidate anybody who argues against him. I am just pointing out the hypocrisy. Don't worry, I really don't care about do any wedge driving as the public does not by off this brand of anti-capitalism.
Puffy is a bully who wants that more control and I am just pointing out his
"Puffy" as you call him is not anti-capitalist, nor is he evil or a bully; he's a smart man who got an up-close and personal look at the dirty tricks wing of the Republican Party. The guy's a strategist through and through, and he's provided fairly valuable insight both on how OWS-friendly policies can be and are smeared and then blocked, and how we could in fact fight their tactics (in some cases by adopting similar ones). I don't care who he is or how much he makes or what he does in private; I care that he's had a lot of good info and sound advice for us and we should respect that.
Sure that makes sense, you are going to do what you need to do to get your position across. Government control is anti-capitalist. He wants to send the power for allocating monies to DC and that will produce more corruption than we have now. I never said he was evil. He is a bully.
I have no idea what dirty tricks you are insinuating but I have been close to the idea part of the party and saw no dirty tricks there. However, I have no doubt that they happen in the election part of the party as they do in the Democratic party as well.
there are many in the top 5%-10% in full support of this movement, even if it's likely to result in laws that take away their unjust advantages, so i don't care if puffs in the 1%--he has decent, helpful ideas.... there's no no correlation between being poor and supporting the movement.
The money does not matter unless you don't have it.
While I have the ability to acquire my own goods, this does not entitle me to my neighbors goods. You only own what surrounds you. What is immediate. All else is stolen.
Yea, he wants workers to pay his way for him so he can avoid any taxes. The gall.
He is just like Buffet which is fine by me. He is playing by the rules but knows that in order for the greater good to be achieved those that make the rules need to be sure the rules are fair. Don't get down on those who have been successful. It isn't greed to make a profit and you don't need to be rich to be greedy. Greed is not based on how much money you have. The poor can be greedy. What we need is enlighten people willing to make the change to a fairer system of distribution. These enlightened people can be rich or poor or middle class. The reallity of this world is that enlightened rich people can help this movemenet more than enlightened poor people.
Good job, Puff6962! Congrats and welcome to the club.
Are you a greedy hoarder also?
Just staying prepared. It's my duty to my family.
Hand it over, there's a new sheriff in town. The government is going to spend our way to prosperity. We think there should be a new high speed rail up and down California. It's going to have solar panels on it that Solyndra is going to sell us after they are manufactured in China.
Don't worry though, you just keep working hard and we will take your money.
Well, at least it will go for a good cause. LOL
puff is a dude who is capable of great accomplishments , if he would stop being so fuking vain,
If I am Evil enough . . . can I become rich . . .? Or are only the already rich. . . . . . EVIL? This is so confusing for the literate
i personally don,t give a fuck if you ever give the Gov,t a fucking dime all i care about is if you kick back something to the OWS movement . if you have capitalized on it because i do not give a damn about what,s fair and what,s not OWS is not some fucking charity nor is it a business its a movement the single most important movement in the history of the economical crisis in America and we are not fucking around , its quite possible that if people capitalize from this movement and do not kick anything back to it then they will get what,s coming to them in the future so i think its great if people get ahead but what i am hearing does not sound very positive and if you think this is some kind of money game or any kind of game that you can make light of you better think again , because every time you boast about your capitalism there are thousands of people who see your post and in reality if someone wanted to find you it probably would not be to difficult , it may not be be me but the fact is is that this movement is so huge and epic and has so many people in involved in it that you never know who might decide that they are right instead of you and want you gone , so i believe in a world based on karma so you know man its your karma , if you do not find a way to assist the movement i am quite sure it will affect your existence on the planet earth in the future ,
[Removed]
I have $48000 in savings by working a low paid job for years, limiting my outgoings and made a "college education" by using free-ed and other websites.
As I have no debt at all and the above in finances (by hoarding my money via saving instead of spending) does that also make me part of the greedy minority? If yes then high five!
Yes according to the economists on this board, you are hurting the economy by saving. It must be spent to help everybody else.
I hope you are going to send your money into DC so they can redistribute. Keep working though.
Well I feel like a total hypocrite. I fear though that my short term plan of sharing and caring will leave me destitute and impoverished in the long term; compounded even further by the concern my relatively meagre "donation" was a mere drop in the bucket.
I suspect thats why the rich are so stingy with their money too. They believe their wads of cash to be more their lifebelts than their wealth.
How do you know this i have seen some text posted by puff talking about investing , with people but nothing quite like what you are saying do you have any more proof besides your word because if so i would like to know so please feel free to send me any and all feedback because its time to create a money hit squad of concerned occupiers who will track some of these people through their donations its not really that difficult especially when you already knwo who the person or group that is scamming for donations are , they must be forced to kick something back to the movement or get their fukng asses kicked ,
Straight from the Puff Daddy himself:
"Class warfare has been going on since 1980 and I hate to tell you this, but my side....the 1%....have been kicking your ass".
And:
"I've paid more in income taxes than you will earn in ten lifetimes. Sorry, kid. But, the world is what it is. I give to charities, trusts, and donate to campaigns......and, if you knew how afraid the 1% were of people doing this occupy thing, you might come to realize that you are the patsy at this table.
As far as giving away my wealth I believe in the Buffett approach. I use my investment acumen to it's potential and I will hopefully continue to accumulate my net worth. When it is time, I will markedly increase my giving. I do not believe in passing excessive wealth onto your kids. A child should be given enough money that they can do most anything, but not so much that they have the option of doing nothing. A man who dies rich dies disgraced. But, I'm still typing as we speak....."
oh come on now - "if you are so rich, why aren't you so smart??" - can you name the author -everyone knows you have no money - otherwise why would you be here - causing trouble for the few pennies the koch bros pay you - quisling
all right you make a valid point bu i am not a kid and no one is kicking my ass i live in the lap of middle class luxury and i like it its totally comfortable , and i have basically anything i need , also man i have a really great friend who,s family just happens to be the 87th richest family in this whole fukng country so when you talk wealth to me you should really be talking wealth , instead of spouting off your investment ideologies i have had many chances to cash in on the OWS movement and did not , i spent my money on this movement and if you rip off this movement you are ripping me off i don,t give a fuk about your fkugn charities you should kick back something substantial to the movement and stop bragging about how much you made off your capitalist efforts within the OWS movement because you are just on a web site now but you might shoot your mouth off to the wrong person and get fukd up American style , so just remember that i said that man because for every person who is capitalizing on the OWS movement their are thousands who are not and would love to rain on your little money parade, so i have no beef with you personally but if i had the chance and knew you ripped off the movement i might fuk you up myself , so i hope you keep bragging ,
Puffy, we are still waiting on your donation to the government. You have done well and are part of the 1%. Fork over your money so we can redistribute it to the middle class. Let's get going here.
Still waiting on Puff's check. Has anyone else spoken to him and know when he is sending it. If you don't know, he is very very successful.
I bet he has a big ego, also. Puffy, do you live in New York City.
Hey Puffy, Blue Rose said that the Mormons lost $50 million investing in gold. With your investing acumen, maybe you should be managing their money.
Can the government do better than 14% annualized?