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Bitcoin Tops $1,000 For the First Time

lee1026 Re:Sell now. (371 comments)

So what is V? For something like bitcoin, it is entirely plausible that it will end up being extremely fast (average stay of 1 hour in someone's hands). If that is true, the "market cap" of bitcoins will be on the order of less then a billion, which means that it is already overpriced.

Of course, neither one of us knows how big V is....

about 10 months ago

White House: Use Metric If You Want, We Don't Care

lee1026 Re:Start here (1145 comments)

On the surface planet Earth, these things tends to be more or unless interchangeable.

about a year ago

House Bill Would Mandate Smart Gun Tech By U.S. Manufacturers

lee1026 Re:Movies are real! (750 comments)

This mechanic being trivial to bypass is perfectly acceptable for purposes like preventing young children from accidentally shoot and killing people with them.

about a year ago

New Study Suggests No Shortage of American STEM Graduates

lee1026 Re:Employability (344 comments)

My point is as the tax rate currently stands, it will be really, really, hard for the people at large to not benefit somehow from GDP doubling. The fact that the population would benefit doesn't mean that it is fair, but you can have an unfair situation that helps everyone. Whether it is "a good thing" probably depends on what the alternatives are and what precisely this world look like. For example, a world where a robot owning super rich gets all of the income, pays around half of it in taxes, and the taxes support the rest of the population to sit around comfortably and do nothing probably isn't too terrible. (at least from a fairness/hedonistic perspective)

That 39.6% you mentioned is just federal income tax. There is a whole lot of other taxes, not least state/local taxes. The 1% by and large tend to live in CA/NY/MA/IL, and state taxes will bring that up by a lot. If this hyper rich acts anything like the hyper rich of times past, they will also pay a rather large sum in property taxes.

The issue with marginal vs top tax bracket is purely academic in the situation that you posed - in a world where the 1% is making 198% of current US gdp, their income would be around 10-20 million dollar each. I don't think it matters too much what the tax is on the first 400K is in that world.

I am aware that the Buffett rule didn't actually pass, but I also noted that the discussion in the Buffett rule that it would raise a relatively small amount of money. Going by this graph:,_1960-2010.jpg

It would appear that the superrich isn't actually that good at hiding their money, being taxed at something around 30% on the federal income tax.

about a year ago

New Study Suggests No Shortage of American STEM Graduates

lee1026 Re:Employability (344 comments)

Using your own links, top 1% pay 30% of their income in income tax alone. Add in 10%ish for payroll, another 10% for state and local, the rich would pay 50% in taxes. (which is more or less what they pay today).

Under your premise of doubling GDP, that means that tax revenue would equal today's GDP. In other words, you can improve the standard of living for the 99% by just using that sum. As to your concerns for the military spending everything, the vast majority of federal spending is on social security and medicare, which isn't exactly military spending. State and local spending tends to be dominated by education.

Again, this is mostly academic, as no one is proposing anything that will double GDP, but the point still stands that doubling GDP is nothing to be trifled with, even if you allow for completely absurd assumptions in the income distribution afterwards.

about a year ago

New Study Suggests No Shortage of American STEM Graduates

lee1026 Re:Employability (344 comments)

At current tax rates, that 1% in your scenario might pay so much in taxes that the 99% would still have more money then the status quo in post-tax and transfer terms.

(Assuming that this 1% gets taxed at the highest tax bracket for both state and federal, lives in high tax states (as current 1% tend to do), and continue to spend a good chunk of their money on property, which are subject to large taxes of their own)

about a year ago

Why Self-Driving Cars Are Still a Long Way Down the Road

lee1026 Re:Don't have to be perfect, just better (352 comments)

But for fleet operations, that won't matter - what GM will have to pay is what UPS will save in terms of insurance costs. UPS will know how much they will save in terms of insurance, and will be willing to pay more for a car.

about a year and a half ago

Bradley Manning Makes Statement

lee1026 Re:Torturing ants (440 comments)

In this situation, it is easy to verify if he is lying - you send officers to where the bomb supposedly is. If you find it, you know that he is telling the truth. If not, well, back to the rack.

Is it a very contrived stitutation? Yes. But it does let you get around that particular objection to torture.

about a year and a half ago

Groupon Still Losing Money, CEO Is Fired And Leaks Final Email

lee1026 Re:On the other end... (207 comments)

Well, apple employees are paid partly in apple shares. A falling stock price makes it harder for apple to attract staff.

about a year and a half ago

Richard Stallman's Solution To 'Too Big To Fail'

lee1026 Re:I have a better idea... (649 comments)

TARP turned a profit as well. Instead of buying the banks, we brought out huge percentages of their stock instead.

about a year and a half ago

Missile Defense's Real Enemy: Math

lee1026 Re:It's a matter of cost-effectiveness (589 comments)

A cost of 100-1 is perfectly acceptable if you just need to win a arms race with the Irans/North Koreas of the world.

about a year and a half ago

Microsoft May Invest $1B-$3B In Dell Buyout

lee1026 Re:eating his words (151 comments)

In the event this sell goes though, that would be more or less what he is doing.

about a year and a half ago

Anti-GMO Activist Recants

lee1026 Re:This is a rare breed of human. (758 comments)

Can't people that make non-GM food add an label to it that says non-GM? Problem solved, no new laws needed.

about a year and a half ago

Man Arrested At Oakland Airport For Ornate Watch

lee1026 Re:The vast explosive materials conspiracy (519 comments)

I know you are joking, but airplanes don't really run on explosions the ways cars do. Jets simply use an continues burn. Pistons work the way you think they do but they are no longer common in large aircraft

about 2 years ago

Gabon Suspends Domain, Dotcom Says "We Have Alternative Domain"

lee1026 Re:Time to go native? (212 comments)

I doubt you get large performance benefits. Downloading is by and large network bound.

about 2 years ago

Should a Teenage Entrepreneur Sell Out To Facebook?

lee1026 Re:Retire at 20 (358 comments)

Stock in "safe" companies (Verizon, AT&T, con ed, and companies that that nature) are paying 3-5% in dividends right now.

about 2 years ago

Cringley: H-1B Visa Abuse Limits Wages and Steals US Jobs

lee1026 Re:Union Talk (795 comments)

Err.... Companies are NOT allowed to band together to increase their power (anti-trust laws apply)

about 2 years ago

The UK's New Minister For Magic

lee1026 Re:What a sham (526 comments)

The placebo is a very documented and very powerful effect. As homeopathy is simply water, it is also a very safe placebo with no side effect.

As far as bad cures go, there are probably much worse.

about 2 years ago

Don't Super-Size My Smartphone!

lee1026 Re:Bigger != Better (660 comments)

iPhone? It is two instead of quad core, but it will run most apps just fine.

more than 2 years ago


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