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Comment Re:Like A Crypto Billionaire (Score 1) 272

Rich people don't liquidate assets when they want to buy something.

They get a loan against their assets. At extremely good rates. And no, they never pay them back. The strategy is called "buy, borrow, die".

First, you need to understand that if the stock price goes up more than their (low) interest rate, they're still making money.

Second, the whole thing is rolled up only when the ultra-rich person dies. The assets are revalued to their current market price at the time of death, wiping out decades of built-in capital gains tax liability. The estate can then sell a portion of the tax-free assets to pay off the outstanding loans.

tl;dr: They don't liquidate assets, if they did they'd have to pay taxes.

Comment Re:He hacked capitalism (Score 1) 272

The whole point of stock markets and such is that you have hard core rational investors ensuring valuations are accurate.

In theory. In reality, that has always been bullshit. The various bubbles, crashes and other events prove that. Valuations on the stock market are based on expectations, and expectations always include an element that is not rational.

The result is the two most overvalued companies in history (Tesla and SpaceX).

True, though both of these companies do have an actual business and actual assets. There's plenty of companies on the stock market whose entire business can just pack up and leave tomorrow. Many of those are extremely highly valued. All the middle-men companies (ride sharing, food delivery, etc.) all work on the principle of outsourcing EVERYTHING. They hold no actual assets and their entire business model can be copied in a lazy weekend. Each and every one of them survives due to brand recognition, habit and by being just a little bit better in some way than alternatives. All of which can disappear in a week.

Tesla and SpaceX are overvalued. But they have factories and a workforce and produce things.Their value is not entirely made up.

Comment Re:Meanwhile (Score 2) 272

I think wealth taxes are fundamentally a distraction from the giant loopholes in current systems, and even if you oppose wealth taxes, you should still fix said loopholes.

First off, people like Musk just take loans against their stock. This is not a realizing event, so they get to enjoy their gains without paying taxes on them. Using stock as collateral in any way should be a realizing event. If you're doing something that lets you enjoy the gains, you should be forced to realize the gains and pay taxes on them.

Secondly, capital gains are just income. They don't deserve a special lower rate. They should be taxed the same as other income, at normal income rates.

It's fair to argue about whether we should be doing more on top of these things, but can we at least agree that we should be doing these things, and make this the standard globally?

Comment Re:Probably not as useful. (Score 1) 98

Smart motorways are where most of the variable limits are, that's why I mentioned them.

The problem is that too often they cry wolf. You get a 20 limit, or even a full stop, on a motorway due to some dire risk ahead. But then it turns out there was nothing, or a car drove the wrong way down a slip road for a few seconds before realizing and turning around.

Many people ignore it, so if you do 20, or stop, you have people zooming past at dangerous speeds and risk being hit. The police can't really prosecute you for ignoring it, because your defence will be that it was unsafe due to everybody else also ignoring it.

Much more common is the random 50 limit for no reason, or they forgot to take the signs away after finishing work, or they left the signs up for months before coming back to finish something off. It undermines the whole system and people who do the route regularly and know there are no cameras ignore the limits. The whole thing needs a re-think.

Comment Re:Compatibility catch 22 (Score 1) 79

Thing is even Microsoft Office doesn't have very good compatibility with Microsoft Office. Opening documents from older versions often just breaks them. I've had documents from hospitals that I couldn't get to render right in modern Microsoft Word, and spreadsheets from ancient projects that broke when imported into the Office 365 web version of Excel.

There is a reason why many orgs, especially legal outfits, want PDFs.

I've been sending people .odf files for a while now, and not had any issues. I don't use a lot of advanced features, and MS Office seems to read them well enough for my needs.

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You mean you didn't *know* she was off making lots of little phone companies?

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