Buy-Borrow-Die resets the basis for capital gains tax, but then there's estate tax when the money gets passed on (exemption is only $15 million, trivial to billionaires).
No, taxed when you earn the money that repays the loan. Income tax, capital gains taxes, dividend taxes, estate taxes, etc... However the money was acquired to repay the loan, a tax was applied.
This strategy is not a traditional loan with interest and regular payments. If you try to live on regular loans it doesn't make any sense. It's a scheme mostly only available to HNW people where they repay upon death in certain tax loophole ways.
You won't pay taxes but you will pay interest. Most forms of value (real estate, gold, stocks, your car) you can borrow against in the USA, but the interest you pay almost always makes it a dumb idea.
Can I e.g. borrow against my assets and not pay any taxes?
If you have a 401(k), yes. It's a way to turn a 25% credit card debt into a 5% loan.
The hitch is that while you can pay the credit card company over 30 years, the 401(k) loan is less than a decade, resulting in higher payments short-term, but money saved in the long term.
Perhaps it’s a generational change? People who grew up with computers went on to be more productive with them, something like that might happen with AI too.
I’d give humans some credit, they’re an adaptable bunch. AI won’t replace humans in the same way humans did not replace cockroaches. It’s a non-sequitur.
We generally don’t allow cockroaches to thrive in the spaces we claim for ourselves. Question is how much space (economic or otherwise) will AI claim for itself and whether there will be any left for us.
The problem is the amount of data with that cutoff is really minuscule to produce anything powerful. You might be able to generate a lot of 1700s sounding data, you’d have to be careful not to introduce newer concepts or ways of thinking in that synthetic data though. A lot of modern texts talk about rates of change and the like in ways that are probably influenced by preexisting knowledge of calculus.
Without passing opinion on GP's point, I think that just proves it's hard to establish a data set that doesn't bias toward the result you're hoping to find.
I’ve noticed some people with seemingly fulfilling hobbies stop doing them after quitting their job as well. It’s entirely possible all those hobbies are valuable precisely as something powerful to latch onto and disconnect from the day job, and seem pointless the day after quitting. Seems like you had a strong sense of identity outside of your job already before quitting. Building that could be a lot of hard work for other people (and it sometimes comes as a surprise that it even needs to be built).
It would be hilarious if he intentionally or accidentally lost the key, and has been trying to cash out through those Bitcoin adjacent business ventures ever since.
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