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To the people here who live under socialism...; and think it is good or great....
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Topic Started: Oct 27 2008, 11:57 PM (1,466 Views)
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somerled
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Oct 29 2008, 02:45 AM
Post #76
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Admiral MacDonald RN
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- whitestar
- Oct 29 2008, 02:41 AM
- somerled
- Oct 28 2008, 09:23 PM
 it's a 10 % GST here Whitestar ....
I knew that... I was just testing you to see how alert you are while shopping for pearls in Broomtown. I thought I was wrong once but I was mistaken I've been cunningly steering my wife away from the pearl shops .... if she gets into one of them , she's likely to buy something ....
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Dandandat
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Oct 29 2008, 05:23 PM
Post #77
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Time to put something here
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- somerled
- Oct 28 2008, 10:50 PM
- Dandandat
- Oct 28 2008, 09:54 PM
- somerled
- Oct 28 2008, 09:30 PM
- Dandandat
- Oct 28 2008, 12:44 PM
- whitestar
- Oct 28 2008, 12:17 PM
- 8247
- Oct 28 2008, 11:08 AM
So, you pay a flat tax rate of 2%? What is your sales tax, estate tax, etc?
Basically, I want to know this:
If your gross income is $100,000 a year, how much could you expect to pay in taxes in a year, total.
very few items attract a sales tax since a 11% GST was introduced in the late ninties. Estate tax? well, if you mean annuall land rates, they are are a local government tax to pay for services such as garbage collection to road maintenance, etc etc and it's a matter of land value that sets the rate owed, on average in the cities you would expect to pay from one thousand upto many thousands of dollars per year Income tax on $100,000.... 33%, including 2% levy, thats before tax deductions, the better your accountant the less tax you pay
Whitestar, the Estate tax Frimp is referring to I believe is the tax you pay on inheritance when a family member dies and pass their assets off to you.
There is no such tax here in Australia. But there used to , up to the late 70s I think .
You do, I believe, pay Capital Gains on inherited assets, my grandmother and he siblings where required to pay cap gains when their mother passed away. http://www.news.com.au/couriermail/money/story/0,26844,23804825-5015825,00.html- Quote:
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Death duty has a place in a changing tax environment, Ross Guest | June 04, 2008 12:00am
THE public auction on taxation reform has begun. The first item on the block is the taxation on petrol. The Federal Opposition made the first bid with a promise to wipe 5¢ a litre off the excise tax on petrol, which led to the Government's counter proposal to consider exempting petrol from the GST – a measure that would effectively wipe 4¢ a litre off the petrol price. The Bligh Government has even weighed in with a proposal to guarantee Queensland motorists receive the full 8.35¢ a litre fuel subsidy.
We can expect a lot more of these bids and counter-bids in the long run-up to the Rudd Government's Henry review of the tax system, to be completed by late 2010.
This could be very dangerous – some seriously bad tax proposals could finish up on the table and some that should be on the table could be ruled out as a result of pressure from interest groups.
Two examples of the latter have already occurred: changes to both the GST rate and the tax exemption on superannuation income for over 60-year-olds have been ruled out.
If we are going to have root and branch reform of the system, as promised, then all proposals should be on the table, no matter how controversial. That includes an inheritance tax, in return of course for lower taxes on income or goods and services (even, perhaps, petrol).
Queensland, under the Bjelke-Petersen government, led the way in abolishing inheritance taxes (commonly known as estate tax or death duty) in the late 1970s. Thirty-odd years on, however, there are reasons to reconsider inheritance taxes, albeit in a modified form.
Inheritance taxes could help boost the labour force participation of older workers (over-60s), something we now recognise we must do. Research shows this is the most effective way of offsetting the costs of population ageing in terms of future living standards.
Calculations show if we gradually increased labour force participation rates of 60 to 70-year-olds, so they were equal to that of 55-year-olds today, we could reduce the cost of population ageing by more than 50 per cent.
Many baby boomers, aged between 48 and 63, are now receiving large inheritances from their deceased parents whose houses have appreciated considerably in real terms over the past two decades.
At the same time, these baby boomers have often enjoyed rising real prices of their own assets. Such windfall increases in wealth tend to discourage labour force participation – exactly the opposite of what we need. A modest tax on inheritance would reduce the size of a windfall gain, encouraging people to remain in the workforce.
Inheritance taxes score well on the two most important criteria for a "good" tax: fairness and incentives. The tax is fair on the ability to pay principle – windfall gains in wealth give people a greater ability to pay tax.
By taxing the inheritance in the hands of the beneficiary, the tax rate can be adjusted to take into account other income. Those with higher amounts of other income pay a higher rate of tax.
And inheritance taxes interfere with incentives to work and save much less than do most other taxes. Why? Well, we don't know exactly when we are going to die or what our medical expenses will be in our twilight years. This uncertainty encourages many people to "over-save" to compensate. They die with surplus wealth.
Inheritance tax can have good incentive effects in the sense that it discourages wealth inequality arising from windfalls. For example, if the tax rate is higher for bigger bequests, there is an incentive to spread an estate among many beneficiaries in order to reduce the tax rate payable by each beneficiary.
All of this would seem to fit well with the ethos of a Labor government.
But if a 5¢ a litre tax cut on petrol can take centre stage in the national arena for the best part of three weeks, one can only imagine the furore over a proposal for an inheritance tax.
Ross Guest is a professor of economics at the Griffith Business School.
It has been mentioned in public debate , and also in state and federal parliment (I regularly listen to the debates). No Dan you are misinformed or mistaken - no Inheritance Tax here in Australia , not been since the 1970s . All you have shown here is that you do not have a special tax called an inheritance tax. People still need to pay capital gains tax on items they inherit . I looked it up yesterday when I made the post.
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somerled
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Oct 29 2008, 07:36 PM
Post #78
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Admiral MacDonald RN
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- Dandandat
- Oct 29 2008, 10:23 PM
- somerled
- Oct 28 2008, 10:50 PM
- Dandandat
- Oct 28 2008, 09:54 PM
- somerled
- Oct 28 2008, 09:30 PM
- Dandandat
- Oct 28 2008, 12:44 PM
- whitestar
- Oct 28 2008, 12:17 PM
- 8247
- Oct 28 2008, 11:08 AM
So, you pay a flat tax rate of 2%? What is your sales tax, estate tax, etc?
Basically, I want to know this:
If your gross income is $100,000 a year, how much could you expect to pay in taxes in a year, total.
very few items attract a sales tax since a 11% GST was introduced in the late ninties. Estate tax? well, if you mean annuall land rates, they are are a local government tax to pay for services such as garbage collection to road maintenance, etc etc and it's a matter of land value that sets the rate owed, on average in the cities you would expect to pay from one thousand upto many thousands of dollars per year Income tax on $100,000.... 33%, including 2% levy, thats before tax deductions, the better your accountant the less tax you pay
Whitestar, the Estate tax Frimp is referring to I believe is the tax you pay on inheritance when a family member dies and pass their assets off to you.
There is no such tax here in Australia. But there used to , up to the late 70s I think .
You do, I believe, pay Capital Gains on inherited assets, my grandmother and he siblings where required to pay cap gains when their mother passed away. http://www.news.com.au/couriermail/money/story/0,26844,23804825-5015825,00.html- Quote:
-
Death duty has a place in a changing tax environment, Ross Guest | June 04, 2008 12:00am
THE public auction on taxation reform has begun. The first item on the block is the taxation on petrol. The Federal Opposition made the first bid with a promise to wipe 5¢ a litre off the excise tax on petrol, which led to the Government's counter proposal to consider exempting petrol from the GST – a measure that would effectively wipe 4¢ a litre off the petrol price. The Bligh Government has even weighed in with a proposal to guarantee Queensland motorists receive the full 8.35¢ a litre fuel subsidy.
We can expect a lot more of these bids and counter-bids in the long run-up to the Rudd Government's Henry review of the tax system, to be completed by late 2010.
This could be very dangerous – some seriously bad tax proposals could finish up on the table and some that should be on the table could be ruled out as a result of pressure from interest groups.
Two examples of the latter have already occurred: changes to both the GST rate and the tax exemption on superannuation income for over 60-year-olds have been ruled out.
If we are going to have root and branch reform of the system, as promised, then all proposals should be on the table, no matter how controversial. That includes an inheritance tax, in return of course for lower taxes on income or goods and services (even, perhaps, petrol).
Queensland, under the Bjelke-Petersen government, led the way in abolishing inheritance taxes (commonly known as estate tax or death duty) in the late 1970s. Thirty-odd years on, however, there are reasons to reconsider inheritance taxes, albeit in a modified form.
Inheritance taxes could help boost the labour force participation of older workers (over-60s), something we now recognise we must do. Research shows this is the most effective way of offsetting the costs of population ageing in terms of future living standards.
Calculations show if we gradually increased labour force participation rates of 60 to 70-year-olds, so they were equal to that of 55-year-olds today, we could reduce the cost of population ageing by more than 50 per cent.
Many baby boomers, aged between 48 and 63, are now receiving large inheritances from their deceased parents whose houses have appreciated considerably in real terms over the past two decades.
At the same time, these baby boomers have often enjoyed rising real prices of their own assets. Such windfall increases in wealth tend to discourage labour force participation – exactly the opposite of what we need. A modest tax on inheritance would reduce the size of a windfall gain, encouraging people to remain in the workforce.
Inheritance taxes score well on the two most important criteria for a "good" tax: fairness and incentives. The tax is fair on the ability to pay principle – windfall gains in wealth give people a greater ability to pay tax.
By taxing the inheritance in the hands of the beneficiary, the tax rate can be adjusted to take into account other income. Those with higher amounts of other income pay a higher rate of tax.
And inheritance taxes interfere with incentives to work and save much less than do most other taxes. Why? Well, we don't know exactly when we are going to die or what our medical expenses will be in our twilight years. This uncertainty encourages many people to "over-save" to compensate. They die with surplus wealth.
Inheritance tax can have good incentive effects in the sense that it discourages wealth inequality arising from windfalls. For example, if the tax rate is higher for bigger bequests, there is an incentive to spread an estate among many beneficiaries in order to reduce the tax rate payable by each beneficiary.
All of this would seem to fit well with the ethos of a Labor government.
But if a 5¢ a litre tax cut on petrol can take centre stage in the national arena for the best part of three weeks, one can only imagine the furore over a proposal for an inheritance tax.
Ross Guest is a professor of economics at the Griffith Business School.
It has been mentioned in public debate , and also in state and federal parliment (I regularly listen to the debates). No Dan you are misinformed or mistaken - no Inheritance Tax here in Australia , not been since the 1970s .
All you have shown here is that you do not have a special tax called an inheritance tax. People still need to pay capital gains tax on items they inherit . I looked it up yesterday when I made the post. Nothing wrong with a capital gains tax , I've never heard of any having to pay a capital gains tax in anything they inherited.
Nor do I see any objections to people paying a tax on inheritance (CGT or whatever it is).
Edited by somerled, Oct 30 2008, 12:44 AM.
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Admiralbill_gomec
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Oct 29 2008, 07:41 PM
Post #79
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UberAdmiral
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Of course there is. It penalizes achievement.
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somerled
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Oct 29 2008, 07:48 PM
Post #80
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Admiral MacDonald RN
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- Admiralbill_gomec
- Oct 30 2008, 12:41 AM
Of course there is. It penalizes achievement. What achievement ? Dying rich ? Being lucky enough to inherit some wealth that you personally did absolutely nothing to earn ?
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Dwayne
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Oct 29 2008, 11:20 PM
Post #81
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Profanity deleted by Hoss
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- 8247
- Oct 27 2008, 11:57 PM
....I have a few questions for you:
How can someone afford a 3 month long vacation all over the world?
How could someone earn enough money to do that?
If it was saved, shouldn't that be taxed as well?
If someone is that well off, how long would it take to save the money for it?
If someone is that well off, shouldn't everyone in a socialist country be able to do that? Isn't the wealth spread around evenly?
Why are there poor people in socialist countries who can't afford a 3 month vacation all over the world?
Really, I'm just trying to understand. If you convince me how great it is, I might go to an ACORN office, tell them that I voted for McCain on an absentee ballot, and that I'd like 2 ballots to vote for Obama. I'd sure like a 3 month vacation all around the world. Have you been convinced of anything yet?
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somerled
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Oct 30 2008, 12:38 AM
Post #82
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Admiral MacDonald RN
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- Dwayne
- Oct 29 2008, 11:20 PM
- 8247
- Oct 27 2008, 11:57 PM
....I have a few questions for you:
How can someone afford a 3 month long vacation all over the world?
How could someone earn enough money to do that?
If it was saved, shouldn't that be taxed as well?
If someone is that well off, how long would it take to save the money for it?
If someone is that well off, shouldn't everyone in a socialist country be able to do that? Isn't the wealth spread around evenly?
Why are there poor people in socialist countries who can't afford a 3 month vacation all over the world?
Really, I'm just trying to understand. If you convince me how great it is, I might go to an ACORN office, tell them that I voted for McCain on an absentee ballot, and that I'd like 2 ballots to vote for Obama. I'd sure like a 3 month vacation all around the world.
Have you been convinced of anything yet? Care to elaborate on that ... ?
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whitestar
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Oct 30 2008, 01:57 AM
Post #83
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Captain
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- Dwayne
- Oct 29 2008, 11:20 PM
- 8247
- Oct 27 2008, 11:57 PM
....I have a few questions for you:
How can someone afford a 3 month long vacation all over the world?
How could someone earn enough money to do that?
If it was saved, shouldn't that be taxed as well?
If someone is that well off, how long would it take to save the money for it?
If someone is that well off, shouldn't everyone in a socialist country be able to do that? Isn't the wealth spread around evenly?
Why are there poor people in socialist countries who can't afford a 3 month vacation all over the world?
Really, I'm just trying to understand. If you convince me how great it is, I might go to an ACORN office, tell them that I voted for McCain on an absentee ballot, and that I'd like 2 ballots to vote for Obama. I'd sure like a 3 month vacation all around the world.
Have you been convinced of anything yet? We are NOT a socialist country!!! be convinced of that. I'm SICK and TIRED of it and demand you quit it!!
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Admiralbill_gomec
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Oct 30 2008, 06:39 AM
Post #84
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UberAdmiral
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- somerled
- Oct 29 2008, 07:48 PM
- Admiralbill_gomec
- Oct 30 2008, 12:41 AM
Of course there is. It penalizes achievement.
What achievement ? Dying rich ? Being lucky enough to inherit some wealth that you personally did absolutely nothing to earn ? How pathetic.
No, Einstein, I mean those who work hard and make money. THOSE are achievers. Not the Kennedy family. Not the Paris Hiltons. People who put their noses to the grindstone and make something of themselves.
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ds9074
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Oct 30 2008, 06:51 AM
Post #85
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Admiral
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- Admiralbill_gomec
- Oct 30 2008, 06:39 AM
- somerled
- Oct 29 2008, 07:48 PM
- Admiralbill_gomec
- Oct 30 2008, 12:41 AM
Of course there is. It penalizes achievement.
What achievement ? Dying rich ? Being lucky enough to inherit some wealth that you personally did absolutely nothing to earn ?
How pathetic. No, Einstein, I mean those who work hard and make money. THOSE are achievers. Not the Kennedy family. Not the Paris Hiltons. People who put their noses to the grindstone and make something of themselves. But inheritence tax certainly does not penalise achievement of those people who "work hard and make money". It penalises those who inherit large amounts of wealth that somebody else earned.
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Minuet
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Oct 30 2008, 07:42 AM
Post #86
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Fleet Admiral Assistant wRench, Chief Supper Officer
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- whitestar
- Oct 30 2008, 01:57 AM
- Dwayne
- Oct 29 2008, 11:20 PM
- 8247
- Oct 27 2008, 11:57 PM
....I have a few questions for you:
How can someone afford a 3 month long vacation all over the world?
How could someone earn enough money to do that?
If it was saved, shouldn't that be taxed as well?
If someone is that well off, how long would it take to save the money for it?
If someone is that well off, shouldn't everyone in a socialist country be able to do that? Isn't the wealth spread around evenly?
Why are there poor people in socialist countries who can't afford a 3 month vacation all over the world?
Really, I'm just trying to understand. If you convince me how great it is, I might go to an ACORN office, tell them that I voted for McCain on an absentee ballot, and that I'd like 2 ballots to vote for Obama. I'd sure like a 3 month vacation all around the world.
Have you been convinced of anything yet?
We are NOT a socialist country!!! be convinced of that. I'm SICK and TIRED of it and demand you quit it!! That is the real problem here Whitestar.
People ignorantly throw around terms that they obviously do not know the real meaning of.
And when I try to tell one particular person this they get all huffy and put me on "ignore" so that they can continue to spout thier nonsense and pretend that no one can touch thier "logic"
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Dwayne
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Oct 30 2008, 07:52 AM
Post #87
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Profanity deleted by Hoss
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- whitestar
- Oct 30 2008, 01:57 AM
We are NOT a socialist country!!! be convinced of that. I'm SICK and TIRED of it and demand you quit it!! Ewww... you live in a SOOOOOOOOOOOO-SHULLLLLLLLL-IST country, with all you socials doing all that socializing stuff.
Edited by Dwayne, Oct 30 2008, 08:11 AM.
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somerled
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Oct 30 2008, 08:05 AM
Post #88
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Admiral MacDonald RN
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- Dwayne
- Oct 30 2008, 07:52 AM
- whitestar
- Oct 30 2008, 01:57 AM
We are NOT a socialist country!!! be convinced of that. I'm SICK and TIRED of it and demand you quit it!!
Ewww... you live is SOOOOOOOOOOOO-SHULLLLLLLLL-IST country, with all you socials doing all the socializing stuff. Yep ... that shows your level of maturity dwayne , a very adulescent response.
Edited by somerled, Oct 30 2008, 08:07 AM.
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Admiralbill_gomec
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Oct 30 2008, 11:09 AM
Post #89
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UberAdmiral
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- ds9074
- Oct 30 2008, 06:51 AM
- Admiralbill_gomec
- Oct 30 2008, 06:39 AM
- somerled
- Oct 29 2008, 07:48 PM
- Admiralbill_gomec
- Oct 30 2008, 12:41 AM
Of course there is. It penalizes achievement.
What achievement ? Dying rich ? Being lucky enough to inherit some wealth that you personally did absolutely nothing to earn ?
How pathetic. No, Einstein, I mean those who work hard and make money. THOSE are achievers. Not the Kennedy family. Not the Paris Hiltons. People who put their noses to the grindstone and make something of themselves.
But inheritence tax certainly does not penalise achievement of those people who "work hard and make money". It penalises those who inherit large amounts of wealth that somebody else earned. I was talking about capital gains taxes, myself, but why should someone who has achieved not be able to bequeath his/her estate to her children instead of the state?
I'll admit that this is how wealthy democrats are created, but I don't think they should be penalized.
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Dwayne
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Oct 30 2008, 01:18 PM
Post #90
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Profanity deleted by Hoss
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^^^ I'll spend ever sent I have before I die. Buy lots of gifts for the family and such.
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