MIT team
- Thread starter Harman
- Start date
Another thought -- On Line money market accounts (Capital One comes to mind) allow free on line transfer to your regular checking/savings acounts, though it does take 3 business days. So, why have one of these accounts tied to a checking with branches whereever you play. The accounts usually pay pretty good interest for small min balances ... maybe 3%
As said, Banks are not usually open late and ATM's may not allow enough to be withdrawn, but I suppose if you get credit or check cashing approval at a casino that would work anytime. Of course then they know who you are, but in vegas you could do that at a joint you don't play in a lot.
As said, Banks are not usually open late and ATM's may not allow enough to be withdrawn, but I suppose if you get credit or check cashing approval at a casino that would work anytime. Of course then they know who you are, but in vegas you could do that at a joint you don't play in a lot.
callipygian
Well-Known Member
(1) Paypal wasn't around when the MIT team of fame was in Vegas. Neither was electronic money transfer in general. So that's a good reason why THEY didn't use it.
(2) The number of Americans who pay a 40% tax on anything is ridiculously small. Since the 70's, the maximum federal income tax rate has gone from 38% to 35%, so even if you made an infinite amount of money, you'd never have an aggregate 40% tax rate. But even if you're in the "35% tax bracket", you DON'T pay 35% in taxes. You pay 10% on your first $10,000 or so, then 15% on the next $40,000, then 23% on the next $100,000, etc, etc. So as your income approached infinity, your tax rate would approach 35%. In 2005, the median American paid an aggregate federal income tax rate of 14%. The median millionaire paid about 25%.
There is one tax that's higher, the inheritance tax (currently suspended or reduced), which can tax up to 50%. But again, it's only 50% in excess of a certain threshold - somewhere around $1,000,000 IIRC. So if you inherit $1,100,000, you're paying about 5% of that in taxes. If you inherit $2,000,000, you're paying about 25%. You will need to inherit $5,000,000 before an inheritance tax reaches the 40% threshold.
(2) The number of Americans who pay a 40% tax on anything is ridiculously small. Since the 70's, the maximum federal income tax rate has gone from 38% to 35%, so even if you made an infinite amount of money, you'd never have an aggregate 40% tax rate. But even if you're in the "35% tax bracket", you DON'T pay 35% in taxes. You pay 10% on your first $10,000 or so, then 15% on the next $40,000, then 23% on the next $100,000, etc, etc. So as your income approached infinity, your tax rate would approach 35%. In 2005, the median American paid an aggregate federal income tax rate of 14%. The median millionaire paid about 25%.
There is one tax that's higher, the inheritance tax (currently suspended or reduced), which can tax up to 50%. But again, it's only 50% in excess of a certain threshold - somewhere around $1,000,000 IIRC. So if you inherit $1,100,000, you're paying about 5% of that in taxes. If you inherit $2,000,000, you're paying about 25%. You will need to inherit $5,000,000 before an inheritance tax reaches the 40% threshold.
EasyRhino
Well-Known Member
No need to bother with transferring money between bank accounts, just find a brick and mortar bank with nationwide branches and a decent savings/money market yield. citibank and BofA have reasonable options. But that doesn't eliminate the other hassles of bank accounts.
For smaller amounts, a check-cashing option may work (I haven't used any casino check cashing myself). But you're probably within ATM limits here too. For larger amounts, you'd probably need a full blown credit account, and then the casino is going to try to prevent you from walking the marker and taking the cash to other properties. (I don't know if they can enforce that, though?)GeorgeD said: