March 15, 20214 yr 3 hours ago, mr_hunt said: i'm not a fan of the estate tax but none of this is much of a surprise. I personally wouldn't touch the corporate tax rate during a pandemic. That 7% can mean peoples jobs and actually spurn growth and wages. A lot of small and medium sized corps I deal with provide profit sharing bonuses etc...They suffered already through the downturn from the pandemic and struggled to keep their employees employed. That would seem like a kick them while they're down move. Give the country a chance to recover for a little before you jack taxes.
March 15, 20214 yr 8 minutes ago, rambo said: I personally wouldn't touch the corporate tax rate during a pandemic. That 7% can mean peoples jobs and actually spurn growth and wages. A lot of small and medium sized corps I deal with provide profit sharing bonuses etc...They suffered already through the downturn from the pandemic and struggled to keep their employees employed. That would seem like a kick them while they're down move. Give the country a chance to recover for a little before you jack taxes. Can anyone explain to me why the corporate tax rate isn't progressive like the income tax rate is? I get not raising taxes on small businesses. However, fortune 500 companies got completely bailed out in this pandemic already, after they used Trump's tax cut to buy back stock.
March 15, 20214 yr 4 hours ago, NVeagle said: Joe Biden planning a big tax increase. Who would've guessed that was coming.... You mean the people making over 400 grand, estate taxes and corporate tax rates? I think everyone could have guessed that since he campaigned on it. Maybe next time try not hiding in your basement during an election and you could have guessed it too.
March 15, 20214 yr 1 minute ago, Boogyman said: You mean the people making over 400 grand, estate taxes and corporate tax rates? I think everyone could have guessed that since he campaigned on it. Maybe next time try not hiding in your basement during an election and you could have guessed it too. You guys not seeing this:. BTW, increased taxes, no matter who is taxed, will affect all Americans.
March 15, 20214 yr 5 minutes ago, NVeagle said: You guys not seeing this:. BTW, increased taxes, no matter who is taxed, will affect all Americans. Yep. Anyone who cares about debt and deficit should be in favor of this.
March 15, 20214 yr It won't pass the Senate most likely. But the Democrats' ability to shoot themselves in the foot is truly amazing. The group of registered Republicans that is most disgusted with Trump and the current GOP are well educated, high earners. There is a chance for the Democrats to appeal to that group, which tends to be socially liberal, and mortally wound the GOP. Instead...they will double down on idiocy and chase them right back into the GOP base, while losing more and more of the Latino vote (anti-Socialist) at the same time. The only group that could screw up a gift like Trump...is the Democratic party.
March 15, 20214 yr 4 minutes ago, vikas83 said: It won't pass the Senate most likely. But the Democrats' ability to shoot themselves in the foot is truly amazing. The group of registered Republicans that is most disgusted with Trump and the current GOP are well educated, high earners. There is a chance for the Democrats to appeal to that group, which tends to be socially liberal, and mortally wound the GOP. Instead...they will double down on idiocy and chase them right back into the GOP base, while losing more and more of the Latino vote (anti-Socialist) at the same time. The only group that could screw up a gift like Trump...is the Democratic party. Somebody making $400k is probably already paying 60-70k in just federal taxes and in the 32% bracket. The SALT limit of 10k really hits them already.
March 15, 20214 yr 1 minute ago, rambo said: Somebody making $400k is probably already paying 60-70k in just federal taxes and in the 32% bracket. The SALT limit of 10k really hits them already. Trump's vindictive move against states that didn't vote for him...yeah, I enjoyed that.
March 15, 20214 yr 1 minute ago, vikas83 said: Trump's vindictive move against states that didn't vote for him...yeah, I enjoyed that. Be less commiefornia.
March 15, 20214 yr 1 minute ago, rambo said: Be less commiefornia. Obama raised my taxes. Trump raised my taxes. Biden will raise my taxes. It's getting old.
March 15, 20214 yr 1 minute ago, vikas83 said: Obama raised my taxes. Trump raised my taxes. Biden will raise my taxes. It's getting old. Be more poor?
March 15, 20214 yr 1 minute ago, rambo said: Be more poor? They keep trying to make that happen... Honestly, any politician who cries about the wealthy not paying their "fair share," should be smacked upside the head.
March 15, 20214 yr 14 minutes ago, vikas83 said: The only group that could screw up a gift like Trump...is the Democratic party.
March 15, 20214 yr 2 hours ago, NVeagle said: You guys not seeing this:. BTW, increased taxes, no matter who is taxed, will affect all Americans. You said "who would have guessed", not me. It's not a surprise.
March 16, 20214 yr 28 minutes ago, lynched1 said: Trillions in debt and squabbling over taxes. I'm rooting for the virus. Since you didn't care to try and fight it, this is unsurprising
March 16, 20214 yr 27 minutes ago, Toastrel said: Since you didn't care to try and fight it, this is unsurprising Partial thoughts in your head don't translate well. Learn to fully express your thoughts.
March 16, 20214 yr New York lawmakers unveiled a new proposal on Sunday that includes nearly $7 billion in tax hikes on top earners and Wall Street, even though the state is poised to receive a financial windfall from President Biden's coronavirus stimulus bill. https://www.foxbusiness.com/economy/new-york-lawmakers-propose-7b-tax-hike-on-wall-street-wealthy-americans Guessing the New York millionaires flight out of NY State will increase dramatically this year.....
March 16, 20214 yr 4 hours ago, lynched1 said: Trillions in debt and squabbling over taxes. I'm rooting for the virus. It's a spending problem.
March 16, 20214 yr Bar Stool Economics Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this: The first four men (the poorest) would pay nothing. The fifth would pay $1. The sixth would pay $3. The seventh would pay $7. The eighth would pay $12. The ninth would pay $18. The tenth man (the richest) would pay $59. So, that’s what they decided to do. The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. "Since you are all such good customers”, he said, "I’m going to reduce the cost of your daily beer by $20”. Drinks for the ten now cost just $80. The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free. But what about the other six men - the paying customers? How could they divide the $20 windfall so that everyone would get his "fair share?” They realized that $20 divided by six is $3.33. But if they subtracted that from everybody’s share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested that it would be fair to reduce each man’s bill by roughly the same amount, and he proceeded to work out the amounts each should pay. And so: The fifth man, like the first four, now paid nothing (100% savings). The sixth now paid $2 instead of $3 (33%savings). The seventh now pay $5 instead of $7 (28%savings). The eighth now paid $9 instead of $12 (25% savings). The ninth now paid $14 instead of $18 (22% savings). The tenth now paid $49 instead of $59 (16% savings). Each of the six was better off than before. And the first four continued to drink for free. But once outside the restaurant, the men began to compare their savings. "I only got a dollar out of the $20,” declared the sixth man. He pointed to the tenth man, "but he got $10!” "Yeah, that’s right,” exclaimed the fifth man. "I only saved a dollar, too. It’s unfair that he got ten times more than I!” "That’s true!!” shouted the seventh man. "Why should he get $10 back when I got only two? The wealthy get all the breaks!” "Wait a minute,” yelled the first four men in unison. "We didn’t get anything at all. The system exploits the poor!” The nine men surrounded the tenth and beat him up. The next night the tenth man didn’t show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something important. They didn’t have enough money between all of them for even half of the bill! And that, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier. David R. Kamerschen, Ph.D. Professor of Economics, University of Georgia
March 16, 20214 yr 6 hours ago, NVeagle said: It's a spending problem. Cutting spending during a massive recession has always worked out so well in the past.
March 16, 20214 yr 15 hours ago, NVeagle said: It's a spending problem. No. It's society. Bring on the virus.
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