Bloomberg article on the tax plans.
- Thread starter Mntneer
- Start date
I realize I am fighting a lost cause, but this infuriates me to no end:
These people pay NO income tax? GTFO
That they pay no tax or it’s used as an example?I realize I am fighting a lost cause, but this infuriates me to no end:
These people pay NO income tax? GTFO
I don't have a problem with sectors of society in the lower income classes of society paying a lower ETR or no taxes at all. I have a problem with this plan altogether as we reduce this family's taxes by $500 and basically 1% to nothing and the rich and corporations get a big windfall at a time it is not needed, it won't impact the economy much and it is adding onto the debt. The only thing conservatives have been right about (even though their suggestions on what to do about it is dead wrong) is we have to reduce the debt. And same as it was in 2002, they ignore their own core principal and pass legislation that causes the debt to skyrocket, the rich get even richer and most of the public is left with a few hundred bucks and stagnant wages for years to come. It is bad policy. Period.
Pay no tax. I thought my capitalization of the word "NO" under the example would highlight that.
We need more people paying taxes and then maybe they'd be a little more concerned with spending in this country. $40,000 a year and no income tax? Give me a break.
I don't disagree with this comment. Remember, we are about the only two on this board that have been a proponent of tax increases, not decreases.
Is it coincidental that we are both in the business of understanding these concepts?
How can you expect to lower taxes on the middle class comparably to the wealthy when the middle class already pays very little tax comparably? The only answer is to zero out groups paying lower taxes. Is that a good idea? I dont know.
BTW, just to clarify, I am for lowering corporate rates and or fixing the corporate tax code. Not 100% on board for these plans
Let me ask this, considering the differing views on this, do you not think that this plan is about the best they could come up with that would actually pass? I mean, if you only lowered corporate tax and raised personal/ended the EITC, how do you think that would pass? Lowering Corp Tax is a must and will have positive impacts on the economy. There is no debating that. But just lowering Corp tax or “fixing the tax code” wouldn’t have garnered enough/any support.
Again, I don't disagree with this sentiment. I have severe problems with the corporate tax code. I could be in favor of a lower rate if we also address loopholes. And there are many that need to be addressed. But as it stands now, the larger corporations with good Financial and Legal professionals are able to structure the organization and perform accounting standards that allows them to pay far less than the 35% rate currently. That is wrong. So why should this country continue seeing these corporations continue getting very heavy with cash, reward their executives and stockholders handsomly, not increase wages for their workers above an average of 2% for the past 20 years, not reinvest some of the cash into the business to improve for their workers or customers, pay very high amounts to lobbyists in state capitols and DC to influence policy to benefit their own little world and screw everyone else while the debt continues to skyrocket. That is wrong and the balance of "fairness" is out of whack. We can restructure the code where we really impact the economy and not give away the entire bank to corporations and the rich. But as long as our governments are so in bed with the lobby's and our politicians continue to lie to the public, it isn't going to happen.
I need to shut up as I've been saying the same thing for years and I don't know why I am repeating myself today. I'm done.
I tend to agree here. Although people making 40k are paying taxes, just not necessarily Federal income tax. If you talk to some people making 40k are getting a tax increase.
You cannot tax the top 10% to prosperity. When 10 % pay 70% of all taxes, you don't have people with skin in the game.
First, what do you mean corporations? it's the small S corps that do most of the hiring around the country. Small ones like mine and others who have been forced to layoff, reduce hours, not buy new equipment., all things that make the economy better. Large corporations are far different than small S corps who do the majority of hiring and who are the ones vastly impacted by stupid laws, the ACA, that force us to chose between people and profits. Profits are what I live off of, not what we use to pay people.
That's pretty good considering the top 10% in the country total about 77% of the net worth of the country.
You cannot tax the wealthy to prosperity. As Margaret Thatcher said, "the problem with socialism is sooner or later you run out of other peoples money."
It's probably the top 10% pay closer to 90% of the taxes. In my world, you pay 10% with no write offs. Donate what you want, no write offs, buy what you want, no write offs, nothing. The federal govt should operate on 10% of the what the people spend. Then the government's only responcibilty would be to keep the economy good for more revenue to spend on shrimp running on treadmills.[winking]
Your story, make it what you want it to say.
But if you want to use facts, the top 10% paid 70.88% based on 2014 data.
No, it isn't fair. No, it would be a disaster in our economy. Our country is great. One of the biggest reasons is due to our income tax structure. Only those that are truly ignorant proposes a national sales tax. Slightly more intelligent(and I mean slightly) proposes a flat tax plan. Stick to dentistry.
It's a great question and a fair question. You are probably right. I think a corp tax reform with smaller cuts could have passed if framed the right way from the beginning.....but freely admit I could be 100% wrong. That said, it's not like the current plan(s) are all that popular at the moment. Probably as good as they can politically, given the climate, but I don't think it's very sound policy.
Classy......and intelligent.
I understand though, times are tough for you. Your party has lost elections in Virginia, New Jersey and Alabama and your hero's balls are in a vice.
Don't feed the troll. Let's just be happy the mouthbreather didn't slobber over his keyboard in making a fat joke.
So very tough. Tax cuts. Jobs jobs jobs. Big raise. Huge bonus. Its a rough life.
Not at the present. My clients that I advise run billion dollar businesses.. What is your point? Is this a childish "I'm smarter than you" kind of crap that your hero Trump pulls all the time? I'm not interested in resume's. But do you want to tell me about S-Corps? Please, go ahead. You would be better off attempting to educate me on teeth. I have a feeling, I know a little bit about the subject of corporate and individual taxes among many other things in the finance/accounting world.
I 'm sure you do. Do you advise your clients to do certain things to avoid paying taxes? Do you recommend taking distributions to avoid the medicare tax? This is my point, people are advised to do things to avoid paying taxes. If there was one federal tax on consumption, how would you avoid paying it? There's always crooks so I know it wouldn't be perfect. Nothing is. To target a certain group of people to finance your govt, you will sooner or later run out of those people. Everybody should be paying taxes, not just the top 25-30% of the population. It will not work.
Very well. I'm sorry to say I am not impressed with your knowledge of macro economics of the American capitalist system and how the progressive income tax system has led to the success of the country from the 1860's through the present. And that is what leads me to my arrogant shaking of my head when proposals such as the one you are professing are put forward. I shouldn't be so condescending and for that I apologize for my behavior to you.
I don't study macro economics. My limited experience in economics has allowed me to build a decent nest egg. Our governments progressive tax system/ economic policies has led to a debt of 20 trillion. The success of this country is a direct result of the ability of our citizens to prosper and not from our government but in spite of our wasteful. crooked government. Our system is never going to change and I know it. We can not continue along this path and more taxes does not make a country great, it makes it france, england, greece etc. Unable to continue to be great. It will fail under the weight of it's social programs.
Do you even realize social programs are a very small percentage of the overall federal budget? Good lord.
Our government has made promises my taxes can't pay. What social programs do you speak of, SS,Medicare, what? Right now interest is getting to be a point where it will soon be bigger than a number of programs.