"These people weren't good candidates ... so I voted for the other candidate ... the completely inept, habitual liar, who has proven time and time again that he can't manage debt ... oh, and did I mention he's a serial felon rapist pedo wannabe mob boss who wanted to bang his own daughter? That's why I preferred him over a guy who didn't have energy."
New Democrat Tax Hikes
- Thread starter scotchtiger
- Start date
Agreed. The deficit is a disaster that's going to arrive sooner or later. We have to make dent in it. There's going to eventually be a day when no one shows up to buy our debt, and it's going to make the Great Depression look like nothing. I don't want my descendants to have to go through that. We can't continue to cut taxes while keeping our infrastructure up to date along with our military power. Our social safety net is dust on a bug's *** in cost comparison. But everyone wants to blame the guy making minimum wage for not paying enough taxes.
It just comes off as hate towards poor people. Anger that someone who grew up in a single parent household and went to a ****** school would get some type of support but never a complaint about corporations getting billions in subsidies.
We absolutely need that mindset now. If Dario Amodei is correct, we will see a period of 10%+ GDP growth due to AI. The time to pay down debt is when the economy is roaring, which I believe we will be entering soon.
That seems like an awfully rosy outlook. I won't pretend to understand the first thing about the AI market, but is that feasible?
What about our current circumstances make you so bullish? Not challenging you at all, btw. I'm sincerely curious.
Kudos to you for admitting it. We understand that eking out a meager, subsistence wage while living in a small hovel with an unpaved driveway in the middle of nowhere, with tomatoes as your only friends, would inevitably result in a meltdown. Maybe your Democrat wife will have sympathy on you and clean up your mess.
BWHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAA...
So pathetic and proud of it... #WORSTLAWYEREVER..... Fat with gapped teeth...
Opus and sonnet 4.6 are so ******* good. 4.5 was the equivalent of a college entry level hire. 4.6 is an Ivy League mba with 5 years experience. But instead of turning something around in a week, it does it in a couple minutes. And instead of costing $400k+ fully burdened, it’s $100/mo.
The 10%+ estimate is Dario’s, not mine. But he’s been so ******* right about what is coming that I tend to believe him.
"[F]'er" isn't a valid shortened version of the word you're trying to convey. Additionally, it would be pronounced with a vowel sound first, so it would read "an," not "a."
It's tough for you to handle basic grammar when you're chilled out, hanging with your 'maters, so I don't expect you to get it right when you're in your trolling meltdown loop.
Fully aware that I’m a bit over my skis on this but how does implementing more AI and not hiring humans bring in more GDP?
It's disruptive and will take a while to normalize but it's more output per person. Like how computers eliminated secretaries for mid level management.
Trump is not a businessman FYI. He is a con artist at best. Every thing he touches goes bankrupt. He has a consistent, multi-decade track record of complete and utter failure. His presidencies have been no exception.
Trump’s only success in life is his ability to avoid consequences and fail upward. It really is remarkable
But ultimately the overwhelming majority of the workforce is AI and then how are all these displaced people making money? Unemployment rises but output is more?
Efficiency with resources. Unfortunately unemployment and GDP growth will both grow rapidly.
Exactly. There is no link to the size of our labor force and GDP growth.
A very big question few are talking about is what all these unemployed people will do. Personally, I think UBI will be implemented in the next 5-7 years.
Single mother is a red flag. Unfortunately we seem to promote that.
I don' think many work 2 full time jobs. The 2 jobs thing is mostly 2 part time jobs and a lot of times it's done to fulfill their work requirement to keep welfare benefits.
To be honest, I’m not sure what is more concerning - the systematic destruction of our democracy by the pedo protector party, or the elimination of white collar labor.
Claude has replaced early career consultants, investment bankers, and lawyers and we haven’t even scratched the surface of how it will be used.
Most thought it would just be software engineers and customer service - nope. Sales, marketing, finance, legal, compliance, engineering.
For $20/mo you have access to a data center full of Nobel prize winners.
The sad part is this should be an incredible period of prosperity and liberation for the world but we have some truly psychotic and evil people running this country who want to hoard all the wealth and power for themselves. We can’t slow this down because we will lose to China if we do, but we absolutely need social systems that can support a population dealing with massive unemployment. I suspect unemployment will get close to 10% in 2-3 years. That is also why I support ending protected status for immigrants (but obviously in a humane way and not how this joke of an admin is doing it). We will need those jobs for people and will need to minimize the number of people we have to provide social services for.
But there will be more than enough money to go around as long as we don’t let a bunch of trillionaires keep it for themselves.
^^^ This ^^^
Biden proposed higher taxes on the rich which he said would generate $50 billion per year in additional revenue. Then he proposed new programs that would cost twice that much.
Yes both parties have failed to control spending. Obama put together the Simpson-Bowles commission but chickened out on implementation. Trump had Elon Musk with DOGE and got severely raked over the coals. How many times have republicans been accused of tossing granny off the cliff? I've always said that politicians get elected by promising free stuff and they lose elections by threatening to take free stuff away.
"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury"
The top tax rate in the roaring 20s was 25%. The economy took off in the 1980s when the top rate was 28%. It continued strong after Clinton raised it to 39.6%. Today it's 37%.
There is a common misconception that high-income Americans are not paying much in taxes compared to what they used to. Proponents of this view often point to the 1950s, when the top federal income tax rate was 91 percent for most of the decade.[1] However, despite these high marginal rates, the top 1 percent of taxpayers in the 1950s only paid about 42 percent of their income in taxes. As a result, the tax burden on high-income households today is only slightly lower than what these households faced in the 1950s.
How could it be that the tax code of the 1950s had a top marginal tax rate of 91 percent, but resulted in an effective tax rate of only 42 percent on the wealthiest taxpayers?
- The 91 percent bracket of 1950 only applied to households with income over $200,000 (or about $2 million in today’s dollars). Only a small number of taxpayers would have had enough income to fall into the top bracket – fewer than 10,000 households, according to an article in The Wall Street Journal. Many households in the top 1 percent in the 1950s probably did not fall into the 91 percent bracket to begin with.
- Even among households that did fall into the 91 percent bracket, the majority of their income was not necessarily subject to that top bracket. After all, the 91 percent bracket only applied to income above $200,000, not to every single dollar earned by households.
- Finally, it is very likely that the existence of a 91 percent bracket led to significant tax avoidance and lower reported income. There are many studies that show that, as marginal tax rates rise, income reported by taxpayers goes down. As a result, the existence of the 91 percent bracket did not necessarily lead to significantly higher revenue collections from the top 1 percent.
Do some research
The Reality of Effective Tax Rates
The high rates listed in the tax code did not always reflect the actual percentage of income that taxpayers paid to the government. This actual percentage, known as the effective tax rate, was often much lower for high-income earners. This difference existed because the tax law included a variety of exemptions, exclusions, and deductions that allowed people to protect a portion of their earnings from being taxed.What Were the Tax Rates in the 1950s? - LegalClarity
there was an analysis done by the tax foundation that determined that the van Hollen plan would add $89billion to the deficit in first year and $180 billion over 10 years. I have no knowledge if the foundation's analysis is correct, just pointing out a data point.
All of what you have pointed out I can understand. I just have yet to see the net positive of how AI is trending for society.
More widget will be made for a population that increasingly can’t afford said widgets.
I'm not sure a single mom working 2 jobs could afford the child care payments she'd need to take care of the child(ren)
You
You're a history major? Perhaps that explains your lack of understanding on fiscal matters.
Perhaps, but this is not a fiscal matter, and I don't claim to have much of an understanding of economics. You don't have to have much of one to understand that trickle down reagonomics was a catastrophic failure that ended the same way every Republican presidency for the last 45 years has ended, in recession.
I don’t exactly have an expectation. To clarify, there are those who are warning about AI investment bubble collapse or financial correction. Just as those like you cited, are continuing to be bullish.