A simple economic lesson... raise capital gains to 43% will do what?

[WTH_Progs?]

PROGS are tarded is all. They live in an abstract world where things make sense of nothing & it should be beautiful and fair. Here's how PROGS stink, I mean think.

They tell us how wonderful computers & technology are. Meanwhile they want more wages & don't want to be replaced by computers.

They tell us we need open doors to immigration & cheap labor. But they want more wages & don't want to be replaced by Chinese & South Americans.

They tell us the cost of living is so high, so they want higher taxes so they can receive entitlements because higher taxes would never reduce the standard of living COUGH!

They tell us we need more employee benefits, yet want higher wages.

They tell us the more employers are taxed the more employees will receive in wages & benefits "trickle up"

PROGS are dreamy. Nothing makes sense and they constantly bite the hand that feeds them.

 

[Rigby5]

I suspect every few working poor have an IRA. You say they should, but they likely can’t afford it.

Most companies do it for them automatically, since it saves more in taxes than it costs.
Everyone can afford an IRA, because it often reduces your taxes by more than you put in.
It is free money that almost everyone should take advantage of.
(But I have to admit I have not actually done the numbers for a very low income.)

 

[Markle]

There are many different options. None of them perfect, but most better than income tax. Property tax, for example, isn't nearly the intrusion that income tax is.

But, income tax - and the ability to constantly fuck with it - gives Congress lots of power. Congress likes lots of power.

Since far fewer people own real property than pay income taxes today, an additional property tax, in addition to the local property tax for schools, police, infrastructure would be astronomical.

Personally, I prefer the Fair Tax, not flat tax, Fair Tax. The problem is that it would strip Washington from virtually all its power, something they would never do.

 

[pknopp]

Wrong.
And IRA is a way of having the savings taken out of your income before taxes.
If the IRA rate is higher than your normal income tax rate, no one will do that.
Instead they will find other ways to retire, like doing improvements on their home, so they can sell it for more when the kids are all off on their own.
The point being that money currently put into IRAs will not be available to investors like the stock exchange, (where IRAs currently are mostly invested).
The stock market will greatly shrink.

No it won't. All the same that's the cost of $30 trillion in debt even if it did. Why should the working class only be responsible for paying this off?

 

[pknopp]

Most companies do it for them automatically, since it saves more in taxes than it costs.
Everyone can afford an IRA, because it often reduces your taxes by more than you put in.
It is free money that almost everyone should take advantage of.
(But I have to admit I have not actually done the numbers for a very low income.)

Many have no extra to put in money and no, they do not wash for millions.

 

[rightwinger]

Biden stock market? LOL! The market is rising DESPITE Biden's policies, not because of them. The market was going to boom after COVID lockdowns regardless, but Biden is doing everything he can to limit that boom. We can't have the "rich" folks getting richer now, can we? We need to pay people;e to stay home. That is a winning strategy for sure. It will all come tumbling down in the not too distant future.

I thought you would say that
Your broker knows better and plays you for a sucker

If Biden’s policies are so bad for your wallet, why is the market booming?

 

[Rigby5]

PROGS are tarded is all. They live in an abstract world where things make sense of nothing & it should be beautiful and fair. Here's how PROGS stink, I mean think.

They tell us how wonderful computers & technology are. Meanwhile they want more wages & don't want to be replaced by computers.

They tell us we need open doors to immigration & cheap labor. But they want more wages & don't want to be replaced by Chinese & South Americans.

They tell us the cost of living is so high, so they want higher taxes so they can receive entitlements because higher taxes would never reduce the standard of living COUGH!

They tell us we need more employee benefits, yet want higher wages.

They tell us the more employers are taxed the more employees will receive in wages & benefits "trickle up"

PROGS are dreamy. Nothing makes sense and they constantly bite the hand that feeds them.

I am far left, progressive, liberal.

I think technology is wonderful because it greatly expands what I can do and how much money I can make. You just have to learn the technology that multiplies your worth.

I like cheap import labor because I then become their boss, they pay into my Social Security, and I can sell them stuff. (but leftist unions are anti immigration.)

I want lower taxes, less military spending and waste.

I want no employee benefits, as they are unfair, poorly spent, and prevent job switching.

I want low employer taxes so that I can instead get the highest possible wages.

 

[Blues Man]

I thought you would say that
Your broker knows better and plays you for a sucker

If Biden’s policies are so bad for your wallet, why is the market booming?

this isn't a policy yet it's just a proposal and it's not going to pass.

There might be a small increase in the capital gains but it won't anything close to the 43% Senile Joe's string pullers want

 

[rightwinger]

I truly feel extreme pity for you right-winger. Pity that the ONLY positive value out of your hatred of the super wealthy gives you reason to live it sounds like. I feel very sorry for people like you that have evidently NO hope of improving your current dismal financial condition except to rail against the super wealthy.
Again... I'm very sorry people like you are in the poor mental state of envy!

Well let’s look at where the money is and who should be expected to pay the bulk of the load…..

Let’s see…
40 percent of the US a population only has ONE TENTH OF A PERCENT of the wealth
1 percent of the population has 38.3 PERCENT a of the wealth

They should be expected to pay the bulk of our education, defense, public safety and infrastructure costs…..they benefit the most from it

 

[Rigby5]

Many have no extra to put in money and no, they do not wash for millions.

My point is an IRA takes no extra money.
Figure out ahead of time how much you would have to take out of your weekly paycheck, in order to pay no or very little taxes.
At some point, the amount you put would put away is equal to the tax savings.
So the the IRA costs you nothing.
No extra money is required.
It just shifts money from taxes to your IRA.

 

[Blues Man]

My point is an IRA takes no extra money.
Figure out ahead of time how much you would have to take out of your weekly paycheck, in order to pay no or very little taxes.
At some point, the amount you put would put away is equal to the tax savings.
So the the IRA costs you nothing.
No extra money is required.
It just shifts money from taxes to your IRA.

Annual IRA contributions are capped and even the max contribution won't lower your tax rate that much


You're better of with a Roth IRA anyway as all the money you withdraw will be tax free.

Now A 401 k is a different story since you can put in a lot more and most employers will match your contributions up to 3 or 4 % of your salary Opt for a Roth in your 401 as well

 

[pknopp]

My point is an IRA takes no extra money.
Figure out ahead of time how much you would have to take out of your weekly paycheck, in order to pay no or very little taxes.
At some point, the amount you put would put away is equal to the tax savings.
So the the IRA costs you nothing.
No extra money is required.
It just shifts money from taxes to your IRA.

No, it does not work that way unless you happen to be on the edge of a tax bracket. Most are not. In that case you are not the working poor. A good percentage pay zero in income taxes so they would save nothing.

 

[Blues Man]

No, it does not work that way unless you happen to be on the edge of a tax bracket. Most are not. In that case you are not the working poor. A good percentage pay zero in income taxes so they would save nothing.

But they would reap the benefits of a long term investment portfolio and have more money for retirement.

 

[pknopp]

But they would reap the benefits of a long term investment portfolio and have more money for retirement.

Of course and that's great if you have the ability to do so.

 

[Rigby5]

Annual IRA contributions are capped and even the max contribution won't lower your tax rate that much


You're better of with a Roth IRA anyway as all the money you withdraw will be tax free.

Now A 401 k is a different story since you can put in a lot more and most employers will match your contributions up to 3 or 4 % of your salary Opt for a Roth in your 401 as well

Correct.
Worth repeating.
I actually went even further, spent $2k on a self directed IRA with an LLC.

 

[Rigby5]

No, it does not work that way unless you happen to be on the edge of a tax bracket. Most are not. In that case you are not the working poor. A good percentage pay zero in income taxes so they would save nothing.

Well if anyone is paying 0, then you are right.
But when I was working and ran all the numbers, what I put into the 401K was about what I saved in taxes.
Dropping a bracket certainly helps, but any income reduction drops your taxes by some amount.

 

[Blues Man]

Of course and that's great if you have the ability to do so.

Everyone can find some money to save.

I love how people whine they have no money but pay up to 10 bucks a pack for butts, 3.99 for coffee buy lunch every single day etc etc etc etc

 

[jc456]

Your response has nothing to do with what I said.
I was responding to the question of whether or not a person making $400k a year was paying his fair share.
And I don't have to know how much he is paying, because I know how the more you make, the more you can afford loopholes, so the less you pay.
Those making $400k are not paying as much tax rate as a person making $50k a year.

How much you want to make or spend is not relevant to what I said.
I just said that as much as we try to pretend the tax rates are progressive, (meaning the rate you pay is proportional to wealth), the opposite is true.
The most wealthy pay the lowest rates.

I understand that was your post. my question has everything to do with what you said and doesn't change.

 

[jc456]

Someone supports vastly altering their lifestyle because of paying more in taxes?

It's a hypothesis. Sure you can find random examples of anything. Lots of people will note how they know a millionaire that lives like he has very little but the exceptions do not make the rule.

again, your inputting into something that is none of your business after telling everyone you don't interfere. too fking funny.

 

[pknopp]

Everyone can find some money to save.

I love how people whine they have no money but pay 12 bucks a pack for butts, 3.99 for coffee buy lunch every single day etc etc etc etc

You are speaking of people with money. Do I believe people should think about the future? Sure but that's not really the topic.

The topic boils down to the idea that we are $30 trillion in debt and I'm asking why those who make their money on labor should be the only ones largely responsible for that. Why shouldn't all?