CBO: Biden $15 An Hour Minimum Wage Will Cost 1.4 Million American Jobs

[Toddsterpatriot]

How do you expand your business and hire people if you are paying 95% in taxes to the Fed??

Money invested in your business and spent on salaries isn’t profit and therefore not taxed.

Why would anyone invest in a business when you can only keep 5% of your profits?

 

[Blues Man]

How do you expand your business and hire people if you are paying 95% in taxes to the Fed??

Money invested in your business and spent on salaries isn’t profit and therefore not taxed.

if 95% of your profits are going to be confiscated what's the incentive to expand?

 

[Toddsterpatriot]

How do you expand your business and hire people if you are paying 95% in taxes to the Fed??

Money invested in your business and spent on salaries isn’t profit and therefore not taxed.

if 95% of your profits are going to be confiscated what's the incentive to expand?

Sounds familiar.

 

[Papageorgio]

CBO: Biden’s $15 Minimum Wage Would
Result in a Loss of 1.4 Million Jobs

Why Do This? Because the Democrats know what's best for you...and because they CAN.


CBO: Biden's $15 Minimum Wage Would Result in a Loss of 1.4 Million Jobs

So what? Biden is planning to create a bunch of new jobs in green energy, education, infrastructure and health care.

Putting money in people's pockets increases the demand for restaurants, home improvement, vacations, entertainment, new clothes, etc. and all those industries will have to go on a hiring spree to meet the demand.

and 900,000 lifted out of poverty.

I have looked over the last 20 years and I haven't found one President that has created one job other than a new position on his staff or cabinet. Over the same time span I have seen American entrepreneurs create thousands and thousands of new jobs.

The other thing you said is that it is going to bring 900,000 out of poverty which is great, however the CBO says that 1,400,000 will lose jobs, so our net will be a negative 500,000. So I'm not seeing that as a positive.

After the Republican Great Depression, FDR put this nation back to work, in part by raising taxes on income above $3 to $4 million a year (in today's dollars) to 91 percent, and corporate taxes to over 50% of profits. The revenue from those income taxes built dams, roads, bridges, sewers, water systems, schools, hospitals, train stations, railways, an interstate highway system, and airports. It educated a generation returning from World War II. It acted as a cap on the rare but occasional obsessively greedy person taking so much out of the economy that it impoverished the rest of us.

But the rich fought back, and won big-time in 1980 when Reagan promptly cut income taxes on the very rich from 70% down to 27%. Corporate tax rates were also cut so severely that they went from representing over 33% of total federal tax receipts in 1951 to less than 9% in 1983 (they're still in that neighborhood, the lowest in the industrialized world).

The result was devastating. Our government was suddenly so badly awash in red ink that Reagan doubled the tax paid only by people earning less than $40,000/year (FICA), and then began borrowing from the huge surplus this new tax was accumulating in the Social Security Trust Fund. Even with that, Reagan had to borrow more money in his 8 years than the sum total of all presidents from George Washington to Jimmy Carter combined.

In addition to badly throwing the nation into debt, Reagan's tax cut blew out the ceiling on the accumulation of wealth, leading to a new Gilded Age and the rise of a generation of super-wealthy that hadn't been seen since the Robber Baron era of the 1890s or the Roaring 20s.

And, most tragically, Reagan's tax cuts caused America to stop investing in infrastructure. As a nation, we've been coasting since the early 1980s, living on borrowed money while we burn through (in some cases literally) the hospitals, roads, bridges, steam tunnels, and other infrastructure we built in the Golden Age of the Middle Class between the 1940s and the 1980s.

We even stopped investing in the intellectual infrastructure of this nation: college education. A degree that a student in the 1970s could have paid for by working as a waitress now means incurring massive and life-altering debt for all but the very wealthy. Reagan, who as governor ended free tuition at the University of California, put into place the foundations for the explosion in college tuition we see today.

Roll Back the Reagan Tax Cuts | Common Dreams

Our bridges are falling apart (among other things), and its Ronald Reagan's fault. A few hours before the bridge collapsed in Minnesota, a news release landed (among hundreds) in my email inbox. It was from the right-wing "Heartland Institute" and a Minnesota conservative group calling itself...

www.commondreams.org

Sure he did. All those jobs were paid for with tax dollars. He had companies paying as high as 95% so they couldn't hire. Everything he did extended the GP.

WWII saved the day. Not FDR.

Why didn’t Afghanistan and Iraq save the day?

It was WWII dummy. 1940-1945.

How did the war save the day then but wars in 2000s didn’t save the day?

Fdr saved the day after the war by raising taxes on the rich and using the money to build infrastructure

You must of failed history or read the alternate version some how. WWII needed tons of resources, we converted the big three automakers to build planes. The commercial businesses like banks bought billions and billions in war bonds, the war effort created more jobs and the government was pouring money into the economy. The war effort and the rationing that took place, America came together for a common cause. It was the attack of Pearl Harbor that triggered the effort.

In 2001 when 911 took place we had been in the midst of a recession since March, by November 1st we were out of the recession and the economy was expanding. The resources for WWII were not needed as the country already had manufacturers building arms and planes.

Different times, different challenges, different resources yielded different results.

 

[Papageorgio]

Who's going to do the work of the 1.4 million?

It's not as if employers keep surplus workers around the shop just in case.

Automation and economics.

 

[colfax_m]

Why would anyone invest in a business when you can only keep 5% of your profits?

High marginal tax rates can increase investment because money invested increases value of the business more than taking money out.

 

[colfax_m]

if 95% of your profits are going to be confiscated what's the incentive to expand?

You guys understand how marginal tax rates work, don’t you? Why do we always have to have this conversation with people?

 

[Canon Shooter]

When is ANYONE going to mention the fact that Minimum Wage Jobs were NEVER meant to pay wages that would support a family, pay for a house, send kids to college, fund 401K retirement accounts, etc...?!

'Oh no, someone brought up THE most important point in this argument. What do we do?'

I make that very argument in every thread on minimum wage...

 

[Toddsterpatriot]

Why would anyone invest in a business when you can only keep 5% of your profits?

High marginal tax rates can increase investment because money invested increases value of the business more than taking money out.

High marginal tax rates can increase investment

How much do you want to invest in a business if 95% of profits are taxed away? A lot?

money invested increases value of the business

How much is a business worth with $1,000,000 of pre-tax profit?
What would you pay for that business?

 

[Toddsterpatriot]

if 95% of your profits are going to be confiscated what's the incentive to expand?

You guys understand how marginal tax rates work, don’t you? Why do we always have to have this conversation with people?

You guys understand how marginal tax rates work,

At what level of profit does the 95% rate kick in?

 

[Papageorgio]

I buy ford. Of course I have the A plan but even without I looked into if there was a cheaper foreign car and guess what? There isn’t. They’re just as expensive.

Perhaps, but they are better built and you have less problems with Japanese vehicles; at least that's my experience and every Japanese vehicle owner I know says the same thing.

One of the first things I noticed about my first Toyota was the windshield washing fluid lines. There are none. The squirters are in the hood of the car, not on the wiper arm. This is valuable up north because those things constantly freeze in the winter. I used to buy special expensive windshield washer fluid that didn't freeze. Now I just use regular windshield washing fluid and never had that problem since.

Of course thats what Japanese vehicle owners tell themselves.

I find it funny the anti big three American car company republicans want to bring jobs back home. Why? We suck at building things.

But if the Japanese come here and tell us how to build cars we do it better?

I bought one Honda back in the early 2000's, it was okay, ran well. Before and after that I have bought American up until last year I bought a 2015 Kia K900, that was a sweet buy for the price. So currently we own three GMCs and a KIA, looking to sell the little Sonoma pick up.

 

[Blues Man]

if 95% of your profits are going to be confiscated what's the incentive to expand?

You guys understand how marginal tax rates work, don’t you? Why do we always have to have this conversation with people?

Yes and you do realize that a lot of the biggest businesses are in the top bracket already don't you? So a person is in the highest bracket and taxes are confiscatory it doesn't make sense to make any more money because it will all be lost to taxes.

That means no expansion of markets, no increase in manufacturing and none of the jobs that come with those things.

If you as an individual who is already in the top brackets what is the incentive for you to make more money if you will lose most of it to taxes?

 

[colfax_m]

Yes and you do realize that a lot of the biggest businesses are in the top bracket already don't you? So a person is in the highest bracket and taxes are confiscatory it doesn't make sense to make any more money because it will all be lost to taxes.

That means no expansion of markets, no increase in manufacturing and none of the jobs that come with those things.

If you as an individual who is already in the top brackets what is the incentive for you to make more money if you will lose most of it to taxes?

You realize that brackets can be added or removed, raised or lowered?
The highest marginal rates from the 1950s only applied to a few thousand filers.

If you're investing in your business, you're not "making more money" in terms of income but you are becoming more wealthy.

 

[colfax_m]

You guys understand how marginal tax rates work,

At what level of profit does the 95% rate kick in?

There is no 95% tax rate, this is all hypothetical.

 

[Blues Man]

Yes and you do realize that a lot of the biggest businesses are in the top bracket already don't you? So a person is in the highest bracket and taxes are confiscatory it doesn't make sense to make any more money because it will all be lost to taxes.

That means no expansion of markets, no increase in manufacturing and none of the jobs that come with those things.

If you as an individual who is already in the top brackets what is the incentive for you to make more money if you will lose most of it to taxes?

You realize that brackets can be added or removed, raised or lowered?
The highest marginal rates from the 1950s only applied to a few thousand filers.

If you're investing in your business, you're not "making more money" in terms of income but you are becoming more wealthy.

You are only becoming more wealthy if your net worth increases.

Simply investing in your business and seeing no return on that investment ( higher profits) is meaningless.

Your investment should not only cover the costs of its implementation but should also bring a profit at the point where your investment has repaid its implementation and equipment costs is the place where you want to be.

If you pay for a 100000 dollar piece of equipment and all you are doing is covering the cost of paying for it then you are losing money

 

[danielpalos]

Abolish your worthless and alleged wars on crime, drugs, and terror since you are brave enough to go maskless during a pandemic. Use those funds saved for shovel ready infrastructure jobs that can improve the efficiency of our economy.

What a STUPID comment!

'Abolish the 'war' on crime, drugs, and terror' because someone disagrees with the CDC and sociaists about mask-wearing? And in case you weren't alive back then, don;t remember it, or just simply ignored it, Barak Obama himself told the world live on camera that 'Shovel-Ready' Jobs DO NOT EXIST!

Be Brave, right wingers. If you are brave enough to go maskless during a pandemic why be such "Big Chickens" regarding your fake news and alleged and endless wars on crime, drugs, and terror? You have more chance of dying from the pandemic than you do the other three issues combined.

He said that because the republicans had nothing but repeal for those jobs so right wingers could harp on a weak recovery.

 

[easyt65]

Abolish your worthless and alleged wars on crime, drugs, and terror since you are brave enough to go maskless during a pandemic. Use those funds saved for shovel ready infrastructure jobs that can improve the efficiency of our economy.

What a STUPID comment!

'Abolish the 'war' on crime, drugs, and terror' because someone disagrees with the CDC and sociaists about mask-wearing? And in case you weren't alive back then, don;t remember it, or just simply ignored it, Barak Obama himself told the world live on camera that 'Shovel-Ready' Jobs DO NOT EXIST!

Be Brave, right wingers. If you are brave enough to go maskless during a pandemic why be such "Big Chickens" regarding your fake news and alleged and endless wars on crime, drugs, and terror? You have more chance of dying from the pandemic than you do the other three issues combined.

He said that because the republicans had nothing but repeal for those jobs so they could harp on a weak recovery.

Your doubling-down on 'stupid' doesn't make your 1st commen any less dumb.

 

[sealybobo]

CBO: Biden’s $15 Minimum Wage Would
Result in a Loss of 1.4 Million Jobs

Why Do This? Because the Democrats know what's best for you...and because they CAN.


CBO: Biden's $15 Minimum Wage Would Result in a Loss of 1.4 Million Jobs

So what? Biden is planning to create a bunch of new jobs in green energy, education, infrastructure and health care.

Putting money in people's pockets increases the demand for restaurants, home improvement, vacations, entertainment, new clothes, etc. and all those industries will have to go on a hiring spree to meet the demand.

and 900,000 lifted out of poverty.

I have looked over the last 20 years and I haven't found one President that has created one job other than a new position on his staff or cabinet. Over the same time span I have seen American entrepreneurs create thousands and thousands of new jobs.

The other thing you said is that it is going to bring 900,000 out of poverty which is great, however the CBO says that 1,400,000 will lose jobs, so our net will be a negative 500,000. So I'm not seeing that as a positive.

After the Republican Great Depression, FDR put this nation back to work, in part by raising taxes on income above $3 to $4 million a year (in today's dollars) to 91 percent, and corporate taxes to over 50% of profits. The revenue from those income taxes built dams, roads, bridges, sewers, water systems, schools, hospitals, train stations, railways, an interstate highway system, and airports. It educated a generation returning from World War II. It acted as a cap on the rare but occasional obsessively greedy person taking so much out of the economy that it impoverished the rest of us.

But the rich fought back, and won big-time in 1980 when Reagan promptly cut income taxes on the very rich from 70% down to 27%. Corporate tax rates were also cut so severely that they went from representing over 33% of total federal tax receipts in 1951 to less than 9% in 1983 (they're still in that neighborhood, the lowest in the industrialized world).

The result was devastating. Our government was suddenly so badly awash in red ink that Reagan doubled the tax paid only by people earning less than $40,000/year (FICA), and then began borrowing from the huge surplus this new tax was accumulating in the Social Security Trust Fund. Even with that, Reagan had to borrow more money in his 8 years than the sum total of all presidents from George Washington to Jimmy Carter combined.

In addition to badly throwing the nation into debt, Reagan's tax cut blew out the ceiling on the accumulation of wealth, leading to a new Gilded Age and the rise of a generation of super-wealthy that hadn't been seen since the Robber Baron era of the 1890s or the Roaring 20s.

And, most tragically, Reagan's tax cuts caused America to stop investing in infrastructure. As a nation, we've been coasting since the early 1980s, living on borrowed money while we burn through (in some cases literally) the hospitals, roads, bridges, steam tunnels, and other infrastructure we built in the Golden Age of the Middle Class between the 1940s and the 1980s.

We even stopped investing in the intellectual infrastructure of this nation: college education. A degree that a student in the 1970s could have paid for by working as a waitress now means incurring massive and life-altering debt for all but the very wealthy. Reagan, who as governor ended free tuition at the University of California, put into place the foundations for the explosion in college tuition we see today.

Roll Back the Reagan Tax Cuts | Common Dreams

Our bridges are falling apart (among other things), and its Ronald Reagan's fault. A few hours before the bridge collapsed in Minnesota, a news release landed (among hundreds) in my email inbox. It was from the right-wing "Heartland Institute" and a Minnesota conservative group calling itself...

www.commondreams.org

Sure he did. All those jobs were paid for with tax dollars. He had companies paying as high as 95% so they couldn't hire. Everything he did extended the GP.

WWII saved the day. Not FDR.

Why didn’t Afghanistan and Iraq save the day?

It was WWII dummy. 1940-1945.

How did the war save the day then but wars in 2000s didn’t save the day?

Fdr saved the day after the war by raising taxes on the rich and using the money to build infrastructure

No he extended the GD with everything he did. No one could hire when they were being taxed at 95% or better. WWII brought us out of it because we had to produce the machines for war. We produced like no other country could have done. That's what saved us. Not FDR.

Do some research. I did. I used to think FDR was a great POTUS. After researching him and the GD I found out different.

That was 95% tax after your first 10 million.

So in fact it put a cap on greed. Then the boss also worked for employees, shareholders, consumers. Not just himself and shareholders, who are ceos serving on other boards. So it’s ceos approving excessive ceo pay for each other.

I giave up a longgtime ago. Me and my family are doing great in this every man for himself society. No sweat off my back especially if you have nots approve and vote for trump who am I to argue. Works for me.

Holy shit are you dumb. How do you expand your business and hire people if you are paying 95% in taxes to the Fed?? Get real and use your brain for Christs sakes. No company could hire and put people to work.

I voted for Trump and before the very convenient Chinese virus this country was doing great. UE the lowest it had been in 50 years, jobs all across the country and a great economy. All that with Trump at the helm.

Hope you aren't looking for that with jack ass Biden cause you ain't going to get it. We'll be lucky if we don't have the Second Great Depression with that idiot at the helm.

Just don’t pay yourself more than ten million dollars a year. That has no impact on how many people he hires do manage his business.

It puts a cap on greed

 

[colfax_m]

You are only becoming more wealthy if your net worth increases.

Simply investing in your business and seeing no return on that investment ( higher profits) is meaningless.

Your investment should not only cover the costs of its implementation but should also bring a profit at the point where your investment has repaid its implementation and equipment costs is the place where you want to be.

If you pay for a 100000 dollar piece of equipment and all you are doing is covering the cost of paying for it then you are losing money

No. Investing in your business should increase the value of it. Take Tesla, for example. They don't show profits because they have been heavily investing, building out new factories and development. Their net worth increases dramatically.

 

[Claudette]

CBO: Biden’s $15 Minimum Wage Would
Result in a Loss of 1.4 Million Jobs

Why Do This? Because the Democrats know what's best for you...and because they CAN.


CBO: Biden's $15 Minimum Wage Would Result in a Loss of 1.4 Million Jobs

So what? Biden is planning to create a bunch of new jobs in green energy, education, infrastructure and health care.

Putting money in people's pockets increases the demand for restaurants, home improvement, vacations, entertainment, new clothes, etc. and all those industries will have to go on a hiring spree to meet the demand.

and 900,000 lifted out of poverty.

I have looked over the last 20 years and I haven't found one President that has created one job other than a new position on his staff or cabinet. Over the same time span I have seen American entrepreneurs create thousands and thousands of new jobs.

The other thing you said is that it is going to bring 900,000 out of poverty which is great, however the CBO says that 1,400,000 will lose jobs, so our net will be a negative 500,000. So I'm not seeing that as a positive.

After the Republican Great Depression, FDR put this nation back to work, in part by raising taxes on income above $3 to $4 million a year (in today's dollars) to 91 percent, and corporate taxes to over 50% of profits. The revenue from those income taxes built dams, roads, bridges, sewers, water systems, schools, hospitals, train stations, railways, an interstate highway system, and airports. It educated a generation returning from World War II. It acted as a cap on the rare but occasional obsessively greedy person taking so much out of the economy that it impoverished the rest of us.

But the rich fought back, and won big-time in 1980 when Reagan promptly cut income taxes on the very rich from 70% down to 27%. Corporate tax rates were also cut so severely that they went from representing over 33% of total federal tax receipts in 1951 to less than 9% in 1983 (they're still in that neighborhood, the lowest in the industrialized world).

The result was devastating. Our government was suddenly so badly awash in red ink that Reagan doubled the tax paid only by people earning less than $40,000/year (FICA), and then began borrowing from the huge surplus this new tax was accumulating in the Social Security Trust Fund. Even with that, Reagan had to borrow more money in his 8 years than the sum total of all presidents from George Washington to Jimmy Carter combined.

In addition to badly throwing the nation into debt, Reagan's tax cut blew out the ceiling on the accumulation of wealth, leading to a new Gilded Age and the rise of a generation of super-wealthy that hadn't been seen since the Robber Baron era of the 1890s or the Roaring 20s.

And, most tragically, Reagan's tax cuts caused America to stop investing in infrastructure. As a nation, we've been coasting since the early 1980s, living on borrowed money while we burn through (in some cases literally) the hospitals, roads, bridges, steam tunnels, and other infrastructure we built in the Golden Age of the Middle Class between the 1940s and the 1980s.

We even stopped investing in the intellectual infrastructure of this nation: college education. A degree that a student in the 1970s could have paid for by working as a waitress now means incurring massive and life-altering debt for all but the very wealthy. Reagan, who as governor ended free tuition at the University of California, put into place the foundations for the explosion in college tuition we see today.

Roll Back the Reagan Tax Cuts | Common Dreams

Our bridges are falling apart (among other things), and its Ronald Reagan's fault. A few hours before the bridge collapsed in Minnesota, a news release landed (among hundreds) in my email inbox. It was from the right-wing "Heartland Institute" and a Minnesota conservative group calling itself...

www.commondreams.org

Sure he did. All those jobs were paid for with tax dollars. He had companies paying as high as 95% so they couldn't hire. Everything he did extended the GP.

WWII saved the day. Not FDR.

Why didn’t Afghanistan and Iraq save the day?

It was WWII dummy. 1940-1945.

How did the war save the day then but wars in 2000s didn’t save the day?

Fdr saved the day after the war by raising taxes on the rich and using the money to build infrastructure

No he extended the GD with everything he did. No one could hire when they were being taxed at 95% or better. WWII brought us out of it because we had to produce the machines for war. We produced like no other country could have done. That's what saved us. Not FDR.

Do some research. I did. I used to think FDR was a great POTUS. After researching him and the GD I found out different.

That was 95% tax after your first 10 million.

So in fact it put a cap on greed. Then the boss also worked for employees, shareholders, consumers. Not just himself and shareholders, who are ceos serving on other boards. So it’s ceos approving excessive ceo pay for each other.

I giave up a longgtime ago. Me and my family are doing great in this every man for himself society. No sweat off my back especially if you have nots approve and vote for trump who am I to argue. Works for me.

Holy shit are you dumb. How do you expand your business and hire people if you are paying 95% in taxes to the Fed?? Get real and use your brain for Christs sakes. No company could hire and put people to work.

I voted for Trump and before the very convenient Chinese virus this country was doing great. UE the lowest it had been in 50 years, jobs all across the country and a great economy. All that with Trump at the helm.

Hope you aren't looking for that with jack ass Biden cause you ain't going to get it. We'll be lucky if we don't have the Second Great Depression with that idiot at the helm.

Just don’t pay yourself more than ten million dollars a year. That has no impact on how many people he hires do manage his business.

It puts a cap on greed

It was the GD dummy. No one was making money. No one was working and any company that did manage to stay in business was paying sky high Fed taxes. They couldn't expand or hire anyone. Hell rich people who lost everything were throwing themselves off roofs.

Greed had nothing to do with it. Jeeze are you dumb.