Taxing The Rich

[Bezukhov]

”The trouble with socialism is that you eventually run out of other people's money.” - Margaret Thatcher

 

[Oldestyle]

Tax the billionaires big time. Or prevent them from buying government favors and protection. Or both.

Why should they pay a bigger chunk than we do?? They haven't done anything wrong and don't deserve to be penalized. Only a pirate or a gangster tries to rob the rich just because they have money.

We tax the rich because they have the most money.

When 10% of the people hold 90% of the wealth, what sense does it make to tax those WITHOUT money?

With all respect, Nosmo...we TRY to tax the rich because they have the most money and they laugh at those efforts as they hide their wealth away in tax shelters! You want to actually pry some of that money out of the pockets of the super rich? Enact a flat tax on everyone. The more stuff you buy...the more tax you pay!

We have that already. They are called sales and excise taxes.

We don't have a Flat Tax.

 

[Issa]

The Democrat plans to tax the rich are futile and ignorant. They sound good to the uneducated, but they don't work very well. When you raise tax rates or reduce deductions on the rich, their typical response is to divert more of their money into tax shelters where they pay less tax. They can afford tax lawyers and CPAs who find ways to reduce their taxes dramatically and it's all legal.

Donald Trump knows how. For several years at a time, he paid no income tax. I don't know all the shelters he used but I can guess. One would be accelerated depreciation on the buildings and furniture he owns. Another would be Net Loss Carryover. When you have a loss in one year, the IRS Code allows you to deduct that loss on the returns for following years. If the NLC is large enough, it can give you zero tax liability for 5 or 6 years. Even people of moderate income can use tax shelters. I have 2 of them.

If you don't try and target the rich, they will pay a fair share of taxes just like everybody else. If you target them with high tax rates, they run for tax shelters.

The rich get rich because of the poor, middle class and working class....the Bezos, Clintons, Trump's won't lose sleep if they paid more. After all the are ripping what everyone under them is doing, why not share the love? How many billions of dollars one needs?

 

[Viktor]

Tax the billionaires big time. Or prevent them from buying government favors and protection. Or both.

Why should they pay a bigger chunk than we do?? They haven't done anything wrong and don't deserve to be penalized. Only a pirate or a gangster tries to rob the rich just because they have money.

We tax the rich because they have the most money.

When 10% of the people hold 90% of the wealth, what sense does it make to tax those WITHOUT money?

With all respect, Nosmo...we TRY to tax the rich because they have the most money and they laugh at those efforts as they hide their wealth away in tax shelters! You want to actually pry some of that money out of the pockets of the super rich? Enact a flat tax on everyone. The more stuff you buy...the more tax you pay!

We have that already. They are called sales and excise taxes.

We don't have a Flat Tax.

Sales and excise taxes are always a fixed percentage of total sales.

 

[Ray From Cleveland]

The rich get rich because of the poor, middle class and working class

Finally something we agree on. You are absolutely correct. The rich get rich from the poor, middle-class, and the working class by giving them their money. If anybody rejects this, then the solution is simple: quit giving the rich your money.

 

[Ray From Cleveland]

The rich aren't aging wealth as they spend money at restaurants or Disneyland. They are gaining wealth because they have money. They aren't laborers. They make money from money.

Don't tax wage earners. They spend money and drive the economy.

And the rich don't?

My point behind the restaurant and amusement parks is that we as a society do not charge people based on what they have, they pay the same price as everybody else. Why should taxation be any different?

 

[Ray From Cleveland]

What do you find amusing about my statement?

 

[Viktor]

”The trouble with socialism is that you eventually run out of other people's money.” - Margaret Thatcher

I like it. Margaret was one of my favorite women.

 

[Issa]

The rich get rich because of the poor, middle class and working class

Finally something we agree on. You are absolutely correct. The rich get rich from the poor, middle-class, and the working class by giving them their money. If anybody rejects this, then the solution is simple: quit giving the rich your money.

Is a cycle of life and economics....We the people have to put laws in place that are fair. No one should or need to amass billions of dollars from a business while most of his workers are making minimum wage for starters.

I know people that own multiple businesses and mansions and they brag that they pay little to no taxes just like trump.

 

[Viktor]

The rich get rich because of the poor, middle class and working class

Finally something we agree on. You are absolutely correct. The rich get rich from the poor, middle-class, and the working class by giving them their money. If anybody rejects this, then the solution is simple: quit giving the rich your money.

Is a cycle of life and economics....We the people have to put laws in place that are fair. No one should or need to amass billions of dollars from a business while most of his workers are making minimum wage for starters.

I know people that own multiple businesses and mansions and they brag that they pay little to no taxes just like trump.

Are they making a profit?

 

[badbob85037]

Tax the billionaires big time. Or prevent them from buying government favors and protection. Or both.

Tax the billionaires big time don't let them create one job

 

[Rogue AI]

The dems don’t understand economics or even math.
They think that the rich are somehow locked into staying in high tax areas. They think that their money can’t be moved into other countries.
They don’t realize that businesses can leave money overseas Instead of bringing it into the U.S. where it spends just as well there.
They don’t realize that businesses are not going to take a hit to the bottom line, they will just pass that hit onto higher prices for the consumer.

Raise the minimum wage to raise more tax revenue.

Raise minimum wage to increase prices for goods. Then minimum wage purchases the exact same amount of goods or services.
so it ends up as a wash other then it looks good.

Yep. When you increase the minimum wage, you increase everyone else's wages because minimum wage by definition goes to the lowest value employees. So you have to pay the others proportionately more.

Then their companies raise prices and it all balances out again. Then a Democrat raises their hand and says I have an idea, let's increase the minimum wage ...

The problem is that's best case for low end workers, that it just doesn't work. The reality is that businesses constantly use those increased costs to streamline, optimize and automate processes. Which results in fewer low end jobs.

The low end workers are actually the victims of minimum wage increases. Democrats of course don't care, it was never about helping anyone. They want them to be poor so they stay Democrats

Can you show some evidence that when the minimum wage is raised all wages go up? Do you really believe that?

 

[Grumblenuts]

A rising dinghy sinks all yachts.

 

[Issa]

The rich get rich because of the poor, middle class and working class

Finally something we agree on. You are absolutely correct. The rich get rich from the poor, middle-class, and the working class by giving them their money. If anybody rejects this, then the solution is simple: quit giving the rich your money.

Is a cycle of life and economics....We the people have to put laws in place that are fair. No one should or need to amass billions of dollars from a business while most of his workers are making minimum wage for starters.

I know people that own multiple businesses and mansions and they brag that they pay little to no taxes just like trump.

Are they making a profit?

Heck they are, thanks to tax laws that allow to do...and guess who put officials in place to get tax breaks? the same billionaires and the 5% that benefit from it.

 

[Bezukhov]

Rather than waiting for someone to amass a fortune, and then go through the messy process of taking it away from him, why not attack the source of the problem? Source? Most fortunes have their genesis in an idea. Someone gets the notion that they can, for want of a better analogy, build a better mouse trap, or tea kettle. They start tinkering around in there garage, and lo! success! They move on to manufacturing and marketing, soon, (gasp in horror) they're rich! It all started with an idea. My friends, we need to ban ideas.

 

[basquebromance]

the purpose of a wealth tax is not to increase government expenditures, but to solve income inequality, my friends

billionaires save their wealth. we need to confiscate it all.

 

[Bezukhov]

the purpose of a wealth tax is not to increase government expenditures, but to solve income inequality, my friends

billionaires save their wealth. we need to confiscate it all.

How about this? I knock someone over their head and take their wallet. I'm caught, and now I'm facing a judge. If I can prove that the person I robbed had more money than me, whether one dollar more or a billion, rather than throwing me in jail they should pat me on the head and give me a cookie for a job well done.

 

[Theowl32]

The Democrat plans to tax the rich are futile and ignorant. They sound good to the uneducated, but they don't work very well. When you raise tax rates or reduce deductions on the rich, their typical response is to divert more of their money into tax shelters where they pay less tax. They can afford tax lawyers and CPAs who find ways to reduce their taxes dramatically and it's all legal.

Donald Trump knows how. For several years at a time, he paid no income tax. I don't know all the shelters he used but I can guess. One would be accelerated depreciation on the buildings and furniture he owns. Another would be Net Loss Carryover. When you have a loss in one year, the IRS Code allows you to deduct that loss on the returns for following years. If the NLC is large enough, it can give you zero tax liability for 5 or 6 years. Even people of moderate income can use tax shelters. I have 2 of them.

If you don't try and target the rich, they will pay a fair share of taxes just like everybody else. If you target them with high tax rates, they run for tax shelters.

These Dem idiots never learned what Kennedy, Reagan and Trump learned. Cutting taxes puts more money into the economy and the Fed coffers than raising them ever did. They will never, ever learn that lesson.

Imbeciles is what they are.

Trickle down economics has never worked, but it does enrich the rich enormously.

I guess it depends. Trickle down does work to those of us who put ourselves into a position to catch the trickle. It doesn't work for those who spend their days swinging on the front porch hoping the trickle will come to them.

The left use the term TRICKLE UP ECONOMICS. Lol, cannot even get a metaphor that makes sense.

Tax the corporations and corporations leave. The corporations leave, the middle class lose jobs and cities that rely on that industry crumble. Just like they have and the left want us to believe or to not trust our lying eyes.

Want to know why Ohio changed to red? Why they had to rig the Michigan elections? The rust belt saw what the democrat policies have done and they are increasingly not trusting their boogeyman claims.

However, there are far too many ignorant spoiled brainwashed people freshly out of college who have this fairy tale robin hood story paradigm. Many of them are trust fund kids and hardly ever pay bills like property taxes or income taxes. They have no idea. Mixed in is their conditioned sense of white guilt that they needlessly carry around, and we have the fall of Rome happening once again.

 

[kaz]

The dems don’t understand economics or even math.
They think that the rich are somehow locked into staying in high tax areas. They think that their money can’t be moved into other countries.
They don’t realize that businesses can leave money overseas Instead of bringing it into the U.S. where it spends just as well there.
They don’t realize that businesses are not going to take a hit to the bottom line, they will just pass that hit onto higher prices for the consumer.

Raise the minimum wage to raise more tax revenue.

Raise minimum wage to increase prices for goods. Then minimum wage purchases the exact same amount of goods or services.
so it ends up as a wash other then it looks good.

No, it doesn't. Some studies show less than five percent increase in prices. Simply beating the rate of inflation means greater purchasing power for Labor and their propensity to consume. The doubling of the minimum wage will not result in a doubling of prices for anything.

So you're going to increase labor costs by 100% but claim that prices will only go up 5%? You're not the brightest bulb on the tree...are you, Daniel?

Due to minimum wage increases. Other wages could raise it more, but the pay increases need merely beat inflation. Who cares if prices go up if we can afford it with the higher wage. And, a fifteen dollar an hour minimum wage also generates several times more in federal income tax revenue.

How does this work, Daniel? The profit margin of your typical brick and mortar store is less than 5%. Their largest expense will typically be payroll which you're now increasing by 100%. So where do you make up the difference?

Prices won't double even if the minimum wage does. The multiplier effect does the rest.

I asked a rather simple question, Daniel...which you've failed to answer. How do you raise labor costs 100% in a business that only has a 5% profit margin and NOT raise the price of goods and services provided by that business?

It is about the minimum wage and minimum wage labor. What percentage of any workforce makes the minimum wage?

Answer the question, Daniel. If you can't...then admit you have no clue what you're talking about...tuck tail and find another string!

You are the one begging the question. You have nothing but Hoax not any understanding of economics.

So your "answer" to a very simple question...is that I have "Hoax"? If you can't answer something that basic, Daniel then it's obvious your minimum wage ideas fall flat on their face.

I took Economics classes at UMass, Amherst College and Boston University. What is your background on the subject?

I'd give it up. You'll never get anything but empty rhetoric from Danny Boy

He wants to know what my "thesis" is on the subject? Daniel's dumb as a box of rocks.

I put him on ignore years ago. The empty rhetoric never stops ever

 

[kaz]

The dems don’t understand economics or even math.
They think that the rich are somehow locked into staying in high tax areas. They think that their money can’t be moved into other countries.
They don’t realize that businesses can leave money overseas Instead of bringing it into the U.S. where it spends just as well there.
They don’t realize that businesses are not going to take a hit to the bottom line, they will just pass that hit onto higher prices for the consumer.

Raise the minimum wage to raise more tax revenue.

Raise minimum wage to increase prices for goods. Then minimum wage purchases the exact same amount of goods or services.
so it ends up as a wash other then it looks good.

Yep. When you increase the minimum wage, you increase everyone else's wages because minimum wage by definition goes to the lowest value employees. So you have to pay the others proportionately more.

Then their companies raise prices and it all balances out again. Then a Democrat raises their hand and says I have an idea, let's increase the minimum wage ...

The problem is that's best case for low end workers, that it just doesn't work. The reality is that businesses constantly use those increased costs to streamline, optimize and automate processes. Which results in fewer low end jobs.

The low end workers are actually the victims of minimum wage increases. Democrats of course don't care, it was never about helping anyone. They want them to be poor so they stay Democrats

Can you show some evidence that when the minimum wage is raised all wages go up? Do you really believe that?

Sure, but let's discuss.

So just to be clear. You're questioning that you have to pay employees with more skills more money than employees with lower skills?

Let's think about if that were true. So since you can get better employees for the same money, you don't have to pay more to attract better skills, why would you hire the lower skilled employees at all?

Let's say you can buy a basic toaster that meets your needs for $30. There's a better one for $40. You think it's cool, but you don't really need it. Which do you buy? The $30 toaster.

Now let's say the government comes in and forces them to sell the $30 toaster for $40. Which do you buy? The one that originally cost $40 of course.

So for employees, now if you can get the better employee for the same price, everyone hires the better employees. Then you run out of the better employees. What happens? Companies have to pay the better employees more to attract them.

It's economics 101