Taxing The Rich

[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

I don't need to ignore anyone. I resort to the fewest fallacies. Those who have the emptiest rhetoric have nothing but fallacy not any valid arguments. Oldstyle merely likes to resort to ad hominems not valid rebuttal and thinks he is Right simply because he is on the right wing not because he has any valid arguments.

You've made a valid argument? When? You've become a joke, Daniel...you're just too dense to recognize that fact! "Hoax"? "Thesis"? "Ad hominem"? "Fallacies"? You babble like Joe Biden when he loses his place on the teleprompter. Things are coming out of your mouth but none of it makes a lick of sense!

Correct! See the red. I don't have to read the discussion to say that's exactly it

 

[danielpalos]

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?

Al? Use your head for something other than a hat rack! A little common sense? If you make $15 an hour as my manager at Burger World do you think you'll be satisfied making that same $15 an hour if I get a raise to $15 as well? Of course not! Common sense tells you that anytime you raise the bottom rung of a pay scale...you HAVE to raise the rungs above that bottom rung!

Way to ignore the radical increase in overhead. A drastic increase in the minimum wage will create a class of minimum wage workers for years. All the people below the minimum now will never see another raise. There are a lot more folks flipping the burgers than managing the store.

And, right wingers love to complain about the cost of social services as well.

 

[Juicin]

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.

Taxing personal income and capital gains has almost no impact on GDP and the rich aren't going to leave the country or take their money to china because of higher capital gains. People will leave their state tho, so be careful with that on a state level

Fuck em

Tax em if u want doesn't matter

Corporate taxes are what matter to the vast majority of us. That's where arguments about taxes having an effect on the economy at a macro scale veryyyy strong.

 

[danielpalos]

What is wrong with raising the minimum wage to create that Institutional upward pressure on wages to meet or beat inflation? Higher paid labor creates more in demand and generates more in tax revenue in any long run equilibrium; the multiplier effect. The Poor tend to have the largest marginal propensity to consume with their income.

I have absolutely no reason to hire someone unless I see profit from that employee ... if I'm paying him $10/hr, I should see a $5/hr profit, money into MY pocket ... you want me to raise his wage to $15/hr, and see MY profit disappear? ... I'm laying that worker off, not worth the effort to keep him employed ... or raise my prices to cover the extra $5/hr (plus margins) ...

Fixing Standards for the Union is a (social) power delegated to our federal Congress. Moving the goal posts merely means reviewing your accounting and adjust for a profit.

 

[danielpalos]

What is wrong with raising the minimum wage to create that Institutional upward pressure on wages to meet or beat inflation? Higher paid labor creates more in demand and generates more in tax revenue in any long run equilibrium; the multiplier effect. The Poor tend to have the largest marginal propensity to consume with their income.

Wages go up, prices go up ... the definition of inflation ... that new $15 only buys the same as the old $10 did ... the worker sees no benefit ... whereas these extra margins increases MY buying power ... I wished it worked that way, but it doesn't ... I'm still better off expanding my business and hiring more $10/hr workers ... keep inflation down, interest rates down ... keep minimum wage at $10/hr ... more people benefit with jobs, and I benefit with more revenue, same expenses, which means more profit ...

Can you explain your line of reasoning for your fantastical (right wing Hoax) claims of inflation? In this case, the minimum wage is doubling for some people but prices will not double; thus, it is merely a cost of living adjustment for purchasing power parity purposes.

 

[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?

Al? Use your head for something other than a hat rack! A little common sense? If you make $15 an hour as my manager at Burger World do you think you'll be satisfied making that same $15 an hour if I get a raise to $15 as well? Of course not! Common sense tells you that anytime you raise the bottom rung of a pay scale...you HAVE to raise the rungs above that bottom rung!

Way to ignore the radical increase in overhead. A drastic increase in the minimum wage will create a class of minimum wage workers for years. All the people below the minimum now will never see another raise. There are a lot more folks flipping the burgers than managing the store.

When I was working in Europe, there was almost no one working in places like McDonalds. All ordering was on line. Customers entered and paid on electronic kiosks. This was several years ago. The US is now heading that same direction.

Democrats get businesses to automate and offshore. Democrats are all about ideology, they refuse to look at the realities of their policies.

A permanent class of unemployed is where we are headed. And our dumb fucking country just voted for more of it

 

[danielpalos]

What is wrong with raising the minimum wage to create that Institutional upward pressure on wages to meet or beat inflation? Higher paid labor creates more in demand and generates more in tax revenue in any long run equilibrium; the multiplier effect. The Poor tend to have the largest marginal propensity to consume with their income.

The Poor rent? ... landlords across the nation know how to raise rents ... the worker earns $800 more per month, their rents go up $400 ... easy peasy ... I set up a spreadsheet calculator where I inputted the SS COL, find the dollar amount each of my tenants would see in their monthly checks, then raise rents that amount ... that MY cost of living increase, not yours ...

Right wingers insist on their free market propaganda and rhetoric regarding market based arbitrage.

 

[danielpalos]

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

I don't need to ignore anyone. I resort to the fewest fallacies. Those who have the emptiest rhetoric have nothing but fallacy not any valid arguments. Oldstyle merely likes to resort to ad hominems not valid rebuttal and thinks he is Right simply because he is on the right wing not because he has any valid arguments.

You've made a valid argument? When? You've become a joke, Daniel...you're just too dense to recognize that fact! "Hoax"? "Thesis"? "Ad hominem"? "Fallacies"? You babble like Joe Biden when he loses his place on the teleprompter. Things are coming out of your mouth but none of it makes a lick of sense!

Disagree. Daniel didn't just become a joke, he's been one for a very long time. I've had him on ignore for years because of his unending vacuous posts. I told him before I put him on ignore that I have no interest in policing the board, if he would stop writing his empty headed rhetoric to me then I wouldn't put him on ignore. He made a point of writing more vacuous posts. Now I only see him when people respond to his vapor

You have nothing but fallacy not any valid arguments. Hoaxster.

 

[danielpalos]

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?

Al? Use your head for something other than a hat rack! A little common sense? If you make $15 an hour as my manager at Burger World do you think you'll be satisfied making that same $15 an hour if I get a raise to $15 as well? Of course not! Common sense tells you that anytime you raise the bottom rung of a pay scale...you HAVE to raise the rungs above that bottom rung!

Way to ignore the radical increase in overhead. A drastic increase in the minimum wage will create a class of minimum wage workers for years. All the people below the minimum now will never see another raise. There are a lot more folks flipping the burgers than managing the store.

When I was working in Europe, there was almost no one working in places like McDonalds. All ordering was on line. Customers entered and paid on electronic kiosks. This was several years ago. The US is now heading that same direction.

Democrats get businesses to automate and offshore. Democrats are all about ideology, they refuse to look at the realities of their policies.

A permanent class of unemployed is where we are headed. And our dumb fucking country just voted for more of it

lol. Only right wingers have nothing but unpatriotic Hoax.

The left has a solution for simple poverty to help more automatically stabilize our economy.

 

[irosie91]

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

I don't need to ignore anyone. I resort to the fewest fallacies. Those who have the emptiest rhetoric have nothing but fallacy not any valid arguments. Oldstyle merely likes to resort to ad hominems not valid rebuttal and thinks he is Right simply because he is on the right wing not because he has any valid arguments.

You've made a valid argument? When? You've become a joke, Daniel...you're just too dense to recognize that fact! "Hoax"? "Thesis"? "Ad hominem"? "Fallacies"? You babble like Joe Biden when he loses his place on the teleprompter. Things are coming out of your mouth but none of it makes a lick of sense!

Correct! See the red. I don't have to read the discussion to say that's exactly it

re the science ECONOMICS------had I majored in ECONOMICS in college----I KNOW, I would have had a PERFECT grade point average. I Aced every "sociology" (ugh) course I attended. -----however, sociology
books are, at least READABLE (good for casual reading---like "stories")-------"economics" seems, to me to be as dull as banking..... local
to the society that USES a particular form like a
local craft. I DO NOT BELIEVE the "theories"
put forth by ECONOMISTS like Bakunin or
Marx or Edward Bellamy-----and MOST ESPECIALLY by----alexandra ocasio cortez.
--nor does her gradepoint average impress
me------if I can do it, anybody can do it

 

[danielpalos]

lol. Right wingers have nothing but Hoax; it is the "gospel Truth".

 

[ReinyDays]

What is wrong with raising the minimum wage to create that Institutional upward pressure on wages to meet or beat inflation? Higher paid labor creates more in demand and generates more in tax revenue in any long run equilibrium; the multiplier effect. The Poor tend to have the largest marginal propensity to consume with their income.

Wages go up, prices go up ... the definition of inflation ... that new $15 only buys the same as the old $10 did ... the worker sees no benefit ... whereas these extra margins increases MY buying power ... I wished it worked that way, but it doesn't ... I'm still better off expanding my business and hiring more $10/hr workers ... keep inflation down, interest rates down ... keep minimum wage at $10/hr ... more people benefit with jobs, and I benefit with more revenue, same expenses, which means more profit ...

Can you explain your line of reasoning for your fantastical (right wing Hoax) claims of inflation? In this case, the minimum wage is doubling for some people but prices will not double; thus, it is merely a cost of living adjustment for purchasing power parity purposes.

I did explain it ... I take it you've never ran a business before ...

In very very simple terms ... I pay someone $10 to make something I sell for $12 ... ten bucks for him, couple bucks for me ... now you want me to pay his $15 to make something I sell for $12 ... fifteen bucks for him, and I PAY three bucks ... that's stupid ... I either lay him off or raise my selling price to $17 ... inflation ...

This is why you're Middle Class paying 1/3 your income in taxes ...

 

[sartre play]

Business is in business to make money. So lets pick on one business Walmart, owners even the grand children are billionaires. So they never will have to worry about money. do they Willingly pass any of the profit down to their employees who keep the whole thing running? they do what business does best make money for the owners. so they install self check out, SHOPPERS do the work for free that checkers got paid for, then you install robots to roll down the isle & check product. so there is another job gone. Sometimes in small towns these are most of the only jobs around. Am not saying if this is wrong or right, All over the middle of the country small towns are dead or dying. The cost of everything has gone up. more people are low income. Am not seeing the benefit to average working people of tax cuts for the rich with the exception of them putting more money in the pockets of All our politicians to buy how they want things run.

 

[danielpalos]

What is wrong with raising the minimum wage to create that Institutional upward pressure on wages to meet or beat inflation? Higher paid labor creates more in demand and generates more in tax revenue in any long run equilibrium; the multiplier effect. The Poor tend to have the largest marginal propensity to consume with their income.

Wages go up, prices go up ... the definition of inflation ... that new $15 only buys the same as the old $10 did ... the worker sees no benefit ... whereas these extra margins increases MY buying power ... I wished it worked that way, but it doesn't ... I'm still better off expanding my business and hiring more $10/hr workers ... keep inflation down, interest rates down ... keep minimum wage at $10/hr ... more people benefit with jobs, and I benefit with more revenue, same expenses, which means more profit ...

Can you explain your line of reasoning for your fantastical (right wing Hoax) claims of inflation? In this case, the minimum wage is doubling for some people but prices will not double; thus, it is merely a cost of living adjustment for purchasing power parity purposes.

I did explain it ... I take it you've never ran a business before ...

In very very simple terms ... I pay someone $10 to make something I sell for $12 ... ten bucks for him, couple bucks for me ... now you want me to pay his $15 to make something I sell for $12 ... fifteen bucks for him, and I PAY three bucks ... that's stupid ... I either lay him off or raise my selling price to $17 ... inflation ...

This is why you're Middle Class paying 1/3 your income in taxes ...

If you incorporate on a for-profit basis you are required by law to try to achieve a profit. Government has the social authority to move the goal posts. You have to re-consider your bottom line to make a profit.

 

[ReinyDays]

re the science ECONOMICS------had I majored in ECONOMICS in college----I KNOW, I would have had a PERFECT grade point average. I Aced every "sociology" (ugh) course I attended. -----however, sociology
books are, at least READABLE (good for casual reading---like "stories")-------"economics" seems, to me to be as dull as banking..... local
to the society that USES a particular form like a
local craft. I DO NOT BELIEVE the "theories"
put forth by ECONOMISTS like Bakunin or
Marx or Edward Bellamy-----and MOST ESPECIALLY by----alexandra ocasio cortez.
--nor does her gradepoint average impress
me------if I can do it, anybody can do it

I've used nothing but "supply-and-demand" ... find a product in high demand and supply it ... starting with construction work of the highest quality workmanship ... The Rich want this for repairs on their $10 million homes and happily pay whatever I asked ... I never reached my goal of 12 customers, but I did well enough until the rental opportunity in a chronic housing shortage area ... huge demand for any rental, strict laws preventing any new rentals be built ... the perfect supply-and-demand situation ... [ka'ching] ...

 

[danielpalos]

Business is in business to make money. So lets pick on one business Walmart, owners even the grand children are billionaires. So they never will have to worry about money. do they Willingly pass any of the profit down to their employees who keep the whole thing running? they do what business does best make money for the owners. so they install self check out, SHOPPERS do the work for free that checkers got paid for, then you install robots to roll down the isle & check product. so there is another job gone. Sometimes in small towns these are most of the only jobs around. Am not saying if this is wrong or right, All over the middle of the country small towns are dead or dying. The cost of everything has gone up. more people are low income. Am not seeing the benefit to average working people of tax cuts for the rich with the exception of them putting more money in the pockets of All our politicians to buy how they want things run.

It is up to Government to ensure the general welfare of the People. Why not solve simple poverty through equal protection of the laws for unemployment compensation in our at-will employment States? We have broadband internet access now.

 

[Cellblock2429]

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.

/——/ A refreshing post from the left.

 

[Ray From Cleveland]

Business is in business to make money. So lets pick on one business Walmart, owners even the grand children are billionaires. So they never will have to worry about money. do they Willingly pass any of the profit down to their employees who keep the whole thing running? they do what business does best make money for the owners. so they install self check out, SHOPPERS do the work for free that checkers got paid for, then you install robots to roll down the isle & check product. so there is another job gone. Sometimes in small towns these are most of the only jobs around. Am not saying if this is wrong or right, All over the middle of the country small towns are dead or dying. The cost of everything has gone up. more people are low income. Am not seeing the benefit to average working people of tax cuts for the rich with the exception of them putting more money in the pockets of All our politicians to buy how they want things run.

How about the idea that lower taxes help keep jobs in this country instead of going overseas? How about lower taxes creates investment opportunities for businesses to expand thus creating more jobs? How about our IRA's growing because wealthy people can afford to put more money into the market?

 

[Oldestyle]

What is wrong with raising the minimum wage to create that Institutional upward pressure on wages to meet or beat inflation? Higher paid labor creates more in demand and generates more in tax revenue in any long run equilibrium; the multiplier effect. The Poor tend to have the largest marginal propensity to consume with their income.

The Poor rent? ... landlords across the nation know how to raise rents ... the worker earns $800 more per month, their rents go up $400 ... easy peasy ... I set up a spreadsheet calculator where I inputted the SS COL, find the dollar amount each of my tenants would see in their monthly checks, then raise rents that amount ... that MY cost of living increase, not yours ...

Right wingers insist on their free market propaganda and rhetoric regarding market based arbitrage.

You're the Norm Crosby of the US Message Board!

 

[danielpalos]

What is wrong with raising the minimum wage to create that Institutional upward pressure on wages to meet or beat inflation? Higher paid labor creates more in demand and generates more in tax revenue in any long run equilibrium; the multiplier effect. The Poor tend to have the largest marginal propensity to consume with their income.

The Poor rent? ... landlords across the nation know how to raise rents ... the worker earns $800 more per month, their rents go up $400 ... easy peasy ... I set up a spreadsheet calculator where I inputted the SS COL, find the dollar amount each of my tenants would see in their monthly checks, then raise rents that amount ... that MY cost of living increase, not yours ...

Right wingers insist on their free market propaganda and rhetoric regarding market based arbitrage.

You're the Norm Crosby of the US Message Board!

Right wingers are full of Hoax, see how easy it can be to have nothing but fallacy instead of valid arguments.