Wealth Tax: Yeah! Why do Warren Buffett and Bill gates need so much money in their Trust?

[jc456]

What the fk are you babbling about?

son, learn you some economics

What do you know about financial statements?

The Divine Right of Capital by Marjorie Kelly: A Summary

"Here’s the basic formula you’ll find on financial statements:

"Capital Income + Retained earnings = Revenue – (Employee income + Cost of materials)

"...some simple algebra.. show(s) that this formula could just as easily be re-written as:

"Employee income + Retained earnings = Revenue – (Capital income + Cost of materials)"

You reporting taxes on the money retained in your pocket?

Or, when you use it to purchase product?

 

[basquebromance]

to those who support a wealth tax: i would like to know your definition of a "wealthy" person

to those who don't: buckle up, more taxes are headed your way under Biden...guaranteed

 

[Andylusion]

Or is it smarter to bring their money into the country, use it to create jobs and the people who make that money pay taxes? I'll never figure ignorant fks like you out.

That's because you're not smart enough to notice how rich people don't bring "their" money into this country to create jobs. They use "their" money to fund stock buybacks and enrich parasitic shareholders.

The Divine Right of Capital

"In the worldview of corporate financial statements, the aim is to pay stockholders as much as possible, and employees as little as possible."

The goal is to pay stockholders as much as possible? Really?

S&P 500: Total and Inflation-Adjusted Historical Returns

Historical performance of the U.S. stock market, measured through the S&P500 index. Charts for total return and inflation-adjusted data are included.

www.simplestockinvesting.com

After adjusting for inflation, dividends are lower today than at almost any time in the past.

In the 1950s, you could get 9% dividend returns. Even in the 70s and 80s, you could get 3% to 5%. Today, you are lucky to get 2%.

Dividend payouts are lower than ever before, and all you do is cry about it.

 

[Andylusion]

What the fk are you babbling about?

son, learn you some economics

What do you know about financial statements?

The Divine Right of Capital by Marjorie Kelly: A Summary

"Here’s the basic formula you’ll find on financial statements:

"Capital Income + Retained earnings = Revenue – (Employee income + Cost of materials)

"...some simple algebra.. show(s) that this formula could just as easily be re-written as:

"Employee income + Retained earnings = Revenue – (Capital income + Cost of materials)"

"Employee income + Retained earnings = Revenue – (Capital income + Cost of materials)"

So under your formulate, when the company revenues fall, should all the employees take a pay cut?

 

[Andylusion]

We have a free market system....consumer capitalism is up the individual, certainly businesses try to practice that...and we are seeing more and more of that in the tech age, with Facebook, Amazon etc using search history etc

For the last hundred years American consumers have been preyed upon by a business community whose sole motivation is greater profits. Consumer capitalism stands a free market on its head since it substitutes contrived desires for human needs.

Consumer capitalism

"In 1919 Edward Bernays began his career as the 'father of public relations' and successfully applied the developing principles of psychology, sociology and motivational research to manipulate public opinion in favor of products like cigarettes, soap, and Calvin Coolidge.

"New techniques of mechanical reproduction developed in these decades improved the channels of mass-market communication and its manipulative power.

"This development was described as early as the 1920s by Walter Benjamin and related members of the Frankfurt School, who foresaw the commercial, societal and political implications."

Well that explains why everyone in Venezuela is so happy. After all those evil business people stoped preying on them, packed up their wealth, their jobs, and their businesses and left.... they are so much better off.

That also explains why so few people are trying to come to the US every year. Who would want to be prey to business here in the US?

 

[FA_Q2]

No one's labor is exploited.

Every employee enters an employment contract by choice for an agreed upon wage.

Every employee is part of an overwhelming majority of society whose surplus value is legally appropriated by a small minority of "owners."
View attachment 467310
Employees are compelled by their lack of ownership of the means of production to sell their labor to capitalists for less than the full value of the goods they produce.

It doesn't matter which capitalist they work for, the game is rigged.

You never really get tired of slinging the party line, eh comrade?

You have to forgive George, his keyboard has only 3 working buttons: ctrl, c and v.

 

[georgephillip]

"The means of production". It's never clear to me what that's supposed to mean. It seems to me that the primary means of production is the human mind, and it bothers me a great deal to see that declared public property.

Surely, you jest?

"In economics and sociology, the means of production (also called capital goods[1] or productive property) are physical and non-financial inputs used in the production of goods and services with economic value. These include raw materials, facilities, machinery and tools used in the production of goods and services."

Means of production

 

[dblack]

"The means of production". It's never clear to me what that's supposed to mean. It seems to me that the primary means of production is the human mind, and it bothers me a great deal to see that declared public property.

Surely, you jest?

-- propaganda meme omitted --

"In economics and sociology, the means of production (also called capital goods[1] or productive property) are physical and non-financial inputs used in the production of goods and services with economic value. These include raw materials, facilities, machinery and tools used in the production of goods and services."

Means of production

Sadly, not a joke. Socialism views labor as property of the state. Do you deny that workers are "physical and non-financial inputs used in the production of goods and services with economic value."

"From each according to his ability, to each according to his needs"

 

[georgephillip]

$100 for a bicycle? Is it a complete bike? You buy a bike for $100 it is probably a used bike at a garage sale.

Maybe I should have compared sales tax rates on a $1000 bike vs a $100,000 car?

 

[Blues Man]

"The means of production". It's never clear to me what that's supposed to mean. It seems to me that the primary means of production is the human mind, and it bothers me a great deal to see that declared public property.

Surely, you jest?

"In economics and sociology, the means of production (also called capital goods[1] or productive property) are physical and non-financial inputs used in the production of goods and services with economic value. These include raw materials, facilities, machinery and tools used in the production of goods and services."

Means of production

yeah tell me where Marxist socialism ever resulted in increased standards of living for the working class

 

[georgephillip]

people have bought the bull that everyone has to go to college.

No one claimed "everyone has to go to college" but those who do have more earning potential on average than workers with only a high school diploma, and college graduates also have an unemployment rate that's half the rate of high school grads. Working part-time has long been a solution for the cost of higher education, but that worked much better before Reagan decided a college education should be regarded as a private rather than public good.

 

[Blues Man]

people have bought the bull that everyone has to go to college.

No one claimed "everyone has to go to college" but those who do have more earning potential on average than workers with only a high school diploma, and college graduates also have an unemployment rate that's half the rate of high school grads. Working part-time has long been a solution for the cost of higher education, but that worked much better before Reagan decided a college education should be regarded as a private rather than public good.

Bullshit.

There is a general belief that everyone needs to go to college today. It's a falsely created demand that the US government has been party to by guaranteeing student loans.

Get the government out of the student loan business and tuition prices will drop

 

[georgephillip]

in 2019 the total was were 18.6 trillion the revenue from income tax was 1.9 trillion a flat tax of 9.6% would have brought in the same revenue. And there would be savings from reducing the size of the IRS and getting rid of the expense of issuing refunds every year.

So your contention that a flat tax would have to be extremely high is wrong

Flat Tax

"What Is a Flat Tax?

"A flat tax system applies the same tax rate to every taxpayer regardless of income bracket.

"Typically, a flat tax applies the same tax rate to all taxpayers with no deductions or exemptions allowed, but some politicians such as Ted Cruz and Rand Paul have proposed flat tax systems that keep certain deductions in place.1 2

"Most flat tax systems or proposals do not tax income from dividends, distributions, capital gains, or other investments.

Would your flat tax apply to income from dividends, capital gains, or other investments?

Would corporations pay the same rate as individuals?

 

[Blues Man]

in 2019 the total was were 18.6 trillion the revenue from income tax was 1.9 trillion a flat tax of 9.6% would have brought in the same revenue. And there would be savings from reducing the size of the IRS and getting rid of the expense of issuing refunds every year.

So your contention that a flat tax would have to be extremely high is wrong

Flat Tax

"What Is a Flat Tax?

"A flat tax system applies the same tax rate to every taxpayer regardless of income bracket.

"Typically, a flat tax applies the same tax rate to all taxpayers with no deductions or exemptions allowed, but some politicians such as Ted Cruz and Rand Paul have proposed flat tax systems that keep certain deductions in place.1 2

"Most flat tax systems or proposals do not tax income from dividends, distributions, capital gains, or other investments.

Would your flat tax apply to income from dividends, capital gains, or other investments?

Would corporations pay the same rate as individuals?

Yes and yes.

And the rate would not have to be very high to be revenue neutral.

 

[georgephillip]

yes it's the same on everything.

Just like it is with state sales taxes.

A national sales tax would be in addition to similar state and local taxes?

National Sales Tax?

 

[Blues Man]

yes it's the same on everything.

Just like it is with state sales taxes.

A national sales tax would be in addition to similar state and local taxes?

National Sales Tax?

There is an argument that a national sales tax can replace the income tax.

 

[dblack]

yeah tell me where Marxist socialism ever resulted in increased standards of living for the working class

That's not the point of Marxism. The goal isn't to lift up the poor. The goal is to eliminate the rich. Private wealth represents power in society that isn't controlled by government. Socialists want to transfer that power to the state.

 

[FA_Q2]

yeah tell me where Marxist socialism ever resulted in increased standards of living for the working class

That's not the point of Marxism. The goal isn't to lift up the poor. The goal is to eliminate the rich. Private wealth represents power in society that isn't controlled by government. Socialists want to transfer that power to the state.

The big secrete with socialism and Marxism. They say a concern for the poor is the driving force but the real driving force is a hatred for the rich.

 

[georgephillip]

hahaha yeah a private bank is committing widespread human rights violations and cracking down on dissent.....geez

Private banks on Wall Street and elsewhere profit from the mass killing of civilians on the opposite side of the planet; which Chinese banks earn similar blood money?

 

[struth]

hahaha yeah a private bank is committing widespread human rights violations and cracking down on dissent.....geez

Private banks on Wall Street and elsewhere profit from thass killing of civilians on the opposite side of the planet; which Chinese banks earn similar blood money?

Yes, the Chinese profit from war as well.....they make a lot of weapons and sell them....some of their biggest clients have been some of the most oppressive regimes as well....Iran, Iraq, North Korea, Pakistan, and Myanmar (Thailand is also a major client)