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Replies: 38
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All-TigerNet [11630]
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Oculus Spirit [97719]
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It will achieve nothing.
Mar 15, 2021, 4:55 PM
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Taxes have extracted between 15 and 19% of GDP since WW2, with a top rate of 95%, or a top rate of 29%. Makes no difference. The rich have long since institutionalized the hiding of their income. And most are rich on only assets anyway. Stocks, etc.
Unless you want to go the route of Elizabeth Warren, playing class warfare with our INCOME tax code is smoke and mirrors.
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Orange Blooded [4679]
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Re: Trump's tax cuts for the 'rich'
Mar 15, 2021, 5:02 PM
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Well you get what you vote for. Hard to believe America voted for these clowns. Oh well, it was a great 4 years
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All-TigerNet [13108]
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Re: Trump's tax cuts for the 'rich'
Mar 15, 2021, 5:02 PM
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I think everyone should pay 7%. Flat rate, zero deductions. Everyone pays; illegals, churches, single moms with 4 kids, corporations... everyone. Then the govt has that sum to run on...period. Then let’s see how many business killing regulations get passed.
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Orange Blooded [4679]
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Re: Trump's tax cuts for the 'rich'
Mar 15, 2021, 5:09 PM
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There’s one huge problem with this. It requires common sense. You’re expecting our government to use common sense and actually do something to make life better. Can’t happen.
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Oculus Spirit [97719]
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7% won't cut it. More like 20%.
Mar 15, 2021, 5:28 PM
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And it has to taper off for people near the poverty level. At some point 20% keeps people from buying food, or paying regular bills. And that would basically maintain our current level of revenue.
But yeah, a flat tax tapered off at the poverty level would be better, all things being unequal of course. 7% would be less than $2 trillion in revenue.
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All-TigerNet [13108]
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Re: 7% won't cut it. More like 20%.
Mar 15, 2021, 6:33 PM
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If churches and corporations, and the 50% of the country that pay nothing were paying 7%, it would be more than enough.
I’ve done the maf.
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Heisman Winner [111580]
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Re: 7% won't cut it. More like 20%.
Mar 15, 2021, 9:11 PM
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I am doing the maff right now, you are looking at less than a trillion in revenue.
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Legend [15749]
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Just have a flat tax with a threshold. So, say, the first $30k is untaxed.
Mar 15, 2021, 10:21 PM
[ in reply to 7% won't cut it. More like 20%. ] |
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Everything above that is x%.
And no credits/deductions.
Won’t happen but I would have very objections.
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Oculus Spirit [83119]
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All-TigerNet [13108]
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Re: 7%? And you talk about common sense?***
Mar 15, 2021, 6:33 PM
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See above
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Orange Blooded [4679]
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Re: 7%? And you talk about common sense?***
Mar 15, 2021, 9:12 PM
[ in reply to 7%? And you talk about common sense?*** ] |
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Yeah maybe gubmint would have to figure out ways to cut spending. Imagine that.
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Oculus Spirit [83119]
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What??
Mar 15, 2021, 5:38 PM
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"Among Biden's ideal proposals in the tax hike is raising the corporate tax rate by 7 per cent from 21 per cent to 28 per cent.
He also plans to raise the income tax on those earning more than $400,000 and implement a higher capital-gains tax rate for individuals earning at least $1 million per year to help fund his next spending package."
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Oculus Spirit [78892]
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corporations don't pay taxes***
Mar 15, 2021, 5:53 PM
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All-TigerNet [11630]
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The tax cuts were across all brackets
Mar 15, 2021, 6:16 PM
[ in reply to What?? ] |
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I think a lot of people with short memories will be in for a surprise when their take home pay goes down.
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All-In [31894]
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I'm not in favor of his plan, but it is exactly what he...
Mar 16, 2021, 8:09 AM
[ in reply to What?? ] |
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in the campaign.
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Heisman Winner [119708]
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If we taxed consumption at say 15%
Mar 15, 2021, 7:40 PM
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Those storage units would disappear.....
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Lot o points [155907]
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The old fair tax rate was 30% I think on purchases.
Mar 15, 2021, 11:59 PM
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I actually liked the plan. Boortz used to pimp it every chance he got.
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CU Medallion [60043]
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Re: The old fair tax rate was 30% I think on purchases.
Mar 16, 2021, 12:43 AM
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This whole thread makes me miss him.
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All-In [34108]
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My favorite part about Trump's 2018 tax reform law
Mar 16, 2021, 8:37 AM
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was that it removed the home office deduction for W-2 employees, meaning that it screwed everyone who was forced to convert their home into a workspace in 2020.
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All-In [31894]
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Probably kept a lot of folks from being audited...
Mar 16, 2021, 8:40 AM
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when they tried to claim 50% of their house as a deduction, when in reality, they just worked at their existing kitchen table.
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All-In [34108]
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Re: Probably kept a lot of folks from being audited...
Mar 16, 2021, 8:49 AM
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Maybe. It's truly insane how many deductions you can get if you're a business owner, some of whom pull things like that 50% move--I've certainly met my share of them. But the worker is screwed. Workers can't even deduct an unreimbursed business expense.
Not sure what the underlying policy is. Regular people will lie and take advantage of the deductions, so let's only give it to the ownership class? I probably shouldn't complain because I just joined the ownership class a month ago, but I still identify as a prol. 
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All-In [31894]
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Wait, what?....
Mar 16, 2021, 9:43 AM
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if you're a business owner, you pay taxes on profit and profit is calculates as revenue less expenses...so yeah, expenses are "written off".
I don't really see how "the worker" is screwed in this scenario. Fred's office shut-down temporarily due to COVID and he was told to work from home. Employer likely picked up the cost for internet and maybe suitable router...gave Fred the equipment that he needs and Fred works from his kitchen table or bonus room. I suspect if Fred really had to purchase something to enable him to work from home that his employer covered it. Fred saves a lot in gas, wear/tear on car, clothes, food, etc...by working from home, not to mention likely a much more flexible schedule.
Bob owns a business and runs the business out of a room in his house. When Bob does his taxes, he gets to claim the prorated cost of that room (sqft of room/sqft of house) as a business expense (because it is).
How is Fred getting screwed here?
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All-In [34108]
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Re: Wait, what?....
Mar 16, 2021, 12:34 PM
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Here's how Fred it getting screwed (I'm Fred in this story).
Fred's office shut-down temporarily due to COVID and he was told to work from home. Employer likely DID NOT picked up the cost for internet and maybe suitable router...NEVER gave Fred the equipment that he needs and Fred works from his kitchen table or bonus room. I suspect if Fred really had to purchase something to enable him to work from home that his employer covered it, BUT THAT DID NOT HAPPEN. Fred saves a lot in gas, wear/tear on car, clothes, food, etc...by working from home, not to mention likely a much more flexible schedule USED THE COMMUTE TIME TO WORK MORE, EARNING MORE MONEY FOR THE BOSS.
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All-In [31894]
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Fred sounds like a sap***
Mar 16, 2021, 2:18 PM
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All-In [34108]
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The boss makes the rules. And gets the tax breaks.
Mar 17, 2021, 6:07 AM
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So yeah, the Freds are all saps.
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All-In [31894]
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Meant to also add, that I/my company sent people to...
Mar 16, 2021, 2:20 PM
[ in reply to Re: Wait, what?.... ] |
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work from home and did all of things I mentioned. Did not have to buy any equipment for anyone...although did have to change a few ppl from desktops to laptops. We pay for said employee's internets. I'm pretty sure we did NOT get more work out of people vs. in the office. One of the reasons I called everyone back to the office a few months later.
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All-In [48078]
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Re: Trump's tax cuts for the 'rich'
Mar 16, 2021, 8:46 AM
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Anyone posting here making over 400k per year? I know I am not.
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Lot o points [155907]
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T's & P's.***
Mar 16, 2021, 8:48 AM
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All-In [48078]
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Re: T's & P's.***
Mar 16, 2021, 8:50 AM
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Those should help. I appreciate it. I think me and FBcooch are the only 2 posters here making under 400k.
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Lot o points [155907]
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You guys probably are. I really feel badly though
Mar 16, 2021, 8:57 AM
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for the couple posters who don't have chiseled 6 pack abs and pulled nothing but 10's their entire Clemson career. Can't imagine going through life like that.
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All-In [48078]
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Re: You guys probably are. I really feel badly though
Mar 16, 2021, 8:59 AM
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It was rough.
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Hall of Famer [20540]
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110%er [9664]
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All-In [40932]
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All-In [46825]
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ITT posters making 60K/year crying for people making 400k***
Mar 16, 2021, 9:13 AM
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All-In [46825]
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Re: Trump's tax cuts for the 'rich'
Mar 16, 2021, 9:40 AM
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All-TigerNet [11630]
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Your meme is incorrect...
Mar 16, 2021, 10:47 AM
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Biden is going to raise taxes on all wage earners.
And then apply additional raises to those earning $400K or more.
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Orange Blooded [4679]
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Re: Your meme is incorrect...
Mar 16, 2021, 11:37 AM
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Exactly!!! Getting rid of the Trump tax cuts means we all will pay more. Why can’t they understand the shell game democrats play?
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Replies: 38
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