Bidens next blunder - raise taxes!

[Fenixgoon]

He was speaking about the way he earns a living, and it is completely acceptable for a reason:

He gets paid by long term capital gains which are taxed at a lower rate than plain W2 income. Had he been paid solely in W2 wages his tax rate would be higher than the secretary's rate.

That is part of the reason lots of CEOs are paid $1 per year in salary while earning millions in stock options.....so long as they deliver performance for shareholders in stock price appreciation.

While I do think that there should probably be cap on the amount you can make via stock options at a favorable tax rate ($10M?), it is better for everyone vs simply paying them $10,000,000 a year no matter how the company does.

tax income as income, no matter the source. "but it encourages investment" may be true, but investment would be a good idea anyways regardless of the tax benefits.

and golden parachute deals ensure that the bolded is immaterial. these people have more money than most americans will ever see, and get even more when they ruin lives and economies. it is morally abhorrent.

 

[FelixDeCat]

This is not really true. When you look at total tax burden the people at the very top pay a little more of the share of taxes than their share of national income and vice versa with the people at the bottom.

The basic way conservatives try and get around this uncomfortable fact is they demand we only count FEDERAL INCOME TAX instead of counting all taxes people pay. Federal income tax is highly progressive but most state and local taxes are highly regressive, so it all ends up balancing out.

Armed with this information are you willing to revise your position?

So you mean to say rich people to do not pay (on top of income tax) all the other taxes the rest of us pay likes sales, property, etc taxes? Im thinking they are not exempt from the same taxes you cite.

In the end all we need is a flat tax everyone pays, say 10% of all income under $1M and 20% of all income over $1M?

Seems fair to me. You can even keep your silly state, local, sales and property taxes.

 

[mikeymikec]

<snipped because I should have realised that I'm wasting my time attempting to explain anything to FDC>

 

[zinfamous]

Conservatives are the dumbest fucking humans that have ever lived.

 

[biostud]

In Denmark when the conservatives talk about lowering the taxes, they lose the elections.

We just had an election 1st of november, and before the they started to talk about lowering taxes for the wealthiest, they had a poll of ~15-16%, they ended up with 5.5%. (Also their leader had some credibility problems that lost them a lot of votes)

Ahhhhh, living the dream in a social democratic welfare state

 

[Jaskalas]

I'm just trying to see if Republicans are consistent. They don't want to waste tax payer money so let's do it their way. Let's invest in people and areas that give back to the coffers of the country and not waste it on money pits.

Just trying to speak a language they can understand and to meet them in the middle. They want no tax increases on the super rich because they consider it frivolous spending. So let's cut out spending on areas that take more than they give. Let's focus on the profitable urban and suburban areas and meet them in the middle. They should be happy with this compromise

I can appreciate the "give them their own medicine" idea.

But in practice, the trickle down of Reagan's "Revolution" has given the people exactly what they "wanted", and they hate us for the ruin and destitution it has caused. They feel pain, they feel abandonment, and Right Wing Media has them hating us for it. So any sort of increase in pain is just going to accelerate division and radicalization. I feel it is a no win scenario to let them keep getting away with hollowing out American capitalism and cannibalizing the middle class.

 

[Jaskalas]

Remember Obama's "shovel ready" spending stimulus/infrastructure/pork barrel plan from about a decade ago? Why didnt that fix everything? Surely that was enough money to get the job done for decades...no?

Did you enjoy the American economy up until COVID hit?
Thanks, Obama!

 

[fskimospy]

So you mean to say rich people to do not pay (on top of income tax) all the other taxes the rest of us pay likes sales, property, etc taxes? Im thinking they are not exempt from the same taxes you cite.

In the end all we need is a flat tax everyone pays, say 10% of all income under $1M and 20% of all income over $1M?

Seems fair to me. You can even keep your silly state, local, sales and property taxes.

They aren’t exempt, it is that those taxes comprise a smaller share of their income than it does for people of lower income brackets.

The issue here is you have strong opinions about things you are clearly ignorant about. How can you want to change tax brackets when you clearly have no idea what people currently pay? Isn’t that dumb?

 

[HomerJS]

He was speaking about the way he earns a living, and it is completely acceptable for a reason:

He gets paid by long term capital gains which are taxed at a lower rate than plain W2 income. Had he been paid solely in W2 wages his tax rate would be higher than the secretary's rate.

That is part of the reason lots of CEOs are paid $1 per year in salary while earning millions in stock options.....so long as they deliver performance for shareholders in stock price appreciation.

While I do think that there should probably be cap on the amount you can make via stock options at a favorable tax rate ($10M?), it is better for everyone vs simply paying them $10,000,000 a year no matter how the company does.

In other words because the rich have found a way to manipulated the system it’s fine they don’t pay their fair share

You are embarrassing your own premise

 

[HomerJS]

So you mean to say rich people to do not pay (on top of income tax) all the other taxes the rest of us pay likes sales, property, etc taxes? Im thinking they are not exempt from the same taxes you cite.

In the end all we need is a flat tax everyone pays, say 10% of all income under $1M and 20% of all income over $1M?

Seems fair to me. You can even keep your silly state, local, sales and property taxes.

After exempting necessities like food, clothing, medical and housing with a cap. This helps people making low wages where most of their expenses go

 

[fskimospy]

After exempting necessities like food, clothing, medical and housing with a cap. This helps people making low wages where most of their expenses go

I'm down with a flat tax + prebate. Basically the idea is you give everyone like $10k (made up number) at the start of the year and then EVERYTHING is subject to a flat tax. EVERYTHING.

If you don't make a lot of money though that $10k prebate at the start covers all the taxes you pay in a given year while if you're rich obviously it won't. Basically a way to make a flat tax progressive.

 

[MrSquished]

I'm down with a flat tax + prebate. Basically the idea is you give everyone like $10k (made up number) at the start of the year and then EVERYTHING is subject to a flat tax. EVERYTHING.

If you don't make a lot of money though that $10k prebate at the start covers all the taxes you pay in a given year while if you're rich obviously it won't. Basically a way to make a flat tax progressive.

That sounds like it would fuck the middle class

 

[darkswordsman17]

I mean, Obama's fiscal spending actually did fix the economy that Bush Jr fucked up, which is why Turmp inherited one that was already overheating, wherein he decided to set it up for the inflation that followed by redistributing wealth from all but the wealthiest and funnel it to the wealthiest, who in turn cut jobs and gave dividends to the wealthiest, none of which stimulated the economy (but it did let you know-nothing if it weren't for shit wouldn't have brains at all dudebro investors think you were gonna be rich by fluffing up stock prices to try and see if you could re-create the rampant idiocy happening in crypto, only, you know, end up with real money in the end and not scammed). And that was before he nearly collapsed the economy with his idiocy surrounding infectious diseases. And then the dolt let rich fleece people again, further setting things up for where were are now, with insane costs driven by pure greed. We'll be lucky if his idiocy doesn't end up tanking the housing market worse than Bush let it. At least we're not spending trillions to get some of our soldiers killed in Afghanistan any longer, but they've basically forced us into Reagonomics 2.0, where we're having to spend Russia into failure again.

Not since Quibbles and Bits have I seen someone so woefully plainly ignorant about basic facts about the American economy. Its pretty surprising but the squirrel and cat have managed to outdo that on top of showing they somehow know less about something than they did about evolution.

 

[HomerJS]

OP so worried about taxes going up on the rich, Trump wants to put MTG in charge of the DOJ

I would worry more about the latter

 

[eelw]

OP so worried about taxes going up on the rich, Trump wants to put MTG in charge of the DOJ

I would worry more about the latter

Can the initial cabinet be “acting”. Like I’ll doubt you’ll get 51 Republican senators to confirm her.

 

[fskimospy]

Can the initial cabinet be “acting”. Like I’ll doubt you’ll get 51 Republican senators to confirm her.

All executive branch positions can be acting at all times. This was another Trump ‘innovation’, that senate confirmation is not needed.

 

[Amol S.]

You do realize both R and D admins have spend trillions on "infrastructure" spending some of which is wisely spend but also lots of which is simply wasted on big salaries and excessive margins because the government was just doing this:

View attachment 71645

Remember Obama's "shovel ready" spending stimulus/infrastructure/pork barrel plan from about a decade ago? Why didnt that fix everything? Surely that was enough money to get the job done for decades...no?

No.

It was just more pork barrel spending, using borrowed money will still have not paid back.

I hope you do realize that under Trump the same problem existed.

https://twitter.com/i/web/status/1098677748908863488