What are your plans now that we all know America is on a steep and inevitable decline?

[ponyo]

So you make over $518,000 in AGI (per 2020)? Before all the deductions at that level probably closer to $600,000 (top 1% in every category everywhere). Exactly how are you "labeled rich when you're not"?! Even with the worst possible taxation you probably have at least a quarter of a million dollars to spend/live off per year, of course after maxing out every possible retirement vehicle! Yes I will admit I would in no way notice increased taxes on earnings over $400,000, but I find it hard to symphatize with you getting slightly less of the last 200 grand you make, after you already have 400k to enjoy..

I will end up paying over 7 figures in taxes for 2020. Most of you will say "fuck that guy, tax him more." But I'm just normal guy like you. I live in modest house and drive like 15-20 year old cars. Just like you don't want to pay more in taxes, I don't want to pay more in taxes. Like I said, it's easy to say something when you're exempt. People will say one thing and quickly change their tune once they're the target. You don't know until you've been in their shoes.

 

[s0me0nesmind1]

I will end up paying over 7 figures in taxes for 2020. Most of you will say "fuck that guy, tax him more." But I'm just normal guy like you. I live in modest house and drive like 15-20 year old cars. Just like you don't want to pay more in taxes, I don't want to pay more in taxes. Like I said, it's easy to say something when you're exempt. People will say one thing and quickly change their tune once they're the target. You don't know until you've been in their shoes.

This forum can't even grapple with the fact that the bottom 50% pay effectively 0% of our federal income taxes and are - by definition - a burden on our federal taxes.

They just block it out and act as if our taxes are straining them - but for some reason it's always the higher-ups MUST PAY MORE!

 

[fskimospy]

I will end up paying over 7 figures in taxes for 2020. Most of you will say "fuck that guy, tax him more." But I'm just normal guy like you. I live in modest house and drive like 15-20 year old cars. Just like you don't want to pay more in taxes, I don't want to pay more in taxes. Like I said, it's easy to say something when you're exempt. People will say one thing and quickly change their tune once they're the target. You don't know until you've been in their shoes.

Are you talking about personal income taxes or taxes related to your business that are in the end actually paid in large part by your customers and employees? For example sales tax is paid by the customer, and payroll taxes are paid by the employee through lower salary.

Regardless, my income is around the top 5% or so and I have always been a big supporter of raising my own taxes so... no.

 

[fskimospy]

This forum can't even grapple with the fact that the bottom 50% pay effectively 0% of our federal income taxes and are - by definition - a burden on our federal taxes.

They just block it out and act as if our taxes are straining them - but for some reason it's always the higher-ups MUST PAY MORE!

What the bottom 50% do pay however is roughly the same percentage of taxes as their percentage of the national income when you factor in ALL taxes, fees, etc., which is of course what anyone attempting to honestly evaluate the issue would do.

You of course never do this because it would destroy your argument.

 

[s0me0nesmind1]

Are you talking about personal income taxes or taxes related to your business that are in the end actually paid in large part by your customers and employees? For example sales tax is paid by the customer, and payroll taxes are paid by the employee through lower salary.

Every tax is passed on to the customer. The fact that it isn't listed on your sales receipt has no bearing on the fact that the product sold pricing is 100% based on all the costs that went into it - including taxes.

Sorry you have a hard time grapping with that, I know it can be hard to come to grips with reality.

 

[ponyo]

Are you talking about personal income taxes or taxes related to your business that are in the end actually paid in large part by your customers and employees? For example sales tax is paid by the customer, and payroll taxes are paid by the employee through lower salary.

Regardless, my income is around the top 5% or so and I have always been a big supporter of raising my own taxes so... no.

Personal. I've been very lucky with investments so most of it is investment income.

 

[fskimospy]

Every tax is passed on to the customer. The fact that it isn't listed on your sales receipt has no bearing on the fact that the product sold pricing is 100% based on all the costs that went into it - including taxes.

Sorry you have a hard time grapping with that, I know it can be hard to come to grips with reality.

This is definitely untrue and it's kind of embarrassing that you think that.

In reality SOME of the costs are passed on to consumers but others are absorbed by capital and labor elements of the business. A lot of this depends on what type of tax we're talking about specifically.

If you want to actually learn something about this topic here's an explanation of why the Tax Policy Center doesn't model it that way for the corporate income tax, which is concludes falls 0% on consumers.

How TPC Distributes the Corporate Income Tax

Property field_abstract

www.taxpolicycenter.org

 

[fskimospy]

Personal. I've been very lucky with investments so most of it is investment income.

Apparently so! Well congratulations. If it's investment income though presumably that's capital gains so you wouldn't be paying 37% federal unless you're holding everything short term.

Regardless, I can assure you that I don't share your views that I don't want my taxes raised and lots of people are with me. I can afford to pay more and would be happy to do so, so long as the rest of similarly fortunate people are coming along for the ride.

 

[fskimospy]

Personal. I've been very lucky with investments so most of it is investment income.

Oh, regardless of your tax preferences though you should vote straight ticket Democrat for the foreseeable future. Higher taxes would be something you don't like, I hear that, but the Republicans you're voting for enabled a mentally unstable criminal to remain president of the United States, even after it came out that he was using his powers of office to extort foreign leaders into attacking his domestic political opposition.

We have to demand at least some basic level of decency from our elected officials and enabling a criminal president should be beneath anyone's standards. You have a chance to show that at least in this case Americans won't tolerate that.

 

[MrSquished]

I have no interest in saying fuck you to rich people, or fuck that guy or gal with the nicer shit than me. I live ok. There will always be those better off than those who are not. Enjoy your lives. God bless your success. Many rich people do great things. However, if folks that earn a million a year or more already might have to pay more in taxes on LTCG and can afford to only buy 40 Louis Vitton bags a year vs 42 and take 15 vacations a year instead of 16, I don't feel like a hater. Especially stock market players who are often propped up by the FED injecting trillions of dollars into markets in all sorts of ways like during this crisis and the last, and gains via companies that often benefit tremendously from government incentives and government contracts.

Unless those folks are actually voting for fascists that support destroying the foundations of democracy for their own personal power, like a couple senators in Georgia are right now, then I say, yes, fuck those rich people. Because you are nullifying the most powerful thing most of the rest of us still have, our vote and political voice via that vote.

 

[obidamnkenobi]

Personal. I've been very lucky with investments so most of it is investment income.

So you're paying over a million dollars in taxes. If that's long term capital gains you made at least $4.5 mill, is that correct? But in that case you're not paying 37%, you're paying 22%. I'm a bit confused. Even if you're in the 37% income tax bracket, that's not the actual rate. (if it's short term gains you still made >2.5 M) Regardless; you made more money in a year than many will in a lifetime, so yeah you'll pay quite a bit in taxes, woe is you.. But lowest in any western country, and lowest in over a century in the US. After the whole country has spent trillions bailing out business to allow for those stock market gains you (and I) have benefited so much from.

 

[s0me0nesmind1]

So you're paying over a million dollars in taxes. If that's long term capital gains you made at least $4.5 mill, is that correct? But in that case you're not paying 37%, you're paying 22%. I'm a bit confused. Even if you're in the 37% income tax bracket, that's not the actual rate. (if it's short term gains you still made >2.5 M) Regardless; you made more money in a year than many will in a lifetime, so yeah you'll pay quite a bit in taxes, woe is you.. But lowest in any western country, and lowest in over a century in the US. After the whole country has spent trillions bailing out business to allow for those stock market gains you (and I) have benefited so much from.

I would venture that based on his posting in the stock-market thread that the majority of his game-playing is with STCG.

I could be wrong though.

 

[s0me0nesmind1]

I have no interest in saying fuck you to rich people, or fuck that guy or gal with the nicer shit than me. I live ok. There will always be those better off than those who are not. Enjoy your lives. God bless your success. Many rich people do great things. However, if folks that earn a million a year or more already might have to pay more in taxes on LTCG and can afford to only buy 40 Louis Vitton bags a year vs 42 and take 15 vacations a year instead of 16, I don't feel like a hater. Especially stock market players who are often propped up by the FED injecting trillions of dollars into markets in all sorts of ways like during this crisis and the last, and gains via companies that often benefit tremendously from government incentives and government contracts.

Unless those folks are actually voting for fascists that support destroying the foundations of democracy for their own personal power, like a couple senators in Georgia are right now, then I say, yes, fuck those rich people. Because you are nullifying the most powerful thing most of the rest of us still have, our vote and political voice via that vote.

Right, so FUCK YOU - YOU'RE A FUCKING FASCIST! If someone doesn't vote for the candidate that you perceive to be the best candidate. Got it. That seems completely calm, cool, and rational.

Here is a song for you budday

 

[Moonbeam]

Nice religious thread, this!

 

[MrSquished]

Right, so FUCK YOU - YOU'RE A FUCKING FASCIST! If someone doesn't vote for the candidate that you perceive to be the best candidate. Got it. That seems completely calm, cool, and rational.

Here is a song for you budday

The senators in Georgia called for the resignation of a Trump supporting conservative Republican SOS because he wouldn't sabotage the democratic election process in his state. That's the definition of fascism. It has nothing to do whether I support their economic policies or not. We are talking about the essence of democracy.

Seriously, this is not subtle stuff here, but your political brain is so so feeble.

 

[s0me0nesmind1]

The senators in Georgia called for the resignation of a Trump supporting conservative Republican SOS because he wouldn't sabotage the democratic election process in his state. That's the definition of fascism. It has nothing to do whether I support their economic policies or not. We are talking about the essence of democracy.

Seriously, this is not subtle stuff here, but your political brain is so so feeble.

Yup. You are that video to a T.

 

[MrSquished]

Yup. You are that video to a T.

It's like talking to my dog. I could train my pit bull mix to have more coherent responses to a political question using a multiple choice method by pointing with his snout at some object to represent an answer than your are capable of.

I will defer to you on accounting matters. But my dog is smarter than you in regards to politics.

 

[pmv]

Every tax is passed on to the customer. The fact that it isn't listed on your sales receipt has no bearing on the fact that the product sold pricing is 100% based on all the costs that went into it - including taxes.

Sorry you have a hard time grapping with that, I know it can be hard to come to grips with reality.

Sorry you have a hard time grappling with the fact that what you just said is rather obviously not true.

What proportion of an increased cost of production (whether a tax or anything else) is passed on to the customer, vs absorbed in the form of reduced profit margins or salaries, is very obviously going to depend on the specific market conditions (including the state of the labour market). Depending on the specific circumstances that might be some, all, or none of it.

 

[nickqt]

It's like talking to my dog. I could train my pit bull mix to have more coherent responses to a political question using a multiple choice method by pointing with his snout at some object to represent an answer than your are capable of.

I will defer to you on accounting matters. But my dog is smarter than you in regards to politics.

n0b0dy comes to the forums to scream hysterically at a mirror, and then call himself a moron thinking he won an argument with the moron in the mirror.

That's literally all n0b0dy is capable of.

 

[zzyzxroad]

n0b0dy comes to the forums to scream hysterically at a mirror, and then call himself a moron thinking he won an argument with the moron in the mirror.

That's literally all n0b0dy is capable of.

100% this.

It's pointless talking to n0b0dy. If you pay attention he doesn't have ideas or solutions. What he has in spades though is criticism.

 

[brycejones]

100% this.

It's pointless talking to n0b0dy. If you pay attention he doesn't have ideas or solutions. What he has in spades though is criticism.

So much this.....I asked him repeatedly for his ideas about the Democrats should do differently in his own thread bashing Democrats for doing the wrong things. Not a single response. Finally just put him on ignore, not even an interesting troll. Brandonbull is at least entertaining to see what kind of batshit stuff he'll come up with.