Tax the Rich?

[cherries_on_snow]

My assertion was that the IRS budget was cut by Republicans.

 

[cherries_on_snow]

Also, BotanyBoy, you never answered me regarding your suggestion that retirees should be retaxed on their already taxed earnings.

 

[BotanyBoy]

My assertion was that the IRS budget was cut by Republicans.

It's not the only one nor the one I directly asked you to address.

Why shouldn't wealthy people pay their fair share? I pay 17%. Why shouldn't they?

If the wealthy paid even 17% instead of 0%, (Warren Buffet pays 15%) the country might be able to reduce debt. What is the worst that could come from equal taxation of the rich?

Where are you getting the idea that the wealthy are paying 0% in taxes?

Also, BotanyBoy, you never answered me regarding your suggestion that retirees should be retaxed on their already taxed earnings.

That's because you didn't ask a question about something I never suggested.

 

[coachdb18]

My assertion was that the IRS budget was cut by Republicans.

It’s my assertion that the IRS should be closed down, permanently. The XVI Amendment was originally ruled unconstitutional by SCOTUS, it needs to be repealed. Let the federal government be funded by approval of the state legislatures, restoring checks and balances between state and federal levels.

 

[BotanyBoy]

It’s my assertion that the IRS should be closed down, permanently.

https://pa1.narvii.com/6551/3ea69f243c56c936555d333751f59633f0f6b5be_hq.gif

 

[cherries_on_snow]

Ok so you are no fan of sewers, highways, schools, sanitation or fire fighters. Maybe you should consider leaving the U.S. where people enjoy tax-funded flushing.

 

[phrodeau]

It’s my assertion that the IRS should be closed down, permanently. The XVI Amendment was originally ruled unconstitutional by SCOTUS, it needs to be repealed. Let the federal government be funded by approval of the state legislatures, restoring checks and balances between state and federal levels.

And when the Quakers of Pennsylvania refuse to fund the military, what force can you use to make them pay up?

 

[BotanyBoy]

Ok so you are no fan of sewers, highways, schools, sanitation or fire fighters. Maybe you should consider leaving the U.S. where people enjoy tax-funded flushing.

Where are you coming up with this shit???

First off my flushing isn't tax-funded.

Second of all none of those things require a federal tax much less at the rates we're taxing.


And I'm still curious.......Where are you getting the idea that the wealthy are paying 0% in taxes?

 

[coachdb18]

Ok so you are no fan of sewers, highways, schools, sanitation or fire fighters. Maybe you should consider leaving the U.S. where people enjoy tax-funded flushing.

That’s what a 10% tax rate would cover, and then some. The entire government needs to be reduced in size by 90%, that would be true ‘tax-funded flushing’. You probably don’t even know this, but the ONLY requirement for becoming a municipality is the provision of a fire department... that’s IT!

 

[BotanyBoy]

I guess hard questions don't get answers from Cherries on Snow.


Imagine my shock

 

[Blue]

Where are you coming up with this shit???

First off my flushing isn't tax-funded.

Second of all none of those things require a federal tax much less at the rates we're taxing.


And I'm still curious.......Where are you getting the idea that the wealthy are paying 0% in taxes?

GE among other giant companies paid nothing in taxes for years before Obama introduced the alternative minimum tax (which Trump repealed BTW) because they bought armies of lawyers to exploit loopholes in tax codes which they also bought from the corrupt US politicians, which brought their tax rate down to 0%.

most of the years Amazon has existed they haven't paid taxes because they use an unfair and uncompetitive business model where they purposefully run at a huge annual loss of billions but subsidize their bsuiness and personally profit through artificially inflating their stock and extracting tremendous wealth from there.

And on that note, Jeff Bezos, richest man in the world who has already made something like $40b just this year, also pays no taxes because of the enormous intentional loopholes around wealth gained through market trading. E.g People like Mitt Romney pays less taxes on the wealth he gains from drinking martinis on a beach while letting robots make money for him on the stock market than you pay for the money you earn from actually working. Google capital gains tax.

Not to mention the trillions and trillions of dollars of unpaid taxes sitting in tax havens all around the world belonging to pretty much everybody in the top 5% of earners.

That’s what a 10% tax rate would cover, and then some. The entire government needs to be reduced in size by 90%, that would be true ‘tax-funded flushing’. You probably don’t even know this, but the ONLY requirement for becoming a municipality is the provision of a fire department... that’s IT!

Lol. So you want to go back to pre-medieval standard of government.
I'm sure that will work out just fine.

 

[BotanyBoy]

GE among other giant companies paid nothing in taxes

No companies pay any taxes...they just collect them.

And on that note, Jeff Bezos, richest man in the world who has already made something like $40b just this year, also pays no taxes because of the enormous intentional loopholes around wealth gained through market trading.

Cite? Last I checked capital gains taxes were 15-20%

And there were no loopholes on your income tax either.

If he took home 40B as personal income, he gave 39% to the IRS.

E.g People like Mitt Romney pays less taxes on the wealth he gains from drinking martinis on a beach while letting robots make money for him on the stock market than you pay for the money you earn from actually working. Google capital gains tax.

I know what capital gains tax is, and it's not 0%.

Not to mention the trillions and trillions of dollars of unpaid taxes sitting in tax havens all around the world belonging to pretty much everybody in the top 5% of earners.

There are only a handful of "tax havens" and even then they had to pay taxes to get it there so that it would stop being taxed, so it's not unpaid. Liberation fees have been paid. What's fucking pathetic is that we chase our own people out of the country because greedy haters on the left do everything they can to take it from them.

But....haters gotta hate.

 

[DawnODay]

Six months ago, Republicans in Congress joined with President Trump to redesign America’s tax code and enact sweeping tax cuts. We were determined to let families and local businesses keep more of what they earn. The new tax code was built to help American companies and workers compete and win anywhere in the world.

Now something big is happening to America’s economy. Since January, more than one million jobs have been created. This has brought claims for unemployment benefits to their lowest level since 1969, and there are now actually more job openings than people looking for work. The U.S. has gone from a nation asking “Where are the jobs?” to one that asks “Where are more workers?”

While this economic turnaround has come as a shock to most Democrats in Washington, it’s no surprise to millions of working families across America. They were overtaxed and overregulated for far too long, and the result was a decade of slow growth.

In only six months, the economy has been reinvigorated—and the best is yet to come. That’s because the new tax code leapfrogs America’s competitors abroad. The U.S. is now at the head of the pack—one of the best places on the planet to find that next job, to build that new manufacturing plant, or to set up company headquarters.

As a result, businesses of all sizes are now investing in American workers and communities. They are bringing back their dollars from overseas and investing at home again. It’s no coincidence that small-business optimism has hit its highest reported level in 35 years.​

K. Brady, Six Months After Tax Reform, Something Big Is Happening: The economy is back in the fast lane—but Democrats want to undo it all, WSJ (Jun. 21, 2018).

 

[DawnODay]

America’s CEOs are not wasting anytime in taking advantage of his tax reform plan. Over $300 billion was repatriated to the U.S. in the first quarter, according to the Bureau of Economic Analysis (BEA) -- the most on record.​

S. O'Halloran, American money flowing back into America, Fox Business (Jun. 26, 2018).

 

[dan_c00000]

Dawn got fucking destroyed again.

What did corporate America do with that tax break? Buy record amounts of its own stock
The White House promised '70 percent' of the tax cut would go to workers. It didn't.

 

[DawnODay]

They said it wouldn't happen, but it did: The money companies stashed overseas to protect them from high U.S. corporate tax rates is flooding back in, boosting growth, jobs and confidence in the economy. Thank the Trump tax cuts.

All told, the Bureau of Economic Analysis (BEA) reported, some $305.6 billion returned to the U.S. from overseas accounts. That's a $1.2 trillion annual rate, and far more than the $35 billion one year before.

The BEA's analysts explain why this happened: "The large magnitudes (of inward capital flows) ... reflect the repatriation of accumulated earnings by foreign affiliates of U.S. multinational enterprises and their parent companies in the United States in response to the 2017 Tax Cuts and Jobs Act."

In short, the Trump tax cuts did it.

American companies were commonly estimated to have about $2.6 trillion parked in overseas accounts as of 2017. So in the first three months of 2018 alone, some 12% of that overseas stash came back to the U.S. It's now available here for companies to invest, pay out in dividends and bonuses, hire new workers, purchase new plants and equipment, or just buy back stock.

It's a shot in the arm for the U.S. economy.

...

In the second quarter of this year, GDP growth is almost certain to exceed 3%, again. The Blue Chip consensus of economists expect 3.5% growth, while the Atlanta Fed's "GDPNow" estimate is at 4.7% currently.

This happened only because President Trump slashed taxes, cut regulations and in general pursued powerful supply-side stimulus that lifted the economy's ability to produce goods and services.

For the record, GDP growth never topped 3% in any year of Obama's administration. We were told repeatedly by left-leaning economists and pundits that the days of 3% growth were over. We would have to trim our sails and rein in our expectations for the future.

Donald Trump wasn't listening. He still isn't. The Washington Examiner's Paul Bedard reports Trump recently talked about 5% growth, saying, "You ain't seen nothing yet."

...

[T]hanks to the tax cuts, literally hundreds of companies have handed out bonuses, raised base pay, and created new benefits for workers. The money that is flowing back into the U.S. is part of that success, creating jobs and income for American workers. Those who say otherwise are, once again, wrong.​

Thanks To Tax Cuts, Companies' Overseas Profits Now Flooding Back To U.S., Investor's Business Daily (June 26, 2018).

 

[Carnal_Flower]

Republicans have discovered "tax cuts" are a losing issue for 2018. That's why they've transitioned to "immigration" as the wedge issue, and that's why they convinced the corrupt Kennedy (whose son Justin is an exec in charge of Real Estate Loans at Deutsche Bank) to retire now.

 

[BotanyBoy]

Republicans have discovered "tax cuts" are a losing issue for 2018.

LOL.....yea people hate getting to keep more of their money

 

[Carnal_Flower]

Shrug. The facts are out there. Running on "tax cuts" has so far proved to be a spectacular fail.

LOL.....yea people hate getting to keep more of their money

 

[KeithD]

With Trump screwing up the economy, which will hit the lower 99 percent, it's a joke about the tax law freeing up money for anyone but Trump and his buddies. Anyone who can't see that doesn't have much brain power.

 

[coachdb18pointfive]

With Trump screwing up the economy, which will hit the lower 99 percent, it's a joke about the tax law freeing up money for anyone but Trump and his buddies. Anyone who can't see that doesn't have much brain power.

Lowest unemployment of blacks in 65 years, Soon to be EVER? and women? and Hispanics? This is certainly TERRIBLE news LOLOLOL

Ooooops, think I missed this one, just for being a multi-alt asshole *IGNORE*

 

[coachdb18pointfive]

I like it when money is, among others, being used to take care of the infrastructure, the resources, and the protection of a country; to maintain and to improve the country. And the people living in a country are a major part of its resources.

Directly and indirectly, people make use of the facilities of the country they live in, and to me, it only seems fair they have to pay a fair share for that. It is an investment, for themselves and for the country's future. Maybe people don't seem to benefit from a country's future, but they certainly benefit from a country's past, so to me, it is like passing on the benefit.

A 'fair share' is 10%, as defined by history as the 'tithe'... So,we need to cut taxes massively!

 

[coachdb18pointfive]

That was at the time when most of the money was used for food

!0% more than covers all the needs that are required by our Constitution. The remainder is taken for wants, which the constitution forbids anyway. Total taxation load for every citizen as a fair share is 10%.

 

[coachdb18pointfive]

Perhaps your constitution.

I like the roads being maintained; I like the sewage under our houses; I like the garbage being collected; I like control of the food I eat and drink, and of other materials that I use; I like safety and health; I like humanity; I like improvement; I like ... more than just myself.

The ONLY requirement for establishing a municipal charter is the provision for a fire department. As for the Constitution, the required government services are found in the enumerated posers. ALL government can be funded at 10%. Anything more you want, is on your wish list, which constitute WANTS, not NEEDS. Pay for it yourself. Taxes for your likes is simply legislative theft.

OBTW, where I live, the sewage and garbage collection are performed by private companies and I get a separate bill for those services.. I have the option if I want to take my own trash to the dump, etc

 

[BotanyBoy]

Shrug. The facts are out there. Running on "tax cuts" has so far proved to be a spectacular fail.

Maybe, the proof will be seen in November.