Biden Set To Unveil More Than $2 Trillion In Tax Hikes In Budget

[Woodznutz]

Stop fucking around in the private market, that's what.

Eliminate tax expenditures.

You are punished with higher taxes for not taking out a mortgage. You are punished with higher taxes for not buying the right kind of appliances. You are punished with higher taxes for not breeding.

It wasn't a big leap to punish you with higher taxes for not buying the right kind of health insurance.

Without tax expenditures, we could lower EVERYONE's tax rates and pay down the debt. Once the debt was paid off, we could lower tax rates even more.

Lowering taxes would require a massive change in the behavior of people. That isn't going to happen.

 

[Woodznutz]

I'm so glad someone came along to prove my point.

Asshole always blame the poor while ignoring the $1.4 trillion in annual spending on tax expenditures.

Regarding spending, one man's bill is another man's paycheck.

 

[g5000]

Lowering taxes would require a massive change in the behavior of people. That isn't going to happen.

Wow! Is this an admission the US government is manipulating our behavior?

Thank you! Exactly!

How can anyone who calls themself a conservative be okay with this?

 

[g5000]

The American motto: Gimme gimme gimme, and make that guy over there pay for it.

Those who are benefitting from tax expenditures scream like welfare queens when you talk about taking away their government tit, and then they try to blame the poor for our debt problem.

Fucking sick.

 

[odanny]

Also to note.......Biden didn't do this when the (D)'s had the House and could have actually got it passed.

Inflation Reduction Act.

Passed.

Historic.

 

[pknopp]

Inflation Reduction Act.

Passed.

Historic.

The Inflation Reduction Act covers new and reinstated tax laws that will affect individuals and businesses, including a number of credits and deductions.

Credits and deductions are not going to address the debt.

 

[odanny]

The Inflation Reduction Act covers new and reinstated tax laws that will affect individuals and businesses, including a number of credits and deductions.

Credits and deductions are not going to address the debt.

You asked why he didn't address the issue when they had the House, and I told you why.

 

[Mac1958]

...a 20 percent tax on income and the unrealized gains of liquid assets such as stocks.

Mind boggling. That is ridiculous. So unrealized gains have to be identified, valuated and calculated?

Dumb. Very dumb.

 

[g5000]

Meanwhile, the Republicans are holding performative assholery hearings and doing nothing about the budget or the debt.

 

[pknopp]

Mind boggling. That is ridiculous. So unrealized gains have to be identified, valuated and calculated?

Dumb. Very dumb.

Which is why I support a simple tax on trades.

 

[g5000]

Mind boggling. That is ridiculous. So unrealized gains have to be identified, valuated and calculated?

Dumb. Very dumb.

Ayup!

I'm not even sure that's legal since it isn't income.

 

[Mac1958]

Which is why I support a simple tax on trades.

Or maybe just on derivatives, the shit that have already caused so much damage.

 

[Mac1958]

Meanwhile, the Republicans are holding performative assholery hearings and doing nothing about the budget or the debt.

A pox on both houses.

What a fuckin' mess.

 

[g5000]

Which is why I support a simple tax on trades.

A tax on trades is regressive. Once again, the lower income brackets would suffer the most.

That should be mitigated by taxing trades over a certain value.

 

[g5000]

Or maybe just on derivatives, the shit that have already caused so much damage.

Aren't most derivatives traded in dark pools? That complicates things.

The whole point of a dark pool is to hide contracts from the public.

 

[pknopp]

A tax on trades is regressive. Once again, the lower income brackets would suffer the most.

That should be mitigated by taxing trades over a certain value.

The lower income brackets make very few trades. Lower income people do not have computers making massive amounts of trades daily.

 

[g5000]

The lower income brackets make very few trades. Lower income people do not have computers making massive amounts of trades daily.

I'm talking about anyone who earns less than $400,000. In other words, the 99 percent.

 

[Mac1958]

Aren't most derivatives traded in dark pools? That complicates things.

The whole point of a dark pool is to hide trades from the public.

Depends on the derivative. Swaps, futures, options would be easy. It wouldn't have to be a large amount if it's per trade.

AND, the CLTC needs more control over them in general.

 

[g5000]

Depends on the derivative. Swaps, futures, options would be easy. It wouldn't have to be a large amount if it's per trade.

AND, the CLTC needs more control over them in general.

Credit default swaps definitely need more regulation. I find it astonishing there is no insurable interest requirement. That's just insane.

 

[OldFlame]

How about we cut off any spending or money going outside of US borders that doesn't help US citizens.