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But I have never seen data that our comprehensive tax burden is above 55%. And SS is an insurance not a tax. Same with Medicare unemployment insurance and copays for health insurance.
But I have never seen data that our comprehensive tax burden is above 55%. And SS is an insurance not a tax. Same with Medicare unemployment insurance and copays for health insurance.
SS is not insurance. If it were, the payments would be premiums (not taxes) and there would have to be real reserved to cover the future payments based on proper actuarial analysis.
Instead, we have a fake trust fund stuffed with IOUs to be paid by future taxpayers.
That is Not Insurance. It's a Ponzi Scheme.
Where does the Laffer Curve Bend?
At what tax rate do you stop striving your hardest to make the most money you can?
1) Human nature is more complex than the laughable 'curve'
Ludwig von Mises Institute - Homepage
2) Republicans have no understanding of human nature or the economy. They think the rich make money and then hire just because. They fail to grasp that the sole reason for hiring is because there is a demand to be met and potential to make profit by meeting it. 'Supply-side' does not work, has not worked, and will never work. The only way to stimulate the economy and give businesses a reason to hire is by increasing demand. You increase demand by ensuring that the working class has money to spend on things they want, thereby creating demand. There's a reason these companies sell their goods in the U.S. and not to the exploited poor in China and Indonesia. The latter do not have the money to spend- they create no demand, so there is no money to be made selling to them. That is why we are the consumers and they are not.
When the rich exploit the proletariat and the common man has no excess income to spend on things he desires, the bourgeoisie ultimately undoes itself, as there is no demand for the capitalists' goods and services. After all, the bourgeoisie already have plenty of money- a few extra grand will not encourage a millionaire to buy anything new or create any new demand for anyone else's goods or services.
Today's homework assignment:
1) Define:
-marginal utility
-surplus value
-demand
2) Explain the relationship between marginal utility, market demand, and the working man's discretionary income
3) Explore how this explains the rate of market return of tax cuts for the wealthy as compared to unemployment assistance and tax cuts for the working class. Explain the logical fallacy of the 'Laffer Curve', using Austrian behavioral economic theory.
4) Explore how these interactions explain the growth of the United States and its economy, including the rising standard of living and increased surplus value experienced by both worker and capitalist following the fairer-wage progress of the labour movement in the U.S.
By bending I surmise you mean when does the curve start to decline. This percentage is everchanging due to cost of living rise and fall, wage increases, employment and other factors and therefore is purely a guessing game. And I beleive that in reality a curve would not result but a rollercoaster type diagram would better illustrate the relationship between taxation and revenue. Of course quantifying a rollercoaster diagram is a lot more difficult than a simple curve.
I mean what percent of taxation will cause you personally to produce less tax revenue. By taking a poll of individuals we can get some idea of where the curve really starts to decline. Then we can figure out at what point the US debt, unfunded liabilities & interest surpasses total taxable revenue the government can squeeze out of the people. Then you will truly know the dollar & the country is fucked.
Most people do not realize the percent of, or add up all the taxes they pay every year from their earnings. Medicare, SS, Federal, State, County, City, Healthcare, License, Sales Tax, Real-estate Tax, Personal Property Tax, Automobile Tax, Phone Taxes, Gas Tax, Utility Tax's, Permit Fees, Mandatory Unemployment Insurance, Mandatory Auto Insurance, Mandatory Healthcare Insurance, Sin Taxes. Not to mention Government Fines & Penalties or Bank/Credit/Debit Exchange Fees or interest if you are in debt.
The average worker is paying well over 70% of their earnings out to someone who spends it for them & they don't even realize it. It is obvious from my previous post here that California is on the downward slope of the Laffer curve & Texas is on the upward slope of the Laffer curve. Soon most of western world will be on the downward side of the Laffer curve.
I am clearly not paying 70% of my income into taxes. Maybe if you counted utilities, insurance and a few other categories of expenses as "earnings out to someone who spends it for them" it might be 70%.
But I have never seen data that our comprehensive tax burden is above 55%. And SS is an insurance not a tax. Same with Medicare unemployment insurance and copays for health insurance.
I mean what percent of taxation will cause you personally to produce less tax revenue. By taking a poll of individuals we can get some idea of where the curve really starts to decline. Then we can figure out at what point the US debt, unfunded liabilities & interest surpasses total taxable revenue the government can squeeze out of the people. Then you will truly know the dollar & the country is fucked.
The Laffer curve, Armey curve and your survey generated results are all hypotheticals. For example in the real world if the economy is growing at a rate of 10%/anum the results will be dramatically different than if the economy is contracting at 10%/anum.
Likewise is YOUR economy contracting or expanding?
And then there is always that factor wherein just because you WANT to work harder and make more money can you?
And how does anybody know that tax rates are the sole causation of tax revenues in any given budget cycle? (they aren't)
These type of hypotheticals have no relationship with the real world. They only have relationships with imaginary worlds.
They are instructive but essentially only as abstracts.
Actually it would cost the employer approximately $11.55 but don't let facts get in your way.Most people do not realize the percent of, or add up all the taxes they pay every year from their earnings. Medicare, SS, Federal, State, County, City, Healthcare, License, Sales Tax, Real-estate Tax, Personal Property Tax, Automobile Tax, Phone Taxes, Gas Tax, Utility Tax's, Permit Fees, Mandatory Unemployment Insurance, Mandatory Auto Insurance, Mandatory Healthcare Insurance, Sin Taxes. Not to mention Government Fines & Penalties or Bank/Credit/Debit Exchange Fees or interest if you are in debt.
The average worker is paying well over 70% of their earnings out to someone who spends it for them & they don't even realize it. It is obvious from my previous post here that California is on the downward slope of the Laffer curve & Texas is on the upward slope of the Laffer curve. Soon most of western world will be on the downward side of the Laffer curve.
I am clearly not paying 70% of my income into taxes. Maybe if you counted utilities, insurance and a few other categories of expenses as "earnings out to someone who spends it for them" it might be 70%.
But I have never seen data that our comprehensive tax burden is above 55%. And SS is an insurance not a tax. Same with Medicare unemployment insurance and copays for health insurance.
Are you forgetting the employment taxes your employer pays on your behalf, not just the withholdings from your check? Your employer also pays Medicare, SS Healthcare & Unemployment Insurance on you that is not deducted from your check.
If an employer paid you $10 per hour under the table it only cost him $10 per hour & you pocketed $10 per hour. If an employer hires you legally full time & wanted you to pocket $10 per hour then it cost them $15 per hour. That is a 50% tax right there. The withholdings you see on your check is only half, the employer pays the other half.
Tax cuts increase tax collections
Myth: Tax cuts increase tax collections.
Fact: Tax cuts decrease tax collections.
Summary
There is no evidence whatsoever that tax cuts increase tax collections. Almost always, tax cuts have seen tax collections fall in the following years; tax hikes have seen tax collections rise in the following years. Which is about what you would expect!
Tax cuts in recent history
Since World War II, federal tax receipts have fluctuated within a few points of 18 percent of the Gross Domestic Product. Because they have been so stable, tax collections have regularly grown with the economy. Almost always, the only drops in tax collections have been during recession years; otherwise, tax collections have expanded in the years that the rest of the economy expanded.
There are a few notable exceptions to the above rule: those periods following large tax cuts.After Reagan's income tax cuts took effect in 1982, real income tax collections took a long fall, despite the fact our economy continued to grow . For the moment, let's ignore the fact that tax collections could have been expected to grow after 1981. Let's simply use 1981 as a baseline, multiplying it 8 times, and compare that to what was really collected over the next 8 years.
Actually it would cost the employer approximately $11.55 but don't let facts get in your way.I am clearly not paying 70% of my income into taxes. Maybe if you counted utilities, insurance and a few other categories of expenses as "earnings out to someone who spends it for them" it might be 70%.
But I have never seen data that our comprehensive tax burden is above 55%. And SS is an insurance not a tax. Same with Medicare unemployment insurance and copays for health insurance.
Are you forgetting the employment taxes your employer pays on your behalf, not just the withholdings from your check? Your employer also pays Medicare, SS Healthcare & Unemployment Insurance on you that is not deducted from your check.
If an employer paid you $10 per hour under the table it only cost him $10 per hour & you pocketed $10 per hour. If an employer hires you legally full time & wanted you to pocket $10 per hour then it cost them $15 per hour. That is a 50% tax right there. The withholdings you see on your check is only half, the employer pays the other half.
Most people do not realize the percent of, or add up all the taxes they pay every year from their earnings. Medicare, SS, Federal, State, County, City, Healthcare, License, Sales Tax, Real-estate Tax, Personal Property Tax, Automobile Tax, Phone Taxes, Gas Tax, Utility Tax's, Permit Fees, Mandatory Unemployment Insurance, Mandatory Auto Insurance, Mandatory Healthcare Insurance, Sin Taxes. Not to mention Government Fines & Penalties or Bank/Credit/Debit Exchange Fees or interest if you are in debt.
The average worker is paying well over 70% of their earnings out to someone who spends it for them & they don't even realize it. It is obvious from my previous post here that California is on the downward slope of the Laffer curve & Texas is on the upward slope of the Laffer curve. Soon most of western world will be on the downward side of the Laffer curve.
I am clearly not paying 70% of my income into taxes. Maybe if you counted utilities, insurance and a few other categories of expenses as "earnings out to someone who spends it for them" it might be 70%.
But I have never seen data that our comprehensive tax burden is above 55%. And SS is an insurance not a tax. Same with Medicare unemployment insurance and copays for health insurance.
Are you forgetting the employment taxes your employer pays on your behalf, not just the withholdings from your check? Your employer also pays Medicare, SS Healthcare & Unemployment Insurance on you that is not deducted from your check.
If an employer paid you $10 per hour under the table it only cost him $10 per hour & you pocketed $10 per hour. If an employer hires you legally full time & wanted you to pocket $10 per hour then it cost them $15 per hour. That is a 50% tax right there. The withholdings you see on your check is only half, the employer pays the other half.
I am clearly not paying 70% of my income into taxes. Maybe if you counted utilities, insurance and a few other categories of expenses as "earnings out to someone who spends it for them" it might be 70%.
But I have never seen data that our comprehensive tax burden is above 55%. And SS is an insurance not a tax. Same with Medicare unemployment insurance and copays for health insurance.
Are you forgetting the employment taxes your employer pays on your behalf, not just the withholdings from your check? Your employer also pays Medicare, SS Healthcare & Unemployment Insurance on you that is not deducted from your check.
If an employer paid you $10 per hour under the table it only cost him $10 per hour & you pocketed $10 per hour. If an employer hires you legally full time & wanted you to pocket $10 per hour then it cost them $15 per hour. That is a 50% tax right there. The withholdings you see on your check is only half, the employer pays the other half.
Am "I" forgetting them? No. I have seen lots of stats about our aggregate tax rate and never have I seen one that eclipses 55% for the population at large.
If you have something concrete then post it.
saying that, do you mean to say we'd be better off with a deflationary economy?
No, but growth of debt & the money supply should not out pace population & innovation growth. Prices should remain stable. We should not have home & oil prices rising 400% in 6 years. The CPI is so rigged by Clinton's substitution rule that it does not show inflation when true inflation was running at 8% at a time when the true economy was declining.
There is one other reason why CPI is rigged to increase - to continuously lower the real income level subject to high taxation.
It's why the AMT which applied to 200 super rich families in 1969 will now affect over 25M people next year, with incomes as low as $60,000 in today's dollars.
Inflation is the way to put a big tax yoke on all the little people.
