Analysis of Democrats taxing the rich enormously

[Robert W]

What is the first word Democrats say about income taxes? Rip off the rich they claim. This is an analysis by the Government as to how that works.

Tax Rates and Tax Revenues High marginal tax rates discourage work effort, saving, and investment, and promote taxavoidance and tax evasion. A reduction in high marginal tax rates would boost long termeconomic growth, and reduce the attractiveness of tax shelters and other forms of tax avoidance.The economic benefits of ERTA were summarized by President Clinton's Council of EconomicAdvisers in 1994: "It is undeniable that the sharp reduction in taxes in the early 1980s was astrong impetus to economic growth." Unfortunately, the Council could not bring itself toacknowledge the counterproductive effects high marginal tax rates can have upon taxpayerbehavior and tax avoidance activities. Since 1984 the JEC has provided factual information about the impact of the tax cuts of the1980s. For example, for many years the JEC has published IRS data on federal tax payments ofthe top 1 percent, top 5 percent, top 10 percent, and other taxpayers. These data show that afterthe high marginal tax rates of 1981 were cut, tax payments and the share of the tax burden borneby the top 1 percent climbed sharply. For example, in 1981 the top 1 percent paid 17.6 percent ofall personal income taxes, but by 1988 their share had jumped to 27.5 percent, a 10 percentagepoint increase. The graph below illustrates changes in the tax burden during this period.

https://www.jec.senate.gov/public/_cache/files/9576a929-37b4-497c-9b06-4bf3481f9f0a/the-reagan-tax-cuts-lessons-for-tax-reform-april-1996.pdf

 

[MarathonMike]

OMG the Democrats are FLOODING Arizona with that stupid fake soundbyte that THEY DISTORTED claiming Trump is going to give billionaires a tax cut. He has stated clearly at every rally and interview NO TAXES ON TIPS, OVERTIME OR SOCIAL SECURITY. The Democrats Billionaire taxcut ad is a 100 percent LIE, yet they get away with running it 24/7.
Where is the "fact checking" on ads like this?

 

[daveman]

There is absolutely nothing preventing wealthy Democrats from sending more money to the Treasury.

But they're not going to. They're going to profit off insider trading ("No, it's okay! We gave ourselves permission! It's only illegal when you peasants do it!") and take advantage of the tax loopholes they write.

Then they're going to tell the peasants Republicans are going to take goodies away from them and protect the wealthy.

 

[Robert W]

OMG the Democrats are FLOODING Arizona with that stupid fake soundbyte that THEY DISTORTED claiming Trump is going to give billionaires a tax cut. He has stated clearly at every rally and interview NO TAXES ON TIPS, OVERTIME OR SOCIAL SECURITY. The Democrats Billionaire taxcut ad is a 100 percent LIE, yet they get away with running it 24/7.
Where is the "fact checking" on ads like this?

I know that ad since the Democrats use it here in Idaho too. Fortunately most citizens here are Republicans.

 

[MarathonMike]

There is absolutely nothing preventing wealthy Democrats from sending more money to the Treasury.

But they're not going to. They're going to profit off insider trading ("No, it's okay! We gave ourselves permission! It's only illegal when you peasants do it!") and take advantage of the tax loopholes they write.

Then they're going to tell the peasants Republicans are going to take goodies away from them and protect the wealthy.

The Pelosi's have made MANY millions with aggressive options trades by Paul Pelosi based on a little birdie whispering in his ear named Nancy.

 

[MarathonMike]

I know that ad since the Democrats use it here in Idaho too. Fortunately most citizens here are Republicans.

Arizona used to be Red but it's a mixed bag now so these ads probably convince the dumbasses that it's true.

 

[White 6]

OMG the Democrats are FLOODING Arizona with that stupid fake soundbyte that THEY DISTORTED claiming Trump is going to give billionaires a tax cut. He has stated clearly at every rally and interview NO TAXES ON TIPS, OVERTIME OR SOCIAL SECURITY. The Democrats Billionaire taxcut ad is a 100 percent LIE, yet they get away with running it 24/7.
Where is the "fact checking" on ads like this?

 

[toobfreak]

OMG the Democrats are FLOODING Arizona with that stupid fake soundbyte that THEY DISTORTED claiming Trump is going to give billionaires a tax cut. The Democrats Billionaire taxcut ad is a 100 percent LIE.

Of course it is a lie. the Left's whole argument against Trump is a lie based on attacking HIM. Even when they attack his policy or actions, is is really either just a lie or a situation that THEY CREATED to attach to him so that they would have some grounds for attacking HIM.

Where Are The Arguments Against America First?

Have you noticed? In the Media, on the TV, in the Web or here on USMB, every discussion, every heated argument, every thread is against TRUMP! Not only do you never see any JUSTIFICATION for what exactly it is the Harris would do, her POLICIES that would be so much better than Trump's plans...

www.usmessageboard.com

 

[Robert W]

View attachment 1026591

Tariffs were the major source of revenue to the Feds until around 1913.

 

[White 6]

Tariffs were the major source of revenue to the Feds until around 1913.

Interesting, but that does not mean I want to move our economy back to 1913. Economist say it would be highly inflationary and a big drag on the economy. I did OK in Econ and Bus courses, so I believe them. You have other reputable economists, you wish to post that disagree? Make your case.

 

[Robert W]

Interesting, but that does not mean I want to move our economy back to 1913. Economist say it would be highly inflationary and a big drag on the economy. I did OK in Econ and Bus courses, so I believe them. You have other reputable economists, you wish to post that disagree? Make your case.

Milton Friedman did not like tariffs.
I have not read all of his reasons but wonder if he thinks as does Trump it causes factories to open back up in America?

Transcript

www.k-state.edu

 

[White 6]

Milton Friedman did not like tariffs.
I have not read all of his reasons but wonder if he thinks as does Trump it causes factories to open back up in America?

Transcript

www.k-state.edu

Try this:

The Case for Free Trade

In international trade, Hoover fellow Charles Wolf Jr. argues above, deficits don't much matter. Here Milton Friedman and Rose Friedman discuss what does: freedom. A ringing statement of logic and principle.

www.hoover.org

 

[Lesh]

Tariffs were the major source of revenue to the Feds until around 1913.

When you turned 21?

 

[Robert W]

When you turned 21?

25 years prior to my birth.

 

[Robert W]

Try this:

The Case for Free Trade

In international trade, Hoover fellow Charles Wolf Jr. argues above, deficits don't much matter. Here Milton Friedman and Rose Friedman discuss what does: freedom. A ringing statement of logic and principle.

www.hoover.org

Per the Feds, a mere $80 Billion comes to our Treasury from Tariffs. Seems not a problem for the rest of the world.

 

[White 6]

Per the Feds, a mere $80 Billion comes to our Treasury from Tariffs. Seems not a problem for the rest of the world.

They have not gone up by 20% to 60% trump wants, in order for the super rich to get a tax break, yet. But, any way you slice it, it add to the landed costs all the retailers you deal with pay for their goods, making the new sale prices even higher than that, if businesses are going to keep their doors open. That is the most inflationary move in 60 years, many times any inflation (presently 2.4%) under the Biden/Harris Administration. If it happens, people will be laying off or paying much higher wages for middle class to keep making their mortgages and consumer debt. It would not be pretty, even with the wage hikes achieved in the last 4 years, wiping them out completely. It is a good thing, PJ and I voted Harris/Walz today, as early voting started in Tennessee. I suggest you vote your interests, based on real math, instead of political BS.

 

[Robert W]

They have not gone up by 20% to 60% trump wants, in order for the super rich to get a tax break, yet. But, any way you slice it, it add to the landed costs all the retailers you deal with pay for their goods, making the new sale prices even higher than that, if businesses are going to keep their doors open. That is the most inflationary move in 60 years, many times any inflation (presently 2.4%) under the Biden/Harris Administration. If it happens, people will be laying off or paying much higher wages for middle class to keep making their mortgages and consumer debt. It would not be pretty, even with the wage hikes achieved in the last 4 years, wiping them out completely. It is a good thing, PJ and I voted Harris/Walz today, as early voting started in Tennessee. I suggest you vote your interests, based on real math, instead of political BS.

Key Finding​

Tracking the Economic Impact of the Trump Tariffs

President Trump's 25 percent tariffs on Canada and Mexico is estimated to reduce long-run GDP by 0.2 percent, reduce hours worked by 223,000 full-time equivalent jobs, and reduce after-tax incomes by an average of 0.6 percent—before accounting for foreign retaliation.

taxfoundation.org

• The Biden administration has kept most of the Trump administration tariffs in place, and in May 2024, announced tariff hikes on an additional $18 billion of Chinese goods, including semiconductors and electric vehicles, for an additional tax increase of $3.6 billion.
• We estimate the Trump-Biden tariffs will reduce long-run GDP by 0.2 percent, the capital stock by 0.1 percent, and employment by 142,000 full-time equivalent jobs.

So Biden kicked the Chinese in their balls.

My vote is locked in for Trump and Vance. For my self interest.

 

[Robert W]

But, any way you slice it, it add to the landed costs all the retailers you deal with pay for their goods, making the new sale prices even higher than that, if businesses are going to keep their doors open. That is the most inflationary move in 60 years

Why did Biden add a lot more to the China Tariffs given the damage you allege happened under Trump? Under Trump inflation was very low. Under Biden it is super high. Harming all Americans no matter what goods they buy.

 

[Lesh]

Why did Biden add a lot more to the China Tariffs given the damage you allege happened under Trump? Under Trump inflation was very low. Under Biden it is super high. Harming all Americans no matter what goods they buy.

First of all inflation is NOT super high.

It is 2.3%. Right where it was in 2019

If you’re that far off on such a basic point there’s no point in listening to anything you have to say

 

[Robert W]

First of all inflation is NOT super high.

It is 2.3%. Right where it was in 2019

If you’re that far off on such a basic point there’s no point in listening to anything you have to say

Now your BS is that prices are a tiny more than in 2020. Go to the gas station, to the grocery store and see for yourself how much higher prices are now.