Taxing The Rich

[danielpalos]

View attachment 418856

Lousy management? Raise the minimum wage until even the Poor pay their share of taxes for our First World economy!

 

[Tom Paine 1949]

It would be nice if there was at least a little discussion of the difference between state and local taxes for state and local government services, and federal taxation. They differ in important ways. The federal government, in both theory and reality, can create fiat money to pay for all its expenses even without taxation or borrowing. There are also global corporations that, absent effective global tax treaties, manage to effectively escape taxation by shifting profits around to low tax countries where they have subsidiaries. The lower taxes on capital gains is another principal way “the rich” pay lower taxes than most working people.

Parenthetically, the way the stock market, too-big-to-fail banks and major corporations are regularly backed up and bailed out by the Federal Reserve when they would otherwise crash (while CEOs rip them off through stock options and stock repurchasing programs keep stock prices high) are other ways “the rich” are “systemically” benefiting in society.

 

[miketx]

The Democrat plans to tax the rich are futile and ignorant. They sound good to the uneducated, but they don't work very well. When you raise tax rates or reduce deductions on the rich, their typical response is to divert more of their money into tax shelters where they pay less tax. They can afford tax lawyers and CPAs who find ways to reduce their taxes dramatically and it's all legal.

Donald Trump knows how. For several years at a time, he paid no income tax. I don't know all the shelters he used but I can guess. One would be accelerated depreciation on the buildings and furniture he owns. Another would be Net Loss Carryover. When you have a loss in one year, the IRS Code allows you to deduct that loss on the returns for following years. If the NLC is large enough, it can give you zero tax liability for 5 or 6 years. Even people of moderate income can use tax shelters. I have 2 of them.

If you don't try and target the rich, they will pay a fair share of taxes just like everybody else. If you target them with high tax rates, they run for tax shelters.

Plus they create fewer jobs.

 

[Grumblenuts]

From rather than "in" society. Parasites. Leeches. Skecksis.

 

[Brain357]

The rate of increase would have declined without all the MW increases.

Without MW increases, the increase would have been 3.5%.

How much more did the MW increases add?

Which would have been a decrease from the previous year. So again the rate would have decreased without it.

 

[Brain357]

So we have the most deaths. That’s what I said. 8th sure is shitty for the wealthiest nation. MAGA

How much wealth we have has nothing to do with it. All the money in the world isn't going to immediately control a microscopic virus nobody can see. Trump allocated more than enough money to address the problem.

We don't live in a country where a leader can order you to stay home and not leave your house. We live in a free country where the Constitution protects our freedoms, even in a time of crisis.

So the most expensive healthcare is worthless. Noted.

 

[Brain357]

Who are you scared of and how much are they spending compared to us. Please give numbers so I get a good laugh.

Mandatory Spending

Mandatory spending is estimated at $2.966 trillion in FY 2021. This category includes entitlement programs such as Social Security, Medicare, and unemployment compensation. It also includes welfare programs such as Medicaid. Social Security will be the biggest expense, budgeted at $1.151 trillion. It's followed by Medicare at $722 billion and Medicaid at $448 billion. Social Security costs are currently 100% covered by payroll taxes and interest on investments. Until 2010, there was more coming into the Social Security Trust Fund than being paid out. Thanks to its investments, the Trust Fund is still running a surplus.

The Trust Fund’s Board estimates that Social Security's surplus will be depleted by 2034.3 Social Security revenue, from payroll taxes and interest earned, will cover only 79% of the benefits promised to retirees.

Medicare is already underfunded because taxes withheld for the program don't pay for all benefits. Congress must use tax dollars to pay for a portion of it. Medicaid is 100% funded by the general fund, also known as "America's Checkbook." This account is used to finance daily activities and long-term operations of the government.4



Discretionary Spending

The discretionary budget for 2021 is $1.485 trillion. More than half goes toward military spending, including Homeland Security, the Department of Veterans Affairs, and other defense-related departments. The rest must pay for all other domestic programs. The largest of these programs are Health and Human Services, Education, and Housing and Urban Development.

There also is the Overseas Contingency Operations fund that pays for wars or continuing military actions. A growing portion of the discretionary budget is set aside for disaster relief such as hurricane and wildfire relief.

U.S. Federal Budget Breakdown

The FY 2022 federal budget proposal was over $6 trillion, with an estimated revenue of about $4.2 trillion, creating a deficit worth about $1.9 trillion.

www.thebalance.com

You ignored my question. Who are you scared of and how much do they spend compared to us?

I'm scared of the Chinese. You should be too.

And they spend how much on the military? We spend how much?

Obama needed defense money to bomb Libya, fight the war in Iraq for three years and escalated the war in Afghanistan, didn't he?

Clinton needed it to kill Christians in order to protect Muslims, didn't he?

Clinton balanced the budget.

No, Clinton did NOT balance the budget! Don't be such an idiot, Brain!

Yes he did. Heck there was a surplus for Bush till he ruined everything. Is denying reality all trumpers have?

Brain? Before you make a total fool of yourself...do a little research on this subject! It's a myth that Clinton ever had a balanced budget let alone a surplus.

Well deficits sure shrunk with Clinton and sure grew with Trump. You idiots love to deny facts.

 

[Toddsterpatriot]

The rate of increase would have declined without all the MW increases.

Without MW increases, the increase would have been 3.5%.

How much more did the MW increases add?

Which would have been a decrease from the previous year. So again the rate would have decreased without it.

In both years, the increase would have been 3.5% without any MW hikes.

How much more did the MW increases add?

 

[Brain357]

The rate of increase would have declined without all the MW increases.

Without MW increases, the increase would have been 3.5%.

How much more did the MW increases add?

Which would have been a decrease from the previous year. So again the rate would have decreased without it.

In both years, the increase would have been 3.5% without any MW hikes.

How much more did the MW increases add?

The MW increases didn’t really start kicking in till the second year. The rate would have declined without them.

 

[Toddsterpatriot]

The rate of increase would have declined without all the MW increases.

Without MW increases, the increase would have been 3.5%.

How much more did the MW increases add?

Which would have been a decrease from the previous year. So again the rate would have decreased without it.

In both years, the increase would have been 3.5% without any MW hikes.

How much more did the MW increases add?

The MW increases didn’t really start kicking in till the second year. The rate would have declined without them.

Really?
How much did the MW increases add?

 

[Brain357]

The rate of increase would have declined without all the MW increases.

Without MW increases, the increase would have been 3.5%.

How much more did the MW increases add?

Which would have been a decrease from the previous year. So again the rate would have decreased without it.

In both years, the increase would have been 3.5% without any MW hikes.

How much more did the MW increases add?

The MW increases didn’t really start kicking in till the second year. The rate would have declined without them.

Really?
How much did the MW increases add?

You have posted the answer several times. Are you senile?

 

[Toddsterpatriot]

The rate of increase would have declined without all the MW increases.

Without MW increases, the increase would have been 3.5%.

How much more did the MW increases add?

Which would have been a decrease from the previous year. So again the rate would have decreased without it.

In both years, the increase would have been 3.5% without any MW hikes.

How much more did the MW increases add?

The MW increases didn’t really start kicking in till the second year. The rate would have declined without them.

Really?
How much did the MW increases add?

You have posted the answer several times. Are you senile?

And despite my factual posts, you claimed the MW hikes were "most of" the increase.

 

[Brain357]

The rate of increase would have declined without all the MW increases.

Without MW increases, the increase would have been 3.5%.

How much more did the MW increases add?

Which would have been a decrease from the previous year. So again the rate would have decreased without it.

In both years, the increase would have been 3.5% without any MW hikes.

How much more did the MW increases add?

The MW increases didn’t really start kicking in till the second year. The rate would have declined without them.

Really?
How much did the MW increases add?

You have posted the answer several times. Are you senile?

And despite my factual posts, you claimed the MW hikes were "most of" the increase.

Yes and we determined it was worse than that. Without the MW increases it would have actually declined.

 

[Ray From Cleveland]

So the most expensive healthcare is worthless. Noted.

What does healthcare have to do with it? I was talking about the actions of people, not the actions of our healthcare.

 

[Brain357]

So the most expensive healthcare is worthless. Noted.

What does healthcare have to do with it? I was talking about the actions of people, not the actions of our healthcare.

You don’t think healthcare is involved in fighting a pandemic? You keep getting dumber...

 

[Toddsterpatriot]

Yes

Yes, you lied about MW hikes being most of the increase.

Without the MW increases it would have actually declined.

Without the MW increases, EPI says wages would have gone up 3.5%.
Higher than any year under Obama.

Is that source too commie for you?

 

[Ray From Cleveland]

You don’t think healthcare is involved in fighting a pandemic? You keep getting dumber...

I didn't bring up healthcare, you did. I was talking about the power of government over the people. Why would you respond with some healthcare comment?

 

[Oldestyle]

Who are you scared of and how much are they spending compared to us. Please give numbers so I get a good laugh.

Mandatory Spending

Mandatory spending is estimated at $2.966 trillion in FY 2021. This category includes entitlement programs such as Social Security, Medicare, and unemployment compensation. It also includes welfare programs such as Medicaid. Social Security will be the biggest expense, budgeted at $1.151 trillion. It's followed by Medicare at $722 billion and Medicaid at $448 billion. Social Security costs are currently 100% covered by payroll taxes and interest on investments. Until 2010, there was more coming into the Social Security Trust Fund than being paid out. Thanks to its investments, the Trust Fund is still running a surplus.

The Trust Fund’s Board estimates that Social Security's surplus will be depleted by 2034.3 Social Security revenue, from payroll taxes and interest earned, will cover only 79% of the benefits promised to retirees.

Medicare is already underfunded because taxes withheld for the program don't pay for all benefits. Congress must use tax dollars to pay for a portion of it. Medicaid is 100% funded by the general fund, also known as "America's Checkbook." This account is used to finance daily activities and long-term operations of the government.4



Discretionary Spending

The discretionary budget for 2021 is $1.485 trillion. More than half goes toward military spending, including Homeland Security, the Department of Veterans Affairs, and other defense-related departments. The rest must pay for all other domestic programs. The largest of these programs are Health and Human Services, Education, and Housing and Urban Development.

There also is the Overseas Contingency Operations fund that pays for wars or continuing military actions. A growing portion of the discretionary budget is set aside for disaster relief such as hurricane and wildfire relief.

U.S. Federal Budget Breakdown

The FY 2022 federal budget proposal was over $6 trillion, with an estimated revenue of about $4.2 trillion, creating a deficit worth about $1.9 trillion.

www.thebalance.com

You ignored my question. Who are you scared of and how much do they spend compared to us?

I'm scared of the Chinese. You should be too.

And they spend how much on the military? We spend how much?

Obama needed defense money to bomb Libya, fight the war in Iraq for three years and escalated the war in Afghanistan, didn't he?

Clinton needed it to kill Christians in order to protect Muslims, didn't he?

Clinton balanced the budget.

No, Clinton did NOT balance the budget! Don't be such an idiot, Brain!

Yes he did. Heck there was a surplus for Bush till he ruined everything. Is denying reality all trumpers have?

Brain? Before you make a total fool of yourself...do a little research on this subject! It's a myth that Clinton ever had a balanced budget let alone a surplus.

Well deficits sure shrunk with Clinton and sure grew with Trump. You idiots love to deny facts.

LOL...so you've gone from claiming that Clinton had a surplus...to claiming that he had a balanced budget...to now claiming that he had smaller deficits? But you call me an idiot that denies facts? With all due respect, YOU are the person making up facts!

 

[danielpalos]

You don’t think healthcare is involved in fighting a pandemic? You keep getting dumber...

I didn't bring up healthcare, you did. I was talking about the power of government over the people. Why would you respond with some healthcare comment?

Our welfare clause is general. For comparison and contrast, our defense clause is common. Yet, it was the virtual communism of our wartime economy that achieved full employment and won WWII. Right wingers only have special pleading that resorts to appeals to ignorance.

 

[danielpalos]

Who are you scared of and how much are they spending compared to us. Please give numbers so I get a good laugh.

Mandatory Spending

Mandatory spending is estimated at $2.966 trillion in FY 2021. This category includes entitlement programs such as Social Security, Medicare, and unemployment compensation. It also includes welfare programs such as Medicaid. Social Security will be the biggest expense, budgeted at $1.151 trillion. It's followed by Medicare at $722 billion and Medicaid at $448 billion. Social Security costs are currently 100% covered by payroll taxes and interest on investments. Until 2010, there was more coming into the Social Security Trust Fund than being paid out. Thanks to its investments, the Trust Fund is still running a surplus.

The Trust Fund’s Board estimates that Social Security's surplus will be depleted by 2034.3 Social Security revenue, from payroll taxes and interest earned, will cover only 79% of the benefits promised to retirees.

Medicare is already underfunded because taxes withheld for the program don't pay for all benefits. Congress must use tax dollars to pay for a portion of it. Medicaid is 100% funded by the general fund, also known as "America's Checkbook." This account is used to finance daily activities and long-term operations of the government.4



Discretionary Spending

The discretionary budget for 2021 is $1.485 trillion. More than half goes toward military spending, including Homeland Security, the Department of Veterans Affairs, and other defense-related departments. The rest must pay for all other domestic programs. The largest of these programs are Health and Human Services, Education, and Housing and Urban Development.

There also is the Overseas Contingency Operations fund that pays for wars or continuing military actions. A growing portion of the discretionary budget is set aside for disaster relief such as hurricane and wildfire relief.

U.S. Federal Budget Breakdown

The FY 2022 federal budget proposal was over $6 trillion, with an estimated revenue of about $4.2 trillion, creating a deficit worth about $1.9 trillion.

www.thebalance.com

You ignored my question. Who are you scared of and how much do they spend compared to us?

I'm scared of the Chinese. You should be too.

And they spend how much on the military? We spend how much?

Obama needed defense money to bomb Libya, fight the war in Iraq for three years and escalated the war in Afghanistan, didn't he?

Clinton needed it to kill Christians in order to protect Muslims, didn't he?

Clinton balanced the budget.

No, Clinton did NOT balance the budget! Don't be such an idiot, Brain!

Yes he did. Heck there was a surplus for Bush till he ruined everything. Is denying reality all trumpers have?

Brain? Before you make a total fool of yourself...do a little research on this subject! It's a myth that Clinton ever had a balanced budget let alone a surplus.

Well deficits sure shrunk with Clinton and sure grew with Trump. You idiots love to deny facts.

LOL...so you've gone from claiming that Clinton had a surplus...to claiming that he had a balanced budget...to now claiming that he had smaller deficits? But you call me an idiot that denies facts? With all due respect, YOU are the person making up facts!

Wages actually outpaced inflation for a while under the Clinton administration and he did run massive budget surpluses, unlike the right wing.