"We have to increase taxes on the wealthy"

[Rigby5]

I really have no answers in that regard other than scrapping the reams of tax code and going with a fair/flat tax.

We have plenty of revenue but a totally dysfunctional .gov as far as spending goes.

In other words:

I agree completely.
But along with the flat tax, it should be a high rate like 25 or 30%, and then the poor should be saved by a large but flat personal deduction, something like $25k. That means people who only make $25k a year, pay no tax, so the fact the flat tax rate is high will not harm them.

 

[BrokeLoser]

Whoa. Holy crap. I'm not surprised by much any more, but this made me do a double-take. STEVE BANNON said this.

“I’m for a dramatic increase in corporate taxes. We have to increase taxes on the wealthy. For getting our guys’s taxes cut, we’ve got to cut spending, which they’re gonna resist. Where does the tax revenue come from? Corporations and the wealthy,” Bannon said during an interview with Semafor that was published Friday.

“And when they start squealing, we have a conversation,” the conservative media personality added. “We’re all partners in this, everybody’s going to take a little pain, but the working people are going to take less pain than you guys.”

On the campaign trail, Trump, Bannon’s former boss, said he wants to extend many provisions in his 2017 tax legislation, his signature economic achievement during his first White House term. He also vowed to slash taxes on tips and Social Security. Trump has also shown support for dropping the corporate income tax rate to 15 percent.

Personally, I'm for adding perhaps four new higher brackets on the top end. So yeah, I agree. On corporate taxes, we need to be careful and remain competitive globally, but I'm for establishing a Minimum Effective Tax Rate of maybe 10%, so that we don't have huge companies paying zero, like Amazon.

Thoughts?

Steve Bannon supports increasing taxes on the wealthy

HOLY HELL!!!
I always thought you at least knew something about finance.
Corporations don’t pay income taxes, they are pass-through entities…the corps income passes through to shareholders and shareholders pay personal income tax on the revenue.
What else can I teach you today kid?

 

[1srelluc]

I agree completely.
But along with the flat tax, it should be a high rate like 25 or 30%, and then the poor should be saved by a large but flat personal deduction, something like $25k. That means people who only make $25k a year, pay no tax, so the fact the flat tax rate is high will not harm them.

Piss on that, the "poor" would have no skin in the game.

IMHO if they pay no federal tax they should not be able to vote in a federal election.

 

[Rigby5]

The best ways of increasing government tax revenue are not easy to find. Trump's tax cuts of 2017 dramatically INCREASED Federal income tax revenues, with exception for the 2 Covid years. You could look it up.

It comes down to the two ways of looking at tax changes: the Static view and the Dynamic view. The Static view supposes that taxpayers WILL NOT REACT to changes in the tax code. They see a certain amount of economic activity and figure that if they increase the taxes on that activity, then tax revenues will SURELY go up. Sometimes it happens that way, but only for the first year. The Dynamic view anticipates that taxpayers WILL REACT to the changes, and tries to anticipate that reaction.

The key is this: The highest earners and corporations can MANAGE their income, and if they think that the tax code is screwing them, they will rearrange their affairs to RECOGNIZE less in taxable income to minimize taxes. If they think the tax code is treating them fairly, they will just go about their affairs to maximize their income and go ahead and pay the taxes. This is what happened with the 2017 tax cuts (which are due to expire).

Increasing tax rates in the hope of increasing tax revenues is a fool's errand. It satisfies the Masses, but rarely achieves what it promises to achieve.

And as everybody knows, the real problem is on the SPENDING side, not the taxing side. Congress always seeks to BUY votes with taxpayer money, and most of the discretionary spending is unconstitutional, but few in Congress have the balls to say so. This is partly because any Congress electee who votes in accordance with the Constitution will quickly be voted out of office.

Parenthetically, the SS changes that were enacted last night are just one more example of Congress spending OUR money to buy themselves votes. The beneficiaries of the changes are mainly GOVERNMENT EMPLOYEES who DID NOT pay into the SS system, or paid very little, and who generally retire ten to fifteen years earlier than people in the Real World. These people need a break? No. Give ME a fucking break!

The spending "powers" of Congress are laid out in Article I, Section 8. They do NOT include things like, education, healthcare, housing, food, entertainment, or saving the [fucking] planet. ALL of these things are "reserved to the states, respectively, or to the people" (ever seen those words before?).

If the DOGE brothers want to truly make a splash, they should propose that Congress establish a "Constitutionality Panel" that would review every piece of spending proposed by Congress to see whether Congress is actually empowered to do it.

Balanced budget. Immediately.

Agreed.
Since the BATF, DEA, Homeland Security, TSA, etc., are not constitutional, we could save a lot of money.

 

[Rigby5]

HOLY HELL!!!
I always thought you at least knew something about finance.
Corporations don’t pay income taxes, they are pass-through entities…the corps income passes through to shareholders and shareholders pay personal income tax on the revenue.
What else can I teach you today kid?

Exactly.
The corporate tax rate really is not an issue at all since almost no corporation ever pays income tax.
They can just reinvest it in capital improvements, or hand it out as dividends to stockholders.

 

[BrokeLoser]

Exactly.
The corporate tax rate really is not an issue at all since almost no corporation ever pays income tax.
They can just reinvest it in capital improvements, or hand it out as dividends to stockholders.

BINGO

 

[Rigby5]

Piss on that, the "poor" would have no skin in the game.

IMHO if they pay no federal tax they should not be able to vote in a federal election.

Wrong.
The poor are the ones who actually do all the production and they make everything, including all the profits the corporations and wealthy elite claim as their own.

The fact their cost of living eats up all they are paid for their work, does not mean they are not the source of any and all productivity.

My point that you still seem to not get, is that the housing, food, transportation costs, babysitters, clothing, etc., that the poor have to pay individually, should be valid tax exemptions just like the wealthy elite get to write off the cost of their factories, utilities, employee benefits, etc.

 

[BrokeLoser]

Wrong.
The poor are the ones who actually do all the production and they make everything, including all the profits the corporations and wealthy elite claim as their own.

The fact their cost of living eats up all they are paid for their work, does not mean they are not the source of any and all productivity.

My point that you still seem to not get, is that the housing, food, transportation costs, babysitters, clothing, etc., that the poor have to pay individually, should be valid tax exemptions just like the wealthy elite get to write off the cost of their factories, utilities, employee benefits, etc.

Here in Mexifornia our poor are illegal foreigners holding down wages, destroying blue collar trades, destroying our public education, destroying healthcare, overrunning social services, overwhelming public services and infrastructure, flooding our jails and prisons…Here in Mexifornia our poor are our greatest liability, a major drain on the public, the cause for a shittier quality of life for good people, the cause for degradation and destruction….a net loss BIG TIME.

 

[Nostra]

Whoa. Holy crap. I'm not surprised by much any more, but this made me do a double-take. STEVE BANNON said this.

“I’m for a dramatic increase in corporate taxes. We have to increase taxes on the wealthy. For getting our guys’s taxes cut, we’ve got to cut spending, which they’re gonna resist. Where does the tax revenue come from? Corporations and the wealthy,” Bannon said during an interview with Semafor that was published Friday.

“And when they start squealing, we have a conversation,” the conservative media personality added. “We’re all partners in this, everybody’s going to take a little pain, but the working people are going to take less pain than you guys.”

On the campaign trail, Trump, Bannon’s former boss, said he wants to extend many provisions in his 2017 tax legislation, his signature economic achievement during his first White House term. He also vowed to slash taxes on tips and Social Security. Trump has also shown support for dropping the corporate income tax rate to 15 percent.

Personally, I'm for adding perhaps four new higher brackets on the top end. So yeah, I agree. On corporate taxes, we need to be careful and remain competitive globally, but I'm for establishing a Minimum Effective Tax Rate of maybe 10%, so that we don't have huge companies paying zero, like Amazon.

Thoughts?

Steve Bannon supports increasing taxes on the wealthy

What is a fair share for the rich Mac1958 ?

 

[Rigby5]

Here in Mexifornia our poor are illegal foreigners holding down wages, destroying blue collar trades, destroying our public education, destroying healthcare, overrunning social services, overwhelming public services and infrastructure, flooding our jails and prisons…Here in Mexifornia our poor are our greatest liability, a major drain on the public, the cause for a shittier quality of life for good people, the cause for degradation and destruction….a net loss BIG TIME.

Wrong.
Illegal immigrants have half the crime rate of citizens.
The causes of crime are poverty and injustice.
So it is the wealthy who are ruining CA, not poor immigrants.
They can't be "holding down wages" because all you have to do is legislate a reasonable minimum wage.
In fact, if you made decent tax laws, then homelessness would also go away.
There is no way illegal immigrants can harm education, healthcare or social services since they do not increase the costs of any of them. In fact, school enrollment is dropping. There is no public health care. And the only social services is ADC or disability.

 

[BluesLegend]

Right, because jacking up taxes won't have any negative impact on oh say the economy, jobs, investment in new businesses and expansion, the 'rich' running away and hiding their money. FFS

All you dumb ass tax increase fans, tax increases slam the poor and working class the hardest. Do you think the 'rich' just bend over and take it? Nope! They have the means to pass those costs on down to the poor and working class. Stop being stupid shit Dem sheeple.

 

[Rigby5]

What is a fair share for the rich Mac1958 ?

The wealthy should pay a high rate because they benefit the most from public services.
So something like 30% flat tax rate seems fair.

You can use the same 30% flat tax rate on the poor as long as you give them a realistically big, flat, personal deduction like $25k, to cover the cost of doing business, like rent, food, clothing, gas, etc.

 

[Rigby5]

Right, because jacking up taxes won't have any negative impact on oh say the economy, jobs, investment in new businesses and expansion, the 'rich' running away and hiding their money. FFS

All you dumb ass tax increase fans, tax increases slam the poor and working class the hardest. Do you think the 'rich' just bend over and take it? Nope! They have the means to pass those costs on down to the poor and working class. Stop being stupid shit Dem sheeple.

So end all the tax write off and go with a flat tax, with a large, flat, personal deduction.
Then stop funding the wars in the Ukraine and Palestine.

 

[Nostra]

The wealthy should pay a high rate because they benefit the most from public services.
So something like 30% flat tax rate seems fair.

You can use the same 30% flat tax rate on the poor as long as you give them a realistically big, flat, personal deduction like $25k, to cover the cost of doing business, like rent, food, clothing, gas, etc.

Flat tax on what? Too vague.

How much if the total income tax burden should the top 1% pay? Top 10%?

 

[Mac-7]

Whoa. Holy crap. I'm not surprised by much any more, but this made me do a double-take. STEVE BANNON said this.

“I’m for a dramatic increase in corporate taxes. We have to increase taxes on the wealthy. For getting our guys’s taxes cut, we’ve got to cut spending, which they’re gonna resist. Where does the tax revenue come from? Corporations and the wealthy,” Bannon said during an interview with Semafor that was published Friday.

“And when they start squealing, we have a conversation,” the conservative media personality added. “We’re all partners in this, everybody’s going to take a little pain, but the working people are going to take less pain than you guys.”

On the campaign trail, Trump, Bannon’s former boss, said he wants to extend many provisions in his 2017 tax legislation, his signature economic achievement during his first White House term. He also vowed to slash taxes on tips and Social Security. Trump has also shown support for dropping the corporate income tax rate to 15 percent.

Personally, I'm for adding perhaps four new higher brackets on the top end. So yeah, I agree. On corporate taxes, we need to be careful and remain competitive globally, but I'm for establishing a Minimum Effective Tax Rate of maybe 10%, so that we don't have huge companies paying zero, like Amazon.

Thoughts?

Steve Bannon supports increasing taxes on the wealthy

Link tax increases to budget cuts dollar for dollar

 

[Crepitus]

Whoa. Holy crap. I'm not surprised by much any more, but this made me do a double-take. STEVE BANNON said this.

“I’m for a dramatic increase in corporate taxes. We have to increase taxes on the wealthy. For getting our guys’s taxes cut, we’ve got to cut spending, which they’re gonna resist. Where does the tax revenue come from? Corporations and the wealthy,” Bannon said during an interview with Semafor that was published Friday.

“And when they start squealing, we have a conversation,” the conservative media personality added. “We’re all partners in this, everybody’s going to take a little pain, but the working people are going to take less pain than you guys.”

On the campaign trail, Trump, Bannon’s former boss, said he wants to extend many provisions in his 2017 tax legislation, his signature economic achievement during his first White House term. He also vowed to slash taxes on tips and Social Security. Trump has also shown support for dropping the corporate income tax rate to 15 percent.

Personally, I'm for adding perhaps four new higher brackets on the top end. So yeah, I agree. On corporate taxes, we need to be careful and remain competitive globally, but I'm for establishing a Minimum Effective Tax Rate of maybe 10%, so that we don't have huge companies paying zero, like Amazon.

Thoughts?

Steve Bannon supports increasing taxes on the wealthy

I wonder how serious he is bout this.

 

[Crepitus]

BTW, If you wanna cut spending, I have some suggestions on where to start:

 

[Mac-7]

The wealthy should pay a high rate because they benefit the most from public services.
So something like 30% flat tax rate seems fair.

You can use the same 30% flat tax rate on the poor as long as you give them a realistically big, flat, personal deduction like $25k, to cover the cost of doing business, like rent, food, clothing, gas, etc.

Better is a 10% tax on all income, rich and poor, on every dollar

 

[BrokeLoser]

Wrong.
Illegal immigrants have half the crime rate of citizens.

Wrong…what part of Mexico are you from?
How many found at this link are present with legal lineage? Think once Humberto.

LAPD Most Wanted

www.lapdonline.org

The truth about crime, illegal immigrants and sanctuary cities

OPINION | Liberals are misleading the country on the connection between illegals and crime.

thehill.com

The causes of crime are poverty and injustice.

Why is there such little crime in all white, all poor Appalachia?

Appalachia: The big white ghetto

In Appalachia, jobs have vanished, and people live for pills, soda pop, and welfare

theweek.com

The causes of crime is melanin and culture…Look around the world.

So it is the wealthy who are ruining CA, not poor immigrants.

Yes, the people paying for everything are the problem…Good luck selling that to sane legitimate people.

They can't be "holding down wages" because all you have to do is legislate a reasonable minimum wage.

We did that….Burger flippers here in Mexifornia get $20 per hour. How does that stop cousin Gustavo from hiring his illegal family to hang drywall?

In fact, if you made decent tax laws, then homelessness would also go away.

Hold on…so it’s tax code that causes degenerates to do drugs and have babies they can’t afford?

There is no way illegal immigrants can harm education, healthcare or social services since they do not increase the costs of any of them.

Public education in Mexifornia ranked 3rd in the nation before the invasion, now it ranks near the bottom…Who do you think pays for their EBT cards and rent subsidies…who pays to educate their children at $15k per child per year, for their children to be born at $15k per child?

There is no public health care.

Who do you think pays for their medical care, for their ER visits? The taxpaying PUBLIC?

And the only social services is ADC or disability.

Cutting welfare to illegal aliens would pay for Trump’s wall

Mexico won’t have to pay for the wall, after all. US taxpayers won’t have to pick up the tab, either. The controversial barrier, rather, will cover its own cost just by closing the border to illega…

nypost.com

https://www.congress.gov/118/meeting/house/117257/witnesses/HHRG-118-BU00-Wstate-KirchnerJ-20240508.pdf

You’re going to have to try harder Humberto.

 

[Thinker101]

Bannon is lying, of course.

He’s the master of lies and disinformation, like most on the right, used to spread conflict and chaos, such as advocating for ‘taxing’ the rich; only a fool would believe anything Bannon says.

Master of lies and disinformation? Damn, have you not paid attention to the last four years of Biden/Harris?