What's new
By:

The Biden Administration and All Things Politics

Just speaking for myself.....

I make no where close to 100,000 dollars per year for my entire household. I'm paycheck to paycheck for life. I don't want my taxes lowered. I'm getting by ok. I think I should have to contribute to all the awesome things in this great country.




Sent from my CPH2451 using Tapatalk
 
TheStormofWar said:
Yeah, it pretty much is. Again, read up on it and the history on those taxes in general. Fascinating stuff.
Click to expand...
Dropping a rate 6% for companies that make products in America is the same as dropping income tax 30% and businesses tax rates to 0%?

Not the same.

Lets see how high taxes work in these blue states:
www.bostonherald.com

Fleeing Massachusetts taxpayers cost state $3.9B in 2022 income, IRS data show

Taxpayers fleeing Massachusetts cost the state roughly $3.9 billion in 2022, placing it fifth in the country for loss of “adjusted gross income” due to domestic migration, behind just California, N…
www.bostonherald.com www.bostonherald.com

People leaving the state of Massachusetts cost the state 3.9 billion in 2022
California - 23.8 billion
NY - 14.2 Billion
Illinois - 9.9 Billion
New Jersey - 5.3 Billion

High Taxes, High Regulation, High Cost of Living = mass exodus

Let's see what a business man says about these states and taxes:

View: https://x.com/SOULDI3T/status/1831530673108140058
 
MT Steve said:
This seems like an incredibly strong argument for the exact opposite of dramatically slashing corporate tax rates.
Click to expand...
But all the people who got rich in America would leave and go to a different country if their taxes went up
How patriotic of them. **** em.

(I actually don't think they would leave and instead would continue to simply cheat the system and stay here)

Sent from my CPH2451 using Tapatalk
 
fishonjazz said:
Just speaking for myself.....

I make no where close to 100,000 dollars per year for my entire household. I'm paycheck to paycheck for life. I don't want my taxes lowered. I'm getting by ok. I think I should have to contribute to all the awesome things in this great country.




Sent from my CPH2451 using Tapatalk
Click to expand...
So you're ok with a 7% increase? 80k would be a $5600 hit to you. Are you okay with that?
 
fishonjazz said:
But all the people who got rich in America would leave and go to a different country if their taxes went up
How patriotic of them. **** em.

(I actually don't think they would leave and instead would continue to simply cheat the system and stay here)

Sent from my CPH2451 using Tapatalk
Click to expand...
We have a 90 year history of a 30%-50% corporate tax rate objectively working and working extremely well, and he's posting horror stories of people leaving individual states along with some appeal to a billionaire's authority (lol).

Like what are we even doing here?
 
Bucknutz said:
So you're ok with a 7% increase? 80k would be a $5600 hit to you. Are you okay with that?
Click to expand...
I think you misread my post.
I'm a broke dude who isn't begging for lower taxes. I said nothing about wanting to pay more taxes.

I'm not going to cry for rich dudes who can't buy another yaught. I will leave that to you.



Sent from my CPH2451 using Tapatalk
 
Last edited:
fishonjazz said:
I think you misread my post.
I'm a broke dude who isn't begging for lower taxes. I said nothing about wanting to pay more taxes.

I'm not going to cry for rich dudes who can't buy another yaught. I will leave that to you.

Sent from my CPH2451 using Tapatalk
Click to expand...
Im not rich either but you are asking me to add 7% to my tax bill. Because F the Rich Dudes.
 
Bucknutz said:
Im not rich either but you are asking me to add 7% to my tax bill. Because F the Rich Dudes.
Click to expand...
The tax increases I have seen proposed have always had a dollar account attached to them. That dollar amount I have seen is like super super high.

Sent from my CPH2451 using Tapatalk
 
Bucknutz said:
So you're ok with a 7% increase? 80k would be a $5600 hit to you. Are you okay with that?
Click to expand...
Now if I was making a million per year and you told me I was going to have to pay another 100,000 in taxes then yes, I would be fine with that. (Don't even know if I'm anywhere close with the math btw). I would be just fine. Better than fine actually. I would be rich.

Sent from my CPH2451 using Tapatalk
 
Bucknutz said:
Please tell me what raising the rate will do compared to this. Taking 7% more from businesses, without any return for the business, what does the business or American persons get out of it?
Click to expand...
Fewer meaningless stock buy-backs that only benefit the rich, and more money for infrastructure and social programs. And less national debt.
 
Bucknutz said:
Dropping a rate 6% for companies that make products in America is the same as dropping income tax 30% and businesses tax rates to 0%?

Not the same.

Lets see how high taxes work in these blue states:
www.bostonherald.com

Fleeing Massachusetts taxpayers cost state $3.9B in 2022 income, IRS data show

Taxpayers fleeing Massachusetts cost the state roughly $3.9 billion in 2022, placing it fifth in the country for loss of “adjusted gross income” due to domestic migration, behind just California, N…
www.bostonherald.com www.bostonherald.com

People leaving the state of Massachusetts cost the state 3.9 billion in 2022
California - 23.8 billion
NY - 14.2 Billion
Illinois - 9.9 Billion
New Jersey - 5.3 Billion

High Taxes, High Regulation, High Cost of Living = mass exodus

Let's see what a business man says about these states and taxes:

View: https://x.com/SOULDI3T/status/1831530673108140058
Click to expand...

Yes, O'Leary will only be happy when his tax bill is negative. He is a far cry from Cuban and Buffet and others who have spoken out about the lop-sided low tax rates paid by the ultra-wealthy. He is a bad example of what the taxes really mean for ordinary people.
 
Bucknutz said:
Dropping a rate 6% for companies that make products in America is the same as dropping income tax 30% and businesses tax rates to 0%?

Not the same.
Click to expand...
A yup, it is.

What constitutes "making products in America" exactly? Is it a sourcing everything, from raw materials to transportation or manufacture to distribution in the US? For almost every large business in the US, this is impossible. So let's go ahead and make that "partly" manufactured in US. Okay, how do define that? Let's say a factory? Sweet, let's open a small, part time shop in Hooper to manufacture a widget a month. Windfall! Do you see how this works now? Most businesses either get enough tax breaks as it is and some don't even pay taxes because reasons.

Like I said, companies reaping record profits do not need any more tax breaks. Anything else is a Kansas City Shuffle.
 
Remember corporate tax rates only hit net profit. They don't affect a business's ability to run their business. If anything, a higher corporate tax rate incentivizes re-investment into the business. Do we not want more spent on R&D? More investment to keep talented employees?

Tax havens existed in 2017 before Trump's tax cuts reduced the corporate statutory rate from 35% to 21% just as they do now. Capital flight from state to state occurs here and there but moving a whole-*** business into another country is entirely different. Rich people like Kevin O'Leary love to threaten us but I'm okay with calling their bluff to a certain point.

To AI's point we need to remain somewhat competitive, So I believe there is a threshold here. 28-30 percent is a reasonable middle ground. We can afford to be on the high side because doing business in the US is going to be attractive and we can leverage that.

Lowering it is insane though, That's just more money in their pockets.
 
Safetydan said:
Remember corporate tax rates only hit net profit. They don't affect a business's ability to run their business. If anything, a higher corporate tax rate incentivizes re-investment into the business. Do we not want more spent on R&D? More investment to keep talented employees?

Tax havens existed in 2017 before Trump's tax cuts reduced the corporate statutory rate from 35% to 21% just as they do now. Capital flight from state to state occurs here and there but moving a whole-*** business into another country is entirely different. Rich people like Kevin O'Leary love to threaten us but I'm okay with calling their bluff to a certain point.

To AI's point we need to remain somewhat competitive, So I believe there is a threshold here. 28-30 percent is a reasonable middle ground. We can afford to be on the high side because doing business in the US is going to be attractive and we can leverage that.

Lowering it is insane though, That's just more money in their pockets.
Click to expand...
200w.gif
 
TheStormofWar said:
A yup, it is.

What constitutes "making products in America" exactly? Is it a sourcing everything, from raw materials to transportation or manufacture to distribution in the US? For almost every large business in the US, this is impossible. So let's go ahead and make that "partly" manufactured in US. Okay, how do define that? Let's say a factory? Sweet, let's open a small, part time shop in Hooper to manufacture a widget a month. Windfall! Do you see how this works now? Most businesses either get enough tax breaks as it is and some don't even pay taxes because reasons.

Like I said, companies reaping record profits do not need any more tax breaks. Anything else is a Kansas City Shuffle.
Click to expand...
Something else worth pointing out along these lines is that most of the time these changes tend to take aim at mega-corporations, not mom and pop shops. Thresholds often are at the $100 million mark for which corporations pay what. There is no reason we shouldn't be taxing mega-corps, especially those that are effectively oligopolies, hugely for the privilege of having not been regulated to allow them to get so big in the first place. Too big to fail needs to go away as that was proven to be entirely ********. If you make up 1/3 of the biggest companies controlling a single industry you should be paying max taxes, marginal corp rates on the order of 80%+. That is, after all, what ALL large corporations paid in the American economic hey-day of the 50's. And that did nothing to stifle anything. Everyone prospered. No reason not to go back to that after all.

I also think we need laws around stock buy-backs and other hand-outs to rich shareholders. A flat 50% tax on buy-backs would be good to start. If you want to do a $1.5 bill buy-back, you pay half that amount in tax straight up. So it costs you $1.5 bill + $750 mill, so a $1.5 bill buy-back costs $2.25 bill. I mean if you are reaping such windfall profits it must have been at the expense of either taxes or prices or wages. Only fair to balance the playing-field.
 
Something else I have been mulling over is a way to limit CEO greed and run-away pay. One way would be to implement a 100% tax on CEO pay on anything over $1 million total compensation paid to a single person, regardless of source. Pay the CEO $24 million in salary and stocks and the company also pays a $24 million tax for the privilege. Even better, give tax breaks for raising total compensation for everyone outside of the C-suite, and double that for hourly workers. Want a great tax break? Raise your hourly wages and you get a maximum tax break to do so. Want to pay the officers extravagant money? Pay 100% tax on it and you still can! Then close loop-holes so there is no way around this. I think most companies would rather give the money to their hourly work-force or middle management rather than the government anyway, and a CEO truly worth $20 mill will still get it, because it will be worth it for the company to pay the tax.
 
You must log in or register to reply here.

Share this page
Back
Top