Elect Joe Biden, your taxes are going up. Period

Author: fauxlaw

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#31
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@fauxlaw
Care to demonstrate why, or do I just trust you know what you're talking about. As I explained in my post #1 [this is my string] the one-percenters, even if taxed 100%, could not possibly fund the government longer than 6 months at current expeditures, let alone adding wild hair projects progressives/marxists want to cover. Who else would be taxed then, by Biden. You, bud.
I see on your profile that you’re a conservative, so you most likely have at least some understanding of the dangers of extreme deficit spending. I am deeply concerned about the long term impact of all of this (necessary) covid related deficit spending. While some deficit spending is good, the kind of debt the United States has been taking on recently is likely to have dramatic long term consequences as interest payment on the debt becomes a greater and greater portion of the budget. 

Creating a few higher income tax brackets would do absolutely zero damage to the economy, unlike a wealth tax or bringing the corporate tax rate back up. Having, say, a 55% marginal tax on incomes about 1 million instead of 40% will not have a meaningful effect on the economy/incentive to work but would be a good start to getting our finances back in order. I don’t want taxes to go up on the middle class (me) but I’ve basically accepted that they will at this point, because it’s incredibly obvious that we are never going to get our spending under control. A compromise of higher taxes and an absolute prohibition on future discretionary spending is the only way I see out of continuously running trillion dollar deficits until the currency collapses. 

And to answer your first question, yes, you should just trust that I know what I’m talking about 
#32
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@thett3
They won’t have a choice.  That’s the point of taxes. 

The point of "sin taxes" is to force people into making choices.

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#33
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@thett3
So, a 15% increase on +$1M may not have a significant effect on the economy. If you know what your talking about, why don't you know that even double that tax rate will not sustain government spending at the rate your progs want it. Yeah, I'm conservative. The money supply is in better hands in the private sector.
#34
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@fauxlaw
Yeah, I'm conservative. The money supply is in better hands in the private sector.
this statement essentially translates as "yeah the rich should hold all the power and wealth and the rest of the country should serve them". If you believe that, then there is little anyone can do to convince you otherwise. 

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#35
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@HistoryBuff
Before making your snide commentary about the rich, why don 't yoiu research what percentage of all taxes paid are paid by the rich? Afraid of what you'll find is the true history, buff?
#36
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@fauxlaw
Before making your snide commentary about the rich, why don 't yoiu research what percentage of all taxes paid are paid by the rich? Afraid of what you'll find is the true history, buff?
what's your point? The people who control like 90% of the wealth pay a larger percent of the taxes. Of course they do, they have all the money. They also build in loopholes so they pay a lower effective tax rate than you do. 

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#37
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@HistoryBuff
What is stopping you from being rich? I'm sick and tired of you guys complaining rather than standing up and counting for something. YOU decide to be rich, and DOI IT. Nobody else. Look in the mirror; there's your nemesis. Change him. God in heaven, when are you guys who complain going to recognize it's not rocket science. There's money to be had. Go get it. Get out of the street and start thinking for yourselves. Do for yourselves. I am not going to do irt for you. No one did it for me.
#38
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@thett3
What does that even mean? They won’t have a choice.  That’s the point of taxes. 
They already find ways around it. Let’s assume there’s no way around it. I can just as easily move my company as a rich person. Move myself, and then pay lower taxes. There are many ways to do it if you have the money to do. I don’t blame a rich person for taking advantage the system. You and I would do the same thing. The government sucks at spending money.
#39
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@fauxlaw
What is stopping you from being rich? I'm sick and tired of you guys complaining rather than standing up and counting for something. YOU decide to be rich, and DOI IT. Nobody else. Look in the mirror; there's your nemesis. Change him. God in heaven, when are you guys who complain going to recognize it's not rocket science. There's money to be had. Go get it. Get out of the street and start thinking for yourselves. Do for yourselves. I am not going to do irt for you. No one did it for me.
Amen. My parents came to the nation with nothing in the late 90s, but they worked hard to get where they are today in the upper middle class. They want to earn more money but know that it has to come from me. They want to be rich. Who doesn’t? But if the money I earned was taken away you bet your ass I will do anything in my power to pay as low of a tax as possible.
#40
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@fauxlaw
So, a 15% increase on +$1M may not have a significant effect on the economy. If you know what your talking about, why don't you know that even double that tax rate will not sustain government spending at the rate your progs want it. Yeah, I'm conservative. The money supply is in better hands in the private sector.
I’m not a progressive...at all. I just recognize that Republicans have had undivided control of the government several times since LBJ’s Great Society created our modern system and spending just continuously increases. They’re not going to do anything about entitlement spending because it would mean certain electoral doom.

If thats our political reality (and it is) I would rather raise taxes on very high incomes to start with in an effort to mitigate the interest we will be paying on the debt later on. I would like to avoid any tax increases on the middle class but it seems unavoidable...however as much of the burden as possible should fall on the rich 
#41
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@ILikePie5
They already find ways around it. Let’s assume there’s no way around it. I can just as easily move my company as a rich person. Move myself, and then pay lower taxes. There are many ways to do it if you have the money to do. I don’t blame a rich person for taking advantage the system. You and I would do the same thing. The government sucks at spending money.
This is why wealth and corporate taxes are bad policy, because it’s a lot easier to just move that money offshore. It’s basically impossible to do so with income. Say the tax code is revised such that incomes over 1 million get a 50% marginal tax that increases to 60% at 5 million. How does Tom Brady find a way around that? 

What’s your solution?
#42
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@thett3
This is why wealth and corporate taxes are bad policy, because it’s a lot easier to just move that money offshore. It’s basically impossible to do so with income. Say the tax code is revised such that incomes over 1 million get a 50% marginal tax that increases to 60% at 5 million. How does Tom Brady find a way around that? 

What’s your solution?
Sports is a completely different scenario that has little ramifications if that cause they already pay taxes in multiple states as well as federally. These taxes are aimed towards sports players, rather company owners, and as I said before, they can move to a different nation and pay lower taxes through trade treaties, etc by lobbying with the money they have in that government. Can’t legally tax as much for that.
#43
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@thett3
What’s your solution?
My solution is that there needs to be a balance that allows investment in the nation, that doesn’t discriminate against millionaires and billionaires. The more money invested in our nation my native residents the better. The more jobs here the better. Everyone has the same opportunity to be a millionaire or a billionaire, but not everyone can. 

As for your deficit, I agree that it’s a major problem. One of the only places I disagree with the President on. But he has limited powers on budgetary issues as it’s a congressional power. Entitlement programs are a major problem for sure, but any cuts to Medicaid or Medicare would cause riots on the streets. We have to look at other places we can cut the deficit like trade for example.
#44
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@ILikePie5
Sports is a completely different scenario that has little ramifications if that cause they already pay taxes in multiple states as well as federally. These taxes are aimed towards sports players, rather company owners, and as I said before, they can move to a different nation and pay lower taxes through trade treaties, etc by lobbying with the money they have in that government. Can’t legally tax as much for that
I’m literally just talking about income taxes. Businesses are taxed in a different way, and I agree with you that it is much easier to skirt that tax by incorporating elsewhere or moving money offshore. Hardly anyone in this country has a personal income above $1,000,000 and those that do tend to be entertainers, professional athletes, CEOs or other executive level management at large companies, and a smattering of high level tech workers in the Bay Area. Almost all of these people are openly hostile to conservatism and the kinds of people that the GOP represents so it’s weird to see republicans resisting the idea that these people should have slightly less money so fiercely. 
#45
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@thett3
Hardly anyone in this country has a personal income above $1,000,000 and those that do tend to be entertainers, professional athletes, CEOs or other executive level management at large companies, and a smattering of high level tech workers in the Bay Area. Almost all of these people are openly hostile to conservatism and the kinds of people that the GOP represents so it’s weird to see republicans resisting the idea that these people should have slightly less money so fiercely. 
Just because I hate them doesn’t mean I forgo my beliefs. Income taxes are lowerable as a foreign national who can lobby other governments. The reason why no one does this is because there’s no need to right now because a couple percentage points don’t matter as much, but if you drastically increase it which is the only way to make a difference then people will start using this tactic. These people already have contacts around the world. It would be easy for them to do so. With it they take their investment in real estate, cars, etc.
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#46
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@ILikePie5
Congratulations. You get it. Your parents get it. Many don't.
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#47
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@thett3
I wonder why people, many who aere rich, are leaving NY and Ca in droves. I left CA for the last time nearly 20 years ago. Drive taxes high enough, your assumed tax base will dwindle. 
#48
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@ILikePie5
Everyone has the same opportunity to be a millionaire or a billionaire, but not everyone can. 
Yeah sorry, but no. This is simply not true. Donald Trump, who was born into a wealthy family with a thriving business had a much better chance of becoming a billionaire than someone like me, who grew up in a nice suburb. Someone like me in turn has a much higher chance than someone born into the projects. That doesn't discount the work Donald Trump did to build his business but to imply that it's anywhere near as impressive as an actual rags to riches story is asinine. Socioeconomic status is pretty sticky between generations due to nature, nurture, and inheritance.


As for your deficit, I agree that it’s a major problem. One of the only places I disagree with the President on. But he has limited powers on budgetary issues as it’s a congressional power. Entitlement programs are a major problem for sure, but any cuts to Medicaid or Medicare would cause riots on the streets. We have to look at other places we can cut the deficit like trade for example.
What do you mean? Are you confusing the trade deficit for the budget deficit? They are two different things. 

The fact of the matter is that the deficit is never going to get under control without cuts to entitlement spending or tax increased. Even the military budget is not nearly as large a portion of our total spend as people think (and interest payments are over 50% of the military budget.) You yourself admit there won't be entitlement cuts, so where does that leave us?
#49
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@fauxlaw
I wonder why people, many who aere rich, are leaving NY and Ca in droves. I left CA for the last time nearly 20 years ago. Drive taxes high enough, your assumed tax base will dwindle. 
It's a lot easier to change states than it is to change countries.

What is your solution to stop runaway deficit spending?
#50
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@fauxlaw
What is stopping you from being rich?
A system designed to prevent most people from becoming wealthy by devaluing labor and experience and massively over valuing executives and share holders. There are exceptions that manage to become wealthy in this system, but the vast majority of people will not. And it is absolutely designed to work that way. 

There's money to be had. Go get it. Get out of the street and start thinking for yourselves. Do for yourselves. I am not going to do irt for you. No one did it for me.
Are you claiming you are a multi-millionaire?
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#51
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@thett3
Stop spending
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#52
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@HistoryBuff
That is such a load of crap! What, you abdicate control of your destiny that easily? Get an education. Learn to think critically. Use your head to whorl smart, not just hard. Is that so hard?
#53
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@fauxlaw
We've already established that won't happen. But okay, what exactly do you want to cut and by how much?

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#54
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@HistoryBuff
Worth a few, yeah. Started with almost nothing, ordinary middle class. I wanted better, started buying real estate and market investing small time, avoided buying toys. It grew, and I cultivated. Anyone with ambition, planning and execution can do it. Oba’a did you no favors telling you you didn’t build that. I did.

#55
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@fauxlaw
That is such a load of crap! What, you abdicate control of your destiny that easily? Get an education. Learn to think critically. Use your head to whorl smart, not just hard. Is that so hard?
I have an education. I do think critically. I see that the vast majority of wealth is controlled by a very few number of people. They have, over the course of decades and even centuries, designed an economic system that protects them and their class. They have systematically devalued labor and experience and concentrated as much wealth and power into their own hands. 

So yes, if you work hard all your life it is possible to succeed. But you will never be among the top 1%. You will never be wealthy or powerful enough to make any real change. But that is how they sell the lie. 

And the current economic crisis has actually highlighted that point. The people who are critically important are the people who run our hospitals, drive the trucks full of goods, stock our grocery stores etc. But those people are getting completely screwed over. It isn't them the government is spending trillions of dollars to support. It is businesses and millionaires/billionaires. When it comes down to it, the system is designed to protect the rich, not you. 
#56
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The Middle Class should not suffer at the hands of the lazy poor people. I live in an Urban area and I see first hand how terrible some people are. They strive to achieve nothing but obtain handouts and live off the government. The government should not the income of a person, but emergency relief. The culture now a days believes that lazy people should get free everything. Working hard to obtain something is key to society
#57
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@thett3
Yeah sorry, but no. This is simply not true. Donald Trump, who was born into a wealthy family with a thriving business had a much better chance of becoming a billionaire than someone like me, who grew up in a nice suburb. Someone like me in turn has a much higher chance than someone born into the projects. That doesn't discount the work Donald Trump did to build his business but to imply that it's anywhere near as impressive as an actual rags to riches story is asinine. Socioeconomic status is pretty sticky between generations due to nature, nurture, and inheritance.
Is it wrong to give your children your money because it sounds like that’s what you’re saying. That’s the problem here. There are numerous self made billionaires like Steve Jobs and Mark Zuckerburg. My parents literally came from nothing to a country they didn’t even know the language to and are upper middle class almost millionaires. If they could do it you can too. Social mobility is up to the individual. If Steve Jobs could do it, you can too. Penalizing a child for their father earning money and inheriting that is stupid. Parents work for their children. 

What do you mean? Are you confusing the trade deficit for the budget deficit? They are two different things.

The fact of the matter is that the deficit is never going to get under control without cuts to entitlement spending or tax increased. Even the military budget is not nearly as large a portion of our total spend as people think (and interest payments are over 50% of the military budget.) You yourself admit there won't be entitlement cuts, so where does that leave us?
The trade deficit lessens the investment here in the United States and decreases the number of corporations paying taxes. Taxing the rich is ineffective because there are a lot of ways to avoid it. Reducing entitlements/welfare isn’t going to happen. Increasing taxes on the middle class is your only solution and that is unsustainable politically. 
#58
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@HistoryBuff
So yes, if you work hard all your life it is possible to succeed. 
My instead of complaining, get off your ass and work hard and get rich.
#59
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@ILikePie5
My instead of complaining, get off your ass and work hard and get rich.
I do. But that doesn't mean I shouldn't recognize and try to do something about the rigged shell game that is our economy.
#60
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I do. But that doesn't mean I shouldn't recognize and try to do something about the rigged shell game that is our economy. 
Yes you can. Get rich and do something about it.