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If you tax oil producers $100.00 a barrel of oil, why would you not expect the price of gas to double? Where the hell do you think they would get it from?
You can manipulate your income, too, and that's exactly what people do.
And yet, we still have income taxes.
It's not my fault if you can't pay your taxes.
So tax deferred investments like 401K is "manipulating" ?
I will pay taxes on that money when I start withdrawing it.
Tax deferral is legal in the US according to the tax code.
Why shouldn't I take advantage of it. Defer now and pay later when I'm retired and in a lower bracket.
And I'm not RICH. Anyone can open an IRA and many have 401K available at their job.
High prices the middle class pays is due to fractional reserve banking / QE / bailouts, in a broad sense, the capital flows from the Fed to the private banking system. They do things like bid up the cost of commodities, or drain the value of the dollar with the carry trade, instead of using that capital to hire people.
It's not confusing, it's just wrong.
Pardon? Not sure if I understand your question.
Completely out of touch with economic reality and the way things work.
I agree that fractional reserve banking causes inflation for sure!!
You don't seem to understand that increasing "costs" / "taxes" also drives up prices , lowers investment, and sucks the $$ up to be spent by the same Federal Government creating the inflation through the Federal Reserve.
Working off a mix of emotion and made up economics with a warped view will get you nowhere.
No... I pay taxes... a boat-load! I said, I wouldn't be able to pay the tax if you tax net worth...
Given that I did not propose any RATE at which we tax net worth, you have no way of determining whether you could pay the tax or not.
So in other words , you're just whining and making excuses.
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Do you even know what a net worth statement looks like? Every bit of equity in your home, the value of your cars, technically, it should even be the value of every one of your possessions is part of your net-worth.
I wouldn't have a problem with taxing all that, in theory.
In practice you'd probably need to exclude certain assets from the net worth calculation.
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But, I'll bet that you only want certain people taxed on net worth. Only those you feel should be taxed, cause we all know that it's not FAIR that we would dare tax the life-long welfare family down the street who's car is nicer than mine, because they can't "afford" the additional tax right?
Most of the people you're talking about have no net worth.
If you tax oil producers $100.00 a barrel of oil, why would you not expect the price of gas to double? Where the hell do you think they would get it from?
So tax deferred investments like 401K is "manipulating" ?
Yes, if you want to split hairs.
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I will pay taxes on that money when I start withdrawing it.
Indeed.
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Tax deferral is legal in the US according to the tax code.
Why shouldn't I take advantage of it. Defer now and pay later when I'm retired and in a lower bracket.
And I'm not RICH. Anyone can open an IRA and many have 401K available at their job.
I never said that you shouldn't take advantage of it.
The middle class is suffering and the Republicans want to cut taxes for the wealthy
Suffering how?
Define "suffering."
The fact that the American Middle Class only makes 125x more than 4/5 of the world instead of 150x more than 4/5 of the world is not "suffering."
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Originally Posted by Kerby W-R
If allowed to continue, the rich will keep getting richer and the middle class will dwindle away.
What I'm hearing is that you lack the motivation and inclination to improve your financial condition, and because you don't have the motivation or inclination, you want to be "compensated" by taking money from those who do have the motivation and inclination, right?
Isn't there a psychological term for that? "Penis envy" or something?
They got pills for that.
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Originally Posted by MTAtech
I hear this all the time. The question is not should we confiscate all the wealth from the rich but should raising taxes on the rich be part of a solution to fiscal balance.
I'm all for it...just as soon as the government restores the Constitution and gets its budget under control and eliminates redundant or unnecessary programs, like Frau Obama's Ministerium für Schule Ernährung.
You already have local school boards overseeing school nutrition, then there's a State school board overseeing school nutrition, and then many States have a layer of bureaucracy in between at the county level overseeing school nutrition.
There is no possible way to justify a third redundant bureaucracy at the national level.
You don't need a TSA either.
A $4.1 Million shopping mall has 10-12 armed and unarmed, uniformed and plainclothes security guards running around, but airlines to damn cheap to put a $12/hour armed plainclothes security guard on board a $60 Million aircraft.
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Originally Posted by MTAtech
Taxing the rich a few percent more raises as much money as imposing harsh cuts to Medicare and Medicaid. Thus, those cuts can be avoided by raising taxes modestly.
No, they can't. Do the math.
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Originally Posted by pghquest
Then why do you keep discussing wealth?
People get confused and conflate wealth with earnings. They are not the same thing, and in spite of my most heroic efforts to make that distinction, most still don't get it.
Completely out of touch with economic reality and the way things work.
Your economic reality seems to be that you don't want to pay a certain type of tax. You're out of touch with my economic reality, where I pay a higher tax rate than a rich individual like Warren Buffett.
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You don't seem to understand that increasing "costs" / "taxes" also drives up prices , lowers investment, and sucks the $$ up to be spent by the same Federal Government creating the inflation through the Federal Reserve.
I never said we should simply "increase taxes."
I said we should shift the tax burden away from wages.
When you do that, you need something to shift the tax burden TO. I'm not wedded to any particular idea, but I think cap gains and/or wealth is undertaxed relative to wages.
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Working off a mix of emotion and made up economics with a warped view will get you nowhere.
Lately I've noticed that when people are wrong, they accuse me of exactly what they are wrong about.
So, I will take that as an admission that you recognize your views are a mix of emotion and made up economics.
Have you ever heard of Real Personal Property Taxes? Assets (wealth) are reported on a form, sent in, and tax billed? Property taxes on Houses, Cars, Boats, Planes
Yes, I pay personal property taxes to my local government.
Assets are wealth are not the same thing, by the way.
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Fuel and sales taxes on how much you travel / consume
Fuel and sales taxes are not taxes on real personal property.
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In one form or another are these not already methods of taxing property/wealth.
The first ones are, yes, and they should be expanded to the federal level to replace wage taxes, in full, or in part.
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