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Old 06-25-2019, 10:00 AM
 
6,740 posts, read 6,546,204 times
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Poor people being net takers of tax revenue is death by 1,000 cuts. It is easy to see and quantify in your mind compared to your own situation. With the ultra wealthy and large corporations it is much harder to fathom the level of highway robbery they currently get away with compared to poor people. It is like trying to scale the size the earth with the sun. They don't even have to contribute to Social Security on anything past $132,900 of declared income, making it clearly the working man's burden to allow old people to live in dignity. Not Bill Gates or Jeff Bezos or even the Kim Kardashians of the world. If you are going to run a socialist program like that, at least hit everybody fairly.
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Old 06-25-2019, 10:26 AM
 
25,877 posts, read 39,135,773 times
Reputation: 13869
Quote:
Originally Posted by InformedConsent View Post
Yep. Every 401K, every IRA, every pension... They will ALL be taxed to pay for Bernie's plan. So... yep... even those who would be considered at the lower end of the middle class spectrum... that retired public school janitor, retired public school lunch lady, etc., will be taxed on their retirement income to pay for Bernie's socialist pipe dream .

What most fail to realize is that with $28 trillion worth of investments held in US workers'/retirees' pensions, 401Ks, IRAs, etc., the VAST majority of those who will be taxed to pay for Bernie's socialist pipe dream are those in the middle class and below.

There was a long thread about this yesterday, and it was absolutely stunning to see how many people had NO clue whatsoever that the vast majority of American workers and retirees will be hit by Bernie's proposed tax. You see, while Bernie "says" it's "a tax on Wall Street," it's actually a tax on investment transactions, so no one can add or withdraw money from their retirement pensions/accounts/etc. without incurring the tax.

Too many Americans are financially illiterate, and that's how Bernie can get away with lying to them like this.
Great post!

My kids will be taxed again as NY State, already tax them through their eye balls, after they came out of College debt free, due to working hard, applying for grants and eligible for scholarships, based on talent and using their brains.

Not for being a minority or based on their sex, etc. even they may be able to claim something as nowadays you can easily fit into one or the other category.

First of all these non sense degrees should be eliminated as many degrees, lead to low payment jobs and not to a job that is able to easily pay back the ridiculous high education cost.


Basically, students need to be able to know, before entering College, what they can do with a degree of their choice and the applicable income level. Maybe then, the student will consider to skip that choice.
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Old 06-25-2019, 10:33 AM
 
66,437 posts, read 30,294,925 times
Reputation: 8660
Quote:
Originally Posted by Finn_Jarber View Post
No, only transactions would be taxed 0.1%-0.5%. You misunderstood what you heard. Or maybe you heard it from FOX, in which case they wanted you to misunderstand.
Think about that... You and/or your employer invests more money in your pension or other retirement account (usually, each year). Does that remain in the account as cash? Or is it invested in equities, bonds, etc., thereby triggering the transaction tax? Yep, the latter.

Same with withdrawals. Investments have to be sold to generate the cash available for the scheduled (or otherwise) retirement withdrawal. So, boom!... you get hit with the transaction tax, AGAIN. Do you get it? Anyone who has a pension and/or other retirement account under Bernie's ridiculous tax scam gets taxed at least twice: Once for the original investment purchase transaction, and then again when that investment is sold to generate cash for retirement income.

Most of the people hit with this tax will be the middle class working stiffs and retirees.
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Old 06-25-2019, 10:34 AM
 
29,361 posts, read 15,419,056 times
Reputation: 19967
How else do you expect him to buy votes from young adults?
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Old 06-25-2019, 10:35 AM
 
29,361 posts, read 15,419,056 times
Reputation: 19967
Quote:
Originally Posted by InformedConsent View Post
Think about that... You and/or your employer invests more money in your pension or other retirement account. Does that remain in the account as cash? Or is it invested in equities, bonds, etc., thereby triggering the transaction tax? Yep, the latter.

Same with withdrawals. Investments have to be sold to generate the cash available for the scheduled (or otherwise) retirement withdrawal. So, boom!... you get hit with the transaction tax, AGAIN. Do you get it? Anyone who has a pension and/or other retirement account under Bernie's ridiculous tax scam gets taxed at least twice: Once for the original investment purchase transaction, and then again when that investment is sold to generate cash for retirement income.

Most of the people hit with this tax will be the middle class working stiffs and retirees.
Some people hear "free" and believe it.
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Old 06-25-2019, 10:39 AM
 
Location: Jewel Lake (Sagle) Idaho
27,490 posts, read 17,618,687 times
Reputation: 15586
Quote:
Originally Posted by PedroMartinez View Post
How else do you expect him to buy votes from young adults?
Free beer and Play-Doh.
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Old 06-25-2019, 10:44 AM
 
Location: Austin TX
5,972 posts, read 3,458,810 times
Reputation: 8069
Quote:
Originally Posted by kanonka View Post
Public universities are not that expensive. For example, my daughter finished K-State 3 years ago - $52K all included (housing, tuition, food, etc) for 4-years BS degree. And it's an ok loan amount these days, although I think price is at least twice more than it should be. One way of reducing pricing would be to prohibit college sports (stadiums and other nonsense) - that where most tuition money goes, instead of actual teaching. But again, it's not a disaster loan for someone who is choosing specialty that is needed by job market, instead of "leisure"/useless specialty.

But those who are stupid enough to go to private colleges instead, and take $200K loan for 4 years degree for some stupid specialty that no one ever needs - well, they are just plain stupid. Why should anyone pay for their stupidity?

Med school loans are a different kind of story though...
I donít think that actually is true, at least not at marquee universities. Schools like University of Texas take in so much money through their football program that it pays for every sports expense plus deposits money back into the general fund.
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Old 06-25-2019, 10:44 AM
Status: "The nicest curve on a woman's body is her smile" (set 14 days ago)
 
Location: Florida/Tennessee
2,365 posts, read 4,302,446 times
Reputation: 1256
Can any of our liberals posters define "free'' in intellectual terms?
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Old 06-25-2019, 10:53 AM
 
Location: Florida
62,967 posts, read 34,302,543 times
Reputation: 10454
Quote:
Originally Posted by InformedConsent View Post
Think about that... You and/or your employer invests more money in your pension or other retirement account (usually, each year). Does that remain in the account as cash? Or is it invested in equities, bonds, etc., thereby triggering the transaction tax? Yep, the latter.

Same with withdrawals. Investments have to be sold to generate the cash available for the scheduled (or otherwise) retirement withdrawal. So, boom!... you get hit with the transaction tax, AGAIN. Do you get it? Anyone who has a pension and/or other retirement account under Bernie's ridiculous tax scam gets taxed at least twice: Once for the original investment purchase transaction, and then again when that investment is sold to generate cash for retirement income.

Most of the people hit with this tax will be the middle class working stiffs and retirees.
Form what I understood tax deferred plans like 401K would be tax deferred, and not be taxed when you contribute money to them, but like I said that would be taxed when you pull money out.

Like I said these kinds of proposals are DOA, since they fail in Congress. Unfortunately other kinds of tax hikes like 25% Trump tariffs (which you support), are not reviewed by Congress, and hence to into effect immediately.
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Old 06-25-2019, 10:55 AM
 
Location: Florida
62,967 posts, read 34,302,543 times
Reputation: 10454
Quote:
Originally Posted by Dave_n_Tenn View Post
Can any of our liberals posters define "free'' in intellectual terms?
The whole discussion is about people paying a tax on financial transactions, so your question does not make a whole lot of sense.
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