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Old Today, 11:49 AM
 
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Quote:
Originally Posted by InformedConsent View Post
Again, you're missing the point. There's not enough 1%-ers and they don't earn enough money to pay enough in taxes to fund health care for all 327 million people in the US. The middle class earns the bulk of the income, and therefore they'll have to pay the bulk of the tax revenue required to fund it.

No, you missed the point, again. It's all in them implementation. What would the new tax percentage be? Where are the cutoffs? In my example, currently a middle class family (100k) has a burden, equivalent to 18% tax. Don't you think that's rather high? What happens if you propagate this to 100 mil, lol?

Obviously, not saying that that's what it should be.
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Old Today, 11:49 AM
 
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Originally Posted by Chowhound View Post
I'm annoyed at paying taxes for people that aren't even here legally. The amount of pandering that the Dem party is doing to the Hispanic crowd is nauseating. I know a Mexican guy and even he is starting wonder what is up with that.

It's like the Dem have just given up on the middle class white voters. They pander to everyone but white people.
During the Obama presidency they pandered to blacks, now replaced with pandering to illegals. What about getting down to work for all the American people.

Instead of trying to successfully do for the American people which could lead to gaining power, the Democrat plan is to hammer Trump and pander to illegals.
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Old Today, 11:51 AM
 
39,372 posts, read 20,462,495 times
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Quote:
Originally Posted by serger View Post
No, you missed the point, again. It's all in them implementation. What would the new tax percentage be? Where are the cutoffs? In my example, currently a middle class family (100k) has a burden, equivalent to 18% tax. Don't you think that's rather high? What happens if you propagate this to 100 mil, lol?

Obviously, not saying that that's what it should be.
There are people making tax free income selling drugs. I wonder how well it would go over is gov't tried to take 18% of that money.
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Old Today, 11:51 AM
 
66,748 posts, read 30,489,232 times
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Originally Posted by serger View Post
Lol. No, I need a link on the implementation (which does not exist at this stage). You can easily treat retirement investments differently from regular stock trading for tax purposes. The same way as you have different treatment for a 401k account and a brokerage account for instance.
They all get traded by the same financial institutions from which the transaction tax will be collected. How do you propose pension/retirement account investment transactions be separated out? And what makes you think the Dems will keep their filthy paws off that $28 trillion worth of investments in pension/retirement accounts? All of the projections they've given for the tax revenue that would be generated from the transaction tax do not exclude that $28 trillion (and growing).
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Old Today, 12:06 PM
 
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Quote:
Originally Posted by serger View Post
No, you missed the point, again. It's all in them implementation. What would the new tax percentage be? Where are the cutoffs? In my example, currently a middle class family (100k) has a burden, equivalent to 18% tax. Don't you think that's rather high?
Depends on the size of your family. If there is any more than one person (you) in your family, you're getting a bargain as the per capita cost of health care is $11,000/person.

Quote:
What happens if you propagate this to 100 mil, lol?
Everyone will have to pay, especially the middle class, which earns the bulk of the income.

I see the basic math still eludes you... There's not enough 1%-ers and they don't earn enough money to pay enough in taxes to fund health care for all 327 million people in the US. The middle class earns the bulk of the income, and therefore they'll have to pay the bulk of the tax revenue required to fund it.
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Old Today, 12:08 PM
 
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Quote:
Originally Posted by InformedConsent View Post
They all get traded by the same financial institutions from which the transaction tax will be collected. How do you propose pension/retirement account investment transactions be separated out? And what makes you think the Dems will keep their filthy paws off that $28 trillion worth of investments in pension/retirement accounts? All of the projections they've given for the tax revenue that would be generated from the transaction tax do not exclude that $28 trillion (and growing).



So, you want to me write the code or what? That's not my job.


How are the dividends in 401k not taxable, but in a brokerage account taxable?
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Old Today, 12:15 PM
 
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Quote:
Originally Posted by InformedConsent View Post
Depends on the size of your family. If there is any more than one person (you) in your family, you're getting a bargain as the per capita cost of health care is $11,000/person.

Everyone will have to pay, especially the middle class, which earns the bulk of the income.

I see the basic math still eludes you...
There's not enough 1%-ers and they don't earn enough money to pay enough in taxes to fund health care for all 327 million people in the US. The middle class earns the bulk of the income, and therefore they'll have to pay the bulk of the tax revenue required to fund it.



Lol, first of all that's just premiums, but, let me get this straight, so you would like somebody with a 100k income to pay 44k a year (family of 4)? And then somebody with 100 mil should pay 44 mil, right? To have the same percentage burden.



Kindergarten math, do review.
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Old Today, 12:39 PM
 
66,748 posts, read 30,489,232 times
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Quote:
Originally Posted by serger View Post
So, you want to me write the code or what? That's not my job.
There is no special code that separates pension/retirement account investment trades from any others when investment transactions are completed. All that's reported is volume, value, and a transaction fee, WHICH by the way is paid by the transactions' parties (IOW, both seller and buyer, regardless of type of account).

The financial transaction tax would work the same way and just be another added cost collected from both the sellers and buyers accounts regardless of whether they were plain old investment accounts or pension/retirement accounts.

Quote:
How are the dividends in 401k not taxable, but in a brokerage account taxable?
Dividends are paid by the investments that yield such and are not a proposed taxable event under the financial transaction tax proposal. Typically, it's the plan administrator, not the financial institutions that complete the investment trades, that separates taxable from nontaxable dividends on the 1099s they issue every year as it is different in each individual 1040 filer's case.
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Old Today, 12:49 PM
 
66,748 posts, read 30,489,232 times
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Quote:
Originally Posted by serger View Post
Lol, first of all that's just premiums, but, let me get this straight, so you would like somebody with a 100k income to pay 44k a year (family of 4)?
That's the cost. And as I've already said, you can't ignore the basic math of it... There's not enough 1%-ers and they don't earn enough money to pay enough in taxes to fund health care for all 327 million people in the US. The middle class earns the bulk of the income, and therefore they'll have to pay the bulk of the tax revenue required to fund it.

It's no mystery WHY an average income earner in the EU-28 pays an approximately 45% national income tax rate PLUS pays a 20%-25% VAT (national sales tax) on top of that. The money to fund all those socialist goodies has to come from the segment of the population that earns the bulk of the income: the middle class. Other countries learned that fact a L-O-N-G time ago.

Read more info from a Washington Post article referencing the research on this (includes a link to the research paper which cites numerous additional research papers):

How Other Developed Countries Tax and Spend
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Old Today, 01:16 PM
 
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Quote:
Originally Posted by InformedConsent View Post
That's the cost. And as I've already said, you can't ignore the basic math of it... There's not enough 1%-ers and they don't earn enough money to pay enough in taxes to fund health care for all 327 million people in the US. The middle class earns the bulk of the income, and therefore they'll have to pay the bulk of the tax revenue required to fund it.

It's no mystery WHY an average income earner in the EU-28 pays an approximately 45% national income tax rate PLUS pays a 20%-25% VAT (national sales tax) on top of that. The money to fund all those socialist goodies has to come from the segment of the population that earns the bulk of the income: the middle class. Other countries learned that fact a L-O-N-G time ago.

Read more info from a Washington Post article referencing the research on this (includes a link to the research paper which cites numerous additional research papers):

How Other Developed Countries Tax and Spend



Just stop. First, the purpose of the whole exercise is to bring down the cost, say from 4 trillion to 2 trillion a year (Which would be in line what other developed countries spent).



Speaking of not understanding math. I gave you an example that put the current equivalent tax burden on 100k earner at 44% (if you use the average per capita cost). If you collect that from everybody that would be 8 trillion or something like that. So there is no reason for it to be 44%, that's the point.



Your EU 45% tax + plus VAT "on top" (which, of course it is not, it is on consumption) includes many things that we haven't discussed here, like college, retirement, other benefits



Yet, with your numbers it seems we are already close to 100% here (44% HC, federal tax, payroll taxes, property taxes, sales taxes, retirement contributions), lol... And that's before talking about the items listed in the previous paragraph.
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