Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
At which point would you mind having money taken out of your paycheck? 75%? Or are you generous enough to sign over you entire check to the Fed? You are allowed to pay more in taxes than required if you wish.
I am by no means rich or part of the 1% but, I would like to be able to keep more of my paycheck.
Being able to keep more of your paycheck will lead to an explosion in rents, home prices, because landlords and sellers know that they can get more money now that tenants and buyers have more money in their pocket. It's not going to change anything in terms of purchasing power. I've said this over and over. Taxes are a phantom expense. That means they're almost nonexistent. Here's what I mean by that...
Scenario 1: Your gross income is $100K and your effective tax rate is 20%, so your net income is $80K.
Scenario 2: Your gross income is $200K and your effective tax rate is 60%, so your net income is $80K.
As you can see, in either scenario, you're still left with $80K, so it doesn't MATTER how much you get taxed.
Cutting taxes always has been, and will be, a DISASTER for this country.
America's most prosperous times were during times of tax increases, such as the 1950's and 1990's.
I don't know taxes are too high in CT and rent/housing is too high. Willing to try cutting taxes to lower COL.
It's only property taxes that are too high. Everything else is reasonable and well in line with the rest of the nation. There are plenty of states with higher income and sales tax rates, tolls, etc. If property taxes were cut in half, it would be a revolution for CT. Believe me.
Being able to keep more of your paycheck will lead to an explosion in rents, home prices, because landlords and sellers know that they can get more money now that tenants and buyers have more money in their pocket. It's not going to change anything in terms of purchasing power. I've said this over and over. Taxes are a phantom expense. That means they're almost nonexistent. Here's what I mean by that...
Scenario 1: Your gross income is $100K and your effective tax rate is 20%, so your net income is $80K.
Scenario 2: Your gross income is $200K and your effective tax rate is 60%, so your net income is $80K.
As you can see, in either scenario, you're still left with $80K, so it doesn't MATTER how much you get taxed.
Cutting taxes always has been, and will be, a DISASTER for this country.
America's most prosperous times were during times of tax increases, such as the 1950's and 1990's.
The high cost of rents and home prices have almost nothing to do with the amount of money people have. It's more about supply and demand. There's an incrediblely high demand for housing so prices are considerably higher than they've been. Prices in CT have gone down in 2013-2014 because more people are selling their homes so there's a larger expansive market. If you want to lower the cost of housing you need to have less market regulation and housing regulations so it'll be easier and more desirable for developers to build.
Cutting taxes does more good then raising taxes because companies and individuals will have more money in their pockets to either hire more workers or spend their money at local businesses to boost the local economy. When you raise taxes you create very little social mobility which is why Detroit has had generations of high poverty souly because taxes make it nearly impossible to open up your own business.
The high cost of rents and home prices have almost nothing to do with the amount of money people have. It's more about supply and demand. There's an incrediblely high demand for housing so prices are considerably higher than they've been. Prices in CT have gone down in 2013-2014 because more people are selling their homes so there's a larger expansive market. If you want to lower the cost of housing you need to have less market regulation and housing regulations so it'll be easier and more desirable for developers to build.
Cutting taxes does more good then raising taxes because companies and individuals will have more money in their pockets to either hire more workers or spend their money at local businesses to boost the local economy. When you raise taxes you create very little social mobility which is why Detroit has had generations of high poverty souly because taxes make it nearly impossible to open up your own business.
False, false and FALSE.
Many European nations have very progressive tax brackets and rates, and they enjoy greater economic mobility than Americans do. Those countries are aggressive with investment in the middle class, by making college affordable or tuition free, and mandating higher minimum wages. Denmark has all of these things in practice and they are the #1 country in the WORLD to do business in, with high economic mobility, minimal poverty and everyone has a right to healthcare and education. Other countries where this model is successful include Sweden, Norway and Switzerland, to name a few. There's no reason it can't work here in the U.S.
Raising taxes should NOT be done on the middle class or poor, though. It should be done on the top 5% income layers.
An economy is grown from the bottom up, for sustainability. Economies are NOT grown from the top down. Trickle down economics has been tried over and over here in the U.S. and ALL it does is put more money in the pockets of the wealthy, who then stash their cash in savings accounts, trust funds and tax havens, where the money does nothing for the economy.
For these reasons, a vote for Trump and most other Republicans would result in disastrous economic consequences for the U.S. and the world.
It's only property taxes that are too high. Everything else is reasonable and well in line with the rest of the nation. There are plenty of states with higher income and sales tax rates, tolls, etc. If property taxes were cut in half, it would be a revolution for CT. Believe me.
Still NH has 0 income and sales tax PTax slightly higher. It's a much smaller State, but CT needs to rethink the wheel.
Being able to keep more of your paycheck will lead to an explosion in rents, home prices, because landlords and sellers know that they can get more money now that tenants and buyers have more money in their pocket. It's not going to change anything in terms of purchasing power. I've said this over and over. Taxes are a phantom expense. That means they're almost nonexistent. Here's what I mean by that...
Scenario 1: Your gross income is $100K and your effective tax rate is 20%, so your net income is $80K.
Scenario 2: Your gross income is $200K and your effective tax rate is 60%, so your net income is $80K.
As you can see, in either scenario, you're still left with $80K, so it doesn't MATTER how much you get taxed.
Cutting taxes always has been, and will be, a DISASTER for this country.
America's most prosperous times were during times of tax increases, such as the 1950's and 1990's.
Good job on dodging the question and thanks for the meaningless stats.
Quote:
Originally Posted by HumpDay
The high cost of rents and home prices have almost nothing to do with the amount of money people have. It's more about supply and demand. There's an incrediblely high demand for housing so prices are considerably higher than they've been. Prices in CT have gone down in 2013-2014 because more people are selling their homes so there's a larger expansive market. If you want to lower the cost of housing you need to have less market regulation and housing regulations so it'll be easier and more desirable for developers to build.
Cutting taxes does more good then raising taxes because companies and individuals will have more money in their pockets to either hire more workers or spend their money at local businesses to boost the local economy. When you raise taxes you create very little social mobility which is why Detroit has had generations of high poverty souly because taxes make it nearly impossible to open up your own business.
Exactly.
How will business and the economy grow and thrive if no one has any money to spend?
Many European nations have very progressive tax brackets and rates, and they enjoy greater economic mobility than Americans do. Those countries are aggressive with investment in the middle class, by making college affordable or tuition free, and mandating higher minimum wages. Denmark has all of these things in practice and they are the #1 country in the WORLD to do business in, with high economic mobility, minimal poverty and everyone has a right to healthcare and education. Other countries where this model is successful include Sweden, Norway and Switzerland, to name a few. There's no reason it can't work here in the U.S.
They're socialist, that's why they have these things. Have you looked at square footage for housing? It's considerably smaller there than here and the standard of living is lower there.
Raising taxes should NOT be done on the middle class or poor, though. It should be done on the top 5% income layers.
How much should they pay?
An economy is grown from the bottom up, for sustainability. Economies are NOT grown from the top down. Trickle down economics has been tried over and over here in the U.S. and ALL it does is put more money in the pockets of the wealthy, who then stash their cash in savings accounts, trust funds and tax havens, where the money does nothing for the economy.
Is that so? I've never had a poor person sign my pay check.
For these reasons, a vote for Trump and most other Republicans would result in disastrous economic consequences for the U.S. and the world.
Many European nations have very progressive tax brackets and rates, and they enjoy greater economic mobility than Americans do. Those countries are aggressive with investment in the middle class, by making college affordable or tuition free, and mandating higher minimum wages. Denmark has all of these things in practice and they are the #1 country in the WORLD to do business in, with high economic mobility, minimal poverty and everyone has a right to healthcare and education. Other countries where this model is successful include Sweden, Norway and Switzerland, to name a few. There's no reason it can't work here in the U.S.
Raising taxes should NOT be done on the middle class or poor, though. It should be done on the top 5% income layers.
An economy is grown from the bottom up, for sustainability. Economies are NOT grown from the top down. Trickle down economics has been tried over and over here in the U.S. and ALL it does is put more money in the pockets of the wealthy, who then stash their cash in savings accounts, trust funds and tax havens, where the money does nothing for the economy.
For these reasons, a vote for Trump and most other Republicans would result in disastrous economic consequences for the U.S. and the world.
The only thing we can agree on is that Trump is bad for American politics but that's completely irrelevant to what we're talking about. I find it funny how people look at European countries in regards to a greater economy than the U.S. Remember most of these countries have an extremely small population so there's less to pay for. To add more on top of that, many of them are running broke. You mentioned Denmark as a key figure to success but remember the U.S. has been covering their national defense for over 50 years. They're not sustaining their own ability to be able to pay for their own services. They're relying on others to do it for them.
As far as economics goes, liberals know hardly anything about economics. The argument is always about morality rather than it being an economic issue. Why else do liberals claim raising the minimum wage will lift people out of poverty? Anyways, many claim the issue is crony Capitalism like what (I assume) you're claiming. First off I don't like the term crony Capitalism because it's not Capitalism, its Corporatism. Just because you own a business doesn't make you a capitalist. Businesses take loans and subsidies from the government all the time and it's not a very "capitalist" thing to do. What I said before and I'll say it again is that we need to split the government from the private sector.
The problem with raising taxes on the wealthy is what happens when they decide to leave for a place with lower taxes? They're not obligated to pay more. You'll see the same thing like what was done in NY and NJ. You'll lose the tax base. What you're proposing is giving the government more money and more power.
I'll spend hours talking about this but I honestly don't have the time right now. Why not transition to the political forums on here and I would be more than happy to discuss this further.
Obviously, we are just going to go in circles here and no one's mind will be changed. I will proudly cast my vote for Hillary Rodham Clinton in 25 days because I believe she has the best policies for our nation, the middle class, the LGBT community, women, African Americans, Hispanics, climate change, energy, wildlife and a much better tax structure.
I love her. We need her.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
