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and as they get richer and greedier...more people will be without retirement plans for a 401K match...
Your post makes no sense. Even those who don't get a matching employer contribution to their retirement accounts get richer as corporations get richer. They all own the same stocks.
Because these tax increases are not going to the states and their education, Park, and other services, they are going to footing the bill for US Govt basic operations in place of red state wealthy people getting to sit pretty. It’s a tax on New Yorkers to pay for Oklahomans when New York schools can use the money. They are going to a US Treasury that is unfairly taxing them and in place of 1%ers in red states.
There's no reason local and state government services have to be so much more costly in blue states.
Your post makes no sense. Even those who don't get a matching employer contribution to their retirement accounts get richer as corporations get richer. They all own the same stocks.
Elevating the stock market is not a good reason for any tax cut especially since the percentage of people that are heavily invested is small. Many living on the edge with little or know savings but a good market most definitely widens the wealth gap.
Trumps tax cuts benefited 90% of americans.
Who did they hurt? High income earners for the two big powerhouse liberal states - New York and California. This is where the big money comes from in the Democrat party. The two states also have the most Billionares in the country. The SALT deduction cap ended up given people making in the 500k+ range a substantial tax increase.
The tax bill also removed exemption from some private university. Harvard being a prime example. These universities have endowments the size of a large hedge fund that were growing at ridiculous rates and not really being used for the benefit of students or researchers. Harvards first taxable bill last year was an estimated 50 million.
Repeal the Tax cuts and these two groups are by far the biggest winners while 90% of americans are the losers.
and as they get richer and greedier...more people will be without retirement plans for a 401K match...
Quote:
Originally Posted by InformedConsent
Your post makes no sense. Even those who don't get a matching employer contribution to their retirement accounts get richer as corporations get richer. They all own the same stocks.
Agree that it makes no sense. What that poster said is a result of the liberal belief that there is a finite “pie” - and that if wealthier people get richer, it must mean others get poorer. That is largely what is driving the hostility from liberals toward successful people.
Benefitted 90% of people, or actually more depending on how you figure it.
While I am certainly not in the 1% by a LONG shot (actually straight middle class now that I’m retired and was perhaps in the top 10% at my peak), I actually saw my taxes go UP - but still came out ahead. That’s because his tax cuts included bringing corporations down to a globally competitive level, and my retirement account skyrocketed as a result.
Thus, should Biden reverse the tax cuts and bring corporations up to 28%, as he has threatened to do, I will pay $2000 more in taxes but lose 25x that in investment value. (And again, I’m far from rich.....just a person who earned a decent, although not an extraordinary, income and saved for her retirement for 40 years).
If Biden wins and reverses the tax cuts, 90% of people will see their taxes increase and more than half of Americans (the tax-paying half) will see their retirement accounts plummet.
Response:
I am so happy to hear from realists......Great job!
You benefitted from a bubble created because there is no place for your retirement funds to go to.
It will show up that Corp. earnings do not match up with the PE ratio.
Your growth is for the most part unrealized.
We have seen this bubble go down once.
I suggest you take some profit.
You also tell the truth that you did not see a tax cut. Those who will see the tax increase will be the 1%.
The line from Trump and the GOP was that we would see pay rates increase, that only happened for those whose earning's were based on stock prices.
When Biden win's the issue with the Fed and the current stimulus will still be there. As long as the Govt. continues to suck up all the credit we will have growth problems.
Excerpt: I suggest you take some profit.
Response:
...........and do what? roll it over, purchase some property, how about a couple of paintings, maybe gold or silver?
The name of the game is manipulation. Convince the masses in doing one thing while the unscrupulous swoop in from behind.
No thanks. Staying put..............our Country will do just fine..............
Response:
...........and do what? roll it over, purchase some property, how about a couple of paintings, maybe gold or silver?
The name of the game is manipulation. Convince the masses in doing one thing while the unscrupulous swoop in from behind.
No thanks. Staying put..............until I'm 6 ft under......then no longer my problem.
Enjoy, I hope your family has the opportunity to enjoy the wealth you have accumulated. Of course if we get another 2008-09, it will be a lot smaller.
Taking some profit at the time of record prices is the way to blunt the bubble effect. Thereby protecting your families future wealth.
All true! Especially the part I bolded. I have to wonder why so many dumbf**ks kept whining "They're tax cuts for the rich! Tax cuts for the rich!" when the exact opposite was actually true.
I gave this example a few months ago to try to make people understand what really happened, but most are too stupid to get it:
The SALT tax deduction she took on her US 1040 for...
2017: $245,500
2018: just $10,000
The $235,500 over $10,000 she could no longer deduct in 2018 and going forward was taxed at her marginal rate, likely at 37% which would be an extra $87,135 in federal income tax. That's NOT a tax cut; it's a tax INCREASE on the rich.
To further illustrate the point, examples:
$150,000 household pays $15,000 in SALT.
Deduct $10,000. Taxed on that extra $5,000 at 22% marginal tax rate = $1,100
$1.5 million household pays $150,000 in SALT.
Deduct $10,000. Taxed on that extra $140,000 at 37% marginal tax rate = $51,800
There's a 10 times difference in household income and SALT between the two households, but the top 1%-er is paying about 50 timesmore in extra tax than the middle class household due to the new SALT deduction limit.
Understand? But Biden wants to repeal the $10,000 SALT deduction cap and reinstate the formerly unlimited deduction.
Why, Dems? Why?!?
Response:
Nice work...........I was fortunate that President Donald Trump's Tax Cuts worked out for me especially
being retired and on a fixed income. President Trump realizes half the nation is getting old and he needs to
take care of the folks that worked and contributed to this great Country. Now it's time for the young and wealthy
to step up to the plate and do their part by paying their portion of taxes.................as we once did when we were younger.
Elevating the stock market is not a good reason for any tax cut especially since the percentage of people that are heavily invested is small. Many living on the edge with little or know savings but a good market most definitely widens the wealth gap.
Who said elevating the stock market was the reason for the tax cut? I'm responding to people complaining about stock buybacks making the rich even richer. I simply pointed out the buybacks make EVERY stockholder richer, including the tens of millions (if not more) who have a pension and/or retirement account. They all own the same stocks.
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