New Democrat Plan To Tax The Rich, Taxing Assets. Will It Work?
- Thread starter Wally
- Start date
Wally
BrownCafe Innovator & King of Puns
Not surprising. Massachusetts is one of the states in cahoots with the other socialist states in this "taxing assets" scheme.
AKCoverMan
Well-Known Member
Corporations never pay taxes. Their customers do.
BrownFlush
Woke Racist Reigning Ban King
What gets me is people that have moved away from the states for the very reasons the Post stated (not to mention property taxes), and do not change their politics or way of thinking. They continue to support whacked out libs and high taxes. They corrupt Red states by bringing their baggage because what they packed in them hasn't changed.
Wally
BrownCafe Innovator & King of Puns
You would think they would connect the dots? But apparently not.
AKCoverMan
Well-Known Member
With the “fair tax” spending is taxed rather than earnings. You want to tax the Rich more? Well trust me the Rich people always spend much more than the poor people so they are going to pay more tax.. without the loopholes.
But everybody chips in rather than this stupid system of incentives for not working and penalizing those who do work.
Eliminate all tax filing for individual, it’s a stupid waste of manhours.
Prices on goods would be not only affected by the tax being added but at same time taking layers of imbedded taxes out of goods and services we buy. Remember that “corporate taxes” are really a myth… it’s a tax on the consumer of the goods and services that ultimately pays.
Some tax lawyers would have to figure out other areas of law to turn their attention to. I’m not crying I think they will be ok.
But everybody chips in rather than this stupid system of incentives for not working and penalizing those who do work.
Eliminate all tax filing for individual, it’s a stupid waste of manhours.
Prices on goods would be not only affected by the tax being added but at same time taking layers of imbedded taxes out of goods and services we buy. Remember that “corporate taxes” are really a myth… it’s a tax on the consumer of the goods and services that ultimately pays.
Some tax lawyers would have to figure out other areas of law to turn their attention to. I’m not crying I think they will be ok.
In fairness though some states like Florida have received quite a few conservatives from blue states who had reached the breaking point. Florida has gone from purple to red because of them being attracted to a state with a solid conservative governor who's governing wisely. Throw in all the recreational opportunities and warm winters and no state income tax and Florida is receiving a lot more of them than other red states with Texas not far behind.
I read quite a bit on the Fair Tax when it was being first proposed. If this version sticks to that then everyone would get a "prebate" check every month that would cover the taxes of the poor who pay essentially no tax now. And numerous economists and college professors signed off on it as a better system than what we currently have.
Fred's Myth
Nonhyphenated American
Jiangshi
Heavily Moderated User, Loves Sailfish
I was under the impression that there is a flat 5% state income tax?
Unfortunately for Texas it appears a higher percentage of newcomers are liberal judging by the way recent elections have gone. They can find more high paying jobs in Texas. Unfortunately for Florida real estate prices are starting to resemble the Northeast. Victim of its success.
One day at a time
Well-Known Member
They have been leaving the country for years thank bill clinton. We don’t stand a chance they are all thieving scumbags
corporations can absorb the costs and take a loss or pass the costs on.
they are free to choose, there is no cause and effect, no if / then statements
Corporations can't just absorb costs. They have a fiduciary responsibility to their shareholders to produce profits. They can't just print money like the government. If the government increases their taxes they will pass that along to their consumers in the form of higher prices. Ask yourself how often do corporations just absorb the costs and take a loss? At some point they'd cease to be solvent.
AKCoverMan
Well-Known Member
So you believe that taxes on corporations have no effect on consumers? Interesting world view.
Some people always believe that corporations and governments have unlimited magic pots of money.
AKCoverMan
Well-Known Member
AKCoverMan
Well-Known Member
People like to point out Rich Folk who pay no income tax but often fail to understand those two words “income tax”.
Example: I start with a billion dollars, invest half a billion in something and lose half of it during the year all while living large on a couple million dollars. At the end of the year, I’m still living large with still nearly 3/4 a billion dollars in wealth. But I had no “income” I lost money on investment and did not work all year (I am a party animal!) so I owe nothing. I could keep spending two million a year on lifestyle and never pay a penny of income tax.
Thats our income tax system. But if we tax spending instead of income then the only way Rich Folk don’t pay is to not spend any of their money…which isn’t gonna happen.
Example: I start with a billion dollars, invest half a billion in something and lose half of it during the year all while living large on a couple million dollars. At the end of the year, I’m still living large with still nearly 3/4 a billion dollars in wealth. But I had no “income” I lost money on investment and did not work all year (I am a party animal!) so I owe nothing. I could keep spending two million a year on lifestyle and never pay a penny of income tax.
Thats our income tax system. But if we tax spending instead of income then the only way Rich Folk don’t pay is to not spend any of their money…which isn’t gonna happen.
