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re: Bannon reportedly calls for tax of 44 percent on those earning over 5 million a year
Posted on 7/27/17 at 6:40 am to buckeye_vol
Posted on 7/27/17 at 6:40 am to buckeye_vol
yeah bannon didn't say this nor is it something he would be for.
this seems like more fake news.
this seems like more fake news.
0
Posted on 7/27/17 at 6:48 am to buckeye_vol
Don't get me wrong, a large portion of people making that much are doing it Cap Gains style. That being said, people are massively overrating how much you can drive TI down.
Posted on 7/27/17 at 6:54 am to TigerChief10
quote:
You could also make the argument that those rich people are the ones who really stimulate and help the economy grow and the money is much better off in their hands than our proven to be corrupt government.
I see this argument all the time, and I honestly don't really buy it anymore.
When should I expect to see this rich people stimulus?
Posted on 7/27/17 at 7:02 am to Eurocat
Gotta give the dems something at some point. This might be a reasonable compromise.
Posted on 7/27/17 at 7:09 am to GetCocky11
quote:
When should I expect to see this rich people stimulus?
The only thing they stimulate is their own pockets. For what its worth I don't agree with raising the percentage. Let's get rid of all the loopholes in the tax code where money can bet shifted, written off, and hidden legally and you wouldn't need a percentage increase.
Posted on 7/27/17 at 7:13 am to mindbreaker
quote:
quote:
When should I expect to see this rich people stimulus?quote:
The only thing they stimulate is their own pockets.
Exactly.
Posted on 7/27/17 at 7:27 am to Eurocat
quote:
I wish it were higher and the amount of money it kicks in at were much lower, but at least it is a start.
It is what needs to happen for sure.
Posted on 7/27/17 at 7:30 am to Eurocat
Here ya go, sir...and have an extra helping of loopholes with that 44%... 
Posted on 7/27/17 at 7:35 am to wmr
quote:
I doubt any SEC coaches would even be subject to that after deductions and write-offs.
To be fair, if you're reporting that much in deductions and write-offs, you're spending/investing into the community.
It's why corporations are allowed to write off investments. A large corporation purchases a slew of networking equipment, computer equipment, and hires a networking firm to rewire their building.
They write off the $500k investment because they just spent that money, which means more jobs, etc.
Write offs and deductions basically provide incentive to spend money into the economy, instead of hoarding it.
It's why "trickle down economics" didn't work. Rich people could already get lower taxes by spending in a slew of areas.
Posted on 7/27/17 at 7:49 am to GetCocky11
quote:
When should I expect to see this rich people stimulus?
Uh, he doesn't mean you'll get any of that money, although that's what the left seems to want, other people's money.
He simply means wealthy people spend a shite load of money because they have it. That money goes into the pockets of others, who then spend it, which goes into the pockets of others, etc. Or they invest it, which goes into helping other businesses grow. That's how the economy rolls. Wealthy people don't sit on money.
Give it to the gov't and they'll waste it on a $20 billion jet or sending it to the middle east or some shite.
It's not a big secret that the gov't is probably the least efficient user of capital possible. Why give them more?
Posted on 7/27/17 at 7:51 am to rintintin
quote:
Uh, he doesn't mean you'll get any of that money, although that's what the left seems to want, other people's money.
He simply means wealthy people spend a shite load of money because they have it. That money goes into the pockets of others, who then spend it, which goes into the pockets of others, etc. Or they invest it, which goes into helping other businesses grow. That's how the economy rolls. Wealthy people don't sit on money.
lol, I'm not a moron, I know what he meant.
I just don't see wealthy people spending a shitload of money. I see companies sitting on a ton of cash, not spending it. And wealthy people, as individuals, can only buy so much stuff.
This post was edited on 7/27/17 at 7:52 am
Posted on 7/27/17 at 7:52 am to rintintin
I hope this turns out to be fake news so all the Bannon fans rallying to this move now have to backtrack.
Posted on 7/27/17 at 8:02 am to GetCocky11
quote:
just don't see wealthy people spending a shitload of money. I see companies sitting on a ton of cash,
Wealthy people =\= companies
This is a tax on people not companies.
quote:
wealthy people, as individuals, can only buy so much stuff.
Yeah and they invest the rest. Wealthy people do NOT sit on cash. It's why they're wealthy to begin with.
Posted on 7/27/17 at 8:05 am to Eurocat
quote:
The top 20% already already make so much that it is almost disgusting.
Yeah, it's so disgusting that someone work hard and build themselves up to the point that they can earn themselves a lot of money. Let's punish working hard and having dreams.
Posted on 7/27/17 at 8:18 am to Rakim
quote:
Let's see if those rich democrats will buck California has 12% tax already. Hollywood is the privileged.
Since you asked:
quote:
Debra Messing?Verified account
@DebraMessing
THIS IS DISGUSTING.
Ryan GrimVerified account @ryangrim News: Bannon pushing for 44% marginal tax rate on people making $5 million per year https://interc.pt/2uyts6O 1:44 PM - 26 Jul 2017
LINK
To be fair, I am not sure if she understands this is an increase.
Posted on 7/27/17 at 8:34 am to Roll Tide Ravens
quote:
Yeah, it's so disgusting that someone work hard and build themselves up to the point that they can earn themselves a lot of money
This is a myth. The vast majority of the 1% started of in either a already establish wealthy family or at least upper class. I could bust my arse as hard as a could for the rest of my life and the best I would probably do individually is make it to the upper middle class.
Posted on 7/27/17 at 8:34 am to Bigtime92
I was listening to Varney this morning and they had a senator on regarding this. He said based on the 2014 numbers this would have generated only $18B in revenue. He also said the wealthy are in favor of this if the payment goes straight to debt and not spending.
Posted on 7/27/17 at 9:37 am to mindbreaker
quote:
This is a myth. The vast majority of the 1% started of in either a already establish wealthy family or at least upper class
Link?
And even if so, does that mean it's the gov't money more than theirs?
Who gives a frick how someone made their money, as long as it was done legally.
Posted on 7/27/17 at 10:09 am to rintintin
quote:
Link?
I've already done the research when talking about the 8th wealthiest men in the world. It's easy to google. I honestly don't feel like doing it again.
quote:
And even if so, does that mean it's the gov't money more than theirs?
No but the government has set up a system where the wealthy can stay wealthy and it is nearly impossible to get out of poverty. I don't think taxing the rich is the answer, but spewing the whole "anyone can get rich if they work hard enough" narrative is just dishonest. By that logic anyone can win the lottery too.
quote:
Who gives a frick how someone made their money as long as it was done legally.
I have no faith that anyone wealthy hasn't broken numerous laws and hidden money to avoid taxes.
Posted on 7/27/17 at 10:13 am to mindbreaker
quote:
No but the government has set up a system where the wealthy can stay wealthy and it is nearly impossible to get out of poverty.
This isn't a government setup
Wealthy staying wealthy and poor staying poor is the natural human condition.
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