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re: Anyone else see a big difference in tax returns this year?
Posted on 2/6/19 at 9:50 am to lsu13lsu
Posted on 2/6/19 at 9:50 am to lsu13lsu
don't look at the individual ingredient look at what it becomes when you mix it together with other things. ew "raw egg", mixed with sugar and flour and heated becomes a cake
play out how maximum wage works out in the long run. will people stop working because they can't be trillionaires?
play out how maximum wage works out in the long run. will people stop working because they can't be trillionaires?
This post was edited on 2/6/19 at 9:52 am
4
Posted on 2/6/19 at 9:50 am to Kujo
What the...
Posted on 2/6/19 at 9:51 am to Salmon
quote:
so instead of the people buying the government, the government should just take the money instead
so in both systems the government still gets the money
Not to mention our complicated tax code allows our government to pay its supporters. It can give subsidies, tax credits and deductions to its most favored citizens.
Posted on 2/6/19 at 9:52 am to Kujo
quote:
You people forget that in the 'good ole days' the highest marginal tax rate was over 90%. For every dollar the richest group earned over a certain threshold, they only received $0.10.
The 90% thing just isn't true. They used many methods to avoid taxes. The true taxes paid was only slightly higher than today.
Taxes on the Rich Were Not Much Higher
Note: I just want to make sure this gets posted again and again.
Posted on 2/6/19 at 9:55 am to Kujo
quote:
play out how maximum wage works out in the long run. will people stop working because they can't be trillionaires?
Of course not. They'll simply move their business to another country without such asinine tax laws.
Posted on 2/6/19 at 9:57 am to Centinel
Shhh Centinel, proggies dont wanna hear facts.
Posted on 2/6/19 at 9:57 am to Centinel
quote:
Of course not. They'll simply move their business to another country without such asinine tax laws.
Yep, see Ireland and for a view locally see New York.
Posted on 2/6/19 at 10:00 am to lsu13lsu
Historically, I believe overall tax receipts have fluctuated around 20% of GDP since WW2.
Posted on 2/6/19 at 10:04 am to Centinel
quote:
They'll simply move their business to another country without such asinine tax laws.
No way to capture those earnings? I mean, I'm sure there's another country with lower/no taxes, move your company there now, and use some type of visitor visa to do business in the states and save ~30% you lose due to taxes.
Wonder why no one has ever thought of it?
Posted on 2/6/19 at 10:05 am to Kujo
You really don't understand the second and third order consequences of what you're proposing do you?
Posted on 2/6/19 at 10:12 am to Kujo
quote:
No way to capture those earnings? I mean, I'm sure there's another country with lower/no taxes, move your company there now, and use some type of visitor visa to do business in the states and save ~30% you lose due to taxes.
When federal taxes were much higher under Carter almost none of the rich people paid those percentages. They hire the best accountants to figure out ways around the laws (i.e. convert to long term capital gains, move money offshore etc).
Reagan drastically cut the top tax bracket from 70% to 28% and federal tax receipts went up.
This post was edited on 2/6/19 at 10:13 am
Posted on 2/6/19 at 10:13 am to RogerTheShrubber
quote:
I did much better this year
Same.
I'll need to change my withholdings for 2019 b/c I had a bigger refund than normal.
Posted on 2/6/19 at 10:13 am to Centinel
Go ahead, it's not as obvious to me.
Like NFL players are salary capped, so of course Brees would sling it more if he could earn 100 million/year, but instead just dinks and dunks because its not worth it for 20 million/year.
Like NFL players are salary capped, so of course Brees would sling it more if he could earn 100 million/year, but instead just dinks and dunks because its not worth it for 20 million/year.
Posted on 2/6/19 at 10:15 am to fr33manator
quote:It's gone for 2019.
I thought they got rid of that penalty
Posted on 2/6/19 at 10:19 am to Kujo
quote:
Go ahead, it's not as obvious to me.
That's apparent. People and companies can move. There are other markets outside the US. Now what happens when you tell the people who create and run these companies that they are only allowed to earn what the government tells them?
quote:
Like NFL players are salary capped, so of course Brees would sling it more if he could earn 100 million/year, but instead just dinks and dunks because its not worth it for 20 million/year.
Can Brees move to another country and earn 100 million instead of 20 million?
Posted on 2/6/19 at 10:21 am to fallguy_1978
quote:
Reagan drastically cut the top tax bracket from 70% to 28% and federal tax receipts went up.
Nearly 35% of the population were using illegal drugs annually, then we legalized marijuana and illegal drug use went down!
Of course they'll show more tax receipts, it was cheaper than laundering money and could be reinvested, see the DOW 1950 to 2010. All of a sudden, money from the shelters got invested....right after shelters stopped making sense.
BTW, It's much harder to hide money these days.
Posted on 2/6/19 at 10:25 am to Centinel
quote:
That's apparent. People and companies can move. There are other markets outside the US. Now what happens when you tell the people who create and run these companies that they are only allowed to earn what the government tells them?
Money earned here is taxed, doesn't matter if you live in Japan or Korea or wherever.
quote:
Contrary to popular belief, moving to the Caribbean will not relieve you of your tax obligations — the IRS will track you down no matter where in the world you go. When I moved to Mongolia three years ago to work as a foreign registered attorney, I opened a local bank account. There was no welcome bonus for being a new account holder; in fact, I was greeted with a stack of forms. Even in Ulaanbaatar, the tax man is on the prowl.
Posted on 2/6/19 at 10:25 am to Kujo
We collected a record amount of federal taxes last year after the tax cuts. The US has spending problem, not revenue .
Posted on 2/6/19 at 10:33 am to Kujo
quote:
When a system allows people to become as rich as kings, they buy the government.
Do you know how that happens?
Let me give you a clue - it has NOTHING to do with personal income tax rates.
How are you going to tax Jeff Bezos's wealth when the VAST majority is tied up in Amazon stock? The guy has $130B in wealth that isn't realized yet.
It always cracks me up when people think you're going to get the uber wealthy with personal income tax hikes.
Posted on 2/6/19 at 10:33 am to Kujo
quote:
Money earned here is taxed, doesn't matter if you live in Japan or Korea or wherever.
You can tax the corporation for it's US sales. You can not tax the compensation of the owner and/or CEO and other executive officers, or profits made in other countries.
And that's assuming the company and owners just decide the US market isn't worth it. Plenty of market demand in China, India, and the EU.
So guess what happens to the US economy when the best and brightest give the middle finger to the US?
quote:
Contrary to popular belief, moving to the Caribbean will not relieve you of your tax obligations — the IRS will track you down no matter where in the world you go. When I moved to Mongolia three years ago to work as a foreign registered attorney, I opened a local bank account. There was no welcome bonus for being a new account holder; in fact, I was greeted with a stack of forms. Even in Ulaanbaatar, the tax man is on the prowl.
Renounce your US citizenship. Done. Which is what anyone who is going to fall under your stupid plan is going to do first thing anyway.
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