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Message
re: Morgan Stanley: "The Biden Tax Proposal: Answers to 5 Top Questions"
Posted on 4/27/22 at 7:50 pm to bad93ex
Posted on 4/27/22 at 7:50 pm to bad93ex
quote:
The middle class will take it right up the cornhole as always with these tax increases.
Yep, until they eliminate the middle class, then we’ll just be Russia and China.
0
Posted on 4/27/22 at 7:53 pm to LockDown
quote:
Bills have to be paid. We've passed the point where we can cut our way to enough growth to pay off the debt. Like it or not, it is what it is.
Great, so why tax some at 40% and half the country at 0%?
Posted on 4/27/22 at 7:58 pm to LockDown
quote:
Bills have to be paid. We've passed the point where we can cut our way to enough growth to pay off the debt. Like it or not, it is what it is.
Overall tax collections often drop when rates are raised.
This post was edited on 4/27/22 at 7:59 pm
Posted on 4/27/22 at 7:58 pm to MrLSU
quote:
5. Could tax increases on corporations hurt their earnings? President Biden has said he would like to raise the federal corporate tax rate from its current rate of 21% to 28%.1 According to the Morgan Stanley and Co. Research team, raising the corporate income tax to 28% could lead to a 6% decline in earnings for the S&P 500 in 2022. If the rate were raised to just 25%, the projected earnings decline would be 4%
So for those of us whose bonuses are tied to yearly earnings per share, like most corporate employees, he just fricked us out of thousands of dollars. Doesn’t affect the common earner my arse.
Posted on 4/27/22 at 8:01 pm to MrLSU
So we are paying corporations to go to China essentially……We all love our Alzheimer’s President don’t we folks?!?!?
Posted on 4/27/22 at 8:12 pm to RazorBroncs
quote:
how unfair it is to be taxed through the teeth after my death
With all due respect you’re not the one being taxed. My take on it is more about fairness to individuals. I don’t think the government should get more money, I just think that inheritance should be treated just like any other income. Why should someone who pays income tax on every penny that they themselves work to earn have to foot the tax bill when someone else doesn’t have to pay taxes on money that they receive, that they themselves didn’t earn? If that provides additional money to the govt, then lower the overall tax rate for everyone. Personally I think govt spending is out of control all over the place. It’s not about more money or that the govt deserves it (it doesn’t ‘deserve’ anything).
My overall point is about the individual. Your dad is not you. You don’t owe anything for his debts or his transgressions, but you also don’t own his possessions or good deeds. If he wants to give money to you, fine, that’s his right as a free individual. But you as a separate individual should pay taxes on your income just like the rest of us. There’s even a very healthy ‘free’ amount that you get that’s untaxed.
Posted on 4/27/22 at 8:15 pm to gorillacoco
quote:
With all due respect you’re not the one being taxed. My take on it is more about fairness to individuals. I don’t think the government should get more money, I just think that inheritance should be treated just like any other income. Why should someone who pays income tax on every penny that they themselves work to earn have to foot the tax bill when someone else doesn’t have to pay taxes on money that they receive, that they themselves didn’t earn? If that provides additional money to the govt, then lower the overall tax rate for everyone. Personally I think govt spending is out of control all over the place. It’s not about more money or that the govt deserves it (it doesn’t ‘deserve’ anything).
My overall point is about the individual. Your dad is not you. You don’t owe anything for his debts or his transgressions, but you also don’t own his possessions or good deeds. If he wants to give money to you, fine, that’s his right as a free individual. But you as a separate individual should pay taxes on your income just like the rest of us. There’s even a very healthy ‘free’ amount that you get that’s untaxed.
I can't even begin to make sense of this word salad. Wtf are you trying to say?
Posted on 4/27/22 at 8:21 pm to Mingo Was His NameO
quote:
Why should someone who pays income tax on every penny that they themselves work to earn have to foot the tax bill when someone else doesn’t have to pay taxes on money that they receive, that they themselves didn’t earn?
quote:
Your dad is not you. You don’t owe anything for his debts or his transgressions, but you also don’t own his possessions or good deeds. If he wants to give money to you, fine, that’s his right as a free individual. But you as a separate individual should pay taxes on your income just like the rest of us.
Posted on 4/27/22 at 8:22 pm to The Spleen
quote:
Oh yay! We haven’t had a thread in a while where middle class schmucks defend policies that disproportionately benefit the wealthy!
This is factually incorrect. The tax cuts and jobs act helped lower earners more.
It’s fricking simple. Low earners don’t have the deductions, raising the standard has helped the middle and lower earners the most. And you shouldn’t be taxed when you are dead. That’s fricking ridiculous.
Posted on 4/27/22 at 8:25 pm to gorillacoco
quote:
My overall point is about the individual. Your dad is not you. You don’t owe anything for his debts or his transgressions, but you also don’t own his possessions or good deeds. If he wants to give money to you, fine, that’s his right as a free individual. But you as a separate individual should pay taxes on your income just like the rest of us. There’s even a very healthy ‘free’ amount that you get that’s untaxed.
No one’s income should be taxed. frick this bullshite. There are people with no income. So no, it’s not like the rest of us.
Posted on 4/27/22 at 8:27 pm to MrLSU
#5 causes a wave of layoffs in this business environment. Income and tax receipts both go down, equities drawdown more and consumption for high earners evaporates further spiraling tax receipts down 
Posted on 4/27/22 at 8:27 pm to gorillacoco
You quoting the same words that made no sense the first time doesn't magically make them make sense this time.
Posted on 4/27/22 at 8:28 pm to dgnx6
quote:
No one’s income should be taxed
I mean I consider myself pretty libertarian but I don’t think anyone thinks that’s a workable solution.
This post was edited on 4/27/22 at 8:30 pm
Posted on 4/27/22 at 8:38 pm to Mingo Was His NameO
When you inherit money from a family member it is money that was not earned by you and you have not paid taxes on it. Every other individual in the country pays taxes on all the money that they earn, and even have to work to do so. It is not fair to put the tax burden of the country entirely on people who are working for their money and not on those who receive money that they themselves did not work to earn.
Posted on 4/27/22 at 8:41 pm to gorillacoco
So you agree the tax is about feelings and not tax receipts and therefore irrational?
Posted on 4/27/22 at 8:45 pm to gorillacoco
quote:
When you inherit money from a family member it is money that was not earned by you and you have not paid taxes on it. Every other individual in the country pays taxes on all the money that they earn, and even have to work to do so. It is not fair to put the tax burden of the country entirely on people who are working for their money and not on those who receive money that they themselves did not work to earn.
Cash has been taxed when it was earned, individuals aren't taxed on gains until they become realized, that doesn't change with the inheritance tax.
I can't tell if you are completely ignorant of the tax system or just have possibly the worst takes of all time.
Posted on 4/27/22 at 8:45 pm to gorillacoco
quote:
When you inherit money from a family member it is money that was not earned by you and you have not paid taxes on it. Every other individual in the country pays taxes on all the money that they earn, and even have to work to do so. It is not fair to put the tax burden of the country entirely on people who are working for their money and not on those who receive money that they themselves did not work to earn.
Guess I should start issuing my kids a 1099 for all the shite I pay for for them. Thats income in your stupid head.
Posted on 4/27/22 at 8:46 pm to wutangfinancial
quote:
So you agree the tax is about feelings and not tax receipts and therefore irrational?
No it’s about that I wouldn’t have to pay as much income tax if Hunter Biden had to pay taxes on his inheritance.
Posted on 4/27/22 at 8:47 pm to gorillacoco
quote:
No it’s about that I wouldn’t have to pay as much income tax if Hunter Biden had to pay taxes on his inheritance.
So you want to tax the UNREALIZED gains of some arbitrary number, which is idiotic, and if you think your taxes will decrease based on those unrealized gains being taxed I ocean front property in Arizona that you'll love
This post was edited on 4/27/22 at 8:48 pm
Posted on 4/27/22 at 8:47 pm to LNCHBOX
quote:
Guess I should start issuing my kids a 1099 for all the shite I pay for for them.
If it’s over the 7 figures that you get tax free in the bill, I would highly recommend it if they are 18+.
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