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Started By
Message
re: Liberal Folks, Should We Tax the Rich?
Posted on 9/16/21 at 10:07 pm to boogiewoogie1978
Posted on 9/16/21 at 10:07 pm to boogiewoogie1978
quote:Here's your answer... taxing "the rich" is never going to be all that productive. $50-$500k have most of the income.
Stop looking at individuals and more as a "bucket".
A certain number needs to come out of the bucket no matter the distribution on the contents.
This post was edited on 9/16/21 at 10:08 pm
1
Posted on 9/16/21 at 10:07 pm to KCRoyalBlue
quote:
Why can't the federal government just protect our borders/entry points, maintain interstate highways, provide for veterans.....and let the private sector and capitalism take care of the rest?
Because the people we vote into office aren't down with that, and we no longer enjoy an economy based on competitive capitalism.
Posted on 9/16/21 at 10:09 pm to wackatimesthree
quote:What happens when expenses exceed prices?
Second, even if taxes were business expenses, expenses do not set prices. Prices are set by demand.
Posted on 9/16/21 at 10:11 pm to Taxing Authority
quote:
What happens when expenses exceed prices?
There are no taxes owed.
And if you can't find a way to adapt, you go out of business.
But as pointed out first, that situation is the least relevant to the tax situation, because the same thing happens whether the tax is 8% or 88%.
That's the point.
This post was edited on 9/16/21 at 10:13 pm
Posted on 9/16/21 at 10:11 pm to boogiewoogie1978
quote:Except that isn't the case. Especially with our monetary policy. The amount of money available is never fixed.
It is also unsustainable for a few people to have all of the money
quote:
Ever heard of Feudalism?
Hyperbolic.Posted on 9/16/21 at 10:14 pm to wackatimesthree
quote:Tell me how to make my company part of the 95%. Please explain how I can get an exemption.
the 5% which are actually subject to corporate taxes
quote:For example?
have lots of loopholes to avoid paying taxes
Posted on 9/16/21 at 10:14 pm to wackatimesthree
quote:Yes
1. Have you ever owned a business?
I also have an MBA. Alas, neither of those are provable on an anonymous board so, I don't expect you to believe it. Which is fine.
quote:Prices are determined by multiple factors to include cost of goods, cost of labor, other costs both direct and indirect and, for the one element you seem to just want to ignore..............HOW MUCH I NEED TO MAKE TO JUSTIFY STAYING OPEN.
2. If so, what was your formula for determining your prices? Let's see what huge role taxes played in your experience.
To put it in simple terms. If, at my given volume, I need to bring home $2 per widget sold in order to keep my doors open...........and a new tax is implemented that drives my per widget number down to $1.50, then, I must attempt to make up that .50c.
Now, I'm certain you'll point out that I can and likely will make that up in a variety of ways. Perhaps cut some labor costs. Perhaps go out of business? Perhaps a combination of some price increase, some labor cost savings and anywhere else I can find to grab pennies.
Alas, even some of the non price related actions would still certainly count as "passed on". I mean, whomever I have to lay off would certainly count it as "passed on" for example.
There are only so many places you can find that .50c and, almost all of them are passing on the costs. I'll tell you where the .50c is NOT coming from.
ME!
Posted on 9/16/21 at 10:15 pm to PizzaPie
quote:I mean... why not tax revenue and unrealized capital gains. What could go wrong?
You'd be AMAZED at how many liberals would support this idea.
Posted on 9/16/21 at 10:17 pm to wackatimesthree
quote:= raising prices.
There are no taxes owed.
And if you can't find a way to adapt, you go out of business.
Posted on 9/16/21 at 10:17 pm to Taxing Authority
quote:Which, by the way, is exactly why every time discussion of how the "wealthy" are getting over, I laugh when we start talking about Income taxes.
Here's your answer... taxing "the rich" is never going to be all that productive. $50-$500k have most of the income.
The ultra-wealthy have successful made two lies immensely popular among the rest of us. First, that the best way to solve "wealth inequality or unfairness" is via income taxes and Second, that along with those Income Taxes, we can stick it to the rich with corporate taxes.
I swear. It's like the ultra-wealthy must laugh their arse off every time we have this "conversation' in America. It's no accident that the ultra wealthy have voted Democrat in every election since Kennedy. The questions is, why do some many Dem voters not realize this?
Posted on 9/16/21 at 10:19 pm to wackatimesthree
quote:
Prices are set by demand.
By the way. I let this gem slip by but damn.
Just dayum.
I mean. Demand is certainly an element.
But Dayum.
Posted on 9/16/21 at 10:24 pm to Taxing Authority
quote:
Tell me how to make my company part of the 95%. Please explain how I can get an exemption.
If it's not a B or C corporation your company is not taxed according to the corporate rate. It's taxed according to your personal pass-through rate.
And 95% of the businesses in America fit that description.
Forbes
You don't do anything. You just incorporate as a partnership or LLC or S-corp, or just about anything other than a C-corp.
Here are a few ways corporations who are subject to the corporate tax rates avoid paying the corporate tax: Investipedia
Posted on 9/16/21 at 10:24 pm to wackatimesthree
quote:
First, taxes are only paid on profits.
I'm glad you get that but most democrats do not.
The gripe from biden and AOC and the like is about corps paying 0% tax because they claimed no profits. The proposed increase in % isn't going to change anything for those companies...like Amazon. They ARE going to change the deduction laws, not just the %.
Posted on 9/16/21 at 10:25 pm to wackatimesthree
quote:Taxing Authority already said this himself in this thread.
If it's not a B or C corporation your company is not taxed according to the corporate rate. It's taxed according to your personal pass-through rate.
Posted on 9/16/21 at 10:27 pm to SportTiger1
quote:And given that all of the things we used to call "loopholes" have gone the way of the DoDo, I really don't know where they think they're going to "cut out loopholes"
The gripe from biden and AOC and the like is about corps paying 0% tax because they claimed no profits. The proposed increase in % isn't going to change anything for those companies...like Amazon. They ARE going to change the deduction laws, not just the %.
But those geniuses think it's a loophole to not pay taxes if you don't have a profit
Posted on 9/16/21 at 10:29 pm to wackatimesthree
quote:And you think that = not subject to taxes?
If it's not a B or C corporation your company is not taxed according to the corporate rate. It's taxed according to your personal pass-through rate.
I figured this is what you were blabbering about. quote:
You don't do anything. You just incorporate as a partnership or LLC or S-corp, or just about anything other than a C-corp.
Posted on 9/16/21 at 10:32 pm to Taxing Authority
quote:
= raising prices.
Despite the posts of the belligerent moron who wants people to believe he's got an MBA, that only woks if demand allows it.
You might actually lower prices in that same scenario to capture more market share and depend on selling more volume with a lower profit margin. Or you might cut expenses by laying off workers and raise prices far above any increase you might have incurred in the first place and go after a niche boutique market with low volume and very high profit margins.
But this idea of just raising prices with no consideration of any other variables is as dumb as when people say the minimum wage should be XYZ dollars.
Well hell, if it's that easy to "guarantee a living wage," why stop at $15? Let's make the minimum wage $300 an hour and guarantee that everybody gets rich.
You guys' insistence on this is exactly the same as people who argue for that, oblivious to how over-simplified and erroneous it is.
If it was just as easy as raising prices, then you're already a dumb-arse for not having already done it. If you can just raise prices any time you feel like it and the demand stays the same, you're an idiot for not having already done so. No need to wait for taxes to go up, just raise prices now.
Posted on 9/16/21 at 10:33 pm to SportTiger1
quote:(not pointed at you SportTiger... but general statement)...
because they claimed no profits
I love the language we've adopted with taxes. They just "claimed" no profits. Not like they have auditors or anything. Not like IRS doesn't have folks in-house in corps like Amazon. They just "claimed" not to have any profits.
Goes right along with Biden's over use of "evading" taxes.
This post was edited on 9/16/21 at 10:33 pm
Posted on 9/16/21 at 10:33 pm to Taxing Authority
quote:
And you think that = not subject to taxes? I figured this is what you were blabbering about.
I saw him put that on the tee for you. I was about to swing at it myself but said, nah, that's for TA. LOL
"OMG, he didn't pay corporate taxes..............he just.............paid them himself!!!"
The horror.
Posted on 9/16/21 at 10:34 pm to wackatimesthree
quote:It's a good thing no one argued this then, isn't it.
But this idea of just raising prices with no consideration of any other variables is as dumb as when people say the minimum wage should be XYZ dollars.
Beat up that straw man!!!
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