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re: Trump announces a temporary 10% cap on credit card interest rates

Posted on 9/19/24 at 8:58 am to
Posted by Lima Whiskey
Member since Apr 2013
22594 posts
Posted on 9/19/24 at 8:58 am to
It’s usury, we shouldn’t permit it
Posted by tadman
Member since Jun 2020
5441 posts
Posted on 9/19/24 at 8:59 am to
quote:

So much for free market... He's just throwing shite at the wall at this point.



Our society and societies in general have long recognized that usury, or loaning of money at high interest rates, is very bad. It keeps people in poverty.

I disagree with the current model that just lets people keep getting deeper into debt at high rates but enables them to buy TV's and discretionary stuff. There should be a mechanism that disallows discretionary purchases for high risk folks.
Posted by SlowFlowPro
With populists, expect populism
Member since Jan 2004
476848 posts
Posted on 9/19/24 at 8:59 am to
quote:

That's what's happening here. Everyone who works overtime won't have that labor taxed.


And those who won't work overtime? Are they treated the same?
Posted by SlowFlowPro
With populists, expect populism
Member since Jan 2004
476848 posts
Posted on 9/19/24 at 8:59 am to
quote:

It’s usury, we shouldn’t permit it


More Communism.
Posted by Azkiger
Member since Nov 2016
28142 posts
Posted on 9/19/24 at 8:59 am to
quote:

The government "Picking winners and losers" is a Leftist philosophy.



Since when is the people who work the hardest being allowed to succeed the government picking winners and losers?
Posted by Green Chili Tiger
Lurking the Tin Foil Hat Board
Member since Jul 2009
50742 posts
Posted on 9/19/24 at 9:00 am to
quote:

don't think there should be any interest on credit cards. That would help thuh people most.

Or, make it so you could loan yourself money from your credit card, and whatever interest you build up you could print your own money to cover that. Make it so Office Depot had to sell you the printer and paper and ink at cost.


Credit card interest used to be tax deductible.
Posted by SlowFlowPro
With populists, expect populism
Member since Jan 2004
476848 posts
Posted on 9/19/24 at 9:00 am to
quote:

Our society and societies in general have long recognized that usury, or loaning of money at high interest rates, is very bad. It keeps people in poverty.

I disagree with the current model that just lets people keep getting deeper into debt at high rates but enables them to buy TV's and discretionary stuff. There should be a mechanism that disallows discretionary purchases for high risk folks.


I hope y'all never described yourself as small government or a believer in capitalism.

Y'all sound like legit leftists, even the same "consumer protection" rhetoric.
Posted by AUauditor
Georgia
Member since Sep 2004
1703 posts
Posted on 9/19/24 at 9:00 am to
quote:

Why is it an all or nothing type thing for you?


First, because I pay taxes on every dime I earn - my regular 50-60 hours as a salaried employee, my work for an on-line tax software provider (20-30 hours per week for 4.5 months), and my work preparing and filing tax returns on the side.

Personally, I have been working "for the man" since I was 15. I have never enjoyed paying taxes, but I have obeyed the laws the entire way.

Secondly, politicians should not pick winners and losers. It should be a level playing field for all. Actually, the top 1% who pay 60% of the country's taxes, actually pay too much and people who get "refunds" of taxes they did not pay in, pay too little.
This post was edited on 9/19/24 at 3:47 pm
Posted by SlowFlowPro
With populists, expect populism
Member since Jan 2004
476848 posts
Posted on 9/19/24 at 9:01 am to
quote:

Since when is the people who work the hardest

Dishonest framing

quote:

being allowed to succeed the government picking winners and losers?

You're creating an even more stratified tax system, where only specific populations benefit. Those people who benefit win, the others lose.
Posted by Azkiger
Member since Nov 2016
28142 posts
Posted on 9/19/24 at 9:01 am to
quote:

And those who won't work overtime? Are they treated the same?


They have the same opportunity. You're upset there's a different outcome (am overtime coworker makes more).

Glad you're finally putting yourself.
Posted by grizzlylongcut
Member since Sep 2021
15434 posts
Posted on 9/19/24 at 9:01 am to
quote:

High risk clients gonna get dropped.


Good
Posted by SlowFlowPro
With populists, expect populism
Member since Jan 2004
476848 posts
Posted on 9/19/24 at 9:03 am to
quote:

They have the same opportunity.


Sounds like equity

quote:

You're upset

I'm not upset.

quote:

there's a different outcome

Only due to government engineering this difference in outcome, which is socialism.

Posted by TrueTiger
Chicken's most valuable
Member since Sep 2004
82379 posts
Posted on 9/19/24 at 9:04 am to
quote:

No, it's not...

As long as we are taxed on income as a practice, then ALL income should be taxed - tips and overtime.


In a principled world, yes.

But we don't live in one.


I like this because it incrementally destroys the income tax piece by piece.

Once 1 or 2 groups get a break others will want breaks too. It won't be long before envy and jealousy will ramp up the call to destroy the entire thing.
This post was edited on 9/19/24 at 10:47 am
Posted by Azkiger
Member since Nov 2016
28142 posts
Posted on 9/19/24 at 9:04 am to
quote:

Dishonest framing


People who work overtime aren't working more than people who work 40 hours or less?

quote:

You're creating an even more stratified tax system, where only specific populations benefit. Those people who benefit win, the others lose.


"Those people who work more win, the others lose."
Posted by 94LSU
Member since May 2023
1121 posts
Posted on 9/19/24 at 9:05 am to
quote:

That's what's happening here. Everyone who works overtime won't have that labor taxed.


The problem is that all of these no-tax schemes being proposed will just backfire if government spending isn't also dramatically reduced. Nobody is proposing that though - it seems the opposite. The money has to come from somewhere so they'll just print even more causing more runaway inflation for everyone.
Posted by Azkiger
Member since Nov 2016
28142 posts
Posted on 9/19/24 at 9:07 am to
quote:

Sounds like equity


To an idiot, sure.

quote:

Only due to government engineering this difference in outcome, which is socialism.



Stepping out of someone's way is now considered government intervention
Posted by Bulldogblitz
In my house
Member since Dec 2018
28161 posts
Posted on 9/19/24 at 9:08 am to
Hope he announces free ebt for migrants....

To bait kamala into saying "we already doing that"
Posted by Azkiger
Member since Nov 2016
28142 posts
Posted on 9/19/24 at 9:09 am to
quote:

The problem is that all of these no-tax schemes being proposed will just backfire if government spending isn't also dramatically reduced.


That's a different critique, one I'm certainly warm to.

This "you being allowed to keep more of your own labor is a government gimme" bullshite is absolutely idiotic, so much so that I'm not sure it's an honest rebuttal.
Posted by SlowFlowPro
With populists, expect populism
Member since Jan 2004
476848 posts
Posted on 9/19/24 at 9:10 am to
quote:

People who work overtime aren't working more than people who work 40 hours or less?

a. You are crawfishing. You said "hardest"

b. Lots of people who can't earn OT work more than people who get OT. Again, you're relying on more dishonest framing ("people who work 40 hours or less")

quote:

Those people who work more win, the others lose.

a. As said above, dishonest framing

b. I'm discussing comparing tax rates. You're discussing comparing hours worked. It's non-responsive to the actual discussion at hand.
Posted by SlowFlowPro
With populists, expect populism
Member since Jan 2004
476848 posts
Posted on 9/19/24 at 9:10 am to
quote:

Stepping out of someone's way is now considered government intervention

If that stepping is selective, yes.
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