Altfish
Veteran Member
It is cheaper than Trumps' rich give away
IIUC, no one earning less than $400,000 will pay more tax
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Biden's $3.5 Trillion Spending Bill Really Cost "Zero"?
- Thread starter esmith
- Start date
IIUC, no one earning less than $400,000 will pay more tax
Suave
Simulated character
The wealthiest 400 households the U.S., those households with net worth ranging between $2.1 billion and $160 billion, pay an effective federal income tax rate on average of just over 8 percent.
What Is the Average Federal Individual Income Tax Rate on the Wealthiest Americans? | The White House
The average effective federal income tax rate of the wealthiest 400 U.S. households is just about half the average effective tax rate of U.S. households whose annual income is between $100,000 to $200,000.
https://www.taxpolicycenter.org/statistics/historical-average-federal-tax-rates-all-households
Please let us urge our Congressional Representatives to enact legislation that'd reform the U.S. tax code in order to get the wealthiest Americans to pay their fair share of taxes.
ecco
Veteran Member
If you wait until the budget is balanced before you fix roads, there will be no decent roads left to deliver the chips.
Infrastructure is what a nation is built upon. Our country needs good communications. It needs to support young minds and it needs to support parents so that they can contribute to society.
Climate change, I'm afraid is a done deal. We are going to have to live with greater storms and greater floods and water shortages and extensive forest fires that invade housing and roads and busineses.
As someone else pointed out, get your facts right before posting.
Where will your (then adult) grandchildren get food when the farms have dried up and the roads are impassable because it takes time to rebuild fallen bridges. Will the food be delivered to their burnt down houses or their flooded houses.
Bigger question. Four years ago Trump and the Republican Congress passed a massive tax bill. The benefits of that bill went mostly to corporations and the wealthy. The estimated cost over the next 10 years is about $2.3 trillion dollars.
Did you protest the Trump tax cut? If you say you did, we will expect you to show posts from 2017 to that effect.
Jeremiah Ames
Well-Known Member
If I was able to tax you $100 and use that for the item, it “really” cost me zero.
Thank you for asking.
I hope my government101 course has been helpful.
You don't get something for nothing -- it all costs. The question is do you put it on your Amex Card, or do you pay for it. In other words, for the country, are the tax-payers of today, who are going to reap a lot of the benefits, going to pay for those benefits, or is the nation going to ask a future generation -- unable to have a say at this time -- to pay for it?
And the second question is: is everybody going to pay their fair share?
I do not like leaving future generations to pay for the benefits I enjoy today, and I've long voted Liberal (not in the most recent election, but that's because I'm cheesed off with our PM), meaning I'm saying, "yes, I'll pay a bit more tax, if you'll provide the benefit."
I also think that taxation should be progressive -- the very rich can live extremely high, and still not spend even close to what their worth increases by each year. I don't mean that we should bring them to heal -- if you've been creative, or entrepreneurial, or took risks and won the hoped-for gains, I want you to enjoy the rewards for that. Yet I still think that you should be willing to accept a moderate increase in your tax rate if it still permits you to live high and continue to build up your wealth.
What I do not want to see is racking up even more debt. And I think that's what Biden is talking about when he says "costs nothing." He's saying -- or should say -- won't add to the debt, overall.
And the second question is: is everybody going to pay their fair share?
I do not like leaving future generations to pay for the benefits I enjoy today, and I've long voted Liberal (not in the most recent election, but that's because I'm cheesed off with our PM), meaning I'm saying, "yes, I'll pay a bit more tax, if you'll provide the benefit."
I also think that taxation should be progressive -- the very rich can live extremely high, and still not spend even close to what their worth increases by each year. I don't mean that we should bring them to heal -- if you've been creative, or entrepreneurial, or took risks and won the hoped-for gains, I want you to enjoy the rewards for that. Yet I still think that you should be willing to accept a moderate increase in your tax rate if it still permits you to live high and continue to build up your wealth.
What I do not want to see is racking up even more debt. And I think that's what Biden is talking about when he says "costs nothing." He's saying -- or should say -- won't add to the debt, overall.
Subduction Zone
Veteran Member
Changing economic policies that include increased spending can "cost nothing". The most obvious way is if the policies cause either employment or wages to increase enough to cover the bill with the taxes that comes from more employment and higher wages. That is often the promise but quite often it is not the result. Trump's tax breaks were not paid for and the jump in employment never showed up, Covid did throw a wrench into that but it looked like it was not going to happen anyway.
Will Biden's policies do this? I doubt it. But a lot of the spending is spending that needed to be done anyway. Our infrastructure has been ignored for far too long. And what people need to look at is not the cost of fixing it, but at the cost of not fixing it until it is too late. That will cost even more when it does fail and while we are waiting we will lose even more money. It is like putting a new roof on a house. Not putting one on is often more expensive than replacing the roof.
It is a pity that the old fiscal conservative Republicans are gone. They would have been a huge asset in helping to guide how the money was spent. Now pretty much all that is left are Trump boot lickers. Do nothing, spend nothing, morons that do not know how to keep a business running.
Will Biden's policies do this? I doubt it. But a lot of the spending is spending that needed to be done anyway. Our infrastructure has been ignored for far too long. And what people need to look at is not the cost of fixing it, but at the cost of not fixing it until it is too late. That will cost even more when it does fail and while we are waiting we will lose even more money. It is like putting a new roof on a house. Not putting one on is often more expensive than replacing the roof.
It is a pity that the old fiscal conservative Republicans are gone. They would have been a huge asset in helping to guide how the money was spent. Now pretty much all that is left are Trump boot lickers. Do nothing, spend nothing, morons that do not know how to keep a business running.
I also note that some like to complain about spending by the left and the deficit it creates but are totally silent when it comes to the right.
The right's tax cuts were supposed to be paid for by higher productivity but of course what was higher was the deficit and the pockets of the wealthy being squirreled away as the Pandora Papers are showing.
People should, work on the "beams in their eyes" first.
No big argument here.
esmith
Veteran Member
So, if taxes are raised on companies they will not pass that on to their customers......yeah right
In addition:
"Given the current state of the economic recovery, it is simply irresponsible to continue spending at levels more suited to respond to a Great Depression or Great Recession—not an economy that is on the verge of overheating." Manchin said on the Senate floor Wednesday morning—calling rising inflation, which many link to heightened fiscal spending, an “unavoidable tax” on the wages of every American. “I firmly believe continuing to spend at irresponsible levels puts at risk our nation’s ability to respond to the unforeseen crises our country could face.”
tytlyf
Not Religious
Every person on the right repeats this same line. Did the corporatists teach you that talking point? Heritage foundation?
I do recall taxes being much much higher in the past, how were prices back then? Did you go broke? You sure are eager to defend the elitists. Notice how your talking point is driven by fear?
Taxes and the rich: America’s history of favoritism and crackdowns
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Altfish
Veteran Member
So, Amazon, etc pay enough taxes?
metis
aged ecumenical anthropologist
We've been paying it since the early 1930's, and we will continue to pay it. However, I do agree that we do need to not ramp it up too much.
But there's another way of doing that, namely increase some taxes, especially with the wealthy and the investors that have made out like bandits during the four years under Trump and even before that. You skimped, my wife and I have skimped (I could give you the details on that
), but we shouldn't expect the wealthy to skimp? What makes them so special? To me, the "bottom line" is are we going to do things economically that favor the rich to the extent that it has? Or are we going to have the rich pay their fair share and help those in need? What do you think Jesus would propose, and to me that's a legit question?
So, WWJD*?
*There's a story behind that, btw.
esmith
Veteran Member
That is because of the way the tax laws are written.
metis
aged ecumenical anthropologist
Exactly, and I don't remember anyone here on the "right" protest when Trump did that, nor did they seemingly hold the Pubs responsible with so many of them continuing to support Trump & Co.
This tells me that partisan politics is more important to some than even having compassion for others, thus elevating money over people, which is reprehensible under the most basic Judeo-Christian and humanitarian ethics. Since this is a religious website, I think it's appropriate to make such a connection, as are we going to actually walk-the-walk or are we just going to talk-the-talk?
ecco
Veteran Member
If Mercedes must pay higher taxes and they increase the cost of a new C-Class Coupe, I don't care.
If apple must pay
I could go on and on. I guess you are OK with paying income taxes and getting ****ty roads because corporations are not contributing.
Do you think quoting one very biased source has any meaning in the greater scheme of things? There were economists who touted trickle-down economics. There were economists who said trickle-down economics were a fraudulent concept. For every position you post there are experts on the opposite side.
I guess you also believed Trump and company when they said their tax cuts would be offset by a more robust economy. Laughable.
esmith
Veteran Member
When the price of gasoline goes up, who does it hurt the most?
When the price of food goes up, who does it hurt
When the price of essentials goes up, who does it hurt the most.
Guess you don't care as long as you get your free stuff.
I don't mind paying taxes, what I do mind is the wet dreams of the left wing progressives. Who now is leading Biden around by the nose.
Seems that your idea of biased is somewhat confused. Senator Manchin is following what his constituents want.
The economy was doing great until Covid hit.
We don't know what the future would be since the voting public got hoodwinked and put a puppet in office. Turned down Sanders but got Sanders 2.0
Twilight Hue
Twilight, not bright nor dark, good nor bad.
Altfish
Veteran Member
Yes, and Biden wants to change them
esmith
Veteran Member
No, he just wants to raise taxes. Have you read or heard anywhere that Biden wants to change the tax laws.
Altfish
Veteran Member
Nowt wrong with that as long as it is spent on infrastructure which translates into jobs and growth.