Talk about inflation….

Tax the rich their's an answer change the tax laws then they weren't made by one person or party. more like all parties... flat tax all pay.
Now back to our regular program here
Now that the models are 3-10 times as much they sure are not made here anymore either.
I can't believe that you can get those Buick's at a CVS store I will have to look into that.
I always look at the cars when I stop in at Summit Racing but never no Buick's every other car is there though.
Nice tip Larry on the CVS savings

 

10% flat tax across the board. Everyone pays their 10%. No deductions. There'll be plenty of money to run the country's affairs and probably some leftover.

 

Just remember the tax code is written by the rich for the rich. None of those folks are making 75k a year...

 

Then to add injury to insult, the big corporations are raising prices well beyond inflation all while making record profits. GreedFlation.

 

Not a fan of the correlation between corporate taxes and executive pay, but there is a lot here to consider.

https://www.theguardian.com/busines...alaries-versus-tax-payments?CMP=share_btn_url

 

We can work it just like they do if you do not want to pay taxes, My coworker had to pay the gov 2 grand this year and put nothing in retirement. I on the other hand put 4 grand in my personal IRA and got 2 grand back. So my investment only cost me 2 grand plus I gave some money to the homeless shelter in our area to help the homeless, not much. This is how the big buck people do it use write offs to offset paying, it really is a no brainer.

Get corps to pay more money and us pions won't get crap.
Or be smart and buy stocks, with dividends along with mutual funds and bonds and make your own money, and you got to mix it up.
From 2008 to 2016 my returns were averaging 7-8 % after 2016 my returns were at 15% at least after 2020 my returns went back down to 3%
during 2016-2020. I doubled my money in my IRA andI make less than 50g
Now who do you want running the show?

 

While I agree that there is a small minority of rich people that use tax loop holes to avoid tax, I think the wealthy continue to be demonized about tax. Check out this link. The bottom 50% of tax payer pay only 2.3% of the taxes, while the top 10% pay 73.7% of the income tax. Maybe more people should be pulling the wagon and not riding in it.

https://taxfoundation.org/data/all/federal/summary-latest-federal-income-tax-data-2023-update/

 

I guess my point is:
the rich are rich. Got rich paying a certain level of taxes for years. Got a huge tax cut a few years back, which logic says they really didn't need to stay rich. Unless the objective was to make them richer.

Common man aint rich and is just getting by. Struggling paying a certain level of taxes for years. Got squat from the huge tax cut a few years back, while logic says maybe they should have gotten a little help.

And some people want another round of tax cuts. You guessed it -- for the rich.

 

Raising 50% of filers from zero to 10% is never going to happen. Not to mention the single moms that make under $60,000, pay in nothing and get a refund of $7,830
You can't put the Genie back in the bottle now.

 

The corporate tax breaks are there to help you grow your business. As you grow you employ more people. As you continue to grow you realize you don’t just need more people you need better people. More and better equals increased training and/or experience and that means higher wages. We grew our business from 175k/year in 2001 to 15 million last year. It was a pass through company so all profits flowed to the owners. I had tax returns show I made $300k that year. Other than my salary which took 20 years to go from 30k per year to 150k/year I never saw a dime of the rest. We the owners paid our 40% taxes and invested every dime back in. Those tax breaks were huge for us as I’m sure they were for many small companies. Section 179 bonus depreciation was huge! Not having to spread out your capital purchases over 5 years and being able to deduct 100% was awesome. We would literally be getting 40% off our purchases. We also paid bigger bonuses to the guys because a $10,000 bonus cost us only $6k. My point is and I hope I kinda made it is that those tax cuts for the so called rich do make it to the working class. At least in my company they do.
Cliff

 

Huckabee wanted a "flat tax". But then the poor pay a huge chunk of their income - say 15% while the rich feel considerably less pain because they have a lot more. Frankly don't think individuals making under 35K a year should even be filing. Of course most of the "poor" get everything they paid back, plus some because of dependents and the deductions they often can take.

 

You are correct in theory, but not so much in practice. Wealthy people can normally find a great deal of stuff to write off that we common folk cannot. A year or two ago there was a news story that said that Warren Buffet was amazed to find that he paid an actual tax percentage that was lower then the tax rate of his secretary. She doesn't get to write off a corporate jet.
BTW: Large corporations pay no taxes whatsoever and they never will. Taxes are just another "cost of goods sold" and are passed along to the end user. I don't know why so many people have such difficulty understanding that.

 

The rich, defined as the top 1%, recently paid 45.8% of federal tax receipts. If "the rich" were taxed at 100%, it wouldn't even balance the federal budget. But let's just keep blaming the rich for an ever-increasing budget deficit.

Inflation is a tax on everyone, but particularly the poor. A good proportion of those "record corporate profits" in inflation-corrected dollars are not that stellar; but, let's not blame the creators of inflation, just those left to deal with and report the results.

The middle class benefitted the most from the last round of tax cuts, and, AND, total federal tax receipts went UP. Punishing people who produce things society values is not a way to success for a nation. A lot of those "rich" people who "don't pay anything in taxes" are sitting on unrealized gains in stocks, just like your 401K does, except they do pay tax on dividends and stock values they are awarded as part of their compensation package. As soon as those stocks are sold, IF it is at a profit, the tax man will be satisfied.

Because so many of these uber-rich like to play the politics of envy (while securing their own bank accounts with every possible loophole), I have a hard time rejecting the idea that they should be rewarded with a huge financial haircut; put their tax bills where their mouth is. Remember how much the uber-rich Silicon Valley Leftists squawked when "tax cuts for the rich" meant they couldn't write off their massive state tax bills on their federal taxes anymore, and how their "fair share" buddies in DC tried to block it for them, their favorite donor-base? Probably not.

I bought my first Buick car for what they are now apparently charging for a model of one (although mine was just a plane-jane beat up Skylark)

 

So, explain to me how if you only paid 25% of your income in taxes and you got a 2% tax cut, how did you get nothing when a guy paying 40% of his income gets a 5% tax cut, he robbed the little guy? He's still paying more than you, still paying a higher percentage than you. Envy is not a tax strategy.

Beside, I have never been employed by a poor person. I've always worked for people with much more money than me. I added value to their operation and was paid accordingly. People with minimal talent and minimal skill that work minimum wage jobs is not a career. It is a place to be a victim and whine about it. I never worked for minimum wage and I started frying donuts at 2AM when I was 14! I showed up when grow adults wouldn't and the owner paid me an extra $0.10/hr in 1976. I was the definition of a kid with too much money at 14. I bought every model car and plane I wanted and had my own box of cereal because in a family of 5 kids, the good cereal didn't last long with those freeloaders scarfing down my Capt Crunch with Crunchberries!

There should be a basic carve-out for the staples of food, maybe the first $10K on utilities and mortgages but beyond that, flat 10% on every dollar you spend. Too many government employees have a stake in keeping the tax code complicated and menacing.

In Warren's case (I've stood near the man as he gave a speech since I worked for subsidiary) most of his income is not from salary. It is from dividends that are taxed at a lower rate. Also, his secretary is WELL compensated. They like to make out like he is a down-to-earth guy, and he is for the most part. For instance, he doesn't own a corporate jet. However, he does own the corporate jet leasing company Net Jets. A very convenient stretching of the truth. Also, when Warren flies, two jets go everywhere he goes. His time is reportedly so valuable that he can't afford to be delayed. Two jets land in Bowling Green, KY when he visits.

This is America. Everyone is free to start a company, take risks and become their own boss. I sell a few reproduction mirror gaskets and refurbish sticky steering wheels. I declare my meager profits and expense my swap meet and car show expenses because I can legitimately declare GS Nats as a sales trip where I have bought raw materials and sold products.

In the one accounting class I took in college, they said you'd learn everything you needed to know about accounting. The rest of the courses were how to stay out of jail.

 

Three families in the US have more wealth than the entire bottom 50%.

 

"Too many government employees have a stake in keeping the tax code complicated and menacing." Tax code is mostly written by Congress and the lobbyists, not the IRS.
And when you pay for tax cuts with the national debt it hurts everyone. Just my 2 cents.

 

"Too many government employees have a stake in keeping the tax code complicated and menacing." Tax code is mostly written by Congress and the lobbyists, not the IRS.
And when you pay for tax cuts with the national debt it hurts everyone. Just my 2 cents

 

"Too many government employees have a stake in keeping the tax code complicated and menacing." Tax code is mostly written by Congress and the lobbyists, not the IRS.

And when you pay for tax cuts with the national debt it hurts everyone.

COVID screwed up all metrics for the last 5 years so its hard to compare anything. Just my 2 cents

 

How much wealth do the top 10% have tho? The wealth in this country has been shooting up to the very rich since Reagan was in office. Meanwhile the poor and middle class are told to save money, work hard and don't live too rich.

EAT THE RICH!

 

Top 1%: about 2.4 million people
Top 1%: about $3.2 million each in income.
100% of that is $7.7 trillion.
Annual budget deficit: $300 billion.

So yeah, it would balance the heck out of the budget.

National debt: $34.5 trillion.

Not enough to cancel the debt. but it would sure make a dent.