Yo How Can Multi-Millionaires Be Against Tax Hikes?

[Broke Wave]

I wouldn't say I'm terribly busy, but I'd be down to give it a shot. The only other option is to continue spending money we don't have, and then austerity happens on it's own in the form of a depression.

The government is now spending at its lowest percentage of GDP since the 1950's... Obama is the lowest spending president as a % of GDP since Dwight Eisenhower. The problem is that there is more money being spent than is coming in; a deficit, as a result of lowering taxes, and massive spending in the form of wars, Medicare Part D and a reduction in revenue through tax cuts.

Since America is in a recession, Austerity would be disastrous, as it has been in Europe because when the Government contracts while the economy is not growing, the economy will contract with it. Austerity is happening in some states in the U.S., and those states have the worst unemployment, like New Jersey.

Austerity is a code word essentially for firing teachers, firefighters, police officers and other essential workers. New Jersey just fired more police officers in Camden, the nations most dangerous city. Is that going to be conducive to economic growth?

 

[BlvdBrawler]

The government is now spending at its lowest percentage of GDP since the 1950's... Obama is the lowest spending president as a % of GDP since Dwight Eisenhower. The problem is that there is more money being spent than is coming in; a deficit, as a result of lowering taxes, and massive spending in the form of wars, Medicare Part D and a reduction in revenue through tax cuts.

Since America is in a recession, Austerity would be disastrous, as it has been in Europe because when the Government contracts while the economy is not growing, the economy will contract with it. Austerity is happening in some states in the U.S., and those states have the worst unemployment, like New Jersey.

Austerity is a code word essentially for firing teachers, firefighters, police officers and other essential workers. New Jersey just fired more police officers in Camden, the nations most dangerous city. Is that going to be conducive to economic growth?

Couldn't tell ya. I'm not an economist. Personally, I don't equate austerity to "get rid of essential services" but rather cut the fat. And there is a *lot* of fat.

Either way, we just need to spend less.

 

[Broke Wave]

Couldn't tell ya. I'm not an economist. Personally, I don't equate austerity to "get rid of essential services" but rather cut the fat. And there is a *lot* of fat.

Either way, we just need to spend less.

Here's the thing though. When we talk about "fat" in spending or "pork", this is a meme created by the right to trick people into thinking that the federal government is giving money out to everybody. The only place where there has been a patented increase in spending with no regard to economics is defense.

Tax breaks and subsidies to corporations is spending, and that is another form of blatant "fat". America is only a few major reversions away to clearing the deficit, look at the House Progressive Caucus budget, that has been audited by the CBO and it is a clear outline to reducing the deficit without hiking taxes beyond 1994 levels.

 

[TLR Is Mental Poison]

You sure about govt spending being at it's lowest broke wave? We are at 25% if I'm not mistaken and used to only spend about 18-20%. So how is spending at it's lowest? Revenue is at it's lowest.

And I can understand a slightly progressive tax curve, but when the avg American family has close to a zero federal tax liability I think it's safe to say it's gone too far. Keeping things flat is the most fair way- nobody can say with authority that ALL rich or poor folks don't work as hard as any other group, and in any case it's a clear conflict of interest for a group that will benefit to decide how much another group will pay in taxes

Level shyt out and keep the favoritism out. Tax all personal income the same. It's pretty fukking simple

 

[Broke Wave]

You sure about govt spending being at it's lowest broke wave? We are at 25% if I'm not mistaken and used to only spend about 18-20%. So how is spending at it's lowest? Revenue is at it's lowest.

And I can understand a slightly progressive tax curve, but when the avg American family has close to a zero federal tax liability I think it's safe to say it's gone too far. Keeping things flat is the most fair way- nobody can say with authority that ALL rich or poor folks don't work as hard as any other group, and in any case it's a clear conflict of interest for a group that will benefit to decide how much another group will pay in taxes

Level shyt out and keep the favoritism out. Tax all personal income the same. It's pretty fukking simple

I meant to talk about the percent of growth of GDP.

PolitiFact | Viral Facebook post says Barack Obama has lowest spending record of any recent president

Also revenue is at all time lows.

As far as people having no tax burden? People pay less taxes because they have less money. Taxing all personal income the same is a massive tax cut for those who make more money and a tax increase on those who don't make much money. It's really that simple.

47% of Americans have no Federal tax bill because they don't make enough money to meet the meager requirements. Bringing down the requirement isn't going to do anything but hurt those people. They still pay state and local taxes at almost the same rate of total income as wealthier earners.

http://www.ctj.org/pdf/taxday2012.pdf

The tax system is injust, but the only changes in the tax system in recent memory has come in the form of massive reductions and subsidies.

 

[Brock Landers]

Brokewave dropping serious knowledge

 

[Ethnic Vagina Finder]

Only the first 300k gets taxed

 

[msims]

Brokewave dropping serious knowledge

Man...fukk that ol'smart ass nikka.

 

[OH SOHH TRILL]

Whole tax code is bullshyt. For instance, I stop paying social security tax in April every year. Thus I get an extra 300-400 per check after that. Meanwhile social security trust fund is insolvent. How many jobs do I create with this *buys pair of j's and saves the rest*. Raise fukking taxes and stop the bullshyt. I think I read a study that says 7% revenue increase and 7% spending reduction would solve the debt "crisis."

 

[TLR Is Mental Poison]

No broke wave

47% of Americans have no income tax burden cause of deductions put in place to buy votes

You mean to tell me a family making 50k doesn't have enough to pay ANYfederal taxes????

 

[Broke Wave]

No broke wave

47% of Americans have no income tax burden cause of deductions put in place to buy votes

You mean to tell me a family making 50k doesn't have enough to pay ANYfederal taxes????

Deductions put in place to buy votes? That is a broad generalization of the tax code which is not founded in reality. The deductions you seem to be referencing here are the most popular deductions which exist in just about every nation which takes income tax, including ones promoting dual incomes, child birth etc. So if you think people shouldn't get a deduction for these things that's you

The reality is PRIOR to the recession more families paid taxes because they had higher incomes and. Incomes have steadily STAGNATED while unemployment and poverty has increased.

As far as whether its morally correct for a family making 50k a year to pay no federal taxes, that's also totally unfounded in reality, because you cannot tell me with certainty that every family making 50k a year, regardless of size pays 0 federal income tax.

What's astounding to me is that you keep ignoring the massive tax rate deductions and loopholes given to high income earners and corporations over the last 30 years. In fact you even seem to be advocating a massive reduction in the taxes of the aforementioned groups in order to institute some sort of tax "fairness", which has no basis in economic or policy reality. It is the breaks to the wealthy and corporations that is the source of the massive budget shortfalls we see in Federal and State governments, and there is the empirical evidence to support this.

The Walton family, which owns Walmart, has a combined net worth GREATER than the bottom 42% of Americans combined. Consider this factoid when advocating that 42% pay federal income taxes, which would, even at a 5% of total income rate, make them the group most penalized by taxes as a percentage of their incomes.

 

[Ghostface Trillah]

1. Millionaire's have a higher tax bracket than regular people so they lose 43-47 percent of their income to taxes.

2. You don't become a millionaire by not having greedy wolf like tendencies so of course you ain't trying to give up any money. For example, not to get political but Romney had multiple off shore accounts to evade taxing and is running for president. Is that a guy you want in charge of who gets taxed? A multi millionaire who was hiding money so it couldn't be used to better America?

 

[TLR Is Mental Poison]

Broke I never said all or even most families at 50k don't pay taxes. Just that it's entirely possible (family w/a couple of kids and a new home. I know brays who have had negative liabilities for YEARS)

Income and wealth disparities are a problem, never disagreed... The question I have is, if taxes aren't the CAUSE of that, how can they be the SOLUTION??? Clearly if you want to solve a problem the best way to do so is through addressing it's causes. Being that taxes are at their lowest for everybody (bottom 50% has an aggregate federal actual tax rate of 1.8% and falling), taxes can't be what are causing the gap

And being that Walmart has been in business for a while, is privately owned, and is one of the biggest + most profitable companies in the world, why WOULDN'T they be immensely wealthy? What do taxes have to do with wealth?

Bray there are a couple of things that are true. You are way more economically knowledgeable than me. But the US wealth and income gaps are NOT due to taxes and cannot/shouldn't be solved through taxes. It's WAY deeper and more complicated than that