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Dynasty Maker [3251]
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The Robinhood messaging is so tired.
Oct 5, 2024, 5:02 PM
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I'm talking about the Dem commercials about taxing the rich -- making billionaires "pay their fair share" with the implication being they'll take that money and redistribute it to the proletariat.
And yet, many of our Democratic (and Republican) lawmakers enjoy great wealth and privilege, while their constituents remain firmly trapped in the middle class.
They're just an insult to one's intelligence, these commercials.
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Ring of Honor [23985]
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It's accurate and very effective.***
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Oct 5, 2024, 5:07 PM
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Game Day Hero [4285]
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Re: It's accurate and very effective.***
Oct 5, 2024, 5:56 PM
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Effective as a political stunt yes. Accurate?? No.
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TigerNet HOFer [128013]
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Campus Hero [13368]
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Ultimate Tiger [33740]
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Campus Hero [13368]
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The people in the top tax bracket are mostly small businesses
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Oct 6, 2024, 9:58 AM
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so when they raise taxes on "the rich" they're just killing jobs. The spike in tax revenue that happens every time the upper tax bracket gets cut is not some sort of anomaly.
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Dynasty Maker [3251]
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Stop making sense.
Oct 6, 2024, 10:03 AM
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TigerNet Champion [118185]
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Seeing as how I am a small business owner
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Oct 6, 2024, 2:59 PM
[ in reply to The people in the top tax bracket are mostly small businesses ] |
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The way it works pal, I pay myself a reasonable salary, nowhere near the top tax bracket, and keep a percentage of profits as a regiment fund that also keeps the company stable by keeping cash in reserve. We pay 25% on that, while Apple, google, Amazon, etc, Pay nothing.
And when Harris is talking about "top tax brackets", she is talking about personal income over 539k. SO I have no farging clue how this affects small businesses, we pay a flat rate Federal corporate tax on profits only. If we use them to invest back into the company, hire more employees, grow, buy new equipment, etc, we no not pay taxes on that and ultimately continue raising more revenue form the re-investment, at least that is the idea.
You have no fugging clue about what you are talking about, per usual.
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Oculus Spirit [41707]
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What kind of small business pays a flat corporate tax rate?
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Oct 6, 2024, 4:23 PM
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C-Corps are not small businesses LOL
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Campus Hero [13368]
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Exactly. What a liar.***
Oct 7, 2024, 8:31 AM
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TigerNet Champion [118185]
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Campus Hero [13368]
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TigerNet Champion [118185]
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Just stop, you have no idea how our business is structured,
Oct 7, 2024, 12:28 PM
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we have 3 owners, we are not sole proprietorship, we pay dferal corprate flat rate, FLorida has no payroll or corporate tax.
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and to Tom's point, the individual rates we pay ourselves have absolutely NO influence on the company's success.
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Legend [6633]
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Re: The Robinhood messaging is so tired.
Oct 7, 2024, 9:06 AM
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It's not difficult to see where this would appeal to the same voters who feel justified at burning and looting any time the media reports news they don't like. Not much difference between the mindset of throwing a cinderblock through a window and taking whatever you want versus voting for someone who promises to confiscate even more of that same person's income and, presumably, give some of it to you.
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Valley Legend [12401]
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Re: The Robinhood messaging is so tired.
Oct 7, 2024, 9:12 AM
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Maybe we can use the money on infrastructure?
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Ultimate Tiger [33740]
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And it's just factually incorrect...
Oct 7, 2024, 9:21 AM
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there is no way to slice the IRS data where said segment is not paying more % share of income tax burden than % share of taxable income (after you get above top 50% at least)
For example:
In 2021, top 1% income share was 26.3% and federal income tax burden was 45.8%. As you slice that top % to lower and lower %, the gap actually widens.
The "rich don't pay their fair share" line is absolute BS.
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Ultimate Tiger [35587]
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Re: And it's just factually incorrect...
Oct 7, 2024, 9:34 AM
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"Fairness" is a matter of opinion.
If you start from the position that the income distribution itself is fair, then it might make sense to say that the fair arrangement is equality of income % and tax burden %.
But income distribution is not fair. As someone who has experienced most of the income brackets, I find that the more money I have, the easier it is to make more. I'm glad the progressive tax structure gave me a break when I was poorer, and it makes sense for it to hit me harder now.
It also comes down to the marginal value of a dollar.
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Ultimate Tiger [33740]
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I get your point, but I don't agree with it...
Oct 7, 2024, 9:44 AM
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The US federal income tax system is progressive and the amount one pays in taxes is a function of the amount one earns.
Therefore, "fairness" can really only legitimately be judged based on what one pays in relation to what one makes. Sure "fairness" is an opinion, but when the wording is "pay their fair share" it's the "share" part that moves it from opinion to a measure.
Then...when you add in the political context that the underlying sentiment really is "the rich don't pay taxes"...it's pretty clear the whole line of attack is BS.
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Ultimate Tiger [35587]
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Re: I get your point, but I don't agree with it...
Oct 7, 2024, 9:53 AM
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The US federal income tax system is progressive and the amount one pays in taxes is a function of the amount one earns.
Right, and more specifically, we pay a higher % the more we make. I think that's fair, for the reasons in my last post.
Therefore, "fairness" can really only legitimately be judged based on what one pays in relation to what one makes. Sure "fairness" is an opinion, but when the wording is "pay their fair share" it's the "share" part that moves it from opinion to a measure.
No, there are lots of ways to judge fairness. If we could all make as much $ as anyone else, then perhaps a flat tax would be fair. Not a flat percentage, mind you, but a flat dollar amount. Reason being, there's no inherent reason why one person should pay more just because they make more.
Then...when you add in the political context that the underlying sentiment really is "the rich don't pay taxes"...it's pretty clear the whole line of attack is BS.
I definitely disagree that the rich don't pay taxes, although some hedge managers and other wealthy people are able to report their income as capital gains, which cab result in favorable tax treatment over the rest of us.
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Ultimate Tiger [33740]
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OK...do you concede then that the underlying sentiment...
Oct 7, 2024, 10:18 AM
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with these statements is that the "rich don't pay taxes"? It seems we both agree that isn't true...but do you agree that's the message...direct or indirect...that's being sent?
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Ultimate Tiger [35587]
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Ultimate Tiger [35587]
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OK, got it.
Oct 7, 2024, 12:24 PM
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You wrote:OK...do you concede then that the underlying sentiment...
Oct 7, 2024, 10:18 AM
with these statements is that the "rich don't pay taxes"? It seems we both agree that isn't true...but do you agree that's the message...direct or indirect...that's being sent?
There are probably situations where I would agree with you about that. Typically what I hear is that they don't pay enough, not that they pay nothing. But you and I agree that the message should not be that rich people pay nothing.
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Tiger Titan [50659]
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I don't get this "pay their fair share" narrative.
Oct 7, 2024, 9:29 AM
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The top 1% paid roughly 39% of Federal Tax Revenues (FTR, I'm not in the top 1%). In my mind their "fair share should be lower.
So, either they are cheating and breaking the law or they are using the tax code legally to minimize costs.
Interestingly, I have yet to see any of these fair sharers cut a check to the IRS.
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Paw Master [16185]
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Wouldn't the "fair share" argument only work if everyone is paying something?
Oct 7, 2024, 12:54 PM
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45-50% pay nothing.
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