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2017 "Tax Reform": They'll Screw This Up Too, Right? 2017 "Tax Reform": They'll Screw This Up Too, Right?

09-29-2017 , 04:48 PM
I have pretty mixed feelings about how to enact poor working conditions in sweatshops. I think its easy to say "i wont buy from sweatshops". I am not sure that that leads to the sweatshop worker living a better life though.
09-29-2017 , 04:53 PM
If you live in a first world country and are of modest means I'm not certain that would even be possible.
09-29-2017 , 05:07 PM
Quote:
Originally Posted by stinkubus
If you live in a first world country and are of modest means I'm not certain that would even be possible.
I can agree with this. Its probably true to a large extent.

My point is " if you boycott sweatshops, and the sweatshops close, thats not neccesarily a better outcome for the former sweatshop workers".
09-29-2017 , 05:29 PM
Quote:
Originally Posted by amoeba
My point is " if you boycott sweatshops, and the sweatshops close, thats not neccesarily a better outcome for the former sweatshop workers".
This is unfortunately true.

Children lie about their ages to get those jobs. If they're not sewing clothes for Nike, they're begging on the street or worse.
09-29-2017 , 05:59 PM
Quote:
Originally Posted by raradevils
So your after tax dollars are now subject to additional taxes?
Quote:
Originally Posted by MrWookie
Um, always? After I pay income taxes, I'm then stuck paying sales taxes, property taxes, etc. with after-tax dollars.
Quote:
Originally Posted by tomdemaine
Absolutely. Sales taxes, road taxes, estate taxes. After tax dollars is a totally meaningless phrase.
lol phenomenal self-own from rara
09-29-2017 , 06:05 PM
Quote:
Originally Posted by Paul D
"It's totally has nothing to do with me buying stuff from Chinese sweatshops. It's their responsibility."

lol tien
Yup. They became 2nd most powerful and wealthy country over those sweat shops.

Country isn't perfect but they'll be fine in the future
09-30-2017 , 12:36 AM
Quote:
Originally Posted by Inso0
Tax law is ****ed. I decided to self-study for the CPA, and said, "**** this" right around the Trusts/Estates section of the first 700 page book I tried to read.

I have since decided that I'm comfortable with my current industry-specific knowledge of taxation and accounting, and will leave the CPA certifications to the turbo nerds.
LOL did you forget that your parents ruined your ****ing life by raising you as a young Earth Creationist? Leave math to the libtards, and make damn sure you pass that lesson down to any kids you have. Imagine how proud your parents were of "raising you right" and, in doing so, permanently removing you and your progeny from the class of people anyone would give a **** about.

That's hilarious imo. Inso thinking he gets an opinion about "tax policy" like he was people.
09-30-2017 , 01:59 AM
CPAs are turbo-nerds? Good lord, son, those guys are like level 5 nerds. Level 6 at best. I've seen music majors who were nerdier than that.
09-30-2017 , 08:00 AM
i'm a CPA. the trust/estate section of the 4-part exam makes up about a whole 2.5 multiple choice questions. lol @ using that as a basis for quitting. tax laws are expansive and nuanced, to be sure, the CPA is exam is basic AF when it comes to it though.


the best is rara trying to refute the argument that "your after tax dollars are subject to tax" because his state doesn't have sales tax and then like 3 posts later saying how they have high property taxes. lol. dude couldn't even think more than 2 steps ahead and leads to the self-own we've come to known him for.
09-30-2017 , 10:13 AM
Quote:
Originally Posted by SuperUberBob
This is unfortunately true.

Children lie about their ages to get those jobs. If they're not sewing clothes for Nike, they're begging on the street or worse.
I lied about my age to get a job and I wasn't hungry or on the street.

But, back on subject, I think income inequality is a big threat to our democracy. This tax bill would widen that gap tremendously.

Early analysis of the data tells us that 79.8% of the tax cut money goes to the top 1%. How is that a good thing for anyone but the 1%?
09-30-2017 , 10:22 AM
How else are they supposed to create jerbs?
09-30-2017 , 12:02 PM
Quote:
Originally Posted by hacksaw JD
i'm a CPA.
Then you know how utterly dry and soul-crushingly boring the source material is. You probably had an employment incentive to pass your exam. I just assumed it wouldn't take me very long to self-study for it and it would be nice to have.

Little did I know my eyes would glaze over every time I sat down for a reading session. I'll never be preparing returns for strangers, so the incentive to soldier through just wasn't there. There are only so many hours in the day. Perhaps I'll wait until the exams are revised to reflect the new, "do your taxes on a postcard" system.
09-30-2017 , 12:10 PM
If you can fill out your taxes on a postcard, that sweet cushy nice-to-have not-long-to-study CPA jerb is going away for you, taken by some software. Turns out you are not entitled to it after all. Catch 22.
09-30-2017 , 12:16 PM
The post card thing is just for the plebs man. The tax code isn't getting that simple
09-30-2017 , 12:25 PM
Of course not, but inso thinks he's got it in the bag, except for the trusts/estates section, and the hours preparing taxes for strangers.
09-30-2017 , 12:32 PM
Quote:
Originally Posted by raradevils
Stop buying stuff at Walmart then.
The only thing I’ve bought there in the last fifteen years was a single bottle of shampoo.

If I hadn’t made that three dollar purchase, would the company have fixed it’s terrible treatment of workers by now? Has that three dollars alone helped the company abuse its employees all these years, twenty cents a year?
09-30-2017 , 06:40 PM
Insoo is right that the effort to payoff ratio for getting a cpa license for anyone that doesn't explicitly need it is brutal. He's also right that tax accounting is dumb and arbitrary and dull.

Source: A cpa who failed and had to retake the tax section.
10-02-2017 , 08:05 PM
10-02-2017 , 08:23 PM
I hope Art Of The Deal can't pass one single meaningful bill through congress his 1st term despite having a GOP majority in both.
10-03-2017 , 09:42 PM
How can the GOP be so bad at this? Like, all they have to do is pass a tax reform that lowers taxes for everyone - just a little bit for the people at the bottom and a whole lot to the people at the top that they really care about.

But no, they're apparently getting behind a framework that will potentially raise taxes on ~1/3 of the middle class and upper middle class:

https://www.washingtonpost.com/news/...=.cdbfe32010f9

Quote:
Despite repeated promises from Republican lawmakers that the plan is designed to provide relief to the middle class, nearly 30 percent of taxpayers with incomes between $50,000 and $150,000 would see a tax increase, according to the study by the Urban-Brookings Tax Policy Center. The majority of households that made between $150,000 and $300,000 would see a tax increase.
Has anyone ever been more unjustifiably respected than Paul Ryan? I actually don't think that a Republican majority in the House, Senate, and White House will be able to pass tax reform, which is just stunning. The GOP is truly dysfunctional. Kind of a wonder in hindsight that they got Gorsuch confirmed and cabinet positions filled.
10-04-2017 , 11:16 AM
Quote:
Despite repeated promises from Republican lawmakers that the plan is designed to provide relief to the middle class, nearly 30 percent of taxpayers with incomes between $50,000 and $150,000 would see a tax increase, according to the study by the Urban-Brookings Tax Policy Center. The majority of households that made between $150,000 and $300,000 would see a tax increase.
Quote:
Originally Posted by MrWookie
Yo awval,

Your TOO EARLY TO TELL routine is cute, but know this: you are the target. The people who are in the low 6 figure income range are the prey. You have enough money to justify taking some from them to make the deficit estimations work out, and you don't donate enough to deserve a tax break like the mega rich. You aren't numerous enough to be a political liability, and you are rich enough to not be a sympathy case in a political ad. You are exactly the person they can come for to fund, at least partially, this massive tax cut.
o hai awval.
10-04-2017 , 01:34 PM
He's pretty sure he's in the 70% that won't have their taxes raised.

Last edited by otatop; 10-04-2017 at 01:35 PM. Reason: if he makes $150k+ though...lol
10-04-2017 , 01:53 PM
If you want to run up the score on any conservative who wants to engage you in a discussion about tax policies in general - and why the Trump plan is so bad specifically - just read this article by Joseph Stiglitz and memorize his key points.

https://www.project-syndicate.org/co...iglitz-2017-10

This paragraph is particularly devastating.

"An administration of plutocrats – most of whom gained their wealth from rent-seeking activities, rather than from productive entrepreneurship – could be expected to reward themselves. But the Republicans’ proposed tax reform is a bigger gift to corporations and the ultra-rich than most had anticipated. It avoids necessary reforms and would leave the country with a mountain of debt; the consequences – low investment, stalled productivity growth, and yawning inequality – would take decades to undo."
10-04-2017 , 03:35 PM
Ryan and Gingrich are holding a live Facebook Q&A. They are completely shameless. Really focusing on this stupid postcard idea.

New talking point:
9 out of 10 people will receive a SECOND tax cut, based on the fact that they will no longer have to pay a tax preparer to help them complete their taxes.

This pass-through reduction to a cap of 25% is such a scam.
10-04-2017 , 03:41 PM
Quote:
Originally Posted by cuserounder
But we're not talking about deficit spending here, we're talking about tax cuts adding to the deficit. So we're taking the current level of spending (actually, likely cutting it somewhat) and just taking in less revenue to increase the deficit. That, analytically, seems like it almost HAS to cause inflation. If you're talking about the type of deficit spending (like say a big infrastructure package) that is likely to stimulate the economy, then I would agree it does not directly cause inflation in many cases.
Inflation as a consequence of the deficit happens when e.g. a store is selling beef for $2.50/lb, the economy booms because the government puts out so much more money than takes in, the store is overrun with customers (demand) but can't readily get more beef (supply) so they raise price.

If there is slack in the economy then supply increases with demand and there's no change in price.

The bad thing about tax cuts for the rich isn't inflation, it's the opportunity cost of taking money that could be targeted for the poor- and middle-class people and rerouting most of it to sit in rich people's savings accounts.

      
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