2017 "Tax Reform": They'll Screw This Up Too, Right? - Page 7 - Politics and Economics

It's a difficult concept to get most people to understand, and yeah, $1 = $1... But inflation is real and rates of inflation go up when you increase the deficit. The buying power of $1 goes down when we cut taxes in a way that adds to the deficit. So even if your net tax burden does not change, your buying power with the "same" amount of money goes down. Meanwhile, the wealthy people getting the tax cuts have less buying power per dollar, but they have more dollars overall as a result of the tax cuts. Thus, their overall buying power goes up.

Japan is a real-life example disproving your claimed link between deficit spending and inflation.

Deficit spending is only inflationary if an economy is at full employment and productive capacity, otherwise the increase in demand is met by increased supply and prices are unchanged.

Money Growth Does Not Cause Inflation!
What Actually Causes Inflation (and who gains from it)

Bernie's econ advisor linking inflation, deficit spending, productive capacity:

09-29-2017 , 09:56 AM

#152

bobman0330

Carpal \'Tunnel

Join Date: Aug 2004 Posts: 24,234

Quote:

Originally Posted by Huehuecoyotl

In the Facts Don't Care About Your Feelings category

https://www.wsj.com/articles/treasur...ers-1506638463

But it's still dumb to call it a double tax on shareholders for some reason, right?

09-29-2017 , 10:39 AM

#153

ShouldI

grinder

Join Date: May 2012 Posts: 439

Quote:

Originally Posted by MyrnaFTW

out of the 50 or so tax returns that i did last year ,, all but one was not efiled.

Yes, there is a form called an 8879 that you will sign that allows efiling. Nowadays the tech allows you to get the signature on the form using companies such as docusign. I have clients i have never met in person who I handle this way.

Sent from my SM-G930P using Tapatalk

09-29-2017 , 10:47 AM

#154

Loki

binary duo

Join Date: Nov 2015 Posts: 12,772

So republicans try to rename the estate tax to the death tax, because then it sounds like a tax that could apply to anyone when it’s actually anything but.

Maybe we should start calling taxes on food a life tax, because you need food to stay alive so it’s just a tax on the living. And it applies to everyone equally. Good counter to the death tax imo

09-29-2017 , 10:48 AM

#155

raradevils

Carpal \'Tunnel

Join Date: Mar 2007 Posts: 8,189

Quote:

Originally Posted by estefaniocurry

The most important tax of all is the estate tax. No one really rich "deserves" that money. That they have so much is evidence something isn't working right in the society/economy. A good remedy is to take a big chunk of it away from their heirs, and spread it out among everybody. Really rich people are a problem for a free, egalitarian society because their basic interest is consolidating their wealth/power at the expense of everyone else. The best solution anyone's found until now is just to take away a chunk of what they don't really need.

Deserving, why does the gov't deserve money that was already taxed? Deserving has nothing to do with it. I spent my entire life generating wealth. I should have the right to bequeath it to whomever or whatever I choose.

09-29-2017 , 10:49 AM

#156

tomdemaine

Just tries harder

Join Date: Feb 2005 Posts: 20,065

why?

09-29-2017 , 11:23 AM

#157

raradevils

Carpal \'Tunnel

Join Date: Mar 2007 Posts: 8,189

Quote:

Originally Posted by tomdemaine

why?

Because I earned it. Aren't you allowed to spend the money you earn however you want?

09-29-2017 , 11:24 AM

#158

Riverman

Carpal \'Tunnel

Join Date: Apr 2003 Posts: 73,135

Quote:

Originally Posted by raradevils

Great news, you can give $5.5 million to anyone tax free, $11 million if you're married. Also if you engage in some basic estate planning you can shelter many millions more.

09-29-2017 , 11:29 AM

#159

MrWookie

Don't Call Me Meredith

Join Date: Feb 2005 Posts: 94,159

Quote:

Originally Posted by raradevils

Because I earned it. Aren't you allowed to spend the money you earn however you want?

No one gets to $11 million without getting it off the backs of the working poor. No one gets to $11 million without being a tremendous beneficiary of the system of society we've set up here. Pretending you became a millionaire all on your own is the ultimate narcissistic delusion.

09-29-2017 , 11:29 AM

#160

tomdemaine

Just tries harder

Join Date: Feb 2005 Posts: 20,065

Quote:

Originally Posted by raradevils

Because I earned it. Aren't you allowed to spend the money you earn however you want?

Nope. We take a portion of it to spend on things that are socially useful.

09-29-2017 , 11:32 AM

#161

raradevils

Carpal \'Tunnel

Join Date: Mar 2007 Posts: 8,189

Quote:

Originally Posted by MrWookie

Ahh, let's go down that rabbit hole. I responded to a post that someone made about no money should be left, fast forward from zero to 11 million. FWIW did poker players that invested in bitcoin get their money off the backs of the poor?

Last edited by raradevils; 09-29-2017 at 11:40 AM.

09-29-2017 , 11:33 AM

#162

raradevils

Carpal \'Tunnel

Join Date: Mar 2007 Posts: 8,189

Quote:

Originally Posted by tomdemaine

Nope. We take a portion of it to spend on things that are socially useful.

So your after tax dollars are now subject to additional taxes?

09-29-2017 , 11:35 AM

#163

MrWookie

Don't Call Me Meredith

Join Date: Feb 2005 Posts: 94,159

Quote:

Originally Posted by raradevils

So your after tax dollars are now subject to additional taxes?

Um, always? After I pay income taxes, I'm then stuck paying sales taxes, property taxes, etc. with after-tax dollars.

09-29-2017 , 11:36 AM

#164

tomdemaine

Just tries harder

Join Date: Feb 2005 Posts: 20,065

Quote:

Originally Posted by raradevils

So your after tax dollars are now subject to additional taxes?

Absolutely. Sales taxes, road taxes, estate taxes. After tax dollars is a totally meaningless phrase.

09-29-2017 , 11:39 AM

#165

MyrnaFTW

Carpal \'Tunnel

Join Date: Nov 2011 Posts: 7,553

Quote:

Originally Posted by raradevils

So your after tax dollars are now subject to additional taxes?

you mean like when you take after tax dollars , and the winner has to pay taxes on it, and the loser cant write it off? seems fair and legit

09-29-2017 , 11:49 AM

#166

eyebooger

Join Date: May 2010 Posts: 58,678

It's not even double taxation anyway. The recipient never paid taxes on it.

09-29-2017 , 11:52 AM

#167

Zimmer4141

Wet

Join Date: Oct 2005 Posts: 33,666

One of the things I'm most excited to watch for:

Tax cuts on rich people are massively unpopular. Congressional Republicans will try their hardest to keep on message and spin lies that this isn't actually a tax cut for rich people. At some point, Trump will say the quiet part out loud and give up the entire lie.

09-29-2017 , 11:56 AM

#168

Riverman

Carpal \'Tunnel

Join Date: Apr 2003 Posts: 73,135

They're already there.

"It's not a tax cut for rich people but this tax cut will unleash growth by giving more money to rich people" is already the out of the gate talking point.

Prediction: estate tax repeal gets through. Not that expensive, directly helps tons of congress critters.

09-29-2017 , 11:58 AM

#169

suzzer99

Save the Cheerleader, Save the World

Join Date: Nov 2005 Posts: 99,984

Quote:

Originally Posted by estefaniocurry

It's a piecewise linear function. Not really that complicated. Even engineers can understand it.

nerd shade itt

09-29-2017 , 12:00 PM

#170

Inso0

Carpal \'Tunnel

Join Date: Nov 2006 Posts: 8,704

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.

No, you aren't.

At least, not if you're doing your tax returns properly.

09-29-2017 , 12:02 PM

#171

MrWookie

Don't Call Me Meredith

Join Date: Feb 2005 Posts: 94,159

Quote:

Originally Posted by Inso0

No, you aren't.

At least, not if you're doing your tax returns properly.

You can only deduct one of state sales or income taxes. CA has both.

09-29-2017 , 12:08 PM

#172

suzzer99

Save the Cheerleader, Save the World

Join Date: Nov 2005 Posts: 99,984

Quote:

Originally Posted by raradevils

And the double taxation crowd is back as predicted. Going to back for the billionaires, but ignoring the middle class.

09-29-2017 , 12:11 PM

#173

suzzer99

Save the Cheerleader, Save the World

Join Date: Nov 2005 Posts: 99,984

Quote:

Originally Posted by cuserounder

The problem here is people like my Dad, who's middle class and typically voted conservative throughout his life but hates Trump. Never the less, he represents a voter a little right of center. The most steadfast political take he's had over the years has always been this:

"Sure, the Republicans give tax cuts to the rich, but at least SOMEONE gets SOMETHING."

Which always leaves me trying to explain that if the deficit goes up to give tax cuts to the rich, the value of the dollar goes down and people who didn't get a tax cut actually did worse.

That's a tough argument to make... But trying to explain that they're worse off after getting a $165 tax cut is going to be damn near impossible. You'll hear a lot of, "At least I got something! Better than the Democrats!!!"

Translation: at least it's going to hard-working white people and not Obama giving to lazy minorities. Although 'minorities' is likely not the word used in their internal subtext monologue.

09-29-2017 , 12:18 PM

#174

Riverman

Carpal \'Tunnel

Join Date: Apr 2003 Posts: 73,135

Suzzer,
Chiefsplanet update?

09-29-2017 , 12:26 PM

#175

suzzer99

Save the Cheerleader, Save the World

Join Date: Nov 2005 Posts: 99,984

You can always check yourself here: http://www.chiefsplanet.com/BB/forumdisplay.php?f=30

I find the front page a great way to take the temperature of the derp crowd. As expected, about a dozen threads on the NFL, a few conspiracy theories and Hillary threads, Graham-Cassidy long forgotten, no threads on tax reform.

Page 7 of 101

First

2 3 4 5 6 7 8 9 10 11 12 17 27 57

Last

...

Page 7 of 101

First

2 3 4 5 6 7 8 9 10 11 12 17 27 57

Last