Re: 2017 "Tax Reform": They'll Screw This Up Too, Right?
Quote:
Originally Posted by cuserounder
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.
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.
Re: 2017 "Tax Reform": They'll Screw This Up Too, Right?
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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.
Re: 2017 "Tax Reform": They'll Screw This Up Too, Right?
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
Re: 2017 "Tax Reform": They'll Screw This Up Too, Right?
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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.
Re: 2017 "Tax Reform": They'll Screw This Up Too, Right?
Quote:
Originally Posted by raradevils
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.
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.
Re: 2017 "Tax Reform": They'll Screw This Up Too, Right?
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.
Re: 2017 "Tax Reform": They'll Screw This Up Too, Right?
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Originally Posted by MrWookie
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.
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.
Re: 2017 "Tax Reform": They'll Screw This Up Too, Right?
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.
Re: 2017 "Tax Reform": They'll Screw This Up Too, Right?
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.
Re: 2017 "Tax Reform": They'll Screw This Up Too, Right?
Quote:
Originally Posted by raradevils
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.
And the double taxation crowd is back as predicted. Going to back for the billionaires, but ignoring the middle class.
Re: 2017 "Tax Reform": They'll Screw This Up Too, Right?
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.
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.
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