According to Warren Buffet, his secretary pays a higher rate than he does…..most corporations pay very little if any taxes….Rifler….other than your obstinanced, you have very little to stand upon here.
Feenstra introduces social security bill
- Thread starter THE_DEVIL
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Are you using LBJ as your example of what a corrupt president can do to social security?
The guys with the $20 million dollar yachts
When I see a person with wealth I want to know what they did to achieve that wealth so I can do the same.
Sounds like lost of you see it and want to take it from them. Very South Africa vibes from you guys
You have no idea what you are talking about, AGAIN. Every single person pays taxes, everyone unless you are poor than you pay less or none at all. The rich pay more than anyone else in taxes, no exceptions and the amount they pay isn't even close to what low income people pay. The left, including Warren Buffet, try and hide that fact by claiming unearned income as income, it isn't. Are there games the wealthy can play, sure, they can borrow against assets to avoid paying taxes on income but so can anyone. As for your corporations don't pay enough taxes you are wrong again. Trump's tax cut brought down the corporate tax rate to around 21% which puts us in the middle of the pact related to other developed countries. That was to keep jobs in the U.S. and prevent our companies from leaving to other more tax friendly countries.
And a dirty little secret that everyone knows but the left will never admit, corporations don't pay taxes anyway. They simply pass on their tax burden to their customers and ultimately everyone else so as consumers are actually paying even more taxes to the government.
I mean, corporations get their money to pay taxes by charging more
So, I agree that the rich pay most of the taxes in this country.
But, I don't understand the Bold #1 part, at all. Claiming unearned income as income?
Bold #2 - Borrow against assets to avoid paying taxes on income? Huh?
Bold #3 - Corporations cannot "simply pass on their tax burden to consumers". Oh, they can try, but the market and competition drives prices. Please note that prices didn't drop when corporate tax rates went down.
Not trying to bash your assertions. Simply trying to understand them.
Then LET them charge more! I bet they figure ways out to reduce their costs….that has always been the genius of American business! You have gotten lazy Clarinda…..
Look at Wal-mart - using self checkout keeps them from having a lot of people running check out lanes. Saved money. NOW, they are looking at charging customers for the "service" of using self checkout. There's never enough money for them to put in their pockets. It's gross.
Corporations don’t pay taxes. They collect them.
Oh, I don’t know. Maybe he’s an adult who accepts responsibility as a small d democrat to help run this place responsibly?
Top 1% of earners pay 40% of income tax, but, yeah, we don’t tax rich people. JFC.
I disagree. Trump sucked fiscally.Nobody was better at managing the national debt than Trump. I say we give him another shot at fixing entitlement programs.
“Balanced Budget” = No borrowing?I was posting from an article that says the US treasury says 7.8 under Trump.
They are operating at a 1.5 trillion deficit right now. So if Biden wins 4 more years that’s another $6 trillion.
Neither party in Washington honestly gives two shots about the national debt. It’s a talking point for elections.
I let’s ally think they should be required to pass a balance budget each year. Increase taxes across the board and draconian spending cuts.
Fact-checking Joe Biden on debt accumulated under Donald Trump
Assigning debt to a particular president can be misleading because so much traces back to bipartisan legislation on Social Security and Medicare.www.statesman.com
There is a lot of misunderstanding of the tax codes and corporate business in this thread.
He said that, but it is misleading. Buffet was including his unrealized capital gains.
Now we can fight about whether unrealized capital gains should be taxed (no), but they are not today and his statement was harmful, giving ammo to those seeking victim status.
Wait a minute: Unearned income (e.g. investment income) IS income.
What the poster meant was “unrealized income” (e.g. gains in stock values).
Stuff like this sounds very reasonable. Until you get to the details. Some professions can’t work to 70 years old. Construction? Paramedic? Police? Your body breaks.
Why should I work longer just so that millionaires and billionaires can avoid a tax increase?
yep lets get into the hands of financial advisors and wall street. They really have the little guys interest in mind.
You missed the point completely. If you don’t believe the richest Americans are the ones who decide what is fair, talk to me when you come back to earth.
“The normal must care for themselves. Self-government means self-support.” - Calvin Coolidge
No,.. If it's realized "unearned" income, (ie: interest income), it would by definition, not be subject to payroll taxes,.. Income taxes, yes. Payroll taxes, no.
So, you think people should pay a 15.3% tax on interest, dividends, capital gains, rental income, etc., in addition to income tax??
I'm not sure he meant that.
The bulk of Buffet's income is likely dividends and capital gains - both taxed at a favorable rate.
His secretary pays 7.65% in social security and Medicare tax plus regular income tax.
The reality is this, the old liberal mantra about just up the taxes on the rich is nothing but a scam. The 1% (rich) in this country pay 99% of all the taxes anyway. You can only get so much milk out of a cow and increasing the taxes on the 1% in this country every other day will ultimately backfire.
The SS fund is going dry, collecting benefits as young as 62 is ridiculous the minimum age must be raised somewhere between 66 - 70. I would prefer it be 70.
People working longer provides many benefits, it allows them more time to save for retirement, it allows them more time to contribute to social security and extends the life of the SS fund.
Social Security disability is in need of 100% total overhaul, you have perfectly healthy people in their 20's and 30's ripping off the system collecting disability when only a 6 month diet would get them up and off of collecting our tax money.
But that makes them greedy don’t you know. Of course most 401/IRA/Teacher Pension Funds still expect those corporations to do whatever they need to do to provide income and growth so what are corporations gonna do?
So let's complain about corporate greed and then force everyone to work for them for a couple extra years.
It’s always a matter of choice/opportunity/circumstances.
I retired and was looking forward to it and planned all sorts of projects and stuff. After a year I was so bored I just jumped at a part time job that I did for three years and enjoyed. After COVID I decided I should get out and about while I was still in reasonable health so I retired again at 71. I made friends there who were in a similar situation and just wanted to earn a few dollars to pay for travel. The point is that more of us are living longer and are willing able and interested in remaining in the workplace.
Exhibit A is our current ballot choices in November.
Congress recognizes this and has already raised the age at which we’re required to start the 401/IRA RMD.
The truth is it’s not the 1930’s anymore and life expectancy has extended and the workplace has drastically been altered.
The top 1% currently pay right at 43% of all taxes collected.
Sounds fair to me. 🙄
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