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Thread: Taxes

  1. #1
    Senior Member iris lilies's Avatar
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    Taxes

    Here we can talk about taxes—federal, state local, sales, etc.

    Despite some of my posts, I don’t really mind the amount I am taxed right now by the feds or for local real estate. I am not sure if I mind about state taxes, but since we are considered a low tax state, the rate is probably ok. I dont have an opinion about sales tax.

    I have a strong opinion about a “wealth” tax at the federal level where my assets are assessed and taxed each year. I hate the idea.

    This money is an asset for me because I saved it. I didnt spend it on Nike tennis shoes or a boat. It has already been thru the federal tax system as part of the income tax structure. Earnings from investing this money has been through, or will be subject to, the feds’ tax system.

    Elizabeth Warren and her merry band of money grabbing henchmen can go fck right off. For anyone who thinks it will stop with the top 1% ya’ll are pretty naive.

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    Quote Originally Posted by iris lilies View Post

    This money is an asset for me because I saved it. I didnt spend it on Nike tennis shoes or a boat. It has already been thru the federal tax system as part of the income tax structure. Earnings from investing this money has been through, or will be subject to, the feds’ tax system.
    I agree. I also disapprove of estate taxes, for the same reason.
    I disapprove of others coming in and taking the money I have managed to save and hope to heck that does not happen in future with my IRA and 401k.

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    I also don't mind my tax rates. I do however mind that those who earn much more than I do, have so many loopholes that they pay a lower marginal rate.

    My brother just sold his business (his lifes's hard work), for 25million. Not a single year has he ever paid the same marginal rate as we did. We argued about it every time taxes came up. I know he'll pay dearly now and frankly, I am happy about that. I'm sure his tax attorney and accountant will do an excellent job of coming up with loopholes to significantly decrease his capital gains tax, but it is time for him to pay!

    However, his total still will not be as high as our long-term marginal tax rate so he still wins!

  4. #4
    Senior Member Teacher Terry's Avatar
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    Our property taxes are super low because the tax formula includes the age of the home. So if you own a old mansion in a pricey part of town you pay much less. We benefit because our house was built in 1950. They still aren’t high if you buy a new home. It’s one reason the state is also lacking in human services. I am fine with taxing the top 1%. They employ experts to avoid paying their fair share. No I don’t think it will trickle down to the little guy.

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    After all the various machinations open to me, the feds get about 9-10% of my income and the State gets about 5%. The State also gets around 5% of what I spend through a sales tax, and various license and registration fees for various purposes. The city I live in collects about 2% of what they think my house is worth every year. I am collecting both a pension and earning a salary right now, so IÂ’m paying something under the 7.65% social security and Medicare haircut on my income. There are various other taxes on gas, utilities, air travel, hotel stays, etc. that IÂ’d be hard put to calculate. My guess would be that about a third of my income ends up in government hands. I donÂ’t know that that will change much when I go from partly to completely retired. I suspect that will almost certainly go up should the country veer left. How much will depend on what the voters can stomach.

    I tend to think that Senator Warren’s “plans” to make my life better by only inconveniencing the very rich is about as believable as getting Mexico to pay for a wall.

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    I'm ok with increasing taxes on the 1 percent. Also ok with a limit to the amount, rich people can leave their heirs, say 20 million dollars per child. Outrageous amounts- hundreds of millions/ billions, foster aristocratic attitudes among these heirs that corrode democracy.

  7. #7
    Senior Member flowerseverywhere's Avatar
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    Our current state of spending vs. taxes is unsustainable. What specific programs/spending would you be in favor of cutting?

    not just “cut waste”. But what specific program would you cut?

    ie. Eliminate federal flood insurance for a savings of $20-30 billion (depending on who is telling you)?
    or no free school lunch and breakfasts . Around 15 billion
    close army bases abroad?
    no weekend trips to Mar A Lago? (That’ll get someone going)


    what hard choices should our legislators make instead of raising taxes.

  8. #8
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Gardnr View Post
    I also don't mind my tax rates. I do however mind that those who earn much more than I do, have so many loopholes that they pay a lower marginal rate.

    My brother just sold his business (his lifes's hard work), for 25million. Not a single year has he ever paid the same marginal rate as we did. We argued about it every time taxes came up. I know he'll pay dearly now and frankly, I am happy about that. I'm sure his tax attorney and accountant will do an excellent job of coming up with loopholes to significantly decrease his capital gains tax, but it is time for him to pay!

    However, his total still will not be as high as our long-term marginal tax rate so he still wins!
    Quote Originally Posted by flowerseverywhere View Post
    Our current state of spending vs. taxes is unsustainable. What specific programs/spending would you be in favor of cutting?

    not just “cut waste”. But what specific program would you cut?

    ie. Eliminate federal flood insurance for a savings of $20-30 billion (depending on who is telling you)?
    or no free school lunch and breakfasts . Around 15 billion
    close army bases abroad?
    no weekend trips to Mar A Lago? (That’ll get someone going)


    what hard choices should our legislators make instead of raising taxes.
    Cut 10% across-the-board. Let the bureaucrats decide within their own areas it gets cut.


    Although I know that leads to all kinds of blow back, having been part of those discussions at the government level for years, one trick is to cut something that is very popular and obvious so that the public season and screams about it.

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    Senior Member catherine's Avatar
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    I pay a decent amount in taxes and I would pay more if it meant universal healthcare.

    I disagree that increasing taxes on the top 1% is going to be a slippery slope that is going to hit IL's and Alan's stashes.

    There are a number of billionaires that feel they should pay more taxes in order to improve life for everyone.

    https://www.cnbc.com/2019/02/25/warr...her-taxes.html

    Warren Buffett: "The wealthy are definitely undertaxed relative to the general population."

    Bill Gates: “I need to pay higher taxes. I’ve paid more taxes, over $10 billion, than anyone else, but the government should require people in my position to pay significantly higher taxes.”

    I do agree with IL that when you work hard you should keep what you earned. IL worked very hard for every penny, as did probably everyone on this board. I don't know any slackers on this board. So it's a philosophical argument. I feel that capitalism is a Monopoly game--eventually all the money winds up in the hands of the "winner." That's just how the system works. Just like your printer or your carburetor, sometimes the Machine needs a little calibration to keep everything running smoothly. And I truly don't think asking a billionaire for a little bit extra is going to deprive them in any way.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
    www.silententry.wordpress.com

  10. #10
    Simpleton Alan's Avatar
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    Quote Originally Posted by catherine View Post
    I pay a decent amount in taxes and I would pay more if it meant universal healthcare.

    I disagree that increasing taxes on the top 1% is going to be a slippery slope that is going to hit IL's and Alan's stashes.
    Oh I think it's definitely a slippery slope, there's not enough money among the top 1% to pay for everything most of you want. I think it will take the placement of a significant burden on at least the top 50% to come close, but they won't tell us that until it's too late to prevent them coming to power.

    And it's almost bound to happen, the number of people looking jealously at IL's stash outnumbers IL and her beneficiaries. That's the danger of our version of democracy, it allows a mob to take whatever they want from others as long as it's not constitutionally forbidden, and modern jurists have decided that the government has an unlimited interest in our personal finances through taxation. It's just a matter of time before the mob takes over.
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

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