As I said on this board, I did not support the tax bill, although (at least according to the WSJ calculator), it will save me a lot of money.
Let's assume the Dems come into power in 2020 or, at the latest, in 2024. Will they have the political guts to let the cuts sunset or even reverse them? Or is it like the ACA or most entitlement programs? When you're in opposition, you can rip it, but when you take power, it's much harder to take benefits away from people. Make no mistake, the tax cut may add trillions to the national debt (which is the main reason I opposed it), but it's a big boon for pretty much all families in red states and upper middle and upper class families everywhere.
09 Jan 18
Originally posted by @sh76They might ding the 1% but no, they won't dare raise taxes on anybody below that level or on businesses.
As I said on this board, I did not support the tax bill, although (at least according to the WSJ calculator), it will save me a lot of money.
Let's assume the Dems come into power in 2020 or, at the latest, in 2024. Will they have the political guts to let the cuts sunset or even reverse them? Or is it like the ACA or most entitlement programs? When you're ...[text shortened]... for pretty much all families in red states and upper middle and upper class families everywhere.
09 Jan 18
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Originally posted by @no1marauderSo, is there any way that this government ever gets its budget anywhere close to balanced?
They might ding the 1% but no, they won't dare raise taxes on anybody below that level or on businesses.
09 Jan 18
Originally posted by @sh76The top 1% have 20% of national income. NI is $18.75 trillion. So their "take" is $3.75 trillion.
So, is there any way that this government ever gets its budget anywhere close to balanced?
Say you moved the effective rate of taxation on them from the present 23% to say 33%. That's an extra $375 billion a year. The present deficit is $440 billion (https://www.thebalance.com/u-s-federal-budget-breakdown-3305789) so you're almost there. End a war or two and you could make it.
09 Jan 18
Originally posted by @sh76The next president will be super critical of Trump. Since he's done very little other than pass this tax legislation, I'd expect changes that would benefit the president's constituency. Thus, it seems a pretty good bet that state and local taxes will probably be deductible again.
So, is there any way that this government ever gets its budget anywhere close to balanced?
09 Jan 18
Originally posted by @no1marauderSo, I get to keep my tax cut, the 1% get stuck with a little extra hit they could certainly afford and we balance the budget?
The top 1% have 20% of national income. NI is $18.75 trillion. So their "take" is $3.75 trillion.
Say you moved the effective rate of taxation on them from the present 23% to say 33%. That's an extra $375 billion a year. The present deficit is $440 billion (https://www.thebalance.com/u-s-federal-budget-breakdown-3305789) so you're almost there. End a war or two and you could make it.
I could live with that.
09 Jan 18
Originally posted by @sh76Have you tried caring less about money?
So, I get to keep my tax cut, the 1% get stuck with a little extra hit they could certainly afford and we balance the budget?
I could live with that.
Sincere question, how much money you have seems like a pretty big deal to you.
09 Jan 18
Originally posted by @great-king-ratI have a wife and five kids, a mortgage, parochial school tuitions, big food, clothing and utility bills and some underfunded retirement accounts I'd like to work on.
Have you tried caring less about money?
Sincere question, how much money you have seems like a pretty big deal to you.
Yeah, money is a pretty big deal for me. I need it to support my family.
09 Jan 18
Originally posted by @great-king-ratWhen the discussion is taxes, isn't money the primary issue?
Have you tried caring less about money?
Sincere question, how much money you have seems like a pretty big deal to you.
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09 Jan 18
Originally posted by @no1marauderdems didn't cut taxes for anyone either.
They might ding the 1% but no, they won't dare raise taxes on anybody below that level or on businesses.
09 Jan 18
Originally posted by @quackquackYes, clearly, in this case. Hence my question. But of course there are other issues concerning taxes. Environmental issues, societal issues. Basically how are the paid taxes used.
When the discussion is taxes, isn't money the primary issue?
Sounds like a tiresome way to live, caring so much about money, to tell you the truth. But it's not my life, so meh.
09 Jan 18
Originally posted by @great-king-ratYour points effectively bookend the debate. If a lot of welfare programs get cut to narrow the budget deficit, will you like the society you eventually find yourself in, and will all that extra cash be worth it?
Yes, clearly, in this case. Hence my question. But of course there are other issues concerning taxes. Environmental issues, societal issues. Basically how are the paid taxes used.
Originally posted by @kmax87I'm not sure what you mean by "will all that extra cash be worth it" since I made it quite clear I don't care much for money. Maybe I misunderstand you.
Your points effectively bookend the debate. If a lot of welfare programs get cut to narrow the budget deficit, will you like the society you eventually find yourself in, and will all that extra cash be worth it?
And yes, I certainly agree that taxes and their financial implications are an important topic, certainly with regards to such things as welfare, but - and I say this admitting I don't know Sh76 personally at all - I don't think comparing him and people on welfare is quite fair.
There comes a point, I feel, when caring how much more money you can save becomes sort of silly, since you already have more than enough, and voting for the other political party - the party that might cost you (=Person-who-already-has-a-ton-of-money) a bit more money in taxes but will in turn be somewhat kinder to the environment and the weaker part of society - seems like the more logical thing to do.
And I do think it is an odd humanistic trait that a lot of us never seem to feel we have enough when it comes to money. Which is why the superrich CEO of a huge company will still want to give himself a big bonus, and will still try to use every loophole that is available when paying taxes.
I'm not really criticizing, I'm just entertained by the hunger for money that seems ingrained in most humans.
09 Jan 18
Originally posted by @great-king-ratI personally find it tiresome to have an inefficient government take my money and use it for programs designed to help politicians get re-elected.
Yes, clearly, in this case. Hence my question. But of course there are other issues concerning taxes. Environmental issues, societal issues. Basically how are the paid taxes used.
Sounds like a tiresome way to live, caring so much about money, to tell you the truth. But it's not my life, so meh.
09 Jan 18
Originally posted by @quackquackWell yeah, but that's a different subject.
I personally find it tiresome to have an inefficient government take my money and use it for programs designed to help politicians get re-elected.