USA financial issues

[wittmeba]

This article tells more about our countries financial issues than anything I've ever seen.

If we don't find a way to properly tax individuals on their "true" income, tax businesses on their "true" profit/loss we will never end this problem. The gap continues to widen and the little guy will always be responsible for paying taxes to make ends meet.

Those voting democrat need to read and understand this. The dems are the ones with the purse strings and business control.

https://www.breitbart.com/video/2018/08 ... ve-lunacy/

[Swampman]

Makes ya think. There is a lot of truth in that. I do support the free market, but I despise the people who profit richly from it. Mostly because of their politics. Why is it that these rich folks are progressive? What drives them to this end?

[Swampman]

And as much as some might think they should be sharing more or their wealth, it is theirs and no one has any rights to it unless they agree to share it. A job is an agreement to share some of that wealth, but the amount is still up to the owner of the company.

[wittmeba]

No disagreement here. But every time I hear someone wants to raise taxes I can't help but think the little guy will pay more. Our tax demands and needs go up faster than those contributing the biggest share so the financial gap between the rich and poor widens. I know it will never be fixed in my lifetime.

[Swampman]

Won't be "fixed" in my lifetime either. The issue, as I see it, is people with more money have more opportunity to shelter it from the sticky fingers of the Treasury. Investing, of most any sort, allows a reduction in tax burden. One of my big problems with Trump's tax plan is doubling of the standard deduction to $24,000 (married). It's easy for people with wealth to find ways to beat that amount, but not so easy for me. I thought about a Roth IRA, but you can't deduct those contributions. I got dropped by my health insurance carrier and picked up a cost-sharing plan that saves me $800/month. I deducted over $10,000 for health insurance costs last year. Not gonna happen this year. So, we won't exceed the standard deduction and can't itemize. This would be okay if it was the same for everyone, but it isn't. I'll pay $30K-$40K in taxes this year. Granted, my gross income is up more than 100% over last year thanks to the Trump economy, but I sure would like to keep more of what I make for retirement!

Only way out of this that I see is major reform of the tax code to eliminate most all deductions. Also, eliminate all with-holdings. I believe that everyone should have to write a quarterly check to the Treasury. Lots of eyes would be opened and there would be a tax revolution.

I remember my youngest daughters reaction when she got her first real paycheck. She was pissed! More people need to be pissed!

[wittmeba]

Exactly!! How many summer homes do you own? How many yachts? How many airplanes? How many Country Club Memberships...and the list goes on.

I still don't understand deductions. Get rid of them all and adjust the tax program accordingly.

We can't forget big businesses either.

I'm not against those working hard to improve their lifestyle but when it becomes just robbing from the community it is just wrong.

[Swampman]

10-4!

[jmax]

Business tax is passed on to consumers in the form of higher prices, with lower unemployment companies will need to raise income though. We have already seen $300 billion repatriated to the US that was taxed at a lower rate but is going back into plants and equipment. I suggest that Adam Smith's Wealth of Nations and his companion piece The Theory of Moral Sentiment plus FA Hayeks The road to Serfdom for heavy reading.