With $76B surplus, California proposes rebates for millions

Discussion in 'Current Events' started by Doofenshmirtz, May 11, 2021.

  1. Bullseye

    Bullseye Well-Known Member

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    Surplus of WHAT?
     
  2. The Mello Guy

    The Mello Guy Well-Known Member

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    Lol are we playing a game?
     
  3. Marcotic

    Marcotic Well-Known Member

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    He always does, as if he's fooling anyone. IDK if you were there for the last one, but don't waste any breath trying to educate him on the subject. He just doesn't get how words work in this instance.
     
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  4. The Mello Guy

    The Mello Guy Well-Known Member

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    He does, that’s why so many on the right play word games with it. If revenue was higher the next year then revenue didn’t go down....even if as a percent of gdp it did.
    It’s really an argument that relies on people not knowing how it works. They aren’t dumb, they think we are lol
     
    Last edited: May 12, 2021
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  5. FreshAir

    FreshAir Well-Known Member Past Donor

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    the fed is buying stocks and the Trump admin gave them a huge tax cut and trillions in stimulus... of course mega corps doing fine
     
  6. apexofpurple

    apexofpurple Well-Known Member

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    Cali got $42B from the American Rescue Plan Act. Guess they can give that money back since they have a surplus.
     
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  7. modernpaladin

    modernpaladin Well-Known Member Past Donor

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    This 'surplus' warrants an audit.
     
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  8. Bearack

    Bearack Well-Known Member

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    Actually, that was a foo pah on my part. This statement was actually a started statement that I never finished but because political forums saves it if not posted and stores it if not posted. And when I went to post another rebuttal to another thread, it posted incomplete.

    That being said, I'll attempt to finish this thought.

    It was unprecedented under Trump, and now Biden, in that the percent of growth set record after record. Even after the storming of the capital building, the stock market surged which makes NO sense what so ever. I don't think it was because of Trump policies why it was surging as it should have had a reverse effect then under Biden since he's doing polar opposite of the Trump administration, however also set records. That is unprecedented as the percent of growth increase makes absolutely no sense.

    The Dow ends above 31,000, logging fastest 1,000-point climb to new milestone in 2 years
    Last Updated: Jan. 7, 2021 at 5:00 p.m. ET First Published: Jan. 6, 2021 at 1:27 p.m. ET
     
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  9. Darth Gravus

    Darth Gravus Banned

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    That I cannot disagree with. The markets have long since been disconnected from reality. Which does make me nervous at times
     
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  10. Bearack

    Bearack Well-Known Member

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    By that same logic, then Biden is doing the same thing since the market percentage of growth is on par as when during the Trump administration.
     
  11. FreshAir

    FreshAir Well-Known Member Past Donor

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    I do not like that feature of political forum either, should be able to disable it
     
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  12. FreshAir

    FreshAir Well-Known Member Past Donor

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    the tax cuts for the corps are still in effect, the fed is still dumping money, so yes
     
    Last edited: May 12, 2021
  13. Eleuthera

    Eleuthera Well-Known Member Donor

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    Is this a form of blackmail or extortion?

    After violating so many rights for the last year, is Gavin trying to bribe them into keeping him in office?
     
  14. Bearack

    Bearack Well-Known Member

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    And Biden said he was taking them away and will be increasing corporate tax substantially. How the market used to react, there would have been a substantial sell off. A poke at the administration to state they are not happy with the proposed policy. Rather, the market went UP substantially. That is extremely uncharacteristic of market norms. Not a conspiracy, but anyone who has been in the market the last 30+ years would have to agree this is not normal.
     
  15. FreshAir

    FreshAir Well-Known Member Past Donor

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    I agree, but this is a new global age, and if we go down, other countries go down too.... so printing money for now, seems ok for the rest of the world.... as long as they benefit too
     
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  16. notme

    notme Well-Known Member

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    It's a democratic state. It has been for ages. It has been for ages like that, because that is what the people want.
    Giving people in need -because of Corona- some money to come by etc is something that Dems like.

    So what's the problem with Dem politicians doing dem things for their dem voters?
    Seems they are listening to their voters and doing what is being expected from them.

    Sounds more like you are jeally of dem financial success.
     
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  17. notme

    notme Well-Known Member

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    The previous government made massive taxcuts in such a way that wealthy paid less taxes %-wise than the poor. That's just "not normal" to be asking a higher % from the poor. And the idea with a much lower corp tax, it would mean more jobs etc. It never did. Obama had, after climbing out of a massive hole, a 3% GDP increase in 2015. Donald never really was able to surpass that. After 2 years of him, it still was around 3%.... because the bulk of the population were not part of paying less taxes to spend more.

    Even worse, companies were struggling asap as soon as they had to close down due to covid. Where did all the money go from paying much less taxes? They gave it away to their shareholders. So taxcut -> big shareholder profit. Raise taxes -> small shareholder profit. It only gets to be different when companies are taxed too much and they need to rethink their companies how to deal with it. That, and the taxes are not tossed in the wind or put away in a bank account as is what happened to the money the shareholders received. It's spend on things like more infrastructure by commercial companies who make profits. Raising wages so people can buy more products is also a way to get people to make more products with a profit. Raising taxes isn't necessary a sinkhole in the economy.
     
  18. PrincipleInvestment

    PrincipleInvestment Well-Known Member

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    Californian's will have to be over taxed for the next 100 yrs. to create a legitimate "surplus". Loony liberals conveniently forget California has a trillion dollar shortfall on public pensions.
     
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  19. Chrizton

    Chrizton Well-Known Member

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    California taxes capital gains at regular income tax rate of more than 13%. Being the home of big tech, they have been rolling in the cash. It is also why a lot of ubber wealthy people will move out of state before they sell off significant quantities of stock.
     
  20. Doofenshmirtz

    Doofenshmirtz Well-Known Member Past Donor

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    My statement is still 100% correct. If we are going to cherry pick small sample sizes, I can easily show the opposite.
     
  21. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    Congratulations on the budget surplus but, wouldn't it make more sense to, I don't know, pay down some of the state's tremendous debt?

    What good is a budget surplus if everytime there's a deficit the state gets into more debt but never pays down that debt during the less frequent times there is a surplus?
     
    Last edited: May 13, 2021
  22. Patricio Da Silva

    Patricio Da Silva Well-Known Member Donor

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    Per the US Constitution, the state has a legitimate claim on a portion of your income. As to what the portion is, that is determined by public policy of elected legislatures. In short,'We the people" are the ultimate deciders. If your guy didn't win and create the policy you wanted, that's democracy, and better luck next election.

    What that means, Doofen, is that a portion of your income does NOT belong to you, it belongs to the state.

    Get over this idea that it is 'your money'. It is not.

    Now then.

    If they paid the taxes that were lawful, that's not 'overcharged'. If the taxes collect resulted in a surplus, that is the result of a confluence of events.

    How the government distributes and spends the surplus depends on the public policy of the government.

    Taxes are not a thing like an account with your name on it, which someone takes from your pocket, puts it into your account, then takes it out of that account and gives to someone else. That's how you are framing this argument, but that is not the nature of taxation. Taxation is not an individualized, personal endeavor, it's a collective endeavor where the state takes the money that it has a legitimate claim on, i.e., where people pay into a fund to be used for the common good.

    It's a well established fact that the rich benefited from the pandemic whereas the middle class and poor got the short end of the stick. So, as a public policy, why not use the surplus to correct this unfairness in the system which disproportionally benefitted the rich? I can't find any fault with that.
    That, in my view, is good governance, and any governor doing good governance deserves to be reelected, certainly not recalled.

    And, here we are, with the right, it's like you can't win with that crowd. If we have a deficit, they would be all over our butts, but when we get a surplus, what do republicans say about it? They accuse dems of 'overcharging'. No, couldn't be due to competence and good governance, never could be that. Damn socialists, they can never do anything good. Isn't that the attitude on the right, Doofen?

    But, in truth, that's democracy, Doofen, and you (if you are a Californian ) weren't screwed, your guy just didn't win the election in California. Elections have consequences, as it were.
     
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  23. Doofenshmirtz

    Doofenshmirtz Well-Known Member Past Donor

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    Partially true, but does not change my position. Not all of our taxes were subject to voter approval and not all voter approved taxes deliver what was promised. Also, voters are manipulated into voting for taxes they were made to believe does not affect them. tax the corporations, tax the rich is a common theme, but results speak for themselves.

    California imposes the highest taxes taxes under the guise of creating a thriving society, helping the poor, and protecting the environment. Based of what we receive for that money, we are being overcharged.

    If high taxes created a healthy, thriving society, I would be a Democrat.
     
  24. The Mello Guy

    The Mello Guy Well-Known Member

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    You said it never lowers revenue and I just told you when and where it did. How are you 100% correct when you’re wrong? Lol
     
  25. Doofenshmirtz

    Doofenshmirtz Well-Known Member Past Donor

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    My apologies. In my haste, I neglected to complete the sentence. I left out the US Treasury part. Tax cuts have never resulted in a loss of revenue for the US treasury.
     

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