Biden says no tax increases for incomes under $400k- It's not true.

As I think you know a zero-sum game is a mathematical representation of a situation in which each participant's gain or loss is exactly balanced by the losses or gains of the of the other participants. With respect to the left discussing the economy they seem to think one person getting ahead is based on exploiting the people and preventing others from getting their fair share.

 

You're shooting at the wrong people. The Fed understands the problem.



Much more here: https://fred.stlouisfed.org/

Keep in mind the economic view you're advancing also require raising taxes.

Congress has to change hands at the same time as it did in 1933. People have to want something different before change happens.

Yes. I think Trump is done like dinner. Stick a fork in him.

It's all the same economics. How we managed to finance WW2 should tell you that.

You're leading people to infer you're saying there's a free lunch. You haven't even convinced me you understand who wins and loses in the short- and long-term.

 

Biden says he won't increase taxes on anyone making less than $400,000. That's a promise he'll have to keep or pay a political price.

@Bluesguy's idiotic claim Biden's pledge to repeal Trump's tax cut means he'll increase taxes on everyday folks is playing on words. Don't go to the same place if you want to be taken seriously.

 

Who are "the left" in your telling? Mainstream Democrats? Socialists?

There are indeed people left-of-center who see things this way, but others who have a more balanced view where there is some exploitation and an understanding of the overall benefit of each us working to maximize our individual position in a market economy.

 

Socialists who are increasing becoming mainstream Democrats.

 

At the very least, there are some ideologies better than others.

Democrats have been screwing poor folks, but less than Republicans have.

 

Collectivism going from extremely small percentage to a very small percentage. It isn't something to worry much about.

 

How about taxing billionaires on the money they take from a business for personal use?

You're mixing up taxes on corporations with personal income taxes.

 

Yes, and Capitalism is one of those.

No they haven't. They make that claim but they are bigger parasites than capitalists.

 

Trump has probably lied more than all the other politicians put together in the last 4 years

 

Oh, come on. Government accepts donations, but depend on them? No.

Why should we be upset if they advocate raising taxes on rich people?

Seems schizophrenic to me. You want Gates and Buffett to make a charitable donation to government, but you applaud their tax avoidance.

What else is news?

 

Corporations often can't pass along taxes to consumers, one of the reasons they fight hard to keep their taxes down. In extreme cases, high taxes force the corporation out of business.

 

Yes, they have. Democrats got poor people Social Security, Medicare, Medicaid, food stamps, etc.

 

And then they raided social security, blended it into the general funds, spent it and taxed the funds sent to retirees. Bush, George the younger was responsible for Medicare part D, without which we would only know what was killing us. Food stamps buy votes

 

Nothing here addresses, much less negates, anything I said.

And so you, agree: Your claim was indeed unsupportable nonsense.
Well done.

 

Both of your claims, above, are false, as nothing in post #107 addresses anything I said in the post you responded to.
Feel free to try again.

 

Hang on a minute, aren't you that straight-up commie who thinks that I am somehow infringing on your rights by owning my own home out in the suburbs?

Yes. But "promote", not "provide". Also, "general", not "individual".

 

Drug laws are the biggest abomination that exist in our society today. We would be much better off if they were legal, and manufactured and distributed by legit firms familiar with the term "quality control", and who used lawyers in lieu of bullets to settle disputes.

 

It's their business. They have that right, and should be able to do so without having to give an unreasonable cut to uncle.

 

You're putting words in my mouth that never came out of it. I don't "want" them to make charitable contributions, I just think it's the height of hypocrisy to support large groups of people to be forced to under penalty of law to do so if they're not willing to put their money where their mouths are, and pay whatever they think the rates "should" be voluntarily before popping off at the mouth. Put simply, "If you think rates should increase, you go first, BEFORE you use the business end of a gun to force others to comply..."

 

They HAVE NO CHOICE to pass along taxes, because they only funds they have to pay for ANYTHING is that which they get from us. We pay for the goods, we pay their rent, we buy their corporate jets, and yes, we pay their taxes. The only other option is, as you at least noted, to fold and go out of business entirely. That is naturally going to happen, last I checked some 88% of startups were dead and gone within 24 months. Of all the companies I've ever worked for, including my own, only a few of them are still in business. But if we try to make that 100% that's going to cause WAY bigger problems.

 

Did he or did he not proclaim that on day one he would repeal the Trump tax cuts?

"Joe Biden said he would eliminate the Tax Cuts and Jobs Act if elected, during a town hall in Iowa on Friday.



“What I’d be focusing on is eliminating the $1.9 trillion tax cut that [Trump] passed,” Biden said in Cedar Rapids."
https://www.atr.org/biden-calls-full-repeal-trump-tax-cuts

He also said it in the debates. And his new taxes on those over $400,000 will hit the middle and lower incomes hard in increased prices and when you have increased prices that means more sales tax has to be paid and he does not index the $400,000 to inflation so every year it will hit more and more upper middle class earners.

 

Many retirees pay no income tax. Anyway, Social Security was never a savings plan, but rather an income transfer so this misses the point. There is nothing wrong with how SS tax revenue has been handled.

Huh?

They also buy food.

 

So what? As a matter of public policy, we want businesses to grow so taxes should be applied to consumption, not investment.

When we have this...



... there is no way the average guy is getting his share.

Why should I make more investing in one day than some people make working full-time for a year? We have a democratic republic where each person has, in theory, the same weight as Bill Gates or Jeff Bezos--or me. By all rights, Joe American could support an economy where no one gets rich.

We need to get a greater share of the increasing wealth to workers. If we don't, we may find Joe stops supporting the capitalist system.

 

SS was called an insurance and it wasn't meant to be a total retirement but to supplement savings. It was promised that it would never be taxed but Democrats got control and there was all that money laying there.