House approves $1 Trillion package

[Pauls' Revere]

https://www.yahoo.com/news/dems-end-...052210642.html

Lemme get to the last two paragraphs...



The package would provide large numbers of Americans with assistance to pay for health care, raising children and caring for elderly people at home. The package would provide $555 billion in tax breaks encouraging cleaner energy and electric vehicles. Democrats added provisions in recent days restoring a new paid family leave program and work permits for millions of immigrants.

Much of the package’s cost would be covered with higher taxes on wealthier Americans and large corporations.


So, those who benefit from this don't feel the pinch and have no skin in the game.

[CaptUSA]

Much of the package’s cost would be covered with higher taxes on wealthier Americans and large corporations.[/I]

Which they will then pass on to you.

It's the height of stupidity to think the wealthy and corporations are hoarding their money underneath some mattress somewhere.

There's 3 inescapable scenarios here:
1. They pay the tax by removing their money from their investments and give it to the government. So anyone currently using those investments gets shorted and has to cut back.
2. They pay the tax by raising the prices their customers pay. So anyone buying their goods or services has to pay more.
3. They avoid the tax by taking their money elsewhere - usually to another country. So the US loses capital.

Spending is the problem and they just doubled down. Again. I guess you could say they trillioned down.

[acptulsa]

And the rest will be paid in higher taxes on the middle class, possibly finally eliminating it, and by the Fed. That freshly printed currency will devalue savings, and devalue wages.

That, combined with what CaptUSA said, ensures the middle class and poor will foot at least 90% of the bill.

Not that those yahoos at Yahoo would report that, even if they understood it.

[GlennwaldSnowdenAssanged]

This is when the problem was spending billions. It doesn't appear the video will show and I don't know why.

[Madison320]

Which they will then pass on to you.

It's the height of stupidity to think the wealthy and corporations are hoarding their money underneath some mattress somewhere.

There's 3 inescapable scenarios here:
1. They pay the tax by removing their money from their investments and give it to the government. So anyone currently using those investments gets shorted and has to cut back.
2. They pay the tax by raising the prices their customers pay. So anyone buying their goods or services has to pay more.
3. They avoid the tax by taking their money elsewhere - usually to another country. So the US loses capital.

Spending is the problem and they just doubled down. Again. I guess you could say they trillioned down.

I agree, although I never liked the argument that adding a tax on the rich is bad because it will eventually affect everyone else. For example the proposed wealth tax.

It's wrong to steal from one group in principle. If we're going to have taxes they should apply to everyone in an objective way, like a flat tax or a sales tax.

[Pauls' Revere]

I agree, although I never liked the argument that adding a tax on the rich is bad because it will eventually affect everyone else. For example the proposed wealth tax.

It's wrong to steal from one group in principle. If we're going to have taxes they should apply to everyone in an objective way, like a flat tax or a sales tax.

Agreed, this is tax discrimination (tax class warfare) which will be paid for in cost of goods sold. The prices of everything is going to go up, especially fossil fuels and transportation that uses that.

Its time for a FLAT TAX as a percentage of income. i.e. everyone pays 22% regardless. Of course, I would rather have zero taxes but you know.

[Warrior_of_Freedom]

Agreed, this is tax discrimination (tax class warfare) which will be paid for in cost of goods sold. The prices of everything is going to go up, especially fossil fuels and transportation that uses that.

Its time for a FLAT TAX as a percentage of income. i.e. everyone pays 22% regardless. Of course, I would rather have zero taxes but you know.

My property tax is 10k whether I have an income or not

[jmdrake]

Agreed, this is tax discrimination (tax class warfare) which will be paid for in cost of goods sold. The prices of everything is going to go up, especially fossil fuels and transportation that uses that.

Its time for a FLAT TAX as a percentage of income. i.e. everyone pays 22% regardless. Of course, I would rather have zero taxes but you know.

Get rid of the income tax altogether and go to a VAT flat tax.

[fisharmor]

The package would provide $555 billion in tax breaks encouraging cleaner energy and electric vehicles.

[TheTexan]

I agree, although I never liked the argument that adding a tax on the rich is bad because it will eventually affect everyone else. For example the proposed wealth tax.

It's wrong to steal from one group in principle. If we're going to have taxes they should apply to everyone in an objective way, like a flat tax or a sales tax.

Generally speaking income/wealth-based taxes affect everybody equally in the long term. The market adjusts and adapts. If income taxes go up, eventually salaries go up to compensate.

With that said changes in taxes can of course have dramatic short term effects.

[Pauls' Revere]

Generally speaking income/wealth-based taxes affect everybody equally in the long term. The market adjusts and adapts. If income taxes go up, eventually salaries go up to compensate.

With that said changes in taxes can of course have dramatic short term effects.

In the long run, we're all dead. Minimum wage hasn't budged in what? ... 20 years?

[Madison320]

Generally speaking income/wealth-based taxes affect everybody equally in the long term. The market adjusts and adapts. If income taxes go up, eventually salaries go up to compensate.

With that said changes in taxes can of course have dramatic short term effects.

Uneven taxes hurt the overall economy but they can still massively screw over one person and benefit another.

I really hate progressive taxation in any form. It's just wrong.

[CaptUSA]

Uneven taxes hurt the overall economy but they can still massively screw over one person and benefit another.

I really hate progressive taxation in any form. It's just wrong.

lol - what about REgressive taxation?!! The inflation tax hits lower incomes the hardest!

Spending is the real tax.

[Madison320]

lol - what about REgressive taxation?!! The inflation tax hits lower incomes the hardest!

Spending is the real tax.

Is progressive taxation morally superior to regressive taxation?

I agree that spending is the total measure of the tax but how you collect it, is still important.

For example suppose you have an island of 100 people and total govt spending is 10,000.

Would it be more fair to tax everyone $100 or to take the entire 10,000 life savings of one guy and let him stave to death?

Besides that an objectively distributed tax has a better chance of limiting spending in the first place.