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Tax cuts and the Rich.

Mikus 1975

Mikus 1975

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Apr 9, 2025
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Why do they need tax cuts when they always use loopholes to get out of the taxes they have to pay? This is not rhetorical question.
And why take money from the safety nets to do it?
 
Mikus 1975 said:
Why do they need tax cuts when they always use loopholes to get out of the taxes they have to pay? This is not rhetorical question.
And why take money from the safety nets to do it?
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Welcome to MAGA. Please make sure your seat is in the fully upright position because you're getting screwed sans lubricant.
 
That doesn't answer my question.
 
I wish someone would tell me where these tax 'loopholes' are so I can get in on them and while you're at it tell the top 10% that pays 76% of all income taxes.
 
dmpi said:
I wish someone would tell me where these tax 'loopholes' are so I can get in on them and while you're at it tell the top 10% that pays 76% of all income taxes.
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Must be one of those one weird trick to get [ _____ ] things.
 
Mikus 1975 said:
Why do they need tax cuts when they always use loopholes to get out of the taxes they have to pay? This is not rhetorical question.
And why take money from the safety nets to do it
Click to expand...
The "loopholes" are in the tax code. They're available to anyone whose conditions make them useful, but some of them have limited use for people in the middle income brackets. The wealthy are lucky enough that they usually don't need a tax cut. The theory, of course, going back at least to 1921, is that they'll invest the retained money, helping to grow business and the economy.

I'm guessing that you're referring to making the 2017 tax rate cuts permanent. No one has proposed taking any money from any safety net because of the rate cuts, It's been 7+ years since those rates were cut and benefits haven't been reduced at all, and there is no proposal to do so.
 
dmpi said:
I wish someone would tell me where these tax 'loopholes' are so I can get in on them and while you're at it tell the top 10% that pays 76% of all income taxes.
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If you don't have an accountant who can find them for you, you probably don't qualify.
 
Mikus 1975 said:
Why do they need tax cuts when they always use loopholes to get out of the taxes they have to pay? This is not rhetorical question.
And why take money from the safety nets to do it?
Click to expand...
Welcome Mikus 1975.
I've tried, with no success, multiple times to begin a discussion on changing the Federal income tax code and permanently resolving the solvency issue of Social Security and Medicare. As for the safety nets, I presume you are talking about the trust funds, which are nothing more than debts owed by the government, which when need to be accessed for their intended purpose become added to the debt owed by the public.
What I've offered as a start to discuss is:

1. Eliminate the FICA tax, adjust wages to account for the employer contribution.
2. Eliminate all forms of deductions, and simply tax the total gross income regardless of source.
3. Require each individual with a gross income greater than 1/4 the minimum wage to file a return.
4. Set the tax tables each year based on an algorithm, using increments of the GNI per capita applied to the progressive tax rates of 15%, 20%, 25%, 30%, and 37%.
 
Individual said:
2. Eliminate all forms of deductions, and simply tax the total gross income regardless of source.
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Worst idea ever.

Many business operate on low margins. Consider a firm that brings in $1 million in revenue and has $990,000 in expenses yielding a $10,000 profit. A 5% tax on revenue means this business would owe 50k in taxes. That is insanity.
 
aociswundumho said:
Worst idea ever.

Many business operate on low margins. Consider a firm that brings in $1 million in revenue and has $990,000 in expenses yielding a $10,000 profit. A 5% tax on revenue means this business would owe 50k in taxes. That is insanity.
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Haven't mentioned business taxes.
 
ttwtt78640 said:
What was your #1 point in post #11? It seemed to require (mandate?) businesses (employers?) to increase employee pay.
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It would eliminate the employer share of the current FICA tax, which should be accomplished by increasing the employees pay by the same amount. It could easily be accomplished by increasing the Federal minimum wage at the same time, say from $7.25/hr to $8.00/hr.
I checked how the change I'm suggesting would have changed my taxes this year and it looks like I would have paid about $800 more.
 
Individual said:
It would eliminate the employer share of the current FICA tax, which should be accomplished by increasing the employees pay by the same amount. It could easily be accomplished by increasing the Federal minimum wage at the same time, say from $7.25/hr to $8.00/hr.
I checked how the change I'm suggesting would have changed my taxes this year and it looks like I would have paid about $800 more.
Click to expand...

Most states already have a higher MW.
 
Mikus 1975 said:
Why do they need tax cuts when they always use loopholes to get out of the taxes they have to pay? This is not rhetorical question.
And why take money from the safety nets to do it?
Click to expand...
They don't.
 
ttwtt78640 said:
Most states already have a higher MW.
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Well then they could raise it more if they want, or just eliminate the employers from deducting a FICA tax from employees wages.
Employees can complain if they aren't compensated for the loss, or government can mandate a change.
 
Mikus 1975 said:
Why do they need tax cuts when they always use loopholes to get out of the taxes they have to pay? This is not rhetorical question.
And why take money from the safety nets to do it?
Click to expand...
This is what happens when you allow money to equal speech (see Citizens United). Also when supply side economics goes wild. Rich people will always think they shouldn't have to pay taxes because they drive society. We have seen this throughout history. It causes income disparity that eventually leads upheaval.
 
smb3802 said:
This is what happens when you allow money to equal speech (see Citizens United). Also when supply side economics goes wild. Rich people will always think they shouldn't have to pay taxes because they drive society. We have seen this throughout history. It causes income disparity that eventually leads upheaval.
Click to expand...
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Mikus 1975 said:
Why do they need tax cuts when they always use loopholes to get out of the taxes they have to pay? This is not rhetorical question.
And why take money from the safety nets to do it?
Click to expand...
Even though the richest use loopholes, it often requires advanced tax planning, lawyers, and sometimes temporary costs. A legal tax cut, on the other hand , like a lowered corporate tax rate, is much simpler and safer. No gray areas. No audits. Just straight-up money in.
 
Mikus 1975 said:
Why do they need tax cuts when they always use loopholes to get out of the taxes they have to pay? This is not rhetorical question.
And why take money from the safety nets to do it?
Click to expand...
Trump is working to make his 2017 tax cuts permanent for all of us. Include the rich. Democrats are fighting to block that so you, and most of u will be getting a tax raise.
 
What I've been suggesting would remove politics/politicians from being involved in taxation, by a much simpler individual tax code which would have no adjustments/loopholes and simply tax gross income using an algorithmic tax table applied solely on the GNI per person progressively.

Complaining indicates recognition of a problem, which without effort being exerted to find a solution leaves us to remain being a part of the problem.
 
Bullseye said:
Trump is working to make his 2017 tax cuts permanent for all of us. Include the rich. Democrats are fighting to block that so you, and most of u will be getting a tax raise.
Click to expand...

You guys keep complaining about the debt and at the same time moan that tax breaks for the rich are always a good thing and should never be reversed to help pay that debt.

If you actually want to pay the debt then tax the rich at a previous level.
The rich will still have more money than they can possibly spend and you may actually do the thing you claim to want which is paying back the debt.
 
Peter said:
You guys keep complaining about the debt and at the same time moan that tax breaks for the rich are always a good thing and should never be reversed to help pay that debt.
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What "tax breaks for the rich?" They pay the highest rates and a percentage far greater than their number.

Peter said:
If you actually want to pay the debt then tax the rich at a previous level.
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That has never worked.
Peter said:
The rich will still have more money than they can possibly spend and you may actually do the thing you claim to want which is paying back the debt.
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Yet another LW idiocy.
 
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