Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

[FreshFish]

Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

So I was talking to my dad and he mentioned that the new tax law has provisions where you will be “required” to sell your stock shares first in, first out.... Might have been changed in the final bill...

Yes it was changed, that provision was not enacted.

[FreshFish]

Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

Because you can’t tax what you don’t have.

That's not how the current law works in other areas, though: you cannot deduct FICA taxes from federal income taxes.

In NY State, you cannot deduct NY City income tax on the NY State income tax return (droll, isn't it? the state complains when the feds do to it what it already does to NYC residents!).

[ScoobyDoo]

Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

It is interesting how we can tax the first 120,000 (FICA) dollars of everyone's income and it's free after that but we can't say that everyone's first 40,000 of income is free from income tax. Boggles the mind.

*crickets*

[ScoobyDoo]

Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

https://www.youtube.com/watch?v=iUxY_KmvXOM

Warren Buffett pays 16% for Federal. LOL. And he mentions Payroll taxes. God bless him.

[unofan]

That's not how the current law works in other areas, though: you cannot deduct FICA taxes from federal income taxes.

In NY State, you cannot deduct NY City income tax on the NY State income tax return (droll, isn't it? the state complains when the feds do to it what it already does to NYC residents!).

FICA is a federal tax, why would you then deduct it from another federal tax that presumably takes FICA into account when setting the income tax rates? So are going to rob Peter to pay...Peter?

Likewise, cities and other local governments are inherently creatures of the state. Deducting a local tax on a state return would also essentially be robbing Peter to pay Peter.

[Kepler]

Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

That's not how the current law works in other areas, though: you cannot deduct FICA taxes from federal income taxes.

In NY State, you cannot deduct NY City income tax on the NY State income tax return (droll, isn't it? the state complains when the feds do to it what it already does to NYC residents!).

Please see uno's response and for the love of god stop embarrassing yourself.

Honestly, I used to think it was just different perspectives, different life experiences, different priorities. But no, the more I read what these guys say from their own fingertips the more it looks like it really is just stupidity. Not as in you must be stupid to be a conservative, but that people who are apparently incapable of even rudimentary critical thinking also, purely by accident, also turn out to be the most vocal conservatives. Dunning-Kruger is a harsh mistress.

[ScoobyDoo]

Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

It is interesting how we can tax the first 120,000 (FICA) dollars of everyone's income and it's free after that but we can't say that everyone's first 40,000 of income is free from income tax. Boggles the mind.

*crickets*

Still chirping away.

[ScoobyDoo]

Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

FICA is a federal tax, why would you then deduct it from another federal tax that presumably takes FICA into account when setting the income tax rates? So are going to rob Peter to pay...Peter?

Likewise, cities and other local governments are inherently creatures of the state. Deducting a local tax on a state return would also essentially be robbing Peter to pay Peter.

That and masturbating to Ayn Rand is the ****.

[The Sicatoka]

Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

Still chirping away.

How will the revenue be made up or the spending be cut to balance it?

[joecct]

Still chirping away.

Hey - Kep's and my plan did just that. I can't help it if common sense (on both sides - did Chuck and Nancy introduce an alternative?) has gone up in smoke on Capitol Hill.

[joecct]

That and masturbating to Ayn Rand is the ****.

tear jerker?

[ScoobyDoo]

Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

How will the revenue be made up or the spending be cut to balance it?

How will what? How we going to make it up now? We aren't. All that need be done to simplify the tax code is these simple things.

1. Give everyone their first 40,000 income tax free (number is negotiable). After that everyone's next tier is the same, then the next, then the next, until you're done creating the tiers. This way everyone pays exactly the same rate.
2. Tax All Income The Same. This BS that labor is less important to the economy than Capital is ridiculous.
3. Eliminate FICA Tax. Roll what is needed into the main tax structure.

[joecct]

How will what? How we going to make it up now? We aren't. All that need be done to simplify the tax code is these simple things.

1. Give everyone their first 40,000 income tax free (number is negotiable). After that everyone's next tier is the same, then the next, then the next, until you're done creating the tiers. This way everyone pays exactly the same rate.
2. Tax All Income The Same. This BS that labor is less important to the economy than Capital is ridiculous.
3. Eliminate FICA Tax. Roll what is needed into the main tax structure.

Another supporter of the Red/Green tax plan!!

[Kepler]

Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

Another supporter of the Red/Green tax plan!!

I don't remember what our final terms were, which is bad since I'm a co-writer.

[trixR4kids]

Re: Business, Economics & Tax Policy 6.0: Nope, it only found woven strands

How will the revenue be made up or the spending be cut to balance it?

They're going to try and cut social security and medicaid. So that they can give 83% of the benefits of a 1.5 trillion $ tax cut to 1% of the population.