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Gary
Social climber
Desolation Basin, Calif.
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The only consequence that matters is that individuals and corporations should not have to "suffer" ANY of the consequences of their decisions or just bad luck.
That's certainly true for corporations as the taxpayer bails them out when they fail.
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Dave
Mountain climber
the ANTI-fresno
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Splater- yes I can read: " Can't you read? DMT said "family" farms / small business should not be very taxed."
DMT: "No I’m saying inheritance tax over that threshold I proposed is taxed at 75%, investment and company holdings included. No exemptions. Real property included."
DMT: "No. I’m good with tax free inheritance up to say 100x the annual average taxable income. Hell I’d go to 200x. "
So 100x $50,000 = $5 million...
So my wife's family friend in eastern Colorado who owns 2000 acres of corn and soy, and built a very good business form himself, lost his wife, and runs it himself... Like many family farmers in the area due to tax policy he (well his son) will have to sell at least half his land to ADM or other large agribusiness when he dies because the value of his property, equipment, buildings, and business is in excess of $10 million.
" you are stealing from the middle class"
Pray tell what exactly has been stolen by whom?
So Zuck's wealth went up when stock price went up? How is that stealing from you?
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Dave
Mountain climber
the ANTI-fresno
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" It is incorrect to think there is a rational reason for the cap on income subject to Social Security tax. The only reason for the existing structure of Social Security tax and benefits is that the rich have better lobbyists. "
Social security is a benefit, not a wealth redistribution program. It was specifically created to provide a base level of income to the elderly so as to prevent abject poverty.
The rational reason for an income cap is actuarial - you pay X amount in over your life, over time it grows, you get Y amount per month back out... The math has changed as you point out. But if you make 125k or 500k a year, you will get the same payout.
Again, Social Security was designed to provide a basic level of sustenance, not to redistribute wealth.
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rottingjohnny
Sport climber
Sands Motel , Las Vegas
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Social security is an entitlement.....If you listen to Ryan and McConell....
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Ken M
Mountain climber
Los Angeles, Ca
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" you are stealing from the middle class"
Pray tell what exactly has been stolen by whom?
So Zuck's wealth went up when stock price went up? How is that stealing from you?
The stealing is done by the rich.
What is being stolen is the money needed to run the country, pay for wars, etc. If the rich don't contribute their fair share, then the money has to come from somewhere else. The poor don't have much, so that leaves the middle class, in taxes and benefits, such as education. The rich pay for this privilege, by making attorneys rich.
As for Zuck, remember the selling point: we will grow out way out of debt. How does that work? People make more money, so they pay more taxes. EXCEPT, when the tax rates are lowered on the rich, that phantom tax disappears, and we go into more debt----just as we have. The middle class, however, get to pay more, because their lobbyists were not as effective as those of the rich!
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Splater
climber
Grey Matter
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100x the annual average taxable income. Hell I’d go to 200x. "
So 100x $50,000 = $5 million...
Like many family farmers in the area due to tax policy he (well his son) will have to sell at least half his land to ADM or other large agribusiness when he dies because the value of his property, equipment, buildings, and business is in excess of $10 million.
Actually if you use 200x $50K the non taxable amount is $10 million. Which is about what the latest tax cut changed it to for one person.
Above that you are talking about the superrich. Who don't need special treatment. If the son is really involved, the father should be gifting him the max every year.
The big point:
Taxes on the rich have been cut for the last 35 years, yet the increased burden of the huge redistributive side of OASDI has been DUMPED on the middle class. Look it up.
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Reilly
Mountain climber
The Other Monrovia- CA
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Social Security has a maximum payout of $2687/mo.
Where did you get that?
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BruceHildenbrand
Social climber
Mountain View/Boulder
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Reilly,
it goes up every year. That was the 2017 figure. From the interweb:
"In 2018, the maximum monthly Social Security benefit for a worker retiring at full retirement age was $2,788. In 2019, the maximum benefit will increase $73 per month to $2,861."
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rottingjohnny
Sport climber
Sands Motel , Las Vegas
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Get Vinnie on the bat phone...
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dirtbag
climber
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Abolish billionaires?
I’d never given it much thought.
I suspect the question is getting so much attention because the answer is obvious: Nope. Billionaires should not exist — at least not in their present numbers, with their current globe-swallowing power, garnering this level of adulation, while the rest of the economy scrapes by.
https://www.nytimes.com/2019/02/06/opinion/abolish-billionaires-tax.html
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TradMike
Trad climber
Cincinnati, Ohio
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The majority of the wealth gap has been created by globalization and the exploitation of lower wage / slave labor in one area of the world to then sell those products everywhere else that has higher labor costs. This results in loss of jobs and wages in the areas buying these foreign goods and all the profits leaving the country to other parts of the world making those who control those channels billionaires. How do you tax foreign countries? Tarrifs. Why are all these Democrats wanting to tax the rich when they cry about the tarrifs from Trump. Is this some sort of double standard?
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dirtbag
climber
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Dmt is spot on about estate taxes.
Someone is going to have to pay for government services: why should it be someone who has to actually work for her money instead of someone gifted a boatload of it after death? Working person vs ivanka trump (or mini Ivankas).
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Reilly
Mountain climber
The Other Monrovia- CA
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Cut the Pentagon’s budget 25% and you’ll have all you need.
Make it 33% and we could pay off some debt!
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Gary
Social climber
Desolation Basin, Calif.
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How about 50%, Reilly? I love the fact that the new $8 billion destroyer has no shells for the guns because the shells are too expensive.
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rottingjohnny
Sport climber
Sands Motel , Las Vegas
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You mean the debt that Trump's tax breaks for the rich just created....? Doh...
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Reilly
Mountain climber
The Other Monrovia- CA
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OK, Gary, if you insist. The question is when will the Dems grow a set big enough to ask?
Even if they win the White House and both houses I doubt they would cut more than 5-10%
because of the jobs.
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ECF
Big Wall climber
Ridgway CO
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I think you guys are all missing the big question here...
Does any of those 26 people have a single daughter?
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dirtbag
climber
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^^^And, we have a winner!^^^
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Dave
Mountain climber
the ANTI-fresno
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" Does any of those 26 people have a single daughter? "
Yes.
Isn't google great?
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WBraun
climber
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People that inherit wealth deserved it from previous lifetime karma.
One always gets what one deserves.
If one misuses wealth than that's something else .....
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