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The Real timschochet

Here comes the debt ceiling crisis: June 1

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1 hour ago, GutterBoy said:

No I don't think it would be good, just pointing out where the idiot is wrong.

But yeah rich people need to pay more in principle.

rich people pay all the taxes in this country

 

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3 minutes ago, RaiderHaters Revenge said:

rich people pay all the taxes in this country

 

Define "rich".  Billionaires barely pay.  Everyone knows this.

 

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Just now, GutterBoy said:

Define "rich".  Billionaires barely pay.  Everyone knows this.

 

the top 10% effectively pay 90% of the taxes, and Billionaires pay plenty, just cause youre a billionaire you still only pay on annual earnings, not net worth.

they also create the vast majority of jobs, pay tons of taxes that way

 

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9 minutes ago, RaiderHaters Revenge said:

the top 10% effectively pay 90% of the taxes, and Billionaires pay plenty, just cause youre a billionaire you still only pay on annual earnings, not net worth.

they also create the vast majority of jobs, pay tons of taxes that way

 

The top 10% is agi of $150k.  That's not rich.

Billionaires don't creat ordinary income, so their tax rate is like 1%.  Why do you feel the need defend billionaires so much?

 

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1 minute ago, GutterBoy said:

The top 10% is agi of $150k.  That's not rich.

Billionaires don't creat ordinary income, so their tax rate is like 1%.  Why do you feel the need defend billionaires so much?

 

why do you feel the need to take money they have made?

I am for a flat tax across the board over 50k annual earnings

Warren Buffett doesn't create income got it

 

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5 minutes ago, RaiderHaters Revenge said:

why do you feel the need to take money they have made?

I am for a flat tax across the board over 50k annual earnings

Warren Buffett doesn't create income got it

 

I'd be fine with a flat tax as well.  The current system is rigged in favor of the ultra wealthy, and that's focked up.

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5 minutes ago, GutterBoy said:

I'd be fine with a flat tax as well.  The current system is rigged in favor of the ultra wealthy, and that's focked up.

Actually it’s not but ok. Anyone with a good tax person is in the same boat. 
 

personally I’d eliminate all write offs. Of course the real scam is the irs. And they wouldn’t have their cushy govt jobs if code was simplified 

and then you’d have the left bltching either way

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6 minutes ago, RaiderHaters Revenge said:

Actually it’s not but ok. Anyone with a good tax person is in the same boat. 
 

personally I’d eliminate all write offs. Of course the real scam is the irs. And they wouldn’t have their cushy govt jobs if code was simplified 

and then you’d have the left bltching either way

Actually it is, unless you want to break the law.

And Republicans have no interest in simplifying the tax code either, no matter what they tell you.

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2 minutes ago, GutterBoy said:

 

And Republicans have no interest in simplifying the tax code either, no matter what they tell you.

Here we are trapped by our political system. 
 

You can’t make reasonable changed to the tax code. 
You can’t make reasonable changes to Social Security or Medicare. 
You can’t make reasonable cuts to defense spending. 
 

The two year electoral cycle of Congress prevents these changes. Nobody is willing to risk losing their seat. 
 

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11 minutes ago, GutterBoy said:

Actually it is, unless you want to break the law.

And Republicans have no interest in simplifying the tax code either, no matter what they tell you.

did I say they did?  I am not a republican

 

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3 hours ago, Dizkneelande said:

Because you’re a servant. It’s why everyone that sells more than $600 on eBay or other platforms that record transactions will receive a 1099k. We now get taxed on items we sell that we already paid taxes on. 

But why? The government could just borrow more money instead of taxing us.

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8 minutes ago, RaiderHaters Revenge said:

did I say they did?  I am not a republican

 

You're crying about the left but the right is the same.

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Just now, GutterBoy said:

You're crying about the left but the right is the same.

The left wants to raise taxes on middle class the right wants to keep it the same or lower. 

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34 minutes ago, Cdub100 said:

But why? The government could just borrow more money instead of taxing us.

The government cannot borrow money to make interest payments on the amount already borrowed. For that they need taxation. But you know this; your question is ridiculous hyperbole that you read on some right wing website. 

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26 minutes ago, RaiderHaters Revenge said:

The left wants to raise taxes on middle class the right wants to keep it the same or lower. 

There are no proposals by Biden to increase middle class taxes.  Stop it.

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1 hour ago, The Real timschochet said:

The government cannot borrow money to make interest payments on the amount already borrowed. For that they need taxation. But you know this; your question is ridiculous hyperbole that you read on some right wing website. 

Sure they can. Hell they could print a 5 trillion dollar coin and erase all the debt if they wanted to. 

And btw conservatives (I'm not one of them) what less government spending and less debt. Of course the republicans say they do but we all know they spend just as much as democrats. So no I didn't read this in a right wing website.

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There seems to be a disconnect among some conservatives about this debt ceiling deal: they are very angry and saying that McCarthy got rolled. Yet for years now these same folks have been telling us that Biden is inept, Biden is mentally incompetent. If that is true; then how exactly did he roll McCarthy? 

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9 hours ago, Cdub100 said:

Sure they can. Hell they could print a 5 trillion dollar coin and erase all the debt if they wanted to. 

And btw conservatives (I'm not one of them) what less government spending and less debt. Of course the republicans say they do but we all know they spend just as much as democrats. So no I didn't read this in a right wing website.

Yes they can print a 5 trillion dollar coin. But of course, if they did it would collapse our economy and probably the world as well. You might want to examine the histories of nations that attempted  to print money to pay for their debts: start with two examples: the Confederate States of America, and Weimar Germany. In both cases the results were predictable and disastrous. 

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6 hours ago, The Real timschochet said:

Yes they can print a 5 trillion dollar coin. But of course, if they did it would collapse our economy and probably the world as well. You might want to examine the histories of nations that attempted  to print money to pay for their debts: start with two examples: the Confederate States of America, and Weimar Germany. In both cases the results were predictable and disastrous. 

Do you think this isn't happening right now? Just much more slowly?

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"This 'deal' is insanity. ... Not gonna vote to bankrupt our country. The American people deserve better," Rep. Ralph Norman, R-S.C. and a member of the House Freedom Caucus, tweeted.

Rep. Chip Roy, R-Texas and another member of the House Freedom Caucus, was more blunt, tweeting that the bill was a "turd-sandwich."

Rep. Johnson said on "State of the Union" that despite the criticism, he thinks at least some of those "House Freedom people" will vote for a "fantastic deal."

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19 minutes ago, edjr said:

"This 'deal' is insanity. ... Not gonna vote to bankrupt our country. The American people deserve better," Rep. Ralph Norman, R-S.C. and a member of the House Freedom Caucus, tweeted.

Rep. Chip Roy, R-Texas and another member of the House Freedom Caucus, was more blunt, tweeting that the bill was a "turd-sandwich."

Rep. Johnson said on "State of the Union" that despite the criticism, he thinks at least some of those "House Freedom people" will vote for a "fantastic deal."

They can virtue signal and vote no because there are enough votes for this terrible deal to pass.

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Just now, Cdub100 said:

They can virtue signal and vote no because there are enough votes for this terrible deal to pass.

Do they have more than their vote?  McCarthy did this. 

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I think every American should also have the chance to up their debt limit every year. it is only fair. 

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8 hours ago, The Real timschochet said:

There seems to be a disconnect among some conservatives about this debt ceiling deal: they are very angry and saying that McCarthy got rolled. Yet for years now these same folks have been telling us that Biden is inept, Biden is mentally incompetent. If that is true; then how exactly did he roll McCarthy? 

Joe is a demented old fool . He’s pushed out in front of cameras on occasion to hopefully read and stay on the script . I’m  ignoring the ruse, you seem to think everything is on the up & up

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1 hour ago, edjr said:

Do they have more than their vote?  McCarthy did this. 

They have plenty of votes, this isn't a Republican majority thing against all the Dems voting no.  They will have plenty of yes votes from both parties so the fringe on both sides can virtue signal.  It's just the right fringe getting all the air play, because, per usual.  

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21 hours ago, GutterBoy said:

Define "rich".  Billionaires barely pay.  Everyone knows this.

 

Elon Musk paid $11 billion in taxes in 2021.

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13 minutes ago, RogerDodger said:

They have plenty of votes, this isn't a Republican majority thing against all the Dems voting no.  They will have plenty of yes votes from both parties so the fringe on both sides can virtue signal.  It's just the right fringe getting all the air play, because, per usual.  

Incorrect. There are articles on Huffpost, CNN, Washington Post, etc with progressives whining about the deal. Saw CNN talking about this on the weekend. 

But agreed the deal will get done. The Chip Roys and Jayapals can complain about this and that. 

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17 minutes ago, Baker Boy said:

Elon Musk paid $11 billion in taxes in 2021.

A few things here.  He has a history of paying very little in taxes, in 2018 he paid zero.  In 2021, he exercised $24B in NSOs, hence the $11B tax bill, since it's treated as ordinary income.  His strike price was like $6, and TSLA was trading at $1K, so he paid income of the difference.  If he exercised his options when they vested years ago, he would have a lower cost, and thus only have to pay capital gains (20%) on the gain.  He focked up.

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Lots of talk that the far right conservative wing are going to vote against, or at least try to block,  McCarthy/Biden's deal thinking they did not get enough in it.

 

 

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8 minutes ago, Sean Mooney said:

Lots of talk that the far right conservative wing are going to vote against, or at least try to block,  McCarthy/Biden's deal thinking they did not get enough in it.

 

 

Good 

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36 minutes ago, Sean Mooney said:

Lots of talk that the far right conservative wing are going to vote against, or at least try to block,  McCarthy/Biden's deal thinking they did not get enough in it.

 

 

They don’t need them unless Dems start peeling off in droves. I wouldn’t be surprised if a few progressive Dems do the same. 

This will be some good theater for them. 

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4 hours ago, GutterBoy said:

He has a history of paying very little in taxes, in 2018 he paid zero. 

Wow, how'd he get out of paying all that property and sales tax?

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Just now, RogerDodger said:

Wow, how'd he get out of paying all that property and sales tax?

We're talking about federal taxes here slappy, try and pay attention.

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New fiscal plan is a  buncha smoke and mirrors anyway, nothing is gonna change.

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1 hour ago, RaiderHaters Revenge said:

Yes funding big war and pharma is important stuff 

Good luck cutting the defense budget.

Funding big pharma?

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