Negative Income Tax Rates / Maximum Wages

Discussion in 'Politics, Religion, Social Issues' started by guzhogi, Sep 28, 2016.

  1. guzhogi macrumors 68030

    guzhogi

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    #1
    Let me preface this by saying that I'm not for this; I'm just playing devil's advocate and hoping for some interesting dialog.

    Just out of curiosity, why don't Republicans call for a negative income tax rate for corporations? You know, instead of them paying the government, the government pays them. And the more profitable they are, the more money they get back. Also, I often hear about how raising the minimum wage would ruin businesses. Why not put a cap on hourly wages. Obviously, don't cap salaries of C-level executives and owners.

    I've often heard conservatives say that taxes and wages are too high and drive away business. Not sure how we'd pay for this. Maybe VATs on imported goods and services? Raise tax rates on the non-1% people. Hey, trickle-down economics works, right? (Sarcasm)
     
  2. tunerX Suspended

    tunerX

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    #2
    I am pretty sure you don't hear conservatives say wages are too high... High wages are good, if the work is worth the wage.
     
  3. thermodynamic Suspended

    thermodynamic

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    #3
    Who defines the work and its value? Along with tax cuts that help their raises but don't trickle down, as with wage stagnation, do you believe (hypothetical, devil's advocate, etc) the working class will improve on its path to prosperity as result?

    When we have CEOs getting fired for actions that hurt or kill the company but walk away with $500 million as reward, something's not right for more reasons than one.

    Conservatives tend not to say anything. Remember, in the debates, Trump said far more about the economy while relating to the working class than anyone else. At least one of those two factors explains his popularity over the rest of the GOP he's running against.
     
  4. BoxerGT2.5 macrumors 68000

    BoxerGT2.5

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    #4
    Wages are too high according to them relative to what a 12yr old Vietnamese girl makes sewing Nike's for 14hrs a day. Compared to that, yes, the american worker is a greedy mother ****er. Let's be honest though, these jobs that get shipped over seas, they're never coming back. I wish politicians would stop trying to convince people they can bring them back.
     
  5. guzhogi thread starter macrumors 68030

    guzhogi

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    #5
    I remember talking to a fairly right-leaning legislator near me and she said that it "hurts the job creators". Okay, mom-and-pop stores might not be able to afford $15/hour without cutting staff hours or raising prices. However, companies like Apple and Walmart, who make billions in profits a year, could.
     
  6. zioxide macrumors 603

    zioxide

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    #6
    Companies that can't afford to pay a fair wage simply don't have a viable business model and don't deserve to be in business.

    Other taxpayers shouldn't have to subsidize your workforce through welfare and food stamps because you built a ****** business. Pay up or gtfo.
     
  7. BoxerGT2.5 macrumors 68000

    BoxerGT2.5

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    #7
    I do think there should be an exception made for small businesses who employ less than 20 people. We're living in a country where we buy up cheap Chinese **** at Wal-mart by the buckets. We don't have a society where people are willing to pay more for something so someone can make a decent wage. **** you, **** him, **** everyone, it's all about me. Until that changes this idea that in order to pay a certain wage we force business to raise it's prices beyond what anyone (even those fighting to raise wages) are willing to pay is unrealistic.
     
  8. VulchR macrumors 68020

    VulchR

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    #8
    How about cutting corporate taxes and then really ramping taxes on rich private individuals (or trusts that benefit them)? For instance, eliminating all deductions if one earns over 6 figures (decreasing them linearly from, say, from 100% at the 75th income percentile upward). If corporations generate jobs and wealth, we're better of taxing the rich.
     
  9. BoxerGT2.5 macrumors 68000

    BoxerGT2.5

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    #9
    It's not hard to make over 6 figures in a place like NY and live in a shoe box walk up in Yonkers.
     
  10. VulchR macrumors 68020

    VulchR

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    #10
    But people in NYC have resources that people in Podunk Appalachia do not... You could make the same argument about rich neighborhoods in cities all over the US, so I understand your point but I think that 6 figures is so far beyond what most people earn that full taxes should paid.
     
  11. BoxerGT2.5 macrumors 68000

    BoxerGT2.5

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    #11
    Even Chuck Schumer would disagree with you. Making 100k isn't what it used to be.
     
  12. VulchR macrumors 68020

    VulchR

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    #12
    OK - perhaps the cut-off is a point that could be debated, but I do not understand why anybody who is in the top percentiles is allowed any deductions, particularly since most deductions are aimed at helping working- and middle-class people. In the end, I fear the rich will have to pay one way or the other: through taxes or through widespread damage caused by social unrest and war.
     
  13. BoxerGT2.5 macrumors 68000

    BoxerGT2.5

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    #13
    97% of the tax burden in this country is paid for by anyone making over 79K. People making less than 50k likely pay nothing and get a check in the mail. You want to take away their deductions, the ones everyone is afforded? How much more do you want the 97% to do?
     
  14. VulchR macrumors 68020

    VulchR

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    #14
    What proportion of the nation's wealth, not income, do people earning over 79K have? And I mean total wealth, including trusts, properties, cars, boats, cars, etc. I bet it is greater than 97%. Taxes for the wealthiest Americans have been as high as 70% in the past and the country seemed to survive, as did the wealthiest in our society.

    Alternatively, we can continue to give the rich a free ride and watch the streets of our cites go up in flames. The unrest is quiet now, but at some point the business cycle will swing back and it will remind people of 2008. Perhaps it will be even worse than 2008 given that the central banks cannot lower interest rates much further. Honestly I fear for the future.
     
  15. pdqgp macrumors 68020

    pdqgp

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    #15
    ^^ So you don't see the above as true? Really?
     
  16. diamond.g macrumors 603

    diamond.g

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    #16
    Minimum wage right? I don't think anyone believes regular wages are too high.
     
  17. Eraserhead macrumors G4

    Eraserhead

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    #17
    If I earn £40k in Glasgow and don't have a mortgage that's probably equivalent to £150k in London with rent.

    And for £650k in Glasgow I get a 5 bed detached house in Milngavie. In London I get a 4 bed terraced house in Tottenham.
     
  18. impulse462 Suspended

    impulse462

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    #18
    but trump and his supporters told me he would. He's the best business man. I think I will vote for him on Election Day.
     
  19. citizenzen macrumors 65816

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    #19
    You left out the mechanism by which the money comes back to the government.

    Could you please fill in that missing information?
     
  20. BoxerGT2.5 macrumors 68000

    BoxerGT2.5

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    #20

    Barely anyone ever paid 70%. 79k is not wealthy, it's not even rich. It's living paycheck to paycheck for anyone who isn't single. Yes, taxes were at one point in time 70%, the Carter years were some of our most prosperous. :rolleyes:
     
  21. VulchR macrumors 68020

    VulchR

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    #21
    As conservatives always say - you choose where you live.
     
  22. DrewDaHilp1 macrumors 6502a

    DrewDaHilp1

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    #22
    How about the employer and the employee?
     
  23. VulchR macrumors 68020

    VulchR

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    #23
    I cannot vouch for the neutrality of this site, but the data match the types of statistics I often hear from economists, so it might be of interest - see link. If this source is to be trusted, in the 1950's and 1960's the wealthiest Americans paid up to 90% income tax, and yet the country's GDP growth was amazing. Now the 400 richest Americans pay on average 20% income tax. And to answer my question about wealth, the bottom 80% of Americans own 11% of the nation's wealth.

    We can argue statistics until the cows come home. If I am right, however, eventually people will destroy this unfair system, most likely through civil unrest after right-wing politicians continue to cut taxes for the wealthy and push austerity by removing any social safety net. We've already had riots in many cities both in the US and UK since 2008. I wonder if the rich and powerful will wake up and smell the coffee before we see a breakdown in society that would harm everybody.
     
  24. 5684697 Suspended

    5684697

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    #24
    Sweet Meteor of Death - 2016

    My tax plan:
    • Tax Exemptions: Abolished
    • Taxes: Gone
    • Tax Attorneys: Vaporized
    • Taxpayers: Exterminated
    • Taxonomy: No longer necessary

    SMOD 2016.jpg
     
  25. nbs2 macrumors 68030

    nbs2

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    #25
    I make more than the 79k figure, as does the missus. We have no trusts (nor do our children, but we do have a 529 as part of our college planning), a house with a mortgage, two cars (one of which is a 20 year old Civic), and no boat. So, what free ride am I getting?
     

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