Hell no. If you get rid of corporate taxes, that money goes straight to the shareholders (whether in the form of dividends or buybacks), not to wage earners. Get rid of corporate taxes but tax capital gains as ordinary income? Now I'm listening....
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Business, Economics, and Taxes: Capitalism. Yay? >=(
- Thread starter RaceBoarder
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Hell no. If you get rid of corporate taxes, that money goes straight to the shareholders (whether in the form of dividends or buybacks), not to wage earners. Get rid of corporate taxes but tax capital gains as ordinary income? Now I'm listening....
Kepler
Cornell Big Red
I used to believe we should stop taxing corporations entirely and just tax rich people into penury, but I now believe we should tax both. I would absolve businesses from corporate tax if they were wholly owned by the workers, all workers had shares, the ratio of high to low salaries within the company was within set limits, and all workers had full benefits.
Keep the market economy. End Capitalism.
Also: end sales tax and compensate by hiking the high end of income and property tax, and apply a progressive wealth tax that scales from 1% > $10M to 50% > $1B, 90% > $10B, and 99% > $100B. Not an income tax... a wealth tax. Every year. Keep ahead of that if you can, Bezos. You're such a genius I'm sure you can.
No American should have a billion dollars when median American family wealth is $121,000.
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Deutsche Gopher Fan
Registered User
More likely the immigrant population
but I really only said it because it was the first thing that cable to mind when I thought of harmful backwards theories that ruins lives
unofan
Well-known member
God no. If anything go the other way and treat businesses the same as individuals and actually tax income, not profits. Because all of a sudden you'll see 330 million new LLCs formed over night.
We see this on a smaller scale at the state level in many places already. Odds are your state university's football coach gets paid his nominal salary personally, but all the extras from camps, endorsements, etc. get paid to an LLC to avoid taxes.
dxmnkd316
Lucia Apologist
Oh god, sorry, I forgot to mention that. All income is income.
Having just tried to parse IRS Publications 550 and 525 for the exact rules on employee stock programs, it's a fuckin nightmare.
dxmnkd316
Lucia Apologist
That does seem to be a hurdle to what I suggested.
Deutsche Gopher Fan
Registered User
Isn’t it fun? I’m so tired of the “oh rising values are great” line because these increases will def force some people to not insure their homes at the same level as before
ScoobyDoo
NPC
That depends. You still have to live somewhere. If you sell and rebuy you gain nothing.
Kepler
Cornell Big Red
You move someplace they haven't risen yet. Or you realize so much on the sale you don't care.
ScoobyDoo
NPC
Yeah, no. I'm not moving an hour away from the city to live in a shitty house in a shitty location like my friend and his wife just did.
100% this. It really sucks for people close to retirement who want to downsize.
Um, what? Unless you’re “downsizing” by moving from a big house in the burbs to a small place in the city, that’s not how downsizing works. And if you are moving from a less desirable (burb) to more desirable (city) place, well that’s just a preference, not a case of suckitude.
Do you maybe have some actuarial tables that explain your position?
Kepler
Cornell Big Red
That's not what you do. You move from a claustrophobic, overpopulated, expensive coastal city to a spacious, underpopulated, inexpensive western city, and drive their values up.
ScoobyDoo
NPC
Yeah, that's happening.
Kepler
Cornell Big Red
In about 1000 days and counting.
ScoobyDoo
NPC
I wasn't being sarcastic at all that time. It is happening. That is what is going on and it's driving everything up everywhere.
Kepler
Cornell Big Red
Sorry. My meter is broken. GenXers did it.
It is happening in droves on the west coast, with LAers finally giving Seattle and Portland a break and invading inland to overwhelm Phoenix, Austin, Albuquerque, Tucson, and Las Vegas, not to speak of the MAGAts retreating to Dallas and Spokane after their pity party losing CA.
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