Matt Davies for April 08, 2021

Yeah, I really feel sorry for those poor guys. That’s such a burden. /s

So, New Yorkers who make over $400,000.00 a year are considered middle class?

Beijing overtakes New York as billionaire capital of the world for first time

The Chinese capital added 33 billionaires last year, taking the total to 100

https://www.independent.co.uk/asia/china/beijing-billionaire-capital-new-york-b1828450.html

I’ve got to watch the John Oliver episode where he shows how you can set up your own church and not pay taxes. Easier than setting up a political action committee to rake in money and having anyone question how you spent the money.

got that right – corporations and millions don’t pay taxes they rather pay lawyers to get them out of paying taxes and the gops make sure the taxes laws will never be changed

Actually, I’ve always thought that a federal tax of, oh, say 10% nationwide on ALL INDIVIDUALS AND CORPORATIONS with a box somewhere on the single page I.R.S. form indicating the filer made less than $100,000 less that year and were, therefore, exempt, would work just fine.

The figures could be juggled, of course – the important thing would be that THERE WOULD BE NO EXCEPTIONS once it was set.

Of, course, it isn’t “FAIR” ,but everyone gets “screwed” the same; which is a different kind of “FAIR”.

We tolerate taxes because it’s the price of getting what the government uses them for. Well, that and the IRS is downright mean spirited… But the (ahem) discussion (ahem) about how to assess taxes and what to buy with them get get downright… lively.

Eliminate the cap on deducting state and local taxes on federal tax form, including property taxes, put on by the (expletive) 2017 tax cut bill.

The perception IS the reality, Matt. The wealthy elite exist in cities in the clouds above us and we work ourselves to death to support them.

This cartoon is not about the federal taxes, which apply uniformly to all states, but rather comments on how high the additional income tax is in NY state and particularly the city. The state’s marginal rate is 6.85%, and I believe the city adds a couple of % on top of that.

One used to be able to deduct the state and local taxes from your federal income, effectively getting the federal system to subsidize the state taxes by your marginal federal rate. That deduction is now gone, removing that subsidy. That high marginal rate is punitive to folks with a simple salary and no games to play, but greatly increases the motivation to focus on a variety of exemptions. This perverse game of increasing the rates and then handing out exemptions like candy is what leads to great inequities in our tax system.

Above Wellis1947 made the proposal of no tax up to 100,000, then a 10% tax, no exceptions. That “flat tax” is much what Steve Forbes was promoting a few decades ago, and it has a lot of merit. I remember at the time a marginal rate of 22% (and an exemption of around 75,000 as I remember it) was what was needed to keep in revenue neutral. I don’t think the 10% will cut it.

So, with all those nasty taxes, they still have chartered jets? The latest such evidence comes from the London School of Economics. In December it released a study looking at 50 years of tax cuts across 18 OECD countries. The conclusion was that cuts did not lead to significant increases in competitiveness or GDP. Rather, the main thing they led to was greater inequality because the top 1 per cent captured nearly all of the gains.“Our research shows that the economic case for keeping taxes on the rich low is weak,” said one of the authors.Those who advocate higher taxes note that countries such as Sweden do not seem to suffer from a lack of dynamism, and that the postwar decades were high-tax, high-growth. In 2012, two economists, Peter Diamond at MIT and Emmanuel Saez at Berkeley produced a paper arguing that the ideal top rate for society as a whole was 73 per cent.

As for the rest, the idea that cuts for the rich produce more economic activity than those for the poor (who almost certainly will spend them) is questionable at best. Here it is worth remembering that the term “trickle-down”, which is widely used to describe supply-side economics, was (probably) coined by the humorist Will Rogers in a 1932 newspaper column on the shortcomings of President Hoover. Fin Times March 2020. Do some research Matt.

State and local taxes can still be deducted, along with real estate taxes. The sum cannot exceed $10,000.

Jackass Matt shows ignorant bigotry

“Taxes? My dear, only the LITTLE PEOPLE pay Taxes!”

Wrong again. You are so tiring.