How are we going to pay for all this shit?

[Tiny]

The Associated Press reports that in addition to support for the 15% minimum tax on corporations, support is coalescing around a 5% surtax on personal income above $10 million, and an additional 3% over 25 million. In addition the 3.8% net investment income tax would apply to all income.

[The_Waco_Kid]

Originally Posted by Tiny

. In addition the 3.8% net investment income tax would apply to all income.

sounds like a 4% across the board tax increase to me. the same Trump saved me. and if the far left DSSP have their way this is just the beginning.

[Tiny]

Originally Posted by adav8s28

It has been said that Amazon does not pay any taxes at all, sort of like our former president Trump. Yahoo sees Manchin's idea a little differently than you do.

Sen. Joe Manchin, a key centrist Democrat negotiating the party’s massive social welfare spending bill, criticized a new plan to tax billionaires but came up with his own formula.

Manchin, of West Virginia, pitched a “patriotic” 15% tax on the nation’s billionaires that would ensure they pay enough.

“That’s called a patriotic tax,” Manchin told reporters on Wednesday.

Amazon pays lots of tax. It used to get away paying very little income tax because it wasn’t very profitable. Their accounts payable were much higher than their inventories and accounts receivable. So they could grow like a bat out of hell when they were just breaking even. Basically they’d pay their suppliers or independent merchants who were selling on the Amazon platform after maybe 90 or 100 days. But got cash from their customers who were paying by credit card in a day or two. The accounts payable were interest free loans, and as long as they kept growing this worked like a charm. They grew using excess working capital instead of profits to grow the business. But that was in the past.

Manchin’s making up his patriotic tax on the fly. See my reply to your post for what he appears to be proposing. I don’t see how it would really work. Maybe if a person owned a pass through business that benefitted from accelerated depreciation or tax credits, the patriotic minimum tax could apply. Or if someone had huge charitable contributions or got the majority of his income from tax free municipal bonds.

[eccieuser9500]

Originally Posted by Tiny

The Associated Press reports that in addition to support for the 15% minimum tax on corporations, support is coalescing around a 5% surtax on personal income above $10 million, and an additional 3% over 25 million. In addition the 3.8% net investment income tax would apply to all income.

Ain't that a bitch?

[Tiny]

Originally Posted by The_Waco_Kid

sounds like a 4% across the board tax increase to me. the same Trump saved me. and if the far left DSSP have their way this is just the beginning.

Yes. You can’t pay for a European style welfare state without imposing high taxes on the middle class.

[eccieuser9500]

Originally Posted by The_Waco_Kid

sounds like a 4% across the board tax increase to me. the same Trump saved me. and if the far left DSSP have their way this is just the beginning.

You bet your lazy ass it is.

[eccieuser9500]

Originally Posted by Tiny

Yes. You can’t pay for a European style welfare state without imposing high taxes on the middle class.

This is an American-style tax. On the wealthy investors. Like . . . who? Not me. That's for sure.

[Tiny]

Originally Posted by eccieuser9500

This is an American-style tax. On the wealthy investors. Like . . . who? Not me. That's for sure.
]

Yes, this would make the most progressive tax system in the developed world even more progressive. That’s except for the very wealthiest, the top .01%, who on average do pay at a lower rate than upper middle class earners

[nevergaveitathought]

all this

while the cruelest tax of all hits the working man

inflation

inflation caused by the chaos of the true believers in the biden fiasco

expected to cost 54% more to heat your homes this winter in the northeast

[rexdutchman]

1% flat tax simple ,,

[WTF]

Originally Posted by Tiny

Yes. You can’t pay for a European style welfare state without imposing high taxes on the middle class.

Well then maybe there shouldn't have been the huge Trump tax cut for the wealthy that were supposed to pay for themselves

[WTF]

Originally Posted by nevergaveitathought

all this

while the cruelest tax of all hits the working man

inflation

inflation caused by the chaos of the true believers in the biden fiasco

expected to cost 54% more to heat your homes this winter in the northeast

Good news for those here in Texas invested in energy stocks!

[WTF]

Originally Posted by Tiny

Yes, this would make the most progressive tax system in the developed world even more progressive. That’s except for the very wealthiest, the top .01%, who on average do pay at a lower rate than upper middle class earners

Those guys pay around 8% ...yet a bunch of poor people are crying for them.

I had no trouble with the wealth tax...other than it is just a drop in the ocean.

[nevergaveitathought]

Originally Posted by WTF

Good news for those here in Texas invested in energy stocks!

I almost dropped my coffee

a true post

but only true for a season

[Tiny]

Originally Posted by nevergaveitathought

all this

while the cruelest tax of all hits the working man

inflation

inflation caused by the chaos of the true believers in the biden fiasco

expected to cost 54% more to heat your homes this winter in the northeast

Larry Summers, the dean of Democratic Party economists, said this was coming back when Democrats were passing the $1.9 million COVID stimulus bill with no Republican support earlier this year.

Now they're just throwing gasoline on the fire. Jim Cramer, who usually doesn't have much worthwhile to say, observed this morning that contractors are busy and they can't find workers right now. In other words, this is not the ideal time to be embarking on $1.2 trillion in infrastructure spending. It will cost the taxpayer more and fan the fires of inflation.