Tax cuts for the rich and tax havens are structures of sin

[BT3241]

Tax breaks actually came into being to create a better business environment to create Jobs and attract business it was not really for the individual - lobbying expanded them to everyone - its all the politicians that are at fault for created this mess of tax breaks - they created all these Tax breaks trying to get elected or reelected. Should of left it simple.

 

[BT3241]

Actually if you think about it if some of these rich guys gave a little bit back to their employees it would improve the economy and would result in more sales of products and services . Its hard to make ends meet now people are living paycheck to paycheck - its capitalism out of control if they would just allow some to flow back in wages the economy would be roaring. But they try to squeeze out every last cent of profit they can. Its their fault for being so greedy. Its all about consumers and they actually slow it down by cutting wages of their consumers to obtain more profit. It doesn’t make sense would work better the other way. More consumers more profit.

 

[VonDerTann]

I’m sorry, yours is just so much more “the little guy can’t get ahead!,” and it’s largely inaccurate.

Many, many corporations are carrying their employees on full salaries despite having zero money coming in. As an example, Wynn Resorts, which own various casinos in Las Vegas, is planning to carry their employees through at least May 15, not only on full wages but with also paying them estimates of what tips would have been, despite the casinos being shuttered.

The phenomena you describe, wherein people can’t afford cars, homes, whatever, isn’t capitalism run amok, it’s entitlement run amok, and “lack of savings” run amok: Sheesh, the number of Americans who couldn’t absorb the loss of a single solitary paycheck before wanting/needing a bailout is staggering. See those long lines of cars at food banks? There were a LOT of new models in those lines. The average car loan in the US is now 70 months, and the average car payment is now over $500 per month. Most Americans live way, way beyond their means, and that can’t be blamed on their employers; it’s on them themselves.

 

[Convert3]

My son and his wife both work for Starbucks. My son worked from home, but my daughter-in-law manages a store. Her staff and all store employees were paid their normal wages and benefits while the stores were closed. Employees were given the choice to work if their store has a drive through and they got paid an extra $3/hr over their normal pay.
Many companies are stepping up if they can.

 

[JoeFreedom]

My wife and I are considered “rich” when it comes to the politicians, but up until 2 years ago, we owned dumb phones. We finally upgraded to smart phones because my dumb phone broke and it was literally $20 more a month total to get smart phones, but we ended up getting really really cheap smart phones and just paid for them outright. Our car payments are relatively low and I made wise decisions in how I paid my mortgage and was able to pay it off in 7 years despite not having more money than the next guy, because we didn’t buy the mega-mansion. I had my last car for 17 years until the transmission died, and I do whatever work I can on it and around the house myself rather than paying people (I’m handy, but only to a degree). We hadn’t taken a vacation for nearly 8 years because it is more important to fund our children’s education, our retirement, ensure we have enough savings. It’s sad to know the facts demonstrate that most people have little to no savings and would go hungry if they lost a paycheck, but yet own iPhone 11s with unlimited data plans, subscribe to all the streaming services, and finance everything with debt. There is a concept that is almost dead and buried, it is called living within one’s means.

 

[signit]

I’m sorry, yours is just so much more “the little guy can’t get ahead!,” and it’s largely inaccurate.

Many, many corporations are carrying their employees on full salaries despite having zero money coming in. As an example, Wynn Resorts, which own various casinos in Las Vegas, is planning to carry their employees through at least May 15, not only on full wages but with also paying them estimates of what tips would have been, despite the casinos being shuttered.

And not only that, but a few years ago, before the crisis, a lot of companies shared their benefits from the 2017 Republican tax cuts with their employees.

 

[farronwolf]

Yea. Data doesn’t show trickle down trickled down this last go round any more than it has previously.

KEY FACTS: HOW CORPORATIONS ARE SPENDING THEIR TRUMP TAX CUTS - Americans For Tax Fairness

 

[EssentialBeing]

The top 10 percent of earners bore responsibility for 70 percent of all income taxes paid – up slightly from 2016 – while half of all tax filers paid 97 percent of all income tax revenue." -National Taxpayers Union

50% of the world’s net wealth (not taxes) belongs to the top 1% of earners.

85% of the world’s net wealth belongs to the top 10% of earners

Ref: Wealth Distribution

With statistics like this it is little wonder why the wealthier portions of society pay a higher rate of tax.

 

[EssentialBeing]

Maybe it seems unfair to those wealthier however with ownership of wealth overwhelmingly with the top earners then it would seem there is an obligation by governments to obtain income via taxes fairly. After all there are many inequalities between those that have and those that don’t.

The wealthier are able to access parts of the system not readily available to those less wealthy. The best doctors, lawyers, accountants, teachers etc. are more accessible to the wealthy. Not to mention the levels of excessive consumption by the wealthy such as a 10 bedroom 5 bathroom mansion to house 1 person or 7 cars in the garage for a family of 2 people. Lets not even get into the access to tax havens & government concessions like subsidies & corporate bailouts.

I agree that the levels of taxation should be the same across the board however governments obviously don’t see it that way. And maybe the points I highlight are part of the reason why they are not.

If taxes where equalised across the board their is no doubt the overall rates of taxation would be much higher. A greater burden for those LESS wealthy and a lesser burden for those MOST wealthy.