Thread: State bans use of tanning beds by minors

speaking of taxes did you hear how Hermain Cain wants everyone to pay a flat tax of 9%? he wants to reduce the top tax rate which is at 35% now down to 9%. that alone would pretty much reduce tax receipts to the federal government to a point where not much would remain.

supply-siders have been saying since 1980 that taxes were too high, it's wasn't true then and it isn't true now. supply-side economics is a myth, there are no mathematical models that show an increase in anything when tax rates are reduced. the US tax code is definitely fubar, but like everything else it benefits those at the top far more generously than those at the bottom. the way the current tax structure is right now 3/5ths of the tax savings go to households with incomes of $165K or more and they are only 1/5 of itemizers.

the best thing to do right now would be to target reform that would mainly benefit the middle class such as turning tax deductions into tax credits. this would also help to offset the imbalance that wage inequality has created since the late 70's. wages for those in the lower middle class are pretty much the same now as they were 35-40 years ago once adjusted for inflation, while those at the top have seen income growth of several hundred percent after adjusting for inflation. I think the middle class has suffered enough over the past 40 years with wages and the trillions of home wealth lost in the late 2000's which can never be made up.

many don't know that effective tax rates change with inflation and have different effects on things like capital, property, bonuses or a new investment depending on the statutory tax rate and depreciation deductions, etc.

I knew when he first opened his mouth what he was (a POS) and he thinks he's slick by trying to sell a flat tax to the people which really only helps capital. In the absence of external effects or other “market failures,” capital is allocated most efficiently when all returns are taxed in at the same rate and when financial choices are not influenced by the tax code.

there are many systemic problems in the economy right now that are coming to a head after decades of doing nothing about them. right now 2 of the biggest problems is extensive lobbying specifically in the finance sector and the continued use of top-down grants which only make things worst.

Originally Posted by LAM

speaking of taxes did you hear how Hermain Cain wants everyone to pay a flat tax of 9%? he wants to reduce the top tax rate which is at 35% now down to 9%. that alone would pretty much reduce tax receipts to the federal government to a point where not much would remain.

supply-siders have been saying since 1980 that taxes were too high, it's wasn't true then and it isn't true now. supply-side economics is a myth, there are no mathematical models that show an increase in anything when tax rates are reduced. the US tax code is definitely fubar, but like everything else it benefits those at the top far more generously than those at the bottom. the way the current tax structure is right now 3/5ths of the tax savings go to households with incomes of $165K or more and they are only 1/5 of itemizers.

the best thing to do right now would be to target reform that would mainly benefit the middle class such as turning tax deductions into tax credits. this would also help to offset the imbalance that wage inequality has created since the late 70's. wages for those in the lower middle class are pretty much the same now as they were 35-40 years ago once adjusted for inflation, while those at the top have seen income growth of several hundred percent after adjusting for inflation. I think the middle class has suffered enough over the past 40 years with wages and the trillions of home wealth lost in the late 2000's which can never be made up.

many don't know that effective tax rates change with inflation and have different effects on things like capital, property, bonuses or a new investment depending on the statutory tax rate and depreciation deductions, etc.

I knew when he first opened his mouth what he was (a POS) and he thinks he's slick by trying to sell a flat tax to the people which really only helps capital. In the absence of external effects or other “market failures,” capital is allocated most efficiently when all returns are taxed in at the same rate and when financial choices are not influenced by the tax code.

there are many systemic problems in the economy right now that are coming to a head after decades of doing nothing about them. right now 2 of the biggest problems is extensive lobbying specifically in the finance sector and the continued use of top-down grants which only make things worst.

Our tax code is a joke. The IRS isnt even sure what the tax code means. I dont really like the flat tax but I do believe it would work in the ballpark of about 15%. Now, the super wealthy would have a problem with that because that is a 10% increase on their precious assets BUT the middle class would get a 10% decrease in taxes. Would be nice.
My only thing is changing the tax code is great but its still catering to a system that isnt working. I think we need fundemental changes to our monetary policy as a whole. Does it not make anyone else nervous that our ENTIRE national wealth is held by a private bank? Talk about whoring out our wealth and prosperity. We dont necessarily need to go back to the gold standard but why cant our dollar be valued off of our GDP? We would have the worlds second most valuable currency if that were the case. Sure you would see more fluctuations but even then there would be no inflation.
I really dont like economics and we currently operate under Keynesian economic principles. Regan's supply side wasnt even really supply side. It was Keynesian + supply side.
I believe in a True free market. Not one with central bank. Cant really be free when your money has no value. I HATE when people say free market today like its what we have. Our market is far from free. Gas in a free market would be dirt cheap. Why? Because we would control the cost as consumers and the cheapest company out there would get our business. The only regulation that the government would provide in a free market is awkwardly enough the only protection they dont give us now and that is the ability to stop 8 different oil companies from tag teaming the American public by setting their prices according to eachother and all profiting accordingly.

I am too tired to ramble anymore here bro. I will re read this all when I am more awake and see how much sense I didnt make.

PS. Herman Cain is a joke too. Nice little typical republican play on words "If 10% is good enough for God, 9% is good enough for government."

Shit is ridiculous.