The FED has lost it

[DaShuckster]

If you're only raising taxes on 2% of the population, you're probably not going to make a dent in the budget.

Nonsense. The top 6% represent around 60% of our Federal taxes. The top 25% represents 75%. The bottom 50% of wage earners represent less than 3% of the total.

 

[hemightbejeremy]

If you're only raising taxes on 2% of the population, you're probably not going to make a dent in the budget. Need to get down to the 50,000 income bracket to really have a large enough pool of income to increase tax revenue to the point where it makes a difference.

Actually the top 1% of Americans have 40% of the wealth in the country. So even just limiting it to top 1% can make a pretty healthy dent.

 

[Crazyhole]

Nonsense. The top 6% represent around 60% of our Federal taxes. The top 25% represents 75%. The bottom 50% of wage earners represent less than 3% of the total.

Of taxes, yes. Of income, no. You need to raise taxes on the majority of income, not just a sliver of it.

 

[sk8knight]

I mean if he says “you” will get a $2000 tax credit per child are we to assume that the household gets $4000 per child? I never looked at it this way but I guess there could be confusion. Maybe it stems from the stimulus payment being for individuals, but in general all income on a tax filing is considered the same “entity” even if multiple earners are on it. But at least now (and even before the election) it has been cleared up with regards to the $400k income threshold so there shouldn’t really be any more confusion at this point.

I understand what you’re trying to say but the WH has doubled down on their phrasing of individuals. You’re making up the definition for them based upon your hope that they mean families and didn’t just straight up lie. But they are telling you in plain English what they mean and you won’t believe it.

And they have to raise them on individuals making less that $400k because there simply aren’t enough making that or more to pay for everything they’re doing and to make up for the EOs that have gone out that have hurt revenue.

Time will tell but I think we’re going to see a much broader impact than you are hoping for.

 

[hemightbejeremy]

I understand what you’re trying to say but the WH has doubled down on their phrasing of individuals. You’re making up the definition for them based upon your hope that they mean families and didn’t just straight up lie. But they are telling you in plain English what they mean and you won’t believe it.

And they have to raise them on individuals making less that $400k because there simply aren’t enough making that or more to pay for everything they’re doing and to make up for the EOs that have gone out that have hurt revenue.

Time will tell but I think we’re going to see a much broader impact than you are hoping for.

I have seen people bitching about the 400k threshold being for household income for months. Well before the election. When you say double down do you mean clarify? Because that’s what I see in the article that you posted from the nypost. If they haven’t clarified already that the 400k is household income threshold then why are you banging a drum about how he is already breaking promises? It seems like if the White House “doubled down” as you say then we would have to wait for the actual legislation before you mark up your promises scorecard.

 

[sk8knight]

I have seen people bitching about the 400k threshold being for household income for months. Well before the election. When you say double down do you mean clarify? Because that’s what I see in the article that you posted from the nypost. If they haven’t clarified already that the 400k is household income threshold then why are you banging a drum about how he is already breaking promises? It seems like if the White House “doubled down” as you say then we would have to wait for the actual legislation before you mark up your promises scorecard.

Sure, which is why I wrote “time will tell.” Now come back and take the last word and we can all feel good.

 

[hemightbejeremy]

Sure, which is why I wrote “time will tell.” Now come back and take the last word and we can all feel good.

Don’t cop out like that. It’s a message board for discussion. I know the cooler has become a place where like 5 guys come in and circle jerk about how bad Biden is and shucky tries to provide the counter point. I guess I’ll let you guys get back to it.