Author Topic: Tax Policy  (Read 389097 times)

ccp

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NYT piece critical of high property taxes
« Reply #1050 on: November 24, 2021, 11:42:39 AM »

DougMacG

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Re: NYT piece critical of high property taxes
« Reply #1051 on: November 24, 2021, 02:26:43 PM »
but of course,

in DEEP RED Nebraska:

https://www.nytimes.com/2021/11/23/business/taxes-family-farm.html

Yes.  Strange story.  Rush Limbaugh first reported NYT was sending "foreign correspondents" to the heartland to find out what people are thinking, since no one at the Times knew anyone who voted Republican.  Looks like a reporter went there, took pictures and talked to only one family while the plane waited.

"Drought" and climate issues.  That's never happened before: https://www.drought.unl.edu/dustbowl/Home.aspx

Property tax RATES are too high in Nebraska.  But at least in residential real estate, the prices and values are low too.

This is just a very late article on how hard it is to operate a small family farm.  You need state of the art equipment and methods to be productive and it takes much more acreage than that for it to be worth it.

DougMacG

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Wealth Tax, only on "the rich"? Just not so.
« Reply #1052 on: December 08, 2021, 06:31:09 AM »
Many good points in this.  Most obvious is that 120 Americans have full time jobs working for "small businesses".  Even if only the rich, think employers, are assessed each year on unrealized capital gains, they must sell the asset to pay the tax, or sell some other asset to try to keep the business and pay the tax, right while all other investors are selling their assets to pay their tax.

If you don't see the crash in that with massive loss of jobs, you are a lying (or deny the truth) Leftist.

If you don't believe logic, look at history.  This has been tried around the globe and always failed.

https://www.realclearpolitics.com/articles/2021/12/08/think_youll_be_safe_from_wealth_taxes__think_again_146852.html

Think You'll be Safe from 'Wealth Taxes'? Think Again

By Mario H. Lopez
December 08, 2021
Think You'll be Safe from 'Wealth Taxes'?  Think Again(AP Photo/Patrick Semansky)
As Washington Democrats seek ways to pay for massive current and future government spending, they continue to rely on the false promise of not increasing taxes on ordinary Americans. The supposed targets are always billionaires, Wall Street, or more broadly, “the rich.” Recent proposals from progressive politicians use the generic term “wealth tax” to drive their point.

Progressives may believe that cloaking tax schemes in the language of envy may help sell their proposals, but anyone who scratches just a bit beyond the surface sees that the rationale falls apart.

One mechanism for fueling “wealth taxes” is that the government should tax the “unrealized gains” of peoples’ assets.  They key here is “unrealized,” about which there are two critical dimensions to note. First, the value of an asset cannot be accurately assessed until there is a real transaction.  Anything prior to that is a mere projected value — what someone thinks will end up being the actual value. Second, if the projected value of an asset — your home, for example, rises 20%, it does not mean you magically have more money in the bank.  That gain exists only on paper — that is, it is unrealized.  The value of assets only becomes real once they are sold — when the gain is realized.

The same goes for stocks, which data shows are owned by more than half of all Americans, with 80 million to 100 million of us owning 401(k) saving and investing plans.

But yet, some politicians want to tax those “gains” as if they were real.  A wealth tax regime would force people to pay taxes regardless.  So if the projected value of your home rises, you would be taxed on that perceived rise, even as your income remains the same, or possibly goes down.

Wealth taxes would force people who own certain assets like stocks and other similar assets to sell them just to pay the taxes. That reduces people’s nest eggs — money that they plan to use for retirement or for a rainy day. And for the assets that remain, retirees would see their investment plans go down in value as stocks and other assets are devalued through forced sales.

And the economic impact will be exponentially worse given the effect on small businesses.  Everyone, from the struggling sole proprietorship fighting to survive in the era of COVID-19 to mom-and-pop retailers, will find themselves in the IRS’s crosshairs. 

It may surprise some to know that 99% of U.S. businesses are small, and that 120 million Americans — nearly half of all workers — are employed by small businesses. 

The role of small businesses is especially key in underserved communities. Hispanic Americans, for example, start small businesses at a rate three times that of the general population and have seen some positive growth, especially pre-pandemic, despite facing unique challenges that include access to capital.


These businesses are key to wealth and job creation, especially in the communities where they are located.  But small businesses are assets, after all, meaning that they will become easy prey for bureaucrats eager to fulfill their mission of lining government coffers to pay for the overspending that politicians demand.

As the value of the small business rises — again, on paper — owners would be forced to find ways to pay for these new, punitive taxes, undoubtedly leading to significant job losses.

But even workers who don’t lose their jobs will feel the impact directly. The American Action Forum analyzed so-called wealth taxes from two of their leading champions, Sens. Elizabeth Warren and Bernie Sanders.  The analysis found workers would be hit with $1.2 trillion in lost earnings over the first 10 years of the Warren wealth tax.  Over that same time span, Bernie Sanders’ version would cost workers $1.6 trillion in lost earnings. AAF shows that workers would essentially pay “an effective tax of 63 cents on workers for every dollar the government raises in revenue from the wealthy.”

In their zeal to go after “the rich,” progressives in Congress apparently don’t mind hurting average Americans and making their pursuit of the American dream even more difficult.

Mario H. Lopez is the president of the Hispanic Leadership Fund, a public policy advocacy organization that promotes liberty, opportunity, and prosperity for all Americans.
----------------------------------

More here:
https://www.dailysignal.com/2021/12/01/taxing-wealth-is-a-sure-fire-way-to-end-up-with-a-less-wealthy-society/

« Last Edit: December 08, 2021, 09:31:45 AM by DougMacG »

DougMacG

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Tax Policy, tax rates and tax revenues inversely related
« Reply #1053 on: December 08, 2021, 08:14:41 AM »
When the say raise taxes (on the rich, they never say raise them on you), they mean tax rates.

But (ad nauseum) taxes are paid in dollars of revenue to the Treasury, not in rates or percentages  (percentage of WHAT?).

Take a look:



Source:  Laffer, Committee to unleash prosperity

Higher tax rates motivate the rich to engage in four forms of tax avoidance:
Move money offshore
Invest in tax shelters
Park their fortunes in untaxed family charitable foundations
Reduce their workload and taxable income


DougMacG

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Re: Tax Policy Tutorial, Laffer curve and tax rates
« Reply #1055 on: December 15, 2021, 12:07:03 PM »
https://www.youtube.com/watch?v=GZT_A7MEtJg
Fee.org  Common Sense Soapbox


ccp

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NJ Casinos get tax relief
« Reply #1057 on: December 23, 2021, 10:25:43 AM »
https://www.foxbusiness.com/markets/new-jersey-governor-signs-aid-bill-for-atlantic-city-casinos

as always excuse is jobs
and lost overall tax revenue from closed casinos

blah blah blah

union jobs

this from gov who is on record from stating if taxes are your main issue NJ is probably not for you.

DougMacG

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Re: Tax Policy Calif
« Reply #1058 on: January 14, 2022, 07:54:06 AM »

G M

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Re: Tax Policy Calif
« Reply #1059 on: January 14, 2022, 07:58:33 AM »
If more is better, why wouldn't you double the tax rate?

https://www.based-politics.com/2022/01/11/aca-11-california-constitutional-amendment-would-double-taxes/

Why not just tax everything and then dole out what is needed?

DougMacG

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Re: Tax Policy Calif
« Reply #1060 on: January 14, 2022, 09:52:16 AM »
If more is better, why wouldn't you double the tax rate?

https://www.based-politics.com/2022/01/11/aca-11-california-constitutional-amendment-would-double-taxes/

Why not just tax everything and then dole out what is needed?

Yes, the 100% tax rate question. The pure Leftist is for that, and the Lean Left voter needs to ask him or herself why that is not the best policy.  In that answer lies the path to understanding and believing in the limits of government.

Strange but true, doubling the tax rates doesn't bring in more money.

It was quite amazing to see Barack Obama admit higher capital gains tax rates don't bring in more money and then favor the policy anyway, out of "fairness".  Fairness of what, for whom? You're taxing INFLATIONARY gains at the same rate as real gains.  Pure, anti-growth stupidity.

https://taxfoundation.org/obama-and-gibson-capital-gains-tax-exchange/

GIBSON: All right. You have, however, said you would favor an increase in the capital gains tax. As a matter of fact, you said on CNBC, and I quote, “I certainly would not go above what existed under Bill Clinton,” which was 28 percent. It’s now 15 percent. That’s almost a doubling, if you went to 28 percent.

But actually, Bill Clinton, in 1997, signed legislation that dropped the capital gains tax to 20 percent.

OBAMA: Right.

GIBSON: And George Bush has taken it down to 15 percent.

OBAMA: Right.

GIBSON: And in each instance, when the rate dropped, revenues from the tax increased; the government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down.

So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected.

OBAMA: Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.

We saw an article today which showed that the top 50 hedge fund managers made $29 billion last year — $29 billion for 50 individuals. And part of what has happened is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. That’s not fair.

And what I want is not oppressive taxation. I want businesses to thrive, and I want people to be rewarded for their success. But what I also want to make sure is that our tax system is fair and that we are able to finance health care for Americans who currently don’t have it and that we’re able to invest in our infrastructure and invest in our schools.

And you can’t do that for free.

OBAMA: And you can’t take out a credit card from the Bank of China in the name of our children and our grandchildren, and then say that you’re cutting taxes, which is essentially what John McCain has been talking about.

And that is irresponsible. I believe in the principle that you pay as you go. And, you know, you don’t propose tax cuts, unless you are closing other tax breaks for individuals. And you don’t increase spending, unless you’re eliminating some spending or you’re finding some new revenue. That’s how we got an additional $4 trillion worth of debt under George Bush. That is helping to undermine our economy. And it’s going to change when I’m president of the United States.

GIBSON: But history shows that when you drop the capital gains tax, the revenues go up.

OBAMA: Well, that might happen, or it might not. (HERE COMES THE SHREWD POLITICIAN PIVOT AWAY FROM A LOSING ISSUE) It depends on what’s happening on Wall Street and how business is going. I think the biggest problem that we’ve got on Wall Street right now is the fact that we got have a housing crisis that this president has not been attentive to and that it took John McCain three tries before he got it right.

And if we can stabilize that market, and we can get credit flowing again, then I think we’ll see stocks do well. And once again, I think we can generate the revenue that we need to run this government and hopefully to pay down some of this debt.
« Last Edit: January 14, 2022, 11:03:49 AM by DougMacG »

Crafty_Dog

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WSJ: Individual income tax revenues surge+
« Reply #1061 on: January 18, 2022, 01:48:46 AM »
Washington Cashes In on Inflation
Individual income tax receipts rose 55% in the first fiscal quarter.
By The Editorial Board
Follow
Jan. 17, 2022 6:02 pm ET


Journal Editorial Report: Biden spent like a drunken sailor. Now Americans are paying in higher prices. Images: AFP via Getty Images Composite: Mark Kelly

The country may be upset with inflation, but in many ways political Washington has never had it better. Covid-19 has been the excuse for record government spending and the abuse of regulatory power such as vaccine mandates and an eviction moratorium. And now we learn that tax revenue is rushing into the Treasury even as politicians plead poverty.


That’s the news you haven’t read about last week’s December budget review from the Congressional Budget Office. The budget gnomes report that federal receipts in the first fiscal quarter, from October to December, increased by a remarkable 31%. That’s a cool $248 billion increase to $1.05 trillion for the quarter.

Individual income taxes revenue soared by 55% in the quarter, or $189 billion, to $536 billion. Corporate income taxes rose 44%, or $30 billion, to $99 billion. Payroll taxes and a variety of other receipts, including a 16% increase ($4 billion) in remittances from the Federal Reserve, made up the rest.


This boom for the Beltway reflects the strong growth in nominal GDP. With 7% inflation, nominal GDP is increasing by double digits, which leads to higher nominal profits, wages and salaries. Washington gets the revenue windfall from taxes on those nominal increases even if average wages for workers falls behind inflation, as they did last year by 2.4%, according to the Bureau of Labor Statistics. A 7% rate of inflation is Christmas all year ’round for the federal government. State governments are also reaping revenue windfalls.

CBO says the federal government still had a $377 billion budget deficit in the first fiscal quarter as outlays increased 6%, or $75 billion, to $1.43 trillion. The spending increases came mainly from the pandemic-related transfer payments passed by Congress last March. That included increases of $59 billion in refundable tax credits (mainly the higher child allowance), $21 billion more for food and nutrition (mainly food stamps), and $18 billion more for schools.

The lesson here is that Washington doesn’t need a tax increase. As the economy grows, the revenue will keep flowing, even if the pace of increase slows. Even amid Covid’s Omicron variant surge, the economy is growing smartly and doesn’t need new spending. Everyone who wants a job can get one—or two. The economic problem is inflation, which is hurting workers even as it rewards politicians.

ccp

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pope for tax and redistribute
« Reply #1062 on: January 31, 2022, 07:08:34 AM »
https://www.breitbart.com/faith/2022/01/31/pope-francis-taxation-is-an-important-tool-for-wealth-redistribution/

ok, lets start with the Catholic Church.

"Bankers' best guesses about the Vatican's wealth put it at $10 billion to $15 billion. Of this wealth, Italian stockholdings alone run to $1.6 billion, 15% of the value of listed shares on the Italian market. The Vatican has big investments in banking, insurance, chemicals, steel, construction, real estate."

DougMacG

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Re: pope for tax and redistribute
« Reply #1063 on: January 31, 2022, 02:24:54 PM »
I've tried hard to support the Catholic faith on this board but, in this case, this Pope can go straight to hell with his support of coercive redistribution (theft).

Opposition to his view is clear in the Ten Commandments:
10.  "You shall not covet your neighbor’s goods".  (via multiple translations)   - God
https://strathmore.edu/su-chaplaincy/the-10-commandments-of-god/


ccp

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chump change tax relief
« Reply #1065 on: February 20, 2022, 07:26:17 AM »

ccp

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Double taxation on soc. sec. benefits
« Reply #1066 on: February 24, 2022, 07:52:01 AM »
hits 1/2 of beneficiaries

I suppose those that make under a certain amount
while the rest get screwed over:

https://www.marketwatch.com/story/its-time-to-get-rid-of-social-securitys-not-so-hidden-tax-11645646524?siteid=yhoof2

DougMacG

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Re: Double taxation on soc. sec. benefits
« Reply #1067 on: February 24, 2022, 08:06:25 AM »
hits 1/2 of beneficiaries

I suppose those that make under a certain amount
while the rest get screwed over:

https://www.marketwatch.com/story/its-time-to-get-rid-of-social-securitys-not-so-hidden-tax-11645646524?siteid=yhoof2

You don't get to keep what you earned. How come they don't put that on a bumper sticker and see how it sells?

DougMacG

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Tax Policy and inflation
« Reply #1068 on: March 10, 2022, 06:27:07 AM »
The 'good' side of inflation is the tax reform it must cause.

In the '70s, we had massive bracket creep.  Everyone getting bumped up to tax rates designed to punish rich people and prevent wealth, not grow the economy. Enter Reagan.

This time, same.  We HAVE TO stop taxing the inflation component of capital "gains".

It is not a gain.  It is a lie.  It is destroying incentives to buy and hold for long periods, called "stability" in a (formerly) first world economy. It puts uncontrollable moral hazard on the policy makers, and it needs to end.

ccp

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Re: Tax Policy
« Reply #1069 on: March 10, 2022, 06:39:19 AM »
dems tax policy :

1) increase taxes
2) claim they are only taxing the rich who must pay their fair share

always the same stand  up comedy schtick  :roll:

ccp

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to steal 20 % from ultarich
« Reply #1070 on: March 28, 2022, 07:34:13 AM »
https://www.ft.com/content/4b60898d-00c2-4f1e-acad-8a210120153f?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev

including unrealized gains
not sure how that one works!

we all know this is just the beginning


G M

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Re: to steal 20 % from ultarich
« Reply #1071 on: March 28, 2022, 08:16:04 AM »

ccp

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taxing mega rich
« Reply #1072 on: March 28, 2022, 08:26:36 AM »
https://www.nytimes.com/2022/03/26/us/politics/biden-billionaires-minimum-tax.html

I suppose the non mega rich are supposed to cheer
and I am sure many will

I don't.

DougMacG

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Tax BS!
« Reply #1073 on: March 28, 2022, 08:27:08 AM »
https://www.ft.com/content/4b60898d-00c2-4f1e-acad-8a210120153f?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev

including unrealized gains
not sure how that one works!

we all know this is just the beginning

'Only the ultra rich will pay'.  Sneeze coming, uh, uh, uh, BULLSHIT!!

Unrealized NOT gains, they forget about inflation even though it's in all the papers!

Not sure how it works?  It doesn't work.  To force money out of a non-money asset, you forced its sale.    Do that across the entire economy all at once and what happens?  The super rich cash out of their holdings, stocks and so on, and the value collapses for the not super rich, still in, who lose all their savings and retirement.  If you see that coming like a freight train before it hits, you sell even sooner to beat [and trigger] the collapse.

'Only the ultra rich will pay'?  They mean pay directly?  Everyone loses with bad policy - like inflation.  Labor needs capital.  Employees need employers.  People participating in markets need other people participating in markets.  That's how it works.  Who knew.
« Last Edit: March 28, 2022, 09:49:53 AM by DougMacG »

DougMacG

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Tax Policy, Index Capital Gains to Inflation
« Reply #1074 on: April 29, 2022, 05:12:50 PM »
Famous people caught reading the forum:

"Republicans should counter with a proposal to index capital gains for inflation. Senator Ted Cruz of Texas has introduced legislation to do just that.". - Stephen Moore

It's not rocket science.  The inflation component of an alleged gain is not a gain.

Also it creates a HUGE incentive for government to cause more inflation.

And make no mistake, government Is the cause of inflation.
« Last Edit: April 30, 2022, 05:06:54 AM by DougMacG »

Crafty_Dog

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WSJ: Vigiliante: Why Reagan was right
« Reply #1075 on: June 18, 2022, 03:03:32 PM »
We Need to Remember What Reagan Knew About Economics
John Rutledge explained it all in a 1981 Journal op-ed foretelling the long boom that was about to begin.
By Richard Vigilante
June 16, 2022 6:56 pm ET


How did John Rutledge know Reaganomics would be such a smashing success?

In December 1981 the Journal ran a contrarian op-ed by Mr. Rutledge, then president of Claremont Economics Institute. It was the most prescient prediction by an economist I have ever read.

Mr. Rutledge predicted that inflation would decline faster than expected; that interest rates would fall, not rise, despite the growing deficit; and the economy and financial markets wouldn’t slump, but soar. It all happened.

Pre-Reagan, orthodox economics—monetarist and Keynesian alike—assumed the answer to inflation was to control the money supply, which Keynesians called “aggregate demand.” Mr. Rutledge saw that the real supply of money was beyond government’s control. People, especially investors, were in charge.

He noted that throughout the Great Inflation, people had been rejecting dollars. No matter how many of those little scraps of paper government threw at them, people turned them into “stuff.”

Private investors especially, he argued, experienced inflation as a set of choices: “Should I buy a condominium, or should I put some money into a T-bill? Should I sell some shares of stocks to buy gold coins?”

Over a decade, Americans cumulatively dumped dollars to acquire some $7 trillion in mostly unproductive stuff, always oddly described as “real assets.” That was more than double the entire annual stock of goods and services produced in the U.S. back then.

Mr. Rutledge predicted that the combination of tighter money and lower tax rates—a paradox to the orthodox—would lure much of that $7 trillion back into financial markets. With real return on investment rising, people would value stuff less and investible capital more.

Households would become massive suppliers of credit to the economy. In a reversal of orthodox expectations, interest rates would plunge precisely as the demand for dollars rose. Inflation would decline as the supply of money increased.

That is what happened. Stocks, stagnant for a decade, took off and kept going for 20 years and beyond (with brief if dramatic interruptions). Employment boomed. Interest rates dropped relentlessly. Inflation never came back, until now.

President Reagan understood something neither party grasps today: that the value of the dollar isn’t a function of how many dollars government supplies but of how many dollars people demand. Money is supplied insofar as it is demanded by people who can put it to good use. Inflation arises when people have less use for money, which is why stagnation comes with it. Reagan beat inflation not by reducing the official money supply—M2 nearly doubled during his time in office—but by boosting demand for money.

The great lesson of the Reagan era is that money supply is determined by investment opportunity. Absent such opportunities, no matter how much money the government gives people, they will reject it and turn it into stuff.

Here is the radicalism of Reagan: Orthodox economics attempts to use both monetary and fiscal policy to manipulate the availability of dollars. Reagan used both to increase the utility of dollars.

He didn’t do it alone. In 1978 a bipartisan group in Congress turned President Carter’s proposed increase in capital-gains tax rates into nearly a 50% reduction, down to 28%. Reagan won a further cut in 1981, down to 20%.

The combination of high capital-gains taxes and inflation had devastated real rates of return on investment for a decade. Cutting the capital-gains rate might have done even more to boost the demand for money than Reagan’s 25% cut in regular income tax rates.

The impact of the Reagan reforms played out for decades because their effect wasn’t a temporary boost in “aggregate demand”—the widely despised “sugar high”—but an accumulating shift of capital to people who repeatedly demonstrated they could use it productively.

The gradual but enduring impact of the Reagan policy raises even the tantalizing possibility that the 1982 recession was unnecessary. Given time, the tax cuts themselves might have conquered inflation without Fed Chairman Paul Volcker’s drastic tightening.

Today we are back to fighting inflation by letting the Fed strangle the economy. No leader from either party apparently understands what Reagan did. Joe Biden is out to lunch; Donald Trump is over the hill. Reagan’s City on the Hill still shines.

Mr. Vigilante writes The Next American Century at RichardVigilante.substack.com.



ccp

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norquist on fox today
« Reply #1078 on: August 10, 2022, 04:38:47 PM »
https://video.foxnews.com/v/6310698051112#sp=show-

Grover :

The inflation REDUCTION bill will create
    1.2 million new audits in nation of  less than 1,000 billionaires and only 400  Fortune 500 companies


 so guess where the rest of the audits will go?
 Biden's established armed branch of the military, the new IRS, will have
 87 K new members (more then double the number now)

are not being paid to do nothing

I suspect this forum is on a list(s)
with some of these "Jihad the right" agencies







G M

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Re: norquist on fox today
« Reply #1079 on: August 10, 2022, 04:47:49 PM »
If you aren't on a government list by now, you should be embarrassed.


https://video.foxnews.com/v/6310698051112#sp=show-

Grover :

The inflation REDUCTION bill will create
    1.2 million new audits in nation of  less than 1,000 billionaires and only 400  Fortune 500 companies


 so guess where the rest of the audits will go?
 Biden's established armed branch of the military, the new IRS, will have
 87 K new members (more then double the number now)

are not being paid to do nothing

I suspect this forum is on a list(s)
with some of these "Jihad the right" agencies

G M

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Re: norquist on fox today
« Reply #1080 on: August 10, 2022, 05:36:18 PM »
https://i.imgur.com/eg64r6M.png



If you aren't on a government list by now, you should be embarrassed.


https://video.foxnews.com/v/6310698051112#sp=show-

Grover :

The inflation REDUCTION bill will create
    1.2 million new audits in nation of  less than 1,000 billionaires and only 400  Fortune 500 companies


 so guess where the rest of the audits will go?
 Biden's established armed branch of the military, the new IRS, will have
 87 K new members (more then double the number now)

are not being paid to do nothing

I suspect this forum is on a list(s)
with some of these "Jihad the right" agencies


ccp

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Here's why Chuck Schumer will never close the carried-interest loophole
« Reply #1082 on: August 11, 2022, 06:37:10 AM »
from article posted by CD above :

"Schumer is the top beneficiary of hedge fund donations, by a large margin, according to data from the Center for Responsive Politics. Hedge funds heavily favor Democrats, as well, having given President Joe Biden $1.5 million last cycle, more than 10 times what the industry gave to Donald Trump.

The numbers for the private equity industry tell the same story — Schumer has raised more than any other candidate from them (by a factor of 2), and the industry favoring Democrats over Republicans."

Schumer  is a perfect example of shyster
weasel slime bucket grifter crook
controlling everyone else while all the while being sure he profits handsomely from it
( is the work "handsomely" allowed anymore ? )

DougMacG

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Re: Here's why Chuck Schumer will never close the carried-interest loophole
« Reply #1083 on: August 11, 2022, 07:03:58 AM »
from article posted by CD above :

"Schumer is the top beneficiary of hedge fund donations, by a large margin, according to data from the Center for Responsive Politics. Hedge funds heavily favor Democrats, as well, having given President Joe Biden $1.5 million last cycle, more than 10 times what the industry gave to Donald Trump.

The numbers for the private equity industry tell the same story — Schumer has raised more than any other candidate from them (by a factor of 2), and the industry favoring Democrats over Republicans."

Schumer  is a perfect example of shyster
weasel slime bucket grifter crook
controlling everyone else while all the while being sure he profits handsomely from it
( is the work "handsomely" allowed anymore ? )


ccp,  All true.  Isn't that strange that the really big money people all favor Democrats.  Some of that is give to the party in power, but they were favoring Democrats also when not in power.

Democrats know how to support a complex tax code and Dem lobbyists know how to write it and benefit from it.

Joe Biden, "I will not raise taxes on anyone making under $400,000 per year."

Inflation is a tax. It hits EVERYONE making under $400,000 per year, every minute of every day.

Inflation IS Joe Biden's policy.

In the new IRS EXPANSION ACT, 87,000 new IRS agents will target taxpayers, small businesses and specially rental property owners with the task of raising more tax revenue dollars, raise taxes, not just put people in jail.

Democrats’ Spending Bill Includes $20 Billion In New Energy Taxes That Will Drive Prices Higher
https://thefederalist.com/2022/08/09/democrats-spending-bill-includes-20-billion-in-new-energy-taxes-that-will-drive-prices-higher/

That won't affect people making under 400k  -  if you don't let them have energy.

New bill shakes the ground of US competitiveness.  That won't affect people making under 400k
 -  until they lose their job, while food and energy costs keep going up.

Goodwill prices are going up, way up.  That won't affect people making under 400k.

Prices aren't up?  Go into a Subway sandwich shop and order the $5 footlong.  Go into Dollar Tree, buy something for a dollar.  How about McDonalds, which burger do you want off the dollar menu?  No.Such.Thing.Anymore.
« Last Edit: August 11, 2022, 07:26:54 AM by DougMacG »

G M

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Imagine what is coming
« Reply #1084 on: August 11, 2022, 07:37:42 AM »
https://threadreaderapp.com/thread/1557390432832667650.html

As the feral government becomes more desperate for money, the more ravenous the beast will become.



DougMacG

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Re: Imagine what is coming
« Reply #1085 on: August 11, 2022, 08:05:35 AM »
https://threadreaderapp.com/thread/1557390432832667650.html

As the feral government becomes more desperate for money, the more ravenous the beast will become.

A sad irony for the Left, revenues to the Treasury are maximized with supply side (lower, flatter) tax rates - resulting in economic growth. 

This is fixed pie, flat earth thinking.  There will be no growth under their policies.  Only way to get more out of it is to take more from existing income and assets.

Like Putin-Russia, only way to get more is to take more from someone else.

IRS tactics are like the Trump raid.  Democrats seem confident it won't happen to them.

Maybe they're right.

G M

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Re: Imagine what is coming
« Reply #1086 on: August 11, 2022, 08:08:50 AM »
"If only Comrade Stalin knew!"

There will be collateral damage on the left, but "broken eggs" as the left likes to say....


https://threadreaderapp.com/thread/1557390432832667650.html

As the feral government becomes more desperate for money, the more ravenous the beast will become.

A sad irony for the Left, revenues to the Treasury are maximized with supply side (lower, flatter) tax rates - resulting in economic growth. 

This is fixed pie, flat earth thinking.  There will be no growth under their policies.  Only way to get more out of it is to take more from existing income and assets.

Like Putin-Russia, only way to get more is to take more from someone else.

IRS tactics are like the Trump raid.  Democrats seem confident it won't happen to them.

Maybe they're right.

DougMacG

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ccp

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ccp

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Re: Tax Policy
« Reply #1091 on: August 12, 2022, 05:40:35 AM »
They refuse to close the border a

allow millions upon millions of illegals to waltz in

and then arm to the hilt IRS agents to go after [conservative] citizens!

 :x

They are not going to have guns to go after hedge fund managers or billionaires or liberals that is for sure.

in '24 we need to go after the Federal government and cut them down to size
along with all the crazy spending

waiting for the next article - "another billion to Ukraine". [for hunter's pals]



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Re: Armed IRS training
« Reply #1093 on: August 17, 2022, 06:47:55 PM »

ccp

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Re: Tax Policy
« Reply #1094 on: August 18, 2022, 07:21:39 AM »
wow

turning collecting taxes into essentially an armed robbery

hand over your bank account or we blow your head off

(if we do not trip and fall down or shoot each other first !)

could they hit the side of a barn if they tried ?


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I now realize why IRS needs guns and ammo
« Reply #1095 on: August 21, 2022, 06:37:42 AM »
It is not the reason
we think


it is so the IRS
can take a larger tax deduction
for "office supplies "

 :wink:

watch this humor will be on Gutfeld soon


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second post
« Reply #1096 on: August 21, 2022, 08:39:33 AM »


Crafty_Dog

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ET: 87,000
« Reply #1098 on: August 30, 2022, 01:23:08 AM »
IRS Hiring Spree Is Biggest Expansion of the Police State in American History
David Harsanyi
David Harsanyi
 August 23, 2022



Commentary

The Democrats’ new reconciliation bill isn’t just going to be the largest-ever expansion of a government agency; it’s going to be the largest expansion of the domestic police state in American history. Only a statist could believe that a federal government, which already collects $4.1 trillion every year—or $12,300 for every citizen—supposedly needs 80 battalions of new IRS cops.

The average American has less reason to be concerned about cops with guns—although the IRS is looking for special agents who can “carry a firearm and be willing to use deadly force, if necessary”—than they do bureaucrats armed with pens who are authorized to sift through their lives. If you pay your taxes, you have nothing to worry about, Democrats claim. But most law-abiding citizens know they have something to fear from a state agency that doesn’t concern itself with your due process, has no regard for your privacy, and is empowered to target anyone it wants without any genuine oversight.

And please spare us this nonsense about the IRS expansion focusing exclusively on “high earners.” White House press secretary Karine Jean-Pierre promised that the IRS wouldn’t engage in new audits of anyone making less than $400,000—a claim she has no authority to make and couldn’t possibly predict even if she did. Sen. Chris Murphy (D-Conn.) also said the bill was passed to stop an “epidemic of tax cheating amongst the millionaires and billionaires” and promised that “audit rates won’t increase for anyone making under $400K.”

This is a lie. Nothing in the bill that Democrats passed through the Senate limits audits. Murphy, along with every other Democrat in the Senate, voted against a Republican amendment that would have prevented new agents from auditing individuals and small businesses with less than $400,000 of taxable income. Not long ago, Democrats passed the American Rescue Plan Act—which had as much to do with rescuing as the Inflation Reduction Act has to do with reducing inflation—and changed the tax code so that mobile payment apps, such as Venmo and Cash App, were now required to report transactions totaling $600 or more per year to the IRS. Does that sound like a party aiming fire exclusively at high-earning Americans?

Indeed, poor and middle-class Americans are far more likely to do their own taxes and thus more prone to making mistakes. In 2021, those making $25,000 or less (often the young and elderly) were audited at a rate five times higher than everyone else. The wealthier you are, the more likely it is that you can hire lawyers and accountants to work within the system. There aren’t enough millionaires and billionaires in the world to keep a potential new 87,000 IRS employees busy.

There are other overlooked aspects of the Democrats’ IRS expansion. The bill, for instance, strengthens the federal public-sector union monopoly that funds Democrats’ political aspirations. IRS and Treasury Department employees spent 353,820 hours engaged in union activism—their PAC gives every cent to the Democrats—in 2019. One can imagine what another 87,000 employees would do for that effort. In the real world, laundering taxpayer funds through unions and using them on political campaigns is called racketeering.

None of this is to say that everyone who works for IRS is corrupt or power-hungry or an ideologue. The unassailable rules of giant bureaucracies, however, are that they always experience mission creep, they always do enough to justify their funding, and sooner or later, their leaders become political operatives.

With that said, it’s worth remembering that the IRS doesn’t simply collect taxes. It enforces speech codes. This is what empowered former IRS official Lois Lerner to target conservative groups—“crazies” who used words such as “Tea Party” or “patriots” in their names. But, even at the time, leftists at The New York Times editorial board praised the IRS for going after conservative groups because they did not “primarily” engage in “social welfare” and so didn’t deserve an exemption under Section 501(c)(4) of the tax code.

Has anything in the evolution of the Democratic Party given you confidence that such power wouldn’t be abused or that an engorged IRS would be immune from political pressure?

Wrestling with an insanely complex tax code—nearly 8 million words—costs Americans billions every year. Rather than flattening and simplifying this astonishingly convoluted code, which not only would have saved citizens but also the government money, Democrats decided that we needed up to another 87,000 people to enforce it.

Views expressed in this article are the opinions of the author and do not necessarily reflect the views of The Epoch Times.

Crafty_Dog

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Lois Lerner flunky and 87,000 agents with guns and ammo
« Reply #1099 on: September 01, 2022, 09:51:06 PM »
These people are totalitarians with guns, and 87,000 of them with lots of guns and ammo are coming for we the American people.
=================
https://pjmedia.com/.../obama-era-tea-party-targeter...
Obama-Era Tea Party Targeter Appointed to Create IRS Office Overseeing 87,000 New Agents
BY ATHENA THORNE AUG 29, 2022 4:57 PM ET
(IRS)

Nikole Flax worked under Lois Lerner in the Obama administration IRS while the agency infamously targeted conservative political organizations such as the Tea Party by slow-walking and suppressing their tax-exempt applications. She was also one of seven executives whose hard drives mysteriously self-destructed, preventing House investigators from viewing her emails. Now, the career IRS executive has been tapped to establish a new, centralized office in charge of implementing the Democrats’ latest tax and spending bill, including oversight of the 87,000 new IRS agents the bill authorizes.

IRS Commissioner Charles Rettig sent an agency-wide email on Aug. 19, writing, “This is a historic time for the IRS, and we are working to move quickly to begin work on the Inflation Reduction Act signed into law earlier this week.”

He then announced the new department: “A key part of our efforts will be the creation of a new, centralized office for implementation of all IRS-related provisions. Building off our successes implementing other major legislative bills, the IRA 2022 Transformation & Implementation Office will work across the IRS and oversee our implementation efforts.”

Rettig revealed that Nikole Flax, current deputy commissioner in charge of the Large Business & International Division, would be tasked with building the new centralized office.

“We have a unique, once-in-a-generation opportunity to transform the IRS in a way to help taxpayers and fundamentally improve our tax administration work that is vital to the success of our country,” Rettig’s email quoted Flax as saying. “This is an exciting opportunity, and we will be moving quickly with our work.”

It turns out that Flax has been with the IRS since way back in the Obama days. Art Moore at WND reminds us that “In May 2014, the Treasury Department’s inspector general for tax administration concluded in a report that the IRS delayed the processing of applications for tax-exempt status by certain conservative groups and sought private information that was later deemed unnecessary.”

The Eric Holder (aka “Obama’s Wingman”) Justice Dept. spent two years investigating the head of the Exempt Organizations division, Lois Lerner, before deciding — you’ll never believe it! — not to bring any charges.

Moore directs us to a contemporaneous article by journalist and former swamp creature Jeff Bergner. In a historical footnote rendered all the more galling by the recent jackbooted raid of former President Trump’s home in search of missing documents, Moore wrote:
The computer hard drive of former IRS employee Lois Lerner — she who refused to testify so as not to incriminate herself about targeting conservative political groups — crashed. It seems, too, that the IRS has no way to retrieve her email exchanges with other governmental entities (though it could ask these entities for cooperation) because there is no backup system.

Then Bergner discussed the latest intolerable Biden administration appointee:

Less well known is that apparently six other IRS computer hard drives crashed in exactly the same time frame. Every one of these belonged to an IRS employee in Cincinnati’s tax-exempt office or at headquarters in Washington, D.C. Each of these six other employees played a role in targeting tea party groups.…

One of the missing computer hard drives belonged to Nikole Flax, chief of staff to the then-commissioner of the IRS. Flax, by the way, visited the White House no fewer than 31 times during the period the tea party was targeted between 2010 and 2012.
Need more? The Daily Caller also reported in 2014 on a secretive program Lerner and Flax set up in which they collected information from conservative groups:

…Lois Lerner spoke at a 2010 government conference where Lerner’s underling Nikole Flax announced the new IRS program scrutinizing groups applying for tax-exempt status.

Both Lerner and Flax experienced “computer crashes” that led to the permanent deletion of their emails, according to the IRS, which said it cannot hand over their emails to congressional investigators on two House committees.

Both Lerner and Flax briefed fellow government bureaucrats on the new targeting at the conference, where Lerner appeared at a workshop called “Will the IRS Come Knocking?”

Flax announced the new program scrutinizing groups at the Washington Non-Profit Legal & Tax Conference at the Grand Hyatt in Washington, D.C. from February 18-19, 2010. At the time, Flax worked under Lerner in the Exempt Organizations office.…

The IRS began flagging tea party applications in February 2010, the month of the Washington conference.

Flax went on to serve as chief of staff to IRS commissioner Steven T. Miller.

Flax made 31 visits to the White House between July 12, 2010 and May 8, 2013, according to White House visitor logs. Flax’s visits started in the early days of the IRS targeting program and ended just two days before the IRS scandal broke on May 10, 2013. Flax met twice in the Eisenhower Executive Office Building with Jeanne Lambrew, a top adviser to President Obama who exchanged confidential information on conservative groups with Lerner.

In a functioning government, someone like Flax would have been canned and prosecuted for her apparent politicization and abuse of authority. In a Democrat-run swamp, she is given even more power to harass and suppress political opposition.

“We are well beyond the issue of political targeting by a powerful but supposedly neutral government agency,” wrote Bergner back in 2014. “We are into a massive political cover-up, which hints strongly at destruction of records and obstruction of justice. It is no wonder the American public’s confidence in government is at an all-time low.” He was correct, but since no consequences are ever visited upon Leftist governmental operatives, we shouldn’t be surprised to see them continue to clamp down.