How are tarrifs supposed to be "worse" than income taxes??
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Date: November 7th, 2024 2:30 PM Author: Multi-colored lay cuck
"The very wealthy won't give a shit"
there's where you're wrong, bucko. that's exactly the point.
the libs are framing it as a "national sales tax" because they're trying to deceive the middle class to voting against their interest.
wealthy people pay very little in income tax. they have plenty of ways to avoid whatever capital gains they make. their wealth increases tax free. but they still need to buy shit. especially when their wealth is based on business, which requires materials from overseas.
a person with no income that has the ability (necessity) to consume a lot does not benefit from a tariff tax system over an income tax. and that's exactly why the libs (party of the elites) are frothing mad about it.
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306247) |
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Date: November 8th, 2024 1:24 AM Author: blue state pisswyrm
Greetings,
> would you say the consolidation of wealth has increased or decreased since we began relying in taxing workers rather than tariffs?
is this a trick question? the period of highest income inequality was immediately before 1913, and the institution of FIT was a direct response to this inequality
wealth inequality plummeted after the FIT was introduced, until around 1980 when (holy fuck i wonder why) wealth inequality began its upward trend
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48308995) |
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Date: November 7th, 2024 3:04 PM Author: Multi-colored lay cuck
i meant "avoiding being taxed on whatever capital gains they make"
well first are foremost capital gains are already taxed substantial less than income. and there are many methods by which realized capital gains can evade even paying tax. for instance, taking a loan secured by your wealth is tax free.
all you need to do is look at the tax returns of the wealthiest people and their effective tax rate. warren buffett is of the same mind as me here. jeff bezos got child care tax credits meant for poors before.
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306399) |
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Date: November 7th, 2024 3:28 PM Author: Burgundy legend
"taking a loan secured by your wealth is tax free."
this is bananas. a loan is not a gain.
"all you need to do is look at the tax returns of the wealthiest people and their effective tax rate."
yeah, i'm a CPA. i understand cap gains/rates. there is some element of magical thinking in your original post that just doesn't exist.
its just passive income at that level. you should see what i can help people do with real estate!
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306520)
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Date: November 7th, 2024 3:33 PM Author: Multi-colored lay cuck
what is the effective difference taking a 0% interest rate loan of $100k against your holdings versus selling your holdings for $100k in cash?
look, i deal a lot with tax and finance too. of course this is unnuanced because it's for a broad audience. but if you're a CPA than obviously you know that there are many ways to avoid paying tax that the drafters of the code did not intend (or intended loopholes for grift).
do companies pay the big 4 huge sums to ensure they are scrupulously complying with the intent of tax and accounting policy, or do they do it minimize costs as much as possible?
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306554) |
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Date: November 7th, 2024 3:41 PM Author: Burgundy legend
a 0% loan violates the AFR requirements. so that's not a thing. a loan involves the requirement to pay it back.
the best ones are ones that are strictly by the book. cost segregation analysis is fantastic. worth every penny. i personally benefited from that. its just depreciation on a silly scale. but that's hardly a loophole. the depreciation is justified only because there is a new retail store-which we do, as a society, want to encourage.
this loan-back thing is beyond silly. if you have a legitimate sneaky snake way to avoid cap gains, tell me. i have a 1031 coming up and i'd rather not.
where i have partners, we pay significant fees for accounting work. but its not secret handshakes and silly plans, just accurate, painful accounting.
now, I (me personally) do crazy shit personally, but it has nothing to do with this conversation.
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306591)
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Date: November 7th, 2024 3:49 PM Author: Multi-colored lay cuck
you're getting into semantics with the APR shit. it was a question to illustrate that a loan versus sale can often effectively been the same thing. the same goes with purchasing and leases, which is also a thorny issue when people try to skate around accounting and tax policy.
the loan versus sale thing has several more steps. again, i'm simplifying because a nuanced and accurate discussion of this would require hundreds of pages and not for an online forum audience. you must at least be aware of the concept of schemes available to avoid paying capital gains tax.
the best evidence is the tax returns of billionaires. their effective tax rate is miniscule. certainly not 20%. so how does that happen? again, my tax partners and the big 4 wouldn't be getting paid millions if the point was to pay the taxes the drafters of the code intended.
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306622) |
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Date: November 7th, 2024 3:07 PM Author: coral lodge sneaky criminal
Have $100M with brokerage
Borrow $30M against assets from brokerage at 3%, avoid capital gains on sale of assets
Continue rolling loans against assets as assets appreciate
Defer cap gains indefinitely
xoxo
hth
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306409) |
Date: November 7th, 2024 2:42 PM Author: Razzmatazz Idiot Corner
hard to avoid paying higher prices if they are going to be as steep and broad as trump is proposing. even domestically produced goods rely on an international market of inputs. It's a regressive tax, like sales taxes. Conservatives used to rail against local sales taxes all the time as regressive (they had a point).
It's not a grand conspiracy. Tariffs are generally disfavored because they suck.
https://www.nytimes.com/2019/04/21/business/trump-tariffs-washing-machines.html
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306293) |
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Date: November 7th, 2024 3:03 PM Author: razzle whorehouse dingle berry
the problem with this kind of thinking is that the US government doesn't actually need tax revenue to function. it prints infinity monopoly money to fund everything it "does"
US tax policy is about incentivizing/dis-incentivizing consumption and demand. and some Conspiracy Theorists would also claim that it's wielded as a tool against citizens to cripple their economic independence and relegate them to helpless subjects of the state
you're right ofc about what you're saying
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306394) |
Date: November 7th, 2024 3:07 PM Author: Zippy Address
one reason tariffs are stupid is because they encourage an arms race
replacing the national income tax with a VAT, while an enormous undertaking, is much easier to argue for. tariffs on the other hand are basically MAD for every country except China, which at this point could probably wall itself off from the world North Korea style and do fine
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306410) |
Date: November 7th, 2024 3:25 PM Author: Translucent cuckold
Tariffs in the abstract and tariffs of a magnitude to replace an income tax are two very different things.
2023 imports were $3.8 trillion and individual and corporate income tax revenues were $2.6 trillion, so we're looking at an almost 70% tariff on everything to replace the income tax.
Does that work with those numbers? Certainly not, because if we impose a 70% tariff on imports, imports are certain to go down, so the tariffs will need to be higher. What's the tariff rate where imports reach an equilibrium where $2.6 trillion is raised? Truly no one knows
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306494) |
Date: November 7th, 2024 3:27 PM Author: amber trip degenerate jewess
Lmfao at XO posters genuinely arguing tariffs are great.
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306503)
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Date: November 8th, 2024 10:39 AM Author: blue state pisswyrm
Greetings,
If there aren't jobs for those 53% that pay enough that they'll not pay 0 in tax, is that really their fault? Should they all start small businesses that mostly end in bankruptcy proceedings, and if they succeed, they enable their owners to pay less tax than they would as a wagecuck?
If they get paid so little, aren't /they/ subsidizing /your/ lifestyle? I don't see much difference between that and Wal-Mart's employees being on welfare. Taxpayers subsidizing the Walton family's bankroll.
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48310244) |
Date: November 7th, 2024 3:30 PM Author: Aggressive spot queen of the night
tariffs increase the price of goods to the price of the domestic equivalent
if the product is viable to make in the usa, you get more usa jobs and the already established hourly rate it took to make them before
more jobs = more taxes collected = likely higher wages = less unemployment
but = higher prices because you don't get china goods using slave wages
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306533) |
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Date: November 7th, 2024 3:46 PM Author: flirting razzle-dazzle new version market
cause the economies of scale changed faggot, wages were lower back then and the world was in a diff stage, now china and lots of asia can manufacturer better for cheaper
its same as in late 1800's US was like china now and dominated manufacturing which it stole from europe
idiots dont realize countries rise and fall, theres no black and white and things dont remain the same for long. that shld be obvious
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48306610) |
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Date: November 7th, 2024 6:38 PM Author: Translucent cuckold
I assume the endgame involves company towns, wages paid in company scrip, etc.
Repeal the FLSA and NRLA, get rid of OSHA, make breaching employment contracts a felony, etc.
When people say it's not possible to bring manufacturing back at a cost that makes sense, they're not using their imaginations
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48307334) |
Date: November 8th, 2024 7:38 AM Author: Bossy Elastic Band Resort
How do you think other countries will respond? They'll identify some politically important us constituency (eg corn farmers) and squeeze their exports until they squeal
I'm hoping trump really will just use them as a negotiating tactic
(http://www.autoadmit.com/thread.php?thread_id=5629562&forum_id=2#48309671) |
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