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Cuomo worried that Democrat strategy to tax the rich not working in his state.

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posted on Feb, 5 2019 @ 03:37 PM
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a reply to: DanDanDat

That’s crap…

The problem is the tax cut on the rich that Trump enacted

Cuomo blames federal tax law for $2.3 billion New York budget deficit
www.foxnews.com...




New York State is facing a $2.3 billion budget deficit, and Gov. Andrew Cuomo believes it's largely due to the Trump administration's tax reforms which, on the "flip side," have taxed the rich and may be encouraging wealthy residents to leave.
President Trump's Tax Cuts and Jobs Act, which takes effect for the 2018 tax year, places a cap on the state and local tax deduction (known as SALT) that Americans can take. Residents of largely blue states with relatively high state and local taxes are adversely affected, Cuomo says, by the new cap of a $10,000 deduction. New York state's average SALT deduction was around $22,000 before the law changed




Cuomo DIDNT tax the rich, he cut taxes on the corporations.




posted on Feb, 5 2019 @ 03:41 PM
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a reply to: Willtell

Only you can read about how the tax code cut the SALT DEDUCTION thereby making the rich pay higher taxes, and then turn around and call it a "tax cut for the rich". And then you even quoted it as though it supports your nonsense.

Here's a helpful link for you.
edit on 5-2-2019 by RadioRobert because: (no reason given)



posted on Feb, 5 2019 @ 03:44 PM
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I support getting rid of all tax deductions and subsidies across the board... government should not be picking winners and losers.

If an individual state wants to muck around with their state income tax or subsidize a local industry, that is one them and the residents of that state. None of this sh*t should be done at the federal level.

Everyone should pay 10% income tax. EVERYONE. All citizens need to have some skin in the game. If you are a cracked out homeless guy with $1.00 in your tin cup, you owe 10 cents. If you made $100 million last year, you owe $10 million. I don't care if you made your money in a cube farm getting a w2, you are an independent contractor getting a 1099, or you are a private equity magnet earning carried interest... Or whatever weird ass way you make your income. It all gets hit 10%. Nothing more, nothing less.

NO DEDUCTIONS OF ANY KIND. Just write what you made and you owe 10%.



posted on Feb, 5 2019 @ 03:45 PM
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a reply to: RadioRobert




I sort of like the national sales tax. Make retail food exempt. Every other transaction in the country gets hit with the tax

Would never happen as it would give to much control to the people and the consumers.

Imagine if Republicans would stop buying things besides food until the wall is built . Or the Democrats stop buying things until we use pronouns to identify pets.

Not to mention the impact during a recession.



posted on Feb, 5 2019 @ 03:48 PM
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a reply to: Edumakated

x1M

Now how do we get the republicans to REALLY push for this versus celebrating and calling it a victory when we get a little vaseline put in our tax bills.

Or the democrats focused on pushing for a flat tax with no deductions versus focusing on orange man bad.
edit on 51228America/ChicagoTue, 05 Feb 2019 15:51:10 -0600000000p2842 by interupt42 because: (no reason given)



posted on Feb, 5 2019 @ 03:53 PM
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a reply to: interupt42

People can't just stop buying things. Every makes purchases. Electricity, gas, phones, internet, water, ... Corporations make those purchases plus others, inventory, machinery, tools, paper, ink, ...

People dont have that sort of willpower anyway. It's one thing to boycott Schultz and Starbucks. Another to give up their dessert coffees altogether or become a complete homebody because they don't want a third party run, or want you to add even more letters to the LGTBQ...-acronym.



posted on Feb, 5 2019 @ 03:57 PM
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originally posted by: interupt42
a reply to: Edumakated

x1M

Now how do we get the republicans to REALLY push for this versus celebrating and calling it a victory when we get a little vaseline put in our tax bills.

Or the democrats focused on pushing for a flat tax with no deductions versus focusing on orange man bad.


Who knows? The establishment in both parties are the problem.

The RINOs would block any real simplification of the tax code because they don't want to lose their lobbyist. The left will cry any kind of reduction as unfair to the poor (no plan is going to be totally fair).



posted on Feb, 5 2019 @ 04:04 PM
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originally posted by: interupt42

originally posted by: ketsuko
a reply to: interupt42

Another reason neither party pushes for that kind of system is that it would remove their ability to reward their cronies and punish their enemies with tax policy. A flat tax rate has no deductions or loopholes and no room for them to be added, so there's no opportunity to create winners and losers through tax policy.


You get it , too bad most can't understand it. As long as deductions exists the middle class will continue to get shafted.


I am totally in favor of either a flat or a fair tax. The flat would be the clearest and most straightforward. I also believe in no representation without taxation. However, in order to appease those who constantly whine that it's too hard on the poor for them to pay a flat percentage, I would allow for those below a certain income threshold to sign over their voting rights in order to not pay taxes, and in order to regain their voting rights they would have to show 4 years of tax receipts in a row (this would be to prevent people from simply paying on presidential election years).



posted on Feb, 5 2019 @ 04:05 PM
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a reply to: interupt42

Yeah, tax deductions are a stupid game. A flat tax rate WOULD be much better, and more equitable. I bet the tax lawyers and accountants would hate that though, because their lobbies are some of the ones that like to keep taxes as complicated as possible, to insure their own income.



posted on Feb, 5 2019 @ 04:09 PM
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originally posted by: RadioRobert
a reply to: interupt42

People can't just stop buying things. Every makes purchases. Electricity, gas, phones, internet, water, ... Corporations make those purchases plus others, inventory, machinery, tools, paper, ink, ...

People dont have that sort of willpower anyway. It's one thing to boycott Schultz and Starbucks. Another to give up their dessert coffees altogether or become a complete homebody because they don't want a third party run, or want you to add even more letters to the LGTBQ...-acronym.


They wont stop buying altogether but they can slow down and a slowdown will cause gov't to respond. Today they don't care either way because they get your money before you even see it .



posted on Feb, 5 2019 @ 04:12 PM
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originally posted by: Fowlerstoad
a reply to: interupt42

Yeah, tax deductions are a stupid game. A flat tax rate WOULD be much better, and more equitable. I bet the tax lawyers and accountants would hate that though, because their lobbies are some of the ones that like to keep taxes as complicated as possible, to insure their own income.



Absolutely , The tax code is something like 89K freakin pages. Thats insane. If I recall correctly the head of the IRS under Obama even filed his taxes wrong to the tune of 100K on his favor ofcourse. Later blamed it on quicken, lol



posted on Feb, 5 2019 @ 04:16 PM
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a reply to: DanDanDat

Too rich, pardon the pun.

So Cuomo is trying to blame the Rich moving from High taxation New York to Florida and other lower tax domiciles on Trump? Really, he is trying that.

Who the hell does Trump think he is? I read about him increasing New Yorks Income Tax (not really). Amazing what you can do as President, bypassing New York' Governor and Legislature.

Is surely isn't Cuomo's fault, right? He is busy killing more babies in the third trimester. Getting rid of potential New York income tax payers.
edit on 5-2-2019 by pavil because: (no reason given)



posted on Feb, 5 2019 @ 04:23 PM
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a reply to: interupt42

I would LOVE for the government to have a reason to be reactive. Also, I think you are severely overestimating this latest "generation outrage.". Two weeks max and they're back to normal spending. Beyond that businesses would still be running, and should represent a much higher percentage of total transactions than a household. You think a lot of small businesses are going to shutter to make a political point? Big MNC are going to stop operating as an act of protest? Never happen. You'd never get shareholders here or abroad on board.



posted on Feb, 5 2019 @ 04:34 PM
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originally posted by: interupt42

originally posted by: Fowlerstoad
a reply to: interupt42

Yeah, tax deductions are a stupid game. A flat tax rate WOULD be much better, and more equitable. I bet the tax lawyers and accountants would hate that though, because their lobbies are some of the ones that like to keep taxes as complicated as possible, to insure their own income.



Absolutely , The tax code is something like 89K freakin pages. Thats insane. If I recall correctly the head of the IRS under Obama even filed his taxes wrong to the tune of 100K on his favor ofcourse. Later blamed it on quicken, lol


If you ask three CPAs their opinion, you will get five different answers...



posted on Feb, 5 2019 @ 04:56 PM
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Only way you're gonna get someone to stay and pay that much in taxes is if you physically imprison them. Hello fascism.



posted on Feb, 5 2019 @ 05:07 PM
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a reply to: Xtrozero

I would agree with your assessment.

They all came to Nevada to vote like they all live in the bay area.



posted on Feb, 5 2019 @ 05:13 PM
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Let’s take your “the rich just leave and go to Florida” example. Has this helped Florida? It’s an economic #hole, and doesn’t benefit from the rich being there proportionally. Louisiana has among the highest corporate profit levels in the country, and it also is a #hole with extreme poverty and low standard of living, education, etc.



posted on Feb, 5 2019 @ 05:17 PM
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a reply to: projectvxn

And AZ.



posted on Feb, 5 2019 @ 05:25 PM
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a reply to: RadioRobert

And TX.

These idiots leave because politicians made it impossible to live and then they vote for assholes like Robert O'Rourke in places like Texas.



posted on Feb, 5 2019 @ 05:33 PM
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Here’s Michael Hudson on flat tax:

“MICHAEL HUDSON: It certainly makes sense if you’re a member of the 1%, and you want to avoid paying taxes. You want the taxes to be paid by the 99%. That’s their dream. If you want to see where Trump is moving, look at what the United States neoliberals advised Russia to do after 1991, when they promised to create an ideal economy. Russia was under the impression that the neoliberal advisors were going to make Russia as rich as the United States. What they really did was create a kleptocracy that was virtually tax-free.

On the flat tax, the more you compress the tax rates, the more you untax where the income is really made, at the top of the pyramid. Most income is made by the top 5%, or 10%. If you compress the tax rates, then basically you shift the tax burden more onto the lower earners.

SHARMINI PERIES: How does that happen?

MICHAEL HUDSON: The majority of taxes are paid by the 10 percent. I’ll give you an example. From 2008 to 2016 all the growth in the American economy, all the growth in national income, was earned just by the wealthiest 5% of the population. So they got all the growth. 95% of the population didn’t grow. If you can get a flat tax or other lower tax, as Trump is suggesting, then this richest 5% will be able to keep even more money. That means that the 95% will be even poorer than they were before, relative to the very top.

Trump’s junk economics is the illusion that if we cut the taxes on the wealthiest brackets, it’ll all trickle down. But it doesn’t trickle down. What do the 5%, or the 1% actually use their money for? They lend it back to the economy at large, they load it down with debt. They make their money by lending to the bottom 95%, or the bottom 99%. When you give them more after-tax income, it enables them to buy even more control of government, even more control of election campaigns. They’re not going to spend this money back into the goods-and-services economy.

They’re going to spend the money on buying more corporate shares, more bonds, or spend the money abroad buying foreign bonds and foreign companies. They’re not going to spend it on the domestic economy.

The average wage earner will get a little more break from marginally lower taxes. But the plan to finance these tax cuts is to cut back social services, or privatize the economy and treat it as an offset. So wage-earners are going to have to spend much more of their income on the higher cost of public services, education, healthcare, and everything else. Meanwhile, the economy is to be deregulated, so consumers will pay more to the monopolies, and to the banks. These higher costs will eat up the a little bit of a tax break they get. There will to be a redistribution of wealth upward, not downward.

SHARMINI PERIES: The seven categories of tax brackets we have now haven’t really been progressive, given the loopholes. Even the Warren Buffetts of the world are saying, “You know, I pay less taxes than my secretary.” How does that figure in your book, and related tax mythologies that we are forced to buy into?

MICHAEL HUDSON: One basic myth is that rich people get wealthy by earning income. But that’s not how most get rich. Most of the gains of the rich people since 1945 have been “capital gains”. A large chunk is on the rising price of real estate. The stock market has soared. It has gone up 10% just since Trump was elected, hoping for tax cuts and deregulation. That’s a huge capital gain. Nobody prefers to earn income any more, because that’s taxable. Rich people prefer to make capital gains.

Since 2008 you’ve had the largest bond market rally in history, as the Federal Reserve flooded the economy with quantitative easing to drive down interest rates. Driving down the interest rates creates a boom in the stock market, and also the real estate market. The resulting capital gains not treated as income. In real estate you can avoid ever having to pay a capital gains tax, decade after decade, century after century. When you sell a property and make a capital gain, you simply turn around and buy a new property. The gain is not taxed. It’s called “preserving your capital investment” – which goes up and up in value with each transaction.

If you’re a wealthy heir with a trust fund, and you sell stocks, make your 10% gains since Donald Trump, and then you buy other stocks, you can avoid paying taxes. And if your accountant registers your wealth offshore in a Panamanian fund, like Russian kleptocrats do – and as more and more Americans do – you don’t have to pay any tax at all, because it’s not American income, it’s foreign income in an enclave without an income tax. That’s the “magic” of double-taxation treaties: you can shop around for the lowest taxer.

That’s why Apple, Microsoft and the big information technology companies have kept so much money registered abroad (although in US dollar accounts with a nominal foreign address as owner). They pretend to make their global income in Ireland. They have an office, which could be simply a postal drop box in Ireland, and claim to make all their money there, not in America.

The biggest industrial sector next to real estate is oil, gas and other mineral resources. They don’t report any taxable income, because if you depict yourself as earning a profit, you have to pay a tax on it. So, it’s all about what accountants choose to declare as profit.

Textbooks don’t teach people how to avoid paying any income tax. But that’s what an army of tax lawyers and corporate tax accountants do. Trump’s claims that he’s making taxes more democratic for the people, but it actually is a vast sucking of income and wealth upward”



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