Discussion in 'Banking - Investing - Finances' started by danbandanna, Sep 30, 2021.
Doesn't really do much to catch the rich that hide their money in investments and offshore accounts does it? I think the arguments they are making (mainly the cyber security issues) are missing the mark. The IRS already stores massive amounts of information on citizens. They completely missed the mark on the objections to this. The rich don't have much taxable income. Their wealth is tied up in investments and they take loans out (that are not considered taxable income) to fund their lavish lifestyles. If you want to hit the rich, while leaving the average American alone, you need to raise the tax rate on capital gains over a million dollars.
The politicians certainly know this but don't want to offend their campaign financers. A pathetic attempt to make it look like they are going after the rich.
That's ridiculous the IRS wanting to track money transfers over $600.
We have no fear of that happening in Canada. Revenue Canada might want to do something like that but they couldn't. They are too incompetent.
let the rant begin:
The government payroll system is almost working after only 10 years.
My old age pension is still not paid reliably even though the paperwork was submitted over a year ago.
Revenue Canada needs an extra forum submitted with the same information as the tax return that I send them.
Revenue Canada withholds 25% of my income which is below the poverty line "because we can". A$$hats.
Wait time on their Help (no help) lines are typically 4 hours. They do warn you if you are abusive you will be cut off. I've never been to their office but I pretty sure those pencil necks sit behind protective glass.
Called the F'rs once and they said "you didn't submit a forum" when I offered to send them the postal tracking number they immediately agreed that yes they did have it. That reminded me of some services here where a customer service representative will tell you anything to make you go away.
end of rant.
So how's the weather?
Nevermind it looks like rain.
In the UK it is best to receive salary via dividends (I admit I did this myself) and also to make money out of Capital Gains. Capital gains should be taxed the same as earned income and most loopholes closed - the rich have the money to use loopholes but the poor cannot. The UKs National Insurance is regressive - why they have a cap on how much is paid is beyond me. It should be combined with Income Tax so it is applied at higher rates to the wealthy. But the Establishment runs the country and the Establishment is wealthy! The Royals have a 'hidden' (until recently) right to examine new laws and have them modified to suit their needs (i.e. to retain their wealth and other privileges). The major problem is apathy in the general population combined with admiration for the wealthy who have Titles or celebrity status, even though many bought their Titles by political donations and gained celebrity status by being 'the daughter or son of', going on some mucky TV show or by having big t*ts and a fat arse.
That would be fine if private pensions were still a thing. The only way people can save for retirement and get ahead these days is through investments. In the US IRAs and 401Ks (deferred tax investment accounts) are extremely limited in how much you can put in them and with what type of income is allowed to fund the accounts. I have several of these accounts but there is absolutely no way for me to fund them with no employer or with my type of income. I don't want to see capital gains increased for lower income people. Leave smaller investors alone.
With greater taxation of the rich, the tax thresholds at the lower end can be increased (as they should be - low wage earners should not be coughing up more taxes as a percentage of their earnings than the well paid). Obviously I do not know the exact figures but it should be possible to switch the burden of taxation from poor to rich. I was told by an MP who canvassed me in the UK that reducing taxes for the wealthiest enables their wealth to "trickle down" - lol, tell that to the poor. It trickles into the wealthiests bank accounts.
I am well aware of the need for wealth to create jobs as this has to be self-perpetuating but there is now such a divergence between the poor and wealthy that something has to be done. I don't envy the wealthy but many have more than they need or deserve. There is also the case for very high VAT rates on 'extreme' luxury items.
Taking one from the Reagan playbook. Trickle down economics is complete BS.
It only makes the rich richer.
This is targeting your average American and is gross at best. @sloppyJoe, a true wimp!
Yeah, at least Republicans don't pretend to give a crap about the average American. Republicans and Democrats are the same party, both wh*res for the elite.
When I was in London England and saw the Royal Albert hall and Royal Alberts Memorial statue (google that statue) and on the same day walking to the other end of Hyde park where 500+ religious humbles, Christian, Muslim, and many of the other hypnotized organizations, screaming, bickering and fighting trying to figure out a solution on the real goings on. None of them walked to to other side of the park to see nor even begin to understand that the wealthy are in control. It was laughable!
If the Worlds top 13 Families call in all loans.....NO ONES HAS ANYTHING. It can and may be taken at any time. Do you like the barley soup or the chicken soup. each line may be 200 miles potentially.