Vent your OWS perspectives

[Matt Gruber]

lets look at a NYC rich guys' net income
pay $1 million, 36% fed tax plus 17% state and city tax.
53% total tax.
net 470,000.
poor guy has to live on just 470k, now, what might happen if taxes go UP 10%?, his net drops to 370k. so being in business he might make up for the net pay cut by expanding and hiring.
if u cut his tax 10%, then his net goes up to 570k. no need to hire anybody with a raise like that! an extra 100k for doing nothing! (unless u count the cost of the bribes to congressmen)

[Matt Gruber]

Reaganomics & lots of it is what's needed! It worked the first time, right?

i needed more facts, so i looked it up on wikipeda and it appears it is alive and well!
Reaganomics:
1. high defense spending (but all the wars have had what benefit? instead of locks on cockpit doors, we invade LOL
2. low tax collection (was 18.4% of GDP then, is 15% of GDP now)
3. high deficit spending (we have pushed the pedal to the metal for years)
Reagan tripled the debt which resulted in good growth. But it looks like we are approching the limit under this idea, like greece, italy etc
the additional spending now only serves to prevent contraction!
During reagan we had millions of baby boomers age 25-35 that stimulated growth. now they are retiring and taking money out to live on.

[R.Olds]

lets look at a NYC rich guys' net income
pay $1 million, 36% fed tax plus 17% state and city tax.
53% total tax.
net 470,000.
poor guy has to live on just 470k, now, what might happen if taxes go UP 10%?, his net drops to 370k. so being in business he might make up for the net pay cut by expanding and hiring.
if u cut his tax 10%, then his net goes up to 570k. no need to hire anybody with a raise like that! an extra 100k for doing nothing! (unless u count the cost of the bribes to congressmen)

Maybe I am not reading this right?, but if you believe what I think you mean, please go get a sign and stand with the rest of the useful idiots

So your saying if YOU were smart enough to make 100k a year.....you are OK with this worthless government coming and taking 53k of that...and YES, it is the same thing, just add a few "0"'s

If I got penalized from 1 mil down to keeping 370k, I would down size and lay off employees, no need to bust my butt for the benefit of others / slackers.

You simply cannot penalize people for taking risks and being successful. This world does not owe everyone everything!

Rick

[Matt Gruber]

r olds
thanks for your reply!
my point is that BOTH views are nonsense, but equally possible.
One does not pass up the chance to make a lot of $$ because of these tax rates.
In this stagnent economy, it would be a dream come true, to be able to hire, expand, and take home more $$$. This is the crux of the problem, a dearth of opportunity, not stubborn old guys whining the tax rate is too high. u can downsize and lay off people anytime u want. that gives a great opportunity for an ex-employee to open up and grab some market share. u can bet he will be younger, and thrilled to take home 370k, or whatever.
.
what bugs people is the yearly changes and wild swings of the tax code.
70% then 28% then 39.6%
cap gains 50% then 20% now the 15% temporary rate to use up the clinton surplus. well DUH, that surplus has been used up!
the 1040 is over 100 pages!
anyone with a business needs to hire a tax accountant just to figure it out.

[R.Olds]

OK, that makes more sense, I understand what your saying, I just dont agree. There has to be a greater reward for the risk taken....or then why take the risk?

As far as tax code, I am a strong supporter of a flat tax. As an example I got married 3 years ago, my wifes income plus mine put us into a bracket that cost us more in the end. We actually took home more money by making less. Fine! 2 part time employees lost there jobs and I cut my work hours by 25%.

Below is an another example why we as a Nation will never recover. Our Captains, are steering this ship right into a pile of rocks.....sad.....so sad!

http://abcnews.go.com/WNT/video/us-brid ... s-14594513

Rick

[Matt Gruber]

the flat tax, 28%, is not working out too good in greece. but it works great in bulgaria, so the devil is in the details. i just saw on french tv that greek businesses are moving to bulgaria where flat taxes are just 10%, and much more importantly, workers work for 1/4 of the greece wages. of course bulgaria does not have the greece health care and retirement plans, etc. u get what u pay for.
as for chinese workers doing work americans hate, that is the american way. chinese built the US railroads in the 1800's. nothing new or dangerous. U don't see our 45 million on food stamps lining up to pick potatoes.
The way it works, not that i like it, is that the chinese are frugal, and invest their savings in US bonds, and that $$ is given to our unemployed as benefits.
if u want to be more successful, read books by the top 1%. their businesses are scalable without labor costs. Like a code writer that sells ipad apps. if it sells well, u can make millions without much if any marginal labor.

[dfree383]

the flat tax is not working out too good in greece. i just saw on french tv that their businesses are moving to bulgaria where taxes are lower, and workers work for 1/4 of the greece wages. of course bulgaria does not have the greece heath care and retirement plans.
as for chinese workers doing work americans hate, that is the american way. chinese built the US railroads in the 1800's. nothing new or dangerous. U don't see our 45 million on food stamps lining up to pick potatoes.
The way it works, not that i like it, is that the chinese are frugal, and invest their savings in US bonds, and that $$ is given to our unemployed as benefits.
if u want to be more successful, read books by the top 1%. their businesses are scalable without labor costs. Like a code writer that sells ipad apps. if it sells well, u can make millions without much if any marginal labor.

Greek Welfare and Retirement systems are failures.......... Greece is a bad example to use for anything other than total failure of anything socialist. They have become a welfare state and the only thing thats going to cure that is a total govement breakdown and no more handouts.

We are quickly coming to the same point in the USA...... Lets just hope someone with some patriotic pride and love for america gets in before its too late. And no OWS is not going to do a damn thing, its nothing more than a deversion by the far left, to try and get people to focus on things other than the real problem of the BS politicians we have now and the road of doom they are taking the country down.

[Matt Gruber]

OWS is not far left anymore than it is far right. it is just ordinary, but "slow to catch on" americans . But, considering the high percentage that expect socialized benefits, it is fair to expect there are more Democrats than Republicans at OWS, as evidenced by Obama being elected.
i thought there would be protests in 2008 when congress approved bonuses to bankers, while the UK prohibited bonuses in bailed out banks. i was shocked and dismayed that the mother country was so much smarter than the USA.
But, then again, England does have 100's of more years of experience.
It is sad to see china move ahead by embracing capitalism, and in the USA we move toward communism/socialism.
Why does china move ahead?
1st it is a dictatorship so there are NO ELECTIONS. SO NO PANDERING TO VOTERS. no promises for health care, SS, etc. So they have no such expenses. In competition, lowest expenses wins.