The Tax Thread - Page 4
Page 4 of 21 FirstFirst 123456789101114 ... LastLast
Results 40 to 52 of 269

Thread: The Tax Thread

  1. #40
    BamaNation Hall of Fame 92tide's Avatar
    Join Date
    May 2000
    Location
    East Point, Ga, USA
    Posts
    34,979

    Re: The Tax Thread

    Quote Originally Posted by CharminTide View Post
    Well there is historical data for some industries, since the top tax rate used to be even higher than 70%. But that doesn't work for the NFL, since the average NFL salary in the 1970s was something like 150k (in 2018 dollars) compared to 1.5 million today. Personally, I doubt he'd be able to convince the Packers to up his contract even more, and if every team is under the same salary constraints (who knows how the cap would change), I doubt anyone else would either. But if he's not satisfied with the highest contract in NFL history, Aaron Rogers is free to do more State Farm commercials.
    he could raise chickens, then trade them for some bootstraps
    The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.

    - George Orwell

    If they can get you asking the wrong questions, they donít have to worry about the answers.

    ó Thomas Pynchon

  2. #41
    FB Moderator Bamabuzzard's Avatar
    Join Date
    Aug 2004
    Location
    Where ever there's BBQ, Crawfish & Football
    Posts
    23,918

    Re: The Tax Thread

    Quote Originally Posted by CharminTide View Post
    Well there is historical data for some industries, since the top tax rate used to be even higher than 70%. But that doesn't work for the NFL, since the average NFL salary in the 1970s was something like 150k (in 2018 dollars) compared to 1.5 million today. Personally, I doubt he'd be able to convince the Packers to up his contract even more, and if every team is under the same salary constraints (who knows how the cap would change), I doubt anyone else would either. But if he's not satisfied with the highest contract in NFL history, Aaron Rogers is free to do more State Farm commercials.
    In my opinion, I think you're right. Teams aren't going to increase salaries to compensate for players personal income tax situations. Much like when Sam Bradford was the last rookie to get the insane rookie contract. Rookie's after that operated and still operate under a cap. Doing more State Farm commercials wouldn't help (I know you put blue font on that one) because source of income would have nothing to do with reaching the $10MM threshold.
    The existence of God isn't determined in the thoughts of man. God exists, no matter what man thinks.

    "It cost a lot of money to look this cheap."-Dolly Parton.

    "If you ever want to know how good your barbecue is start charging for it"-Myron Mixon

  3. #42
    BamaNation All-American CrimsonNagus's Avatar
    Join Date
    Jun 2007
    Location
    Montgomery, Alabama, United States
    Posts
    4,121

    The Tax Thread

    Iím going to admit up front that I donít fully understand taxes and tax law. Iím never going to make that kind of money so it will never affect me but, I have a problem with the government taking 70% of anything. Iím putting in the time, work and education to earn that much money, why does the government deserve to take me for a ride? If I make 20 million, then I only get 3 million of the second 10? Sorry, thatís ridiculous IMO. Thatís my hard earned money, keep your hands off.

    Shoot, I think my tax rate is too high right now for what my wife and I make. In fact, this great Trump tax cut caused our taxes to go up so, Iím ....ed at taxes and the government right now. The government keeps taking more and more all while we get no raises, or very little cost of living ones that really donít help much in the end. Yet they keep taking and the national debt continues to grow. Giving the heroin addict more and more funding isnít going to solve their heroin problem.

  4. #43
    BamaNation Hall of Fame MattinBama's Avatar
    Join Date
    Jul 2007
    Location
    Titus, AL
    Posts
    8,557

    Re: The Tax Thread

    Quote Originally Posted by CrimsonNagus View Post
    I’m going to admit up front that I don’t fully understand taxes and tax law. I’m never going to make that kind of money so it will never affect me but, I have a problem with the government taking 70% of anything. I’m putting in the time, work and education to earn that much money, why does the government deserve to take me for a ride? If I make 20 million, then I only get 3 million of the second 10? Sorry, that’s ridiculous IMO. That’s my hard earned money, keep your hands off.

    Shoot, I think my tax rate is too high right now for what my wife and I make. In fact, this great Trump tax cut caused our taxes to go up so, I’m ....ed at taxes and the government right now. The government keeps taking more and more all while we get no raises, or very little cost of living ones that really don’t help much in the end. Yet they keep taking and the national debt continues to grow. Giving the heroin addict more and more funding isn’t going to solve their heroin problem.
    The people that keep helping make sure the stuff in your second paragraph continues to happen are a lot of the same ones you're standing up for in the first paragraph. Just saying.

    Broad brush there but worth noting.

  5. #44
    BamaNation All-American CrimsonNagus's Avatar
    Join Date
    Jun 2007
    Location
    Montgomery, Alabama, United States
    Posts
    4,121

    Re: The Tax Thread

    Maybe thatís true, like I said, I donít fully understand taxes and tax law. Freely taking 70% of anything from private citizen just seems like too much. Plus, when that still isnít enough, will they come after the middle class as well? Thatís my fear.

  6. #45

    Re: The Tax Thread

    Quote Originally Posted by Bamabuzzard View Post
    Crimsonaudio, any thoughts on how or if this would impact your industry (music industry) as a whole?
    It would be nothing but a guess, but I suspect it's pie-in-the-sky thinking that all these congress critters who are bought and paid for will bite the hands that feed them.

    The wealthiest of the wealthy (which is what we're discussing here) won't allow this to happen.
    Oderint dum metuant - Lucius Accius

  7. #46
    BamaNation Hall of Fame MattinBama's Avatar
    Join Date
    Jul 2007
    Location
    Titus, AL
    Posts
    8,557

    Re: The Tax Thread

    Quote Originally Posted by CrimsonNagus View Post
    Maybe that’s true, like I said, I don’t fully understand taxes and tax law. Freely taking 70% of anything from private citizen just seems like too much. Plus, when that still isn’t enough, will they come after the middle class as well? That’s my fear.
    They've already come after the middle class as far as I can tell.

  8. #47
    FB Moderator Bamabuzzard's Avatar
    Join Date
    Aug 2004
    Location
    Where ever there's BBQ, Crawfish & Football
    Posts
    23,918

    Re: The Tax Thread

    Quote Originally Posted by CrimsonNagus View Post
    Maybe that’s true, like I said, I don’t fully understand taxes and tax law. Freely taking 70% of anything from private citizen just seems like too much. Plus, when that still isn’t enough, will they come after the middle class as well? That’s my fear.
    Playing along with the original poster's suggestion. I would rather enact a progressive corporate tax on certain size companies that benefited their middle class and below employees. The company would have the option of either paying this tax to the government, or distributing it to their employees below the "upper management" level. Giving the company a dollar for dollar credit against this tax at fiscal year end. If the distribution to the employees did not equal the tax, then the balance would be owed to the federal government in corporate taxes. So in essence the tax is "telling" the company "You're either going to pay the money to us or your employees. But either way you're paying the money."

    Having rich people pay more taxes directly to the government does absolutely nothing for middle class workers whose wages haven't kept up with inflation for decades. IMO, enacting a 70% income tax on the rich just gives the government more money to waste and we all know that's what would happen.
    Last edited by Bamabuzzard; January 16th, 2019 at 02:18 PM.
    The existence of God isn't determined in the thoughts of man. God exists, no matter what man thinks.

    "It cost a lot of money to look this cheap."-Dolly Parton.

    "If you ever want to know how good your barbecue is start charging for it"-Myron Mixon

  9. #48
    BamaNation First Team
    Join Date
    Dec 1999
    Location
    AL
    Posts
    384

    Re: The Tax Thread

    Quote Originally Posted by Bamabuzzard View Post
    Playing along with the original poster's suggestion. I would rather enact a progressive corporate tax on certain size companies that benefited their middle class and below employees. The company would have the option of either paying this tax to the government, or distributing it to their employees below the "upper management" level. Giving the company a dollar for dollar credit against this tax at fiscal year end. If the distribution to the employees did not equal the tax, then the balance would be owed to the federal government in corporate taxes. So in essence the tax is "telling" the company "You're either going to pay the money to us or your employees. But either way you're paying the money."

    Having rich people pay more taxes directly to the government does absolutely nothing for middle class workers whose wages haven't kept up with inflation for decades. IMO, enacting a 70% income tax on the rich just gives the government more money to waste and we all know that's what would happen.

    as a small business owner i would absolutely be in favor of the above proposal re: enacting a progressive corporate tax/incentive/credit for employee profit sharing.

  10. #49
    FB Moderator Bamabuzzard's Avatar
    Join Date
    Aug 2004
    Location
    Where ever there's BBQ, Crawfish & Football
    Posts
    23,918

    Re: The Tax Thread

    Quote Originally Posted by rjtide View Post
    as a small business owner i would absolutely be in favor of the above proposal re: enacting a progressive corporate tax/incentive/credit for employee profit sharing.
    And ultimately the federal government would collect any perceived lost revenue (via the credit) on the back-end when the employee with a fatter yearly income paid in more income taxes.
    The existence of God isn't determined in the thoughts of man. God exists, no matter what man thinks.

    "It cost a lot of money to look this cheap."-Dolly Parton.

    "If you ever want to know how good your barbecue is start charging for it"-Myron Mixon

  11. #50
    BamaNation First Team
    Join Date
    Dec 1999
    Location
    AL
    Posts
    384

    Re: The Tax Thread

    Quote Originally Posted by Bamabuzzard View Post
    And ultimately the federal government would collect any perceived lost revenue (via the credit) on the back-end when the employee with a fatter yearly income paid in more income taxes.
    no doubt. if congressional lawmakers were serious about putting more money the pockets of middle class workers this idea certainly would do it.....something worthy for them to consider in terms of enacting as tax law.

  12. #51
    BamaNation Hall of Fame Bamaro's Avatar
    Join Date
    Oct 2001
    Location
    Jacksonville, Md USA
    Posts
    20,735

    Note Re: The Tax Thread

    Quote Originally Posted by CrimsonNagus View Post
    Maybe thatís true, like I said, I donít fully understand taxes and tax law. Freely taking 70% of anything from private citizen just seems like too much. Plus, when that still isnít enough, will they come after the middle class as well? Thatís my fear.
    Then they should stop spending like they already take the 70%.

  13. #52
    BamaNation Hall of Fame CharminTide's Avatar
    Join Date
    Oct 2005
    Posts
    6,231
    Thread Starter

    Re: The Tax Thread

    Quote Originally Posted by Bamabuzzard View Post
    Playing along with the original poster's suggestion. I would rather enact a progressive corporate tax on certain size companies that benefited their middle class and below employees. The company would have the option of either paying this tax to the government, or distributing it to their employees below the "upper management" level. Giving the company a dollar for dollar credit against this tax at fiscal year end. If the distribution to the employees did not equal the tax, then the balance would be owed to the federal government in corporate taxes. So in essence the tax is "telling" the company "You're either going to pay the money to us or your employees. But either way you're paying the money."
    I don't see the two ideas as mutually exclusive. I'm completely on board with proposals to increase wages for the poor and middle class, whether we're talking raising the minimum wage, codetermination, and/or some form of corporate tax incentives that increase worker pay.

    Quote Originally Posted by Bamabuzzard View Post
    IMO, enacting a 70% income tax on the rich just gives the government more money to waste and we all know that's what would happen.
    This has sorta been the core conservative idea for decades. It's why conservatives have defended giving the rich all the money: because they supposedly make good capitalist decisions that filter down and help elevate everyone else. But that simply hasn't been true. Yes, government has some inherent inefficiency. It's also true that the combustion engine is an inherently inefficient machine. But at the end of the day, your small personal jug of gasoline isn't going to help move a group of people from point A to B. The bus that it fuels will.

    Having slightly higher wages isn't going to help when you get cancer, but large-scale tax-funded risk pooling will. Having a few extra dollars isn't going to keep your car from breaking an axle in an unrepaired pothole, but tax-funded infrastructure maintenance will. An additional $20 each week won't help when your house is on fire, but the fire truck that your county purchased will. Hell, your savings account is probably insured by the federal government, and the potency of that dollar is kept strong by the government too. I could go on for pages, and you know it.

    Now, I realize that it's in vogue to say that the government is a wasteful, lumbering beast that doesn't deserve tax revenue. But it's absolute fact that taxes make it possible to do things that no individual or small community ever could, and I feel that gets lost in the propaganda. Don't get me wrong, I'm all in favor of eliminating systemic government waste, military boondoggle, and other unnecessary spending. But I feel like this conservative mantra of "taxation=theft" and the variations thereof are glib and dishonest (I'm not saying you're being this way btw, I just don't want the thread to spiral in that direction). And FWIW, if Charmin's view of tax policy came to pass, the proposed tax increases on the 1% would be accompanied by tax relief for lower and middle income tax brackets.
    Last edited by CharminTide; January 16th, 2019 at 04:56 PM.

Bookmarks

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

TideFansStore.com Bama Gear

Alabama Crimson Tide gear at Fanatics.com