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Coming Again For The Wallet

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Old 01-24-2019, 05:51 PM
  #1  
Dominant Buck
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Default Coming Again For The Wallet

Never a question on the mismanagement and wasted money the federal government does. Just keep giving it more money to waste. They are coming for your wallet.

https://www.cnbc.com/2019/01/24/eliz...c-advisor.html
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Old 01-24-2019, 06:55 PM
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Okay FM... The last time that I played "Devils advocate" you properly "Torched me"... Guess that will happen when one plays with the Devil... Now before anyone gets the wrong impression, I "Am Not Saying That FM is The Devil"... I just like to "poke at him a bit" to get a more in depth opinion...

Based on the #'s in the article, they won't be touching "my wallet"(Yet?)

I particularly didn't like this part of the article...

" The newspaper, citing a person familiar with the plan, reported that Warren’s plan would try to counter tax evasion by boosting funding for the IRS, and by levying a one-time tax penalty on people with more than $50 million who try to renounce their U.S. citizenship."

Really??? They want to punish a citizen who wants to leave this country because they no longer agree with a particular law??? Not sure where that authority is granted in the constitution...
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Old 01-24-2019, 08:40 PM
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Seems as if my initial reply has been... "Postponed"???
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Old 01-25-2019, 07:58 AM
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Originally Posted by Lunkerdog View Post
I particularly didn't like this part of the article...

" The newspaper, citing a person familiar with the plan, reported that Warren’s plan would try to counter tax evasion by boosting funding for the IRS, and by levying a one-time tax penalty on people with more than $50 million who try to renounce their U.S. citizenship."

Really??? They want to punish a citizen who wants to leave this country because they no longer agree with a particular law??? Not sure where that authority is granted in the constitution...
Article I, Section 8, Clause 1: The Congress shall have Power to lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States.
(Thomas Jefferson etal)

I don't see where their power to collect taxes is limited in any way. AS for wealthy people renouncing their citizenship to escape taxes?

Can they be made to suffer enough?

Lets see.....
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Old 01-25-2019, 08:40 AM
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Dominant Buck
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Originally Posted by Lunkerdog View Post
Okay FM... The last time that I played "Devils advocate" you properly "Torched me"... Guess that will happen when one plays with the Devil... Now before anyone gets the wrong impression, I "Am Not Saying That FM is The Devil"... I just like to "poke at him a bit" to get a more in depth opinion...

Based on the #'s in the article, they won't be touching "my wallet"(Yet?)

I particularly didn't like this part of the article...

" The newspaper, citing a person familiar with the plan, reported that Warren’s plan would try to counter tax evasion by boosting funding for the IRS, and by levying a one-time tax penalty on people with more than $50 million who try to renounce their U.S. citizenship."

Really??? They want to punish a citizen who wants to leave this country because they no longer agree with a particular law??? Not sure where that authority is granted in the constitution...
first, remember the income tax was only going to apply to the very tippy top earners. Ordinary citizens would never be impacted. I guess you can be glad you're now defined as the very tippy top earner.

second and more importantly why this will impact you right away. Where do wealthy people keep their money? Do they have this cash laying around or under their mattresses? Its invested creating jobs. You also have your money in these investments. When the wealthy people are forced to sell their stocks and other investments to pay for this tax, it will drive down the costs which will drive down your investments and ultimately jobs in America. It's a very bad idea

we have too much government and it needs to be cut. Not your wallet.

Last edited by Fieldmouse; 01-26-2019 at 08:53 AM.
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Old 01-26-2019, 06:01 PM
  #6  
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Originally Posted by Mickey Finn View Post
Article I, Section 8, Clause 1: The Congress shall have Power to lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States.
(Thomas Jefferson etal)

I don't see where their power to collect taxes is limited in any way. AS for wealthy people renouncing their citizenship to escape taxes?

Can they be made to suffer enough?

Lets see.....
Umm... not sure why yer equating "renouncing citizenship" to "escaping taxes"... Pretty sure there would be "taxes" wherever they moved to... Perhaps it's not taxes itself they would be running from... Maybe it would be because they felt that they were being unfairly taxed...

Just for fun...
Bar Stool Economics

Suppose that every day, ten men go out for beer and
the bill for all ten comes to $100. If they paid
their bill the way we pay our taxes, it would go
something like this:

The first four men (the poorest) would pay nothing.

The fifth would pay $1.

The sixth would pay $3.

The seventh would pay $7.

The eighth would pay $12.

The ninth would pay $18.

The tenth man (the richest) would pay $59.

So, that's what they decided to do. The ten men drank
in the bar every day and seemed quite happy with the
arrangement, until one day, the owner threw them a
curve. 'Since you are all such good customers, he
said, 'I'm going to reduce the cost of your daily beer
by $20. Drinks for the ten now cost just $80.

The group still wanted to pay their bill the way we
pay our taxes so the first four men were unaffected.
They would still drink for free. But what about the
other six men - the paying customers? How could they
divide the $20 windfall so that everyone would get his
'fair share?' They realized that $20 divided by six
is $3.33. But if they subtracted that from
everybody's share, then the fifth man and the sixth
man would each end up being paid to drink his beer.
So, the bar owner suggested that it would be fair to
reduce each man's bill by roughly the same amount and
he proceeded to work out the amounts each should pay.

And so:

The fifth man, like the first four, now paid nothing
(100% savings).

The sixth now paid $2 instead of $3 (33%savings).

The seventh now pay $5 instead of $7 (28%savings).

The eighth now paid $9 instead of $12 (25% savings).

The ninth now paid $14 instead of $18 (22% savings).

The tenth now paid $49 instead of $59 (16% savings).

Each of the six was better off than before. And the
first four continued to drink for free. But once
outside the restaurant, the men began to compare their
savings.

'I only got a dollar out of the $20', declared the
sixth man. He pointed to the tenth man, 'but he got
$10!'

'Yeah, that's right,' exclaimed the fifth man. 'I
only saved a dollar, too. It's unfair that he got ten
times more than I!'

'That's true!!', shouted the seventh man. 'Why should
he get $10 back when I got only two? The wealthy get
all the breaks!'

'Wait a minute,' yelled the first four men in unison.
'We didn't get anything at all. The system exploits
the poor!'

The nine men surrounded the tenth and beat him up.

The next night the tenth man didn't show up for
drinks, so the nine sat down and had beers without
him. But when it came time to pay the bill, they
discovered something important. They didn't have
enough money between all of them for even half of the
bill!
And that, boys and girls, journalists and college
professors, is how our tax system works. The people
who pay the highest taxes get the most benefit from a
tax reduction. Tax them too much, attack them for
being wealthy and they just may not show up anymore.
In fact, they might start drinking overseas where the
atmosphere is somewhat friendlier.
















Last edited by Lunkerdog; 01-26-2019 at 06:25 PM.
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