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$15/hr not enough....


gamewatcher63

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3 minutes ago, Monte1076 said:

Tell that to the politicians.

I’d say mostly the democrats and liberals.  Republicans typically understand the economy better in my opinion.  Business owners understand it for the most part.  They know how to pass costs on to the consumer, but something like doubling their wages might cripple some businesses.  

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3 minutes ago, DB2point0 said:

I’d say mostly the democrats and liberals.  Republicans typically understand the economy better in my opinion.  Business owners understand it for the most part.  They know how to pass costs on to the consumer, but something like doubling their wages might cripple some businesses.  

One thing I've noticed that some of these politicians do is talk about profit margins in terms of dollars. But where does that money come from? I'd guess for publicly-traded companies, some of it is stocks. And what does that translate to as a percent of revenue? In other words, if I have a business and I make a million dollars in profit, but my profit margin is 50% (as an example), that's vastly different than if I have a business, and I make a million dollars in profit, but my profit margin is 1%.

Jeff Bezos is a multi-billionaire -- on paper. He owns a bunch of stock. His "salary", I believe, is somewhere around $85,000 per year. I could be wrong on that part. That's also why a "wealth tax" makes no sense. It's a tax on non-liquid assets (i.e. stocks).

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43 minutes ago, Monte1076 said:

 

Jeff Bezos is a multi-billionaire -- on paper. He owns a bunch of stock. His "salary", I believe, is somewhere around $85,000 per year. I could be wrong on that part. That's also why a "wealth tax" makes no sense. It's a tax on non-liquid assets (i.e. stocks).

Considered one of the WEALTHIEST people in the world, and only makes $85K per year. That's why raising income taxes on the wealthy does NOT matter. Because these people hide behind corporate taxes with 99% of their money--which even at 21% (which it is now) is a lot lower than the 36% top bracket for INCOME taxes. That with quick math is 15% savings. 

Plus their income tax payment will be a lot less, especially after deductions. That's why his is probably in a lower tax bracket than his secretary. LOL. 

But a Wealth tax, would then tax all of his assets, and once they start that, then they start doing it with everyone. Then we all get slapped with another tax, so they can spend that money to buy votes and redistribute wealth. Instead of making people earn their own living. It's a sad day in the United States. 

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10 minutes ago, DannyZuco said:

Considered one of the WEALTHIEST people in the world, and only makes $85K per year. That's why raising income taxes on the wealthy does NOT matter. Because these people hide behind corporate taxes with 99% of their money--which even at 21% (which it is now) is a lot lower than the 36% top bracket for INCOME taxes. That with quick math is 15% savings. 

Plus their income tax payment will be a lot less, especially after deductions. That's why his is probably in a lower tax bracket than his secretary. LOL. 

But a Wealth tax, would then tax all of his assets, and once they start that, then they start doing it with everyone. Then we all get slapped with another tax, so they can spend that money to buy votes and redistribute wealth. Instead of making people earn their own living. It's a sad day in the United States. 

The problem is, taxing people on non-liquid assets is trouble. Think property taxes, but on a larger scale.

Imagine you had to pay taxes on your 401(k) every year, even when you didn't take money out of it. That's basically what they're talking about.

Imagine if you had $1 million worth of stock. It's just sitting there. You're not cashing it in or anything. The value of that stock changes from day to day. Now, it's tax time. And let's say that the tax rate for that $1 million in stock is 25%. Now, you have to sell off $250,000 worth of the stock to pay as a tax on it. But wait...now that you've sold the stock, it's income, so now you have to pay a tax on the $250,000 as well.

See how they get you?

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11 minutes ago, Monte1076 said:

The problem is, taxing people on non-liquid assets is trouble. Think property taxes, but on a larger scale.

Imagine you had to pay taxes on your 401(k) every year, even when you didn't take money out of it. That's basically what they're talking about.

Imagine if you had $1 million worth of stock. It's just sitting there. You're not cashing it in or anything. The value of that stock changes from day to day. Now, it's tax time. And let's say that the tax rate for that $1 million in stock is 25%. Now, you have to sell off $250,000 worth of the stock to pay as a tax on it. But wait...now that you've sold the stock, it's income, so now you have to pay a tax on the $250,000 as well.

See how they get you?

I am in total agreement with you. And now they are pushing a .01% tax on every stock transaction. Read about it this morning. That means that every month when money is taken out for my 403B plan, I have to pay 1 cent for every dollar they put into my accounts. While that does not seem like a lot--but if I put in $100 a month--That's a dollar per month, $12 a year, for that one account. Imagine if I am putting $1000 dollars a month away? Or if they do this to TRS retirement systems, every month, more comes out. According to article, you will have to work extra 2.5 years to have the same amount in retirement that you would have had without the tax. 

Liberal tax plans stink like :poop:!!!!!!!!!!

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4 minutes ago, DannyZuco said:

I am in total agreement with you. And now they are pushing a .01% tax on every stock transaction. Read about it this morning. That means that every month when money is taken out for my 403B plan, I have to pay 1 cent for every dollar they put into my accounts. While that does not seem like a lot--but if I put in $100 a month--That's a dollar per month, $12 a year, for that one account. Imagine if I am putting $1000 dollars a month away? Or if they do this to TRS retirement systems, every month, more comes out. According to article, you will have to work extra 2.5 years to have the same amount in retirement that you would have had without the tax. 

Liberal tax plans stink like :poop:!!!!!!!!!!

I think your math might be a bit wrong there (or you mis-typed something) .01% is one hundredth of 1 percent. So they would take out a cent for every $100, not for every $1. I don't think that's aimed at people like us, but it would affect us.

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4 minutes ago, Monte1076 said:

I think your math might be a bit wrong there (or you mis-typed something) .01% is one hundredth of 1 percent. So they would take out a cent for every $100, not for every $1. I don't think that's aimed at people like us, but it would affect us.

Maybe it is, I will have to read the article again, when I get time. But they keep saying a penny a trans action, so maybe I put the wrong percentage down. When I find it, I'll share it, but then again, I could be wrong a heck on the numbers, but it still effects me monthly. Don't care how much it is, the government DOES NOT deserve more money from me or anyone else, until they can learn to live within a balanced budget. 

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27 minutes ago, DannyZuco said:

Maybe it is, I will have to read the article again, when I get time. But they keep saying a penny a trans action, so maybe I put the wrong percentage down. When I find it, I'll share it, but then again, I could be wrong a heck on the numbers, but it still effects me monthly. Don't care how much it is, the government DOES NOT deserve more money from me or anyone else, until they can learn to live within a balanced budget. 

I used to be in favor of a balanced budget, but consider this: Wouldn't that just give Congress carte blanche to just raise taxes whenever they felt like it, and just say, "Well, we have to because we need to balance the budget!"

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15 minutes ago, Monte1076 said:

I used to be in favor of a balanced budget, but consider this: Wouldn't that just give Congress carte blanche to just raise taxes whenever they felt like it, and just say, "Well, we have to because we need to balance the budget!"

That is one way to look at it. But it also helps out in elections, when you can elect people who will promise to cut spending instead of creating more taxes. IT can go either way, but a great amendment would be to have a balanced budget amendment with a growth percentage attached that congress could NOT go over. Such as 1% more than the year before. Awe--wishful thinking. LOL. 

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50 minutes ago, EnjoyLife said:

Idk about a $15 an hour minimum wage...but there is something fundamentally wrong with the economy when the stock market is at record highs and so is demand at food banks while 16,000,000 are unemployed.

And I posted the other day, there are 6.5 million jobs open right now in the United States. 6.5 million more workers, means they are spending more money, meaning other places have to hire more personnel, which means more jobs for more workers. 

Imagine, less than 1 year ago, we have a workforce that was basically full employment, then we have this wonderful virus and not we have 16 million needing food. Just how far have we fallen with shutdowns and mandates. 

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On 1/20/2021 at 8:38 AM, trashyhound said:

So why don't those employees making $7.25 go work elsewhere? 

Every time I felt like I needed more money to support my family, I went out & found a higher paying job; Many higher paying jobs are dangerous, & therefore, the pay is significantly higher. People working in the energy industry are exposed to much greater danger than that pimply faced kid bagging your groceries.

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31 minutes ago, CarthDawg77 said:

Every time I felt like I needed more money to support my family, I went out & found a higher paying job; Many higher paying jobs are dangerous, & therefore, the pay is significantly higher. People working in the energy industry are exposed to much greater danger than that pimply faced kid bagging your groceries.

Yep. But you also hurt the pimply faced kid when others take his $15 hour job that wouldn't work $7.50.

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22 hours ago, DB2point0 said:

Sardines are rather cheap.  Nasty, but cheap.  

I used to love them as a kid with crackers and Yellow Devil pepper sauce.  I haven't seen that sauce in years.  I think it was just yellow peppers and vinegar, because when we ran out my Momma would just add more white vinegar to it.  Sardines are just a $1 a can at the dollar store, but if they raise minimum wage to $15 they'll be the $3 store.  Similar to back when we had 5 and dime stores and now they are all Dollar Tree's and 99 cent stores.  

 

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8 hours ago, DB2point0 said:

Oh yea, no doubt there’s good opportunities in the fast food industry for some people. 

I did it for 25 years beginning when I was 18.  Back then I was only making $5 an hour as an assistant minimum wage was $3.35 for managers it was $350 a week +bonuses and health insurance included.  By the time I left I was making $1000 a week plus bonus and health insurance.  You could double your salary in a month if  you ran your store right, and made the profit and sales building.  Why  some people attend college to get a restaurant management job is beyond me.  They're wasting 4 years of their lives and lots of money for that degree when they could be making it while OTJT is happening.  It took me 10 months to become a GM, and I was making more than my Dad was receiving for his retirement.  

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