Ocasio-Cortez and HQ2...showing how dumb she is every day

The reshaping and turd polishing of AOC is in full swing. I read a NYT op ed yesterday where they were talking about how smart she was and how her economic policy makes alot of sense...

 

Let's say that taxing the rich into oblivion to pay for all her wild dreams didn't destroy the economy. What happens when they realize that there's still not enough tax revenue to pay for the pipe dream? Oh yeah, the middle class will get hit all the while the people not paying anything will get the free pass and all the benefits. Fuck that.

 

That's the way it's been forever anyway. Those wealthy enough to get hit by these mega taxes are also wealthy enough to hire accountants to work around those taxes. Tax rates are less important than EFFECTIVE TAX RATES. Not too many wealthy people outside of athletes, entertainers, and lottery winners are paid in a manner that truly puts them into those high brackets. Most are paid via stock (that's eventually gets taxed at 15%) or some other type of benefit that skirts the rules. Wasn't it Warren Buffet that boasted that he effectively pays less taxes than his secretary?

 

This is why I would like to see a flat tax, 10% across the board. No refunds, no credits, no need to file. IRS can be scaled down and the tax codes simplified. You make a billion dollars, you pay 100 million in taxes.

 

That would be amazing. But there'd need to be some way to iron-clad it. The definition of "income" would need to be solidified so all the Sneaky Pete's paid taxes on the yachts, private planes, stocks, personal expense accounts, etc, etc, etc the company provides for them.

 

Yes it was....but what he, the msm and Barry left out was how he pays himself as the CEO of a mega billion dollar entity, $1. Not one time did I see any of those Liberal hacks ask him or insult him on why he does that? He's the classic liberal hypocrite.


Since it was brought up, I'm still a fan of the Fair Tax plan. Unlike a flat tax, which ONLY targets tax payers ON THE BOOKS, the Fair Tax is basically a Federal consumption tax that EVERYONE contributes to.......yes that includes illegals, those scamming the system working under the table, criminals who don't have a day job driving nicer cars than most tax payers and even visitors of our nation. IIRC, it's basically like our own VAT tax but here's the best part....there is NO income tax, you earn $100K, you bring home $100K.

 

He was agreeing/supporting their agenda, so they wouldn't dare check or verify his stuff...he was and still is hiding in plain sight from the Democrats!

 

Jesus… He makes his money and is taxed on capital gains.

 

After spending almost an hour trying to explain to my "Mensa" member father in law why not contributing to his 410k was costing him money I have decided to give up trying to explain the tax code as it is today to anyone. He could not grasp the concept of pre-tax withholdings lowering his taxable income. It was like trying to explain space travel to the dog.

 

But....you have a smart dog...

 

In the end, how much it really saves you all depends on what your current tax rate is, what your tax rate will be in retirement and how much that defer tax money will earn in interest and dividends between now and retirement.

Example: You worked on Wall Street making big bucks early in your career and have a big nest pre-tax egg built up but not a lot of after tax savings. You have now taken a lower paying lower stress job. It might be worthwhile to put some of your current retirement savings away as after tax to hedge against tax rates going up in the future.

I know the above is an extreme case, but it does show that not every case is the same.

 

You get that...I get that...my F-I-L would have glazed over at "current tax rate". In his case it would benefit him in 2 ways. It would lower his effective tax rate as well as not missing out on the money from 4% match his company offers. We are talking about keeping people from living in my basement in the future. They have exactly squat saved for retirement and are rapidly running out of time.

 

I find that sending them a check every month works pretty good.

 

Who do you think paid off their house and fed them for the 4 years my F-I-L was one of Obummer's under employed?

 

When you marry, ya get the whole package.

 

It's the craziest thing. You start out life young looking to your elders for guidance and knowledge and then at some point the elders, in this case, turned off their brains and refused to learn anything new. Now we have to spend the rest of their years keeping them from touching the stove while it's on.

 

Sounds good in theory. Not going to work though. They’ll never eliminate the income tax. A VAT would be in addition to the income tax, not replace it. VAT is also a wet dream for big government lovers as there’s an upper limit to how much can be effectively collected with income and sales taxes. VAT can enable tax rates as high as 50%.

 

How New Yorkers view that rest of the world:

 

I SUCK at managing money (if I had any), but even I know this