I just want to take a quick poll...

[asshanson]

Originally Posted by tpunx99GSX

Its not that taxes have gone up so much as the fact that the superrich pay a much less of a percentage then the lower and middle class.

Pretty sure this is wrong. Federal income tax is progressive, the more you make the higher percentage it's taxed at.

Maybe what you're trying to say is Obama wants to make it even more progressive so it's a steeper curve as you make more, whereas MaCain opposes this, I know a lot of republicans support more of a flat tax.

Social Security doesn't follow the same rules though, it's a flat tax, plus it's capped each year.

[tpunx99GSX]

Originally Posted by slowboy

Pretty sure this is wrong. Federal income tax is progressive, the more you make the higher percentage it's taxed at.

Maybe what you're trying to say is Obama wants to make it even more progressive so it's a steeper curve as you make more, whereas MaCain opposes this, I know a lot of republicans support more of a flat tax.

Social Security doesn't follow the same rules though, it's a flat tax, plus it's capped each year.

http://www.timesonline.co.uk/tol/mon...cle1996735.ece Highly publicized speech by Warren Buffett where he is paying 17% on his taxes, but his secretary who makes $60k a year is getting taxed 30%

[JET]

Originally Posted by tpunx99GSX

http://www.timesonline.co.uk/tol/mon...cle1996735.ece Highly publicized speech by Warren Buffett where he is paying 17% on his taxes, but his secretary who makes $60k a year is getting taxed 30%

Tom, get a clue. That is because he uses tax shelters and hedge funds that doesn't make sense for the rest of us, or we don't have the disposable income to use. Your tax bracket is 25% and someone making $400k/yr is taxed at 35%.

Now if you really delve into the economics you will know that rich people like that don't sit with the money under their bed and hoard it. They reinvest the money. This leads to extra assets for companies, which allows them to expand, which allows them to hire more people. In my finance class we did scenarios where we lower the taxes on businesses and it created huge differences in the operating capital.

The biggest problem with the economy is shipping our money overseas. Our trade deficit has become rediculous, but for some reason that isn't getting much attention. I'll use the place I just worked at as an example. They would set someone up with a product, lets say a microwave. Target buys this microwave, we would take a small margin off the top (under 5%) and the rest of the money goes to China. So if you buy a microwave from Target for $100, Target gets $30, our company would have got $5, and the other $65 goes to China (those are all approximates). So 2/3 of that purchase was money leaving our country. That is the main reason our economy has tanked lately.

[john]

Originally Posted by JET

In my finance class we did scenarios where we lower the taxes on businesses and it created huge differences in the operating capital.

It took a finance class??? What school?

[slowbubblecar]

Originally Posted by JET

In my finance class we did scenarios where we lower the taxes on businesses and it created huge differences in the operating capital.

The biggest problem with the economy is shipping our money overseas. Our trade deficit has become rediculous, but for some reason that isn't getting much attention. I'll use the place I just worked at as an example. They would set someone up with a product, lets say a microwave. Target buys this microwave, we would take a small margin off the top (under 5%) and the rest of the money goes to China. So if you buy a microwave from Target for $100, Target gets $30, our company would have got $5, and the other $65 goes to China (those are all approximates). So 2/3 of that purchase was money leaving our country. That is the main reason our economy has tanked lately.

How would the first part of this affect the average person? Just because a business is making more money doesn't mean it will go to the workers. The business owner will most likely reinvest it in a way to make even more money.

2nd part-So it would be better for everyone to pay more for just about everything they use daily than get them from another country?

[v8klla]

Originally Posted by slowbubblecar

How would the first part of this affect the average person? Just because a business is making more money doesn't mean it will go to the workers. The business owner will most likely reinvest it in a way to make even more money.

You are exactly right but you are missing one big part of that equation. More money for small business owners = More money to invest / grow the business = More Jobs. I highlighted the important part

[tpunx99GSX]

Originally Posted by v8klla

You are exactly right but you are missing one big part of that equation. More money for small business owners = More money to invest / grow the business = More Jobs. I highlighted the important part

Hard to grow the business when you cant get a loan. Way to "Save the country" on that one John McCain. (Of course when his "Im going to suspend my campaign and save the country" didnt work he blames the other guy)

[slowbubblecar]

Originally Posted by v8klla

You are exactly right but you are missing one big part of that equation. More money for small business owners = More money to invest / grow the business = More Jobs. I highlighted the important part

Just because people make more money doesn't mean there will be more jobs. It all depends on the person and the business. I know many small businesses that won't expand no matter how much money they make. People start businesses to make money, not employ people. The same goes for the stock market. People invest in the stock market to generate a return on their money, not to employ others.


I am not set on either canidate, just sharing my point of view in the thread.

[mdost03]

Originally Posted by slowbubblecar

Just because people make more money doesn't mean there will be more jobs. It all depends on the person and the business. I know many small businesses that won't expand no matter how much money they make. People start businesses to make money, not employ people. The same goes for the stock market. People invest in the stock market to generate a return on their money, not to employ others.

Wow, you almost lost me on this one.

It's like building up a car, you make so much power and once you get used to that, you want to have more to get that feeling that you own a fast car. If a business owner is making more and more money, he very well should be looking into expanding his business to continue the money-making.

You say people start businesses to make money. Well why would they shoot themselves in the foot if they are making more to be able to expand and don't hire more people?

[Kracka]

Originally Posted by slowbubblecar

Just because people make more money doesn't mean there will be more jobs. It all depends on the person and the business. I know many small businesses that won't expand no matter how much money they make. People start businesses to make money, not employ people. The same goes for the stock market. People invest in the stock market to generate a return on their money, not to employ others.

You couldn't be more wrong here. Even if the small business owner doesn't ever decide to expand he will still have more money and therefore be spending more. The more money that is spent the more jobs that are required to make the goods and perform the services being purchased. No matter how you cut it, unless the person is stuffing money under his bed never to see daylight again, more money = more jobs.

Also, please keep in mind that sometimes in order to make more money you need to employ more people. Whether it be a web designer, tax accountant, or even the UPS man.

[slowbubblecar]

Originally Posted by slowboy

Maybe what you're trying to say is Obama wants to make it even more progressive so it's a steeper curve as you make more, whereas MaCain opposes this, I know a lot of republicans support more of a flat tax.

A flat tax would never work. A flat tax would only help the wealthy. The average person would have to pay a higher tax rate. The wealthiest people in america pay a bigger dollar amount of taxes as it is and making a flat tax would decrease the amount of taxes paid in by the wealthy and increase the rate of the lower classes.