RE: Wealth Taxes Aren’t For The Rich
You are viewing a single comment's thread:
As a wise person once said, "If taxing levelled the playing field, you should tax the poor. They hold the 99% of the wealth..." just kidding...no one ever said that lol
Taxes are essential to providing for the common welfare of society-taking care of the common services we all have access to/need. If we want taxing to be fair, it has to be based on a percentage of income. The problem then lies in what is determined to be income. If I own a business and it produces income, it gets taxed. Then, when the business pays me for owning part of it, I get taxed on the income again. That's double taxation. Unless, of course, you don't tax a business...
I digress...Taxes should NEVER be used to "level the playing field." That's utter nonsense! Taxes should strictly be reserved for those common services. They should not be for providing payment assistance to people out of work or who are too sick/disabled to work. Those who are wealthy and those on their road to wealth should give of their own free will, not because it gives them a write-off on their taxes. Those who are sick/disabled should seek out the charities who act as an intermediary for the philanthropists, in my opinion. There should be no minimum wage, no social security, no disability payments, just common services for the common use/privilege. That's my opinion...
I agree with you completely I don’t know where in the world you’re in but here in South Africa we are taxed 4 times.
And even with all that unemployment has always been a problem and we still have the highest gini coefficent in the world. It clearly doesn’t work but every year it’s more of the same
If people have more disposable income they can save more, take more risk, build better businesses, pay better salaries, create better jobs
I can’t understand it myself, I pay what is due and I try to save what I can, sigh! Then I see people calling for taxing more and we need more and I just cringe
I live in California, USA...breathing is taxed.
That's ok. I spend plenty of time doing side hustles that then pay residual/passive income. I buy dividend stocks...which pay passive income. Once the passive income surpasses the worked for income, life becomes pretty sweet. People in general don't understand tax codes, anyway. The tax laws aren't held secret. People pretend that they are, but they're not. You just have to take the time to learn them. Another thing...many people throttle their earnings because they "don't want to get taxed more." It's nuts. People complain their getting taxed too much but don't want to earn more because they'll pay more in taxes...Even if the %-age of your income that is taxed increases, I think you should always look for more income. Politicians will continue to do the bidding for those who contribute to their campaigns and their families. You want to do well? Learn to sell something small to a million people instead of trying to sell a million dollar idea to one person...worked for Steve Jobs, Hershey's chocolates, the Pet Rock guy, flappy birds app developer, etc. People pretend there's no way to get rich in this world...they just haven't taken the courage to do what others have to get what others have. They also try to emulate the rich when they don't have what the rich have. You have to start with an education and work from there. I live in a very well off neighborhood. Most everyone has a degree in something medical or law. It's a proven method...
LOL okay I can't argue there, complying with all your tax law would leave me broke alone, not that I am far off
I don't see anything wrong with earning more money, creating more stuff, building businesses, working harder which to me is part of life.
I just see something wrong with the fact that you are FORCED to do it because saving in itself isn't what it used to be where you know if I keep this money I can use it again later. You need to store it in assets instead which makes things more complicated.
I agree that we have to keep up with the game or fall victim to it, unfortunately, people think that a tax here or printing money there is going to change things but it won't
"Many people throttle their earnings."
That drives me a little batty too (Bay Area), but still understand it. I am unemployed at the moment, but I am a part time worker (I have four kids and my husband is the "bread winner")
I picked up freelancing Tarot Reading three days ago, and made just enough to not get an unemployment check, which means I am not getting my extra $300 stimulus, which means that by working, I am actually making less money.
I kept working anyway, because I understand that if built correctly my business will be there in three weeks when the $300 per week stimulus may or may not be there - but it sure is annoying to make less money working than not.
We are in a well to do neighborhood too - and we can't fill our jobs. Store after store has the "will hire" signs. Why aren't people taking the jobs? Because they pay less than unemployment.
I understand that sweet spot of making more - it didn't stop me, and it cost my family $900 USD. I feed 6, that's a lot of groceries.
I have 5 kiddos, so I understand the sentiment behind feeding a large family. I was talking with my spouse (who is a stay-home and homeschooling mom) the other day about how, even though I would like to be much higher up the food chain in my company, I've also realized that every step I've taken, though seemingly slow at times, has been crucial to my growth. I think the fact that you've started working again, even though unemployment benefits would you pay you more by doing nothing, you will be better off in the long run because of your returning to work. It speaks more of your integrity to work than to rely on all tax payers to keep your income artificially inflated. Unfortunately, socialistic-type policies increase the likelihood of out-of-control inflation and dependency. Paying people to not work is socialistic. Again, I applaud you for earning your income instead of keeping your hand out for the next payout from the government printing press.
A homeschooling wife of 5, you should have her join HIVE, she'd get along great with my friend @crosheille!
Thank you for sharing another California Perspective. As annoyed as I am about the perceived loss of income, I gotta admit, it feels good to see that income coming in. When I get the unemployment I feel like I have a social responsibility to spend it out in the community - I use it to buy stuff (stuff we need and could use, but... stuff, because the money is to stimulate). When its my earned income, I am much more careful with it, I store it, I use it to pay debt, I work on making it grow.
Nice to meet see you on the blockchain, I look forward to reading some posts of yours and hope to see you in other comment sections.