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RANT Laid off will get $2,400 per month on top of 100% of wages - WTF?

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Tourmaline

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@Kak Your point is quite well made regarding companies paying over 100% tax rate. Although the 'discussion' with @JScott was fruitful too.

It's rather interesting to see people wish for drastic changes that would basically make many industries almost entirely inoperable...at least in their current state.

I'm not entirely sure why we even need any corporate tax as it is when an individual's income is already being taxed. I suppose beyond being able to incentivize corps to do things...which perhaps answers the question.

Even more surprising is the seemingly anti-corporation sentiment of many on this forum. It's only one of the biggest wealth vehicles one could own...

Actually what makes this even more off the f'n wall, is that the way it is worded, an employee could actually QUIT to obtain benefits......I hope this is amended quickly before I have to compete with $1050 a week (Texas unemployment avg $450 + fed $600) of "couch money" vs. what they make actually working for me. Interestingly, the Dems came up with $600 per week (40 hours x Their biggest want....$15 an hour).
I don't believe one is eligible for unemployment if they quit? They have to be laid off. Is that not correct?
 

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Kak

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It's rather interesting to see people wish for drastic changes that would basically make many industries almost entirely inoperable...at least in their current state.
Exactly. A corp shouldn’t pay income taxes at all. It literally exists to pay owners and employees who are already taxed.

A company should be allowed to save earned capital. Eventually that money would get taxed at the personal level one day anyway.
 

Faithlaine

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Not really sure what your point is with that article but if that guy thought having the opportunity to almost bankrupt himself because his daughter had a seizure was amazing because the hospital was clean and he could get a second opinion and a skilled surgeon, wait till he finds out we get all of that and more in aus, nz and probably most of Europe, without going bankrupt.

You guys in the USA honestly have no idea how F*cked your healthcare system is.

Have a look at how much of govt tax money in those countries goes on healthcare, it’s really not as expensive as you think because the govt owns the hospitals and doesn’t charge itself $1200 for 2 Panadol.

Want to know the best part? You can still get private health insurance and use private hospitals if you want to. Oh and the government will refund you the % of your tax that was for healthcare if you do. If your income is high, making that number of tax high, it becomes cheaper to get private health insurance.

I love atlas shrugged and believe the world should be run like the gulch or whatever it’s called but yeah, we have it pretty F*cking good in Australia.

I don’t know how you guys live knowing you’re one accident away from going bankrupt. How could you possibly think paying $600 a month for health insurance is better than paying about $1000 a year in aus or a bit more tax if you have a low income.

I go to the doctor all the time I don’t even think about it it costs basically nothing. I got tested the other week for corona virus because I had a bit of a sore throat and a cough and paid nothing. You guys have people who can’t afford to get tested and treated during a pandemic what the F*ck man that affects everyone not just the poor people who can’t afford it.
They have no idea, they have been brainwashed since kindergarten. Don't try.
 

Mattie

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Not sure if anyone was watching this, but the stimulus bill the Senate just passed last night for the Coronavirus included a provision that unemployment filers will get their full pay PLUS $600 a WEEK.

Thats right. They will be making $2,400 a month PLUS unemployment. If you live in a federal min wage state, a full time unemployed min wage worker will be raking in $22 an hour or $3,500 a month, for 4 months.

Think it kind of is for show and tell. Make the people think you're helping them. In a few months they will stop with all the help. And those who thought they'd live off the system will probably crash and burn because they don't understand how the system works. Ouch! Painful ! Since usually Human Services is cut in grants normally. And social issues and social problems are not really adressed typically. We have a big portion of the population spreading the Virus because of Student Loan Debt, inadequate wages, inadequate housing, and it wasn't important to adress these issues since before my Internship in 2006. They're cut grants every year to help the people. And not a priority. Funraisers, donations from local wealth, have been supporting non-profits, organizations, agencies. They were already struggling in 2008. Some of them have already collapsed. Why because there is no profit in it for people. And of course, when you have a Pandemic now, with millions on the street, of very well educated individuals with PH.D's even, full time jobs, and living in hotels, well that $2,400 dollars will pay for hotel expenses maybe for a week.
 

xmartel

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Canada, eh!
Businesses try to write everything they can off.... spend $50k taking clients out to fancy dinner at upscale restaurants or the super-bowl.... They find a way to write that off. Just things like that.

I'd basically get rid of all the tax loopholes.... just pay your goddamn 10% ... no write offs on ANYTHING.
What do you mean by anything. I mean ANYTHING and EVERYTHING that corporations can write off today to lower their tax liabilities.


Increase ? From what 0? Most of these giant corporations find creative ways to pay almost NOTHING in corporation tax. I think a 10% tax on all profits (perhaps turnover) is reasonable.

Also private people should not be able to write anything off either (i.e no tax deductibles for paying your mortgage or donating something to a charity).

It might not have such a big impact as you think... things might just cost you 20% more... BUT you don't need to worry about paying $400/month on health care plans, or having to go into debt to send your kids to college. We'd all be better off.

This:

View: https://www.youtube.com/watch?v=j0Z_fODM5gE


Beats this:

View: https://www.youtube.com/watch?v=DCCIY0JVeUQ


View: https://www.youtube.com/watch?v=KHquXGiTRTU


Again, I direct you guys to scandinavian nations - that somehow manage to give FREE health care, free dental, free maternity leave, free k-9 and free college/university/technical college/vocational schooling to its citizens WITHOUT it turning into Venezuela as some of you fear.

In fact many of those nations are doing much better, are way more equal and the people are much happier than in nations where those things don't exists - despite people & corporations having to pay a little bit more in taxes.


False dichotomy. I never said anything about 80% in taxes. I said 10-15% taxes - without write offs / loopholes for corporations or private citizens.

Also, if you are the government and you believe that will work - then you have the right to implement that if your voters want it, but if the system doesn't work then you'll be forced to change things because the voters will demand it or the tax revenues will demand it.

Point is, there's a way to make it work (i.e Scandinavian nations - not that they are perfect). But let's not pretend that America's system is perfect and it can't be improved upon. I'm trying to find ways to improve on it and I was just sharing some of my suggestions based on what I know. Nothing less, nothing more.



I guess I'm a bit of a dreamer.

View: https://www.youtube.com/watch?v=9-ZB2O8azI8
The easy solution to your concerns about what companies can write off and what they can't, is to just not have a corporate income tax at all. That's right, what socialists consider such an evil idea. A 0% tax rate.

What most people fail to understand, including yourself, is that corporations already don't pay any tax. Individuals pay tax. Tax is an expense that is passed along to the consumer. If you eliminate the corporate tax, that's an extra 20% (not the real number, just for example, depends on your country) you have to work with.

We live in a competitive economy. If I suddenly have an extra 20%, I'm going to lower the cost of my good or service, or increase worker pay to attract better talent, or spend more on R&D to improve my good or service, or invent new products or or or. All benefiting the consumer, in order to beat my competition.

Corporate tax income would obviously drop to nothing, but sales tax and individual income tax income for the government would go up.

This also doesn't even touch on the massive savings in tax compliance costs that companies would experience that they can also now invest in reduced good or service pricing, better products, higher wages, etc.

The reason socialists are so against this idea is because it'll leave more money in the hands of corporations, which they think will hoard the money. They ignore the fact that, as I said above, we live in a competitive landscape. A company that hoards the extra cash and doesn't invest it, is going to lose to the companies that do.

But let's just say that the do hoard the money, and give big bonuses to their owners and executives, who also hoard this money, and when they do spend it, only spend it on yachts and Lambo's. This is still a good thing for the economy.

You have to remember that the people building those yachts and Lambo's are regular employed people. Rich people making ostentatious purchases creates employment and wealth for regular people.

And when people or corporations do hoard money. Where do you think they hoard it? In their mattress? No. It's sitting in banks and the stock market. When it's in a bank, what do you think the bank does with it? It loans it out for people to buy stuff and start new businesses. When it's in the market, the money has been transferred to other people that will use it to buy stuff or start new businesses. Or put it in the bank and "hoard" it, or invest in the market, repeating the cycle.

For the record, corporate bailouts are evil. I think any true capitalist should be against them. It's an inefficient use of capital. The market is smart and efficient. If your business is failing, it's the market telling you you're doing a crappy job and using the capital inefficiently. Fix your business on your own, no matter how big or small it is, or die. If you die, the capital doesn't disappear, it will flow to someone else that can use it more efficiently, which in the end creates more wealth and jobs than what was lost.

The efficient use of money will always produce more for the people and the economy than the inefficient use of money. Period.

Also you, and everyone, should read Equal Is Unfair by Don Watkins.
The basic premise is there should be complete political equality, (which there currently isn't) but we should never try to control outcomes after that point. Such as pulling lazy people up by dragging ambitious people down.
 

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