Economic Woes... Ports Backlogged, Product Shortage, Price Increases

[JStewart]

I think that this kind of Political slight of hand along with Media disinformation is a distraction from the Insider Trading many politicians and even the Heads of the FED are plainly guilty of... There is so much in your face corruption...

Taxing Unrealized Gains is an interesting concept... Taxing something you don't actually have... And will you get to write off or be refunded your unrealized losses? I think not... Is this a form of new math for the politically retarded?

How could it possibly be managed by the IRS and taxpayer? If the gain is "unrealized" where is the taxpayer going to get the money to pay the tax from??? Oh I know, their unrealized checking account.
How is the asset to be valued? Some are quite complex, like a business. Or is this only for stocks with an easy to understand cost basis?
How would the government know who a billionaire is? Or anyone's net worth for that matter. We provide income and cap gains information but not net worth.

What about the proposed requirement for banks to provide transaction info for anything over $600.00? Does anyone think its the rich that are cheating on their taxes in amounts as low as $600 at a time? More like the guy that's trying to make ends meet so he does a little work on the side without declaring it I think. I don't have a problem with folks paying their taxes, but if you want to put an end to undeclared income, then put an end to income tax and tax on purchases or VAT. Fairest tax of all. If you can't afford it, you don't buy it and you don't pay tax. People who can afford to buy stuff can afford to pay the tax too. But yea, sell it as getting more from the rich to fund more giveaways.

And why does anyone ever buy the idea that raising prices on corporations needs to be done because they're not paying "their fair share". That's baloney. I know what happens in my business when costs, including taxes, go up. We raise prices to cover it. Think that's not the case? Go to the grocery.
The consequences of higher business taxes are one or more of the following:
1. Higher selling price of goods and services.
2. Reduce costs elsewhere in the business.
3. Reduced volume, profits and employment due to price elasticity.
4. Reduced volume, profits and employment because the business can't complete with other businesses on the planet with a lower tax rate.
If the goverment is unhappy with some business that "get away with" not paying any taxes due to "loopholes" then fix the actual problem. Geez, the government created the loopholes in the first place, after all.

Small rant over.

 

[phillihp23]

https://www.forbes.com/sites/ashlea...-in-back-taxes-watchdog-says/?sh=34031c454535

How could it possibly be managed by the IRS and taxpayer? If the gain is "unrealized" where is the taxpayer going to get the money to pay the tax from??? Oh I know, their unrealized checking account.
How is the asset to be valued? Some are quite complex, like a business. Or is this only for stocks with an easy to understand cost basis?
How would the government know who a billionaire is? Or anyone's net worth for that matter. We provide income and cap gains information but not net worth.

What about the proposed requirement for banks to provide transaction info for anything over $600.00? Does anyone think its the rich that are cheating on their taxes in amounts as low as $600 at a time? More like the guy that's trying to make ends meet so he does a little work on the side without declaring it I think. I don't have a problem with folks paying their taxes, but if you want to put an end to undeclared income, then put an end to income tax and tax on purchases or VAT. Fairest tax of all. If you can't afford it, you don't buy it and you don't pay tax. People who can afford to buy stuff can afford to pay the tax too. But yea, sell it as getting more from the rich to fund more giveaways.

And why does anyone ever buy the idea that raising prices on corporations needs to be done because they're not paying "their fair share". That's baloney. I know what happens in my business when costs, including taxes, go up. We raise prices to cover it. Think that's not the case? Go to the grocery.
The consequences of higher business taxes are one or more of the following:
1. Higher selling price of goods and services.
2. Reduce costs elsewhere in the business.
3. Reduced volume, profits and employment due to price elasticity.
4. Reduced volume, profits and employment because the business can't complete with other businesses on the planet with a lower tax rate.
If the goverment is unhappy with some business that "get away with" not paying any taxes due to "loopholes" then fix the actual problem. Geez, the government created the loopholes in the first place, after all.

Small rant over.

 

[ddude003]

Frankly its just one more thing that seems to fall outside of the Constitution... 16th amendment much... Again, I will say that this government is very corrupt and needs a good house cleaning of all branches of Federal, State and Local government... They want a "Great Reset"?

Well, The Declaration of Independence clearly states "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness."

I believe it is time for the people to abolish this government and institute a new one...

 

[JStewart]

I believe it is time for the people to abolish this government and institute a new one...

I like to think we're not there yet. If we keep going in the direction we are headed then we will get to a point where government can't pay its social and debt obligations. At the point when the large and ever growing number of folks depending on government to survive, including retirees, stop getting a check, the end of our system is inevitable. How it plays out from there could be very ugly. I hope never to see it.

I'm hopeful that our Constitution is strong enough and our citizens will wake up long before then. There are hints of this happening now. Hope it continues.

Maybe this current economic debacle and the current growing dissatisfaction with government, will be the spark/wake-up call needed for us to elect officials that will put the well being of the citizens ahead of themselves. We'll see.

 

[mechman]

This thread has devolved rather quickly. Closing.