Are you ready for your taxes to go up?

[kdonnel]

Some of us live on our retirement accounts after saving many decades. With the impact this pandemic has had on the stock market, we really can't afford taxing what we have left. This kind of debt may need to be paid back over decades, with the pain shared by companies and people alike. This will have to include all but the poor.

Just joking.

And at the same time trying to think outside the box!

At the moment US retirement accounts are estimated to be worth about 29 trillion. Would only need a 10% tax to pay off the CARES act and the second act they are talking about now.

 

[SamFaniam]

There aren’t enough billionaires to pay the debts of the country. What we need to do is cut the the “members” of society that only take.

Yeah, all those kids really should be paying their own way! Let’s get them all jobs.

 

[spiders]

There are a lot of people collecting unemployment and cashing their stimulus checks.

We need more safety nets, not less.

I'm not talking about people currently on unemployment because their jobs have been eliminated over COVID. I'm talking about able bodied adults who refuse to accept any personal responsibility for the outcomes of their choices. I'm talking about the people who immediately say raise taxes on anyone but them because the other people can afford it. As I stated, there aren't enough billionaires in the country to pay our debt.

 

[RamblingMad]

Some of us live on our retirement accounts after saving many decades. With the impact this pandemic has had on the stock market, we really can't afford taxing what we have left. This kind of debt may need to be paid back over decades, with the pain shared by companies and people alike. This will have to include all but the poor.

Look at the post WWII rates. We can go much higher. That’s where my head is at given the deficit we’ll see this year. It’s purely economically unless you believe MMT still makes sense at these levels.

 

[MrsCobraBubbles]

My pet peeve about America is that capitalism favors the rich, and our government follows the trail of money, and the peons fight over the scraps. If our government would quit subsidizing and bailing out the rich companies and instead divert that money to it's citizens I would gladly pay double the taxes because then I wouldn't have to pay for healthcare or daycare, and might be guaranteed a living wage and job protections.

 

[Cubbiecakes]

What we need to do is cut the the “members” of society that only take.

Okay, let's start with all the states that get more from the federal government than they remit in taxes to the government every year.

 

[tvguy]

Hoping to retire soon. Hoping to keep my taxable income below the level where I even have to file taxes. So not worried really. Learned from my mom. She was retired 28 years and only had to file taxes one year.

 

[HeatherC]

Anyone have an idea on how this thread won't turn political?

Seems to me the post was intended to be exactly that. Political.

 

[tvguy]

Seems to me the post was intended to be exactly that. Political.

As a former co-worker of mine put it, EVERYTHING is Political. Even which ice cream flavor you chose at Baskin Robbins.

 

[undertheradar]

I keep laughing when the career politicians claim that they are shocked that there is no plan or a stockpile of items needed. Many of these so called "public servants" have been in office for decades. Honestly, this involves members of all parties. Time to stop pointing fingers and get busy repairing failures of advance planning.

 

[ronandannette]

We are taxed to death in Canada already but I’m definitely expecting taxes to go through the roof after this.

My oh my, one does wonder where it will end up. Projected budget deficit for 2020 is $116B with a best-case scenario of the overall economy contracting 25% over 2019. Not sure if that's with or without the complete disaster hitting O&G, which provides a full 30% of our GDP. And how much can taxes actually go up to make up for the 1,000,000 newly unemployed that no longer pay taxes at all? {{shudder}}

 

[rkstocke5609]

My pet peeve about America is that capitalism favors the rich, and our government follows the trail of money, and the peons fight over the scraps. If our government would quit subsidizing and bailing out the rich companies and instead divert that money to it's citizens I would gladly pay double the taxes because then I wouldn't have to pay for healthcare or daycare, and might be guaranteed a living wage and job protections.

I know first hand that when you give something the recipient rarely understands the value and in what I observed very often just destroys because they have no respect for the item(s) given. No one is guaranteed anything in life. Go out and earn your way and along the way you’ll earn self respect and understand the value of things. And that isn’t to say that we shouldn’t have a safety net and be willing to help people out. But — all jobs are not supposed to have a “livable wage”. The very idea is just plain ignorant. “Guaranteed” ?? - just death and taxes, that’s it. Period. For ever and ever. Rant over.

 

[tarheelmjfan]

Don't worry the little guy will be OK along with the billionaires, it will be us in the middle class that foot the bill.

The little guy is barely surviving. I doubt any of us would choose to be in their situation. The multi-millionaires & billionaires not being taxed heavily should be what the middle class is fighting for.

 

[godisney14]

Okay, let's start with all the states that get more from the federal government than they remit in taxes to the government every year.

I’ll leave this link here.
https://www.businessinsider.com/federal-taxes-federal-services-difference-by-state-2019-1

 

[RamblingMad]

Seems to me the post was intended to be exactly that. Political.

It's not. It's math. With all of the comparisons to WWII by both the US and British, I'm guessing we'll follow the same path as we did before and see our taxes go up.

My question is: how are people going to prepare for this reality? That's not political. It's what do you do when your pay check declines? It's like Disney raising its prices. What do you do? This is no different than my second wave thread. Are you ready?

The responses so far assume some else will pay for the burden of keeping us afloat after this pandemic is over. The reality is that the bill is way too high to expect a single income group to cover it.

 

[BuckeyeBama]

Yes, I am ready and I can afford it. But do not increase taxes on those in lower income brackets that are barely making ends meet now.

Same - I will gladly pay more. Just don't crush the masses.

 

[Hikergirl]

The little guy is barely surviving. I doubt any of us would choose to be in their situation. The multi-millionaires & billionaires not being taxed heavily should be what the middle class is fighting for.

And what is the tax heavily rate that we should be fighting for?

 

[MrsCobraBubbles]

I know first hand that when you give something the recipient rarely understands the value and in what I observed very often just destroys because they have no respect for the item(s) given. No one is guaranteed anything in life. Go out and earn your way and along the way you’ll earn self respect and understand the value of things. And that isn’t to say that we shouldn’t have a safety net and be willing to help people out. But — all jobs are not supposed to have a “livable wage”. The very idea is just plain ignorant. “Guaranteed” ?? - just death and taxes, that’s it. Period. For ever and ever. Rant over.

Firstly, I don't think gifts need to be appreciated, I think just the act of giving is enough. If I buy the homeless man at McDonald's a sandwich and he cusses me out and throws it on the floor, it doesn't diminish MY act in any way. So I guess we see things different in that respect.

But I also don't see providing services to citizens as a gift; I feel that modern, affluent societies should take care of their citizens, and ensure that all citizens have access to services that provide a good quality of life. The US doesn't do this well or efficiently, but other countries do. One good way to do this is to pay EVERY WORKER a wage which supports them. Why should companies be able to get away with paying workers a wage that is so low that the government has to step in and supplement that income? That doesn't make sense to me and in my eyes it's another proof that capitalism is a failed system.

 

[cobright]

"Taxes for thee but not for me..." as the old saying goes.

Are you ready for a tax bump in your budget?

It’s going to have to be on everyone just like after WWII.

We've spent $1T on the wars in Iraq and Afghanistan and did not raise taxes to pay for them.
but... at $2T so far and more on the way we'll probably get close to that WW2 number in terms of government spending.

And yet... all that spending was actually great for the economy and while everyone's taxes did go up personal income per capita rose a lot more.

It's a good thing we're on good terms with the rest of the world as foreign purchase of treasury securities is a great method of spreading the hit of this spending across a term long enough to allow the power of the US economy to absorb.

 

[John VN]

...... as the poor - POOR driver leaves in the TESLA saying >>>> "Oh Well, another increase in fuel taxes to think about."