What needs to happen ASAP, is every single person that pays FICO taxes needs to do it as all of us 1099 guys.

Don't allow the business that they are employed by take taxes out prematurely so the govt can use that money and no interest paid. It is a scandal.

If everyone in America had to pay taxes like us 1099 folks at the end of the year, I guarantee that heads would roll in Washington. Whole thing is a racket. Ticks me off!

Last edited by Chancey; Yesterday at 11:11 PM.

I really doubt that 10s of millions of employees will give up their employee provided benefits such as 401 Ks, health care etc. to become a non employee. Thousands of firms also like to have a large portfolio of non wage benefits for employees so they can have more options to attract employees Also firms get big income tax deductions for those added benefits that are not subject to FICA or to retirement income if they offer matching funding to employees and it allows for lot lower workmens compensation insurance etc. as more can be put in non salary bennies. As more and more smaller firms use contracted workers the IRS is aslso focusing on the 1099 recipients and the onus is all on the recipient to record and report. We are fortunate that the IRS has not decided to track down the cash payment issues closely as cash is much easier to track than many people would like to believe.

Bryce

The point is, even if you taxed the rich into oblivion......took every cent they have, then for good measure, took em ought back and shot em to make sure the thieves never managed to make that much money again, it wouldn't be nearly enough to pay for all the free cheese they use to buy votes with. The money is in the bottom 90%.........all of them.

That bunch needs to have some skin in the game so when somebody comes along with a bag of swag to buy their vote, they realize they have to pay for that too. Free stuff don't sound so good when it ain't free.

Actually, I believe the poor should pay the most. Who uses the most of government services ??

Yes since using an accountant the last 3-4 years. Did we need it to sign our account electronically or was it for them to deposit your refund? Can't remember right now might have to look it up.

Is it possible that wealth redistribution policies benefit the rich more than the poor?

Possibly....in some instances but.......I'll play Clinton here........it depends on how you define "benefits"......the verb.

I can see that redistribution may 'benefit' those who have a product to sell because redistribution provides the money to stimulate demand. Personally, I believe our economy is better off by increasing supply of various things to stimulate demand. Not just provide free money.

But there is a big difference IMO about who is actually 'benefiting" . The person who received the transfer payment exchanged nothing for it.......the only thing he/she exchanged was oxygen and carbon dioxide.

On the other hand, the guy who created the idea, and then built the product using his own or hired labor and his capital.............exchanged real value to create the item that the knuckle dragger bought.... with the creator's and workers' tax dollars.

So the man that made the item also made a trade that paid him for his work. The looter who bought the item basically gets a free ride because the only thing he traded was the opportunity to "buy" something else at no cost to himself.

That's my take on it. But I understand your point that it does stimulate some economic activity.

I still think it would be more productive to not tax the creator in the first place.

I don't agree with your premise.

My premise is under the system we have created money, I take that back, currency gravitates upward.

Under our current system, yes we take from the wealthy and middle class, the rub is we don't take enough to pay for what the government spends. To fulfill this shortfall we borrow and print currency out of thin air.

My premise is eventually the currency that has been stolen from the productive members transfers back up as well as the 30 plus trillion that has been borrowed and the 10 to 20 trillion that was printed under the guise of QE that isn't QE.

Anyhow time to put back on my tin foil hat.

I see where you're going BUT........of course it's the spending that is the problem that begets the creation of currency. A corollary to your "gravitating upwards" is that every time that currency changes hands, some of it sticks to government fingers.....so it can never be fully utilized in a productive manner.

That is what I would like to eliminate. The government does more than enough harm with the funding it confiscates now. We sure don't need to give them any more. IMO of course

I have gone from working 6 days a week to working around 10 days a month. It pays the bills , I don't pay as much tax and have time for my hobby farming and building our house. If I need more money I'll hang on an extra couple of days or so. I am not going to work more than I have to till we have a president again. I wanted to put Zelensky on my tax form as a dependent but the admiral wouldn't let me.

I sure hope y’all two keep going. Love these conversations between the both of you!

The nature of a fiat currency requires government confiscation.

I would prefer a sound money principle

I think much of the world is moving toward that side of the field...at least emotionally. I think this inflation and spending and debt ceiling are in your face reminders of how out of control things have become.

Me too!

No way I think we would be in the mess we are in if our dollar was backed by something of value, rather than debt.

But how would we make the retrograde movement without throwing markets and world governments (who own some of our debt) into disruption. The value of everything would change overnight.

The value of everything is going to change over night.

I think that one important thing that made the dollar the world trade currency is that it was never politicized. Sniffy ruined that by taking the money away from Russia. Now other countries are seeing that and think, If he can do that to them, he can do it to us. Hence China jumping ant the chance to have a piece of that cake. This is going to leave a bigger dent in the US economy than most people think today.

Just my two cents...... maybe a dime if adjusted for inflation

LMAO Yet you follow your party blindly !

Scuba, this isn't the first time the dollar has been weaponized.

Yes as it does every night But if we were going to move toward sound money how would we control the distortions that would occur on the date of change ? Just consider the bond market. The one thing that is used as a proxy for a risk free investment......and which all other investment returns are calculated against.........all of a sudden is a different value and a different degree of volatility than it was a few minutes ago. Don't misunderstand......I think chaos can be a good thing but something like this would need a lot of planning and safeguards put in place to prevent things like..Nancy Pelosi and husband engaging in some time-arbitrage due to her inside information .

It might have a detrimental impact. If the dollar was backed by 5% gold overnight, that would change the value of all US treasury debt. There may be a greater demand for it. That would push interest rates down making it cheaper for the federal government to borrow. I sure don't want that. They don't need any encouragement in that regard.