correct. so how is that helping the working class? you're missing out on tax of the first $150k of every american. that's worse
Taxing Tips
- Thread starter HALL85
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How is that helping the working class? You're kidding, right? Economics 101 - people will have more money available to them instead of paying thousands of dollars to the government. Everyone benefits.
How does removing taxes help reduce the ballooning deficit?
We need to tax more, not less. No taxes on tips is a vote buying tactic that should never move forward. We should pay taxes on income, period.
We need to tax more, not less. No taxes on tips is a vote buying tactic that should never move forward. We should pay taxes on income, period.
The US doesn't have a revenue problem, it has a spending problem. It's being addressed as we speak.
youre not in improving their relative position . its a horrible idea
Nothing that DOGE is doing will have any effect on the ballooning deficit. Trump will not reduce anything except the billionaire class tax bill.
People having more money to spend or save isn't a good thing? Wow. Why do you say that?
No president or member of Congress cares about the deficit. That has been proven over the last 25 years by politicians of both parties. Sadly, this is a lost cause so long as people keep voting for the same politicians over and over.
so youre trying to give the same brakes to the wealthy people? doesnt sound like you're improving the working classes outlook
maybe we should give everyone money! like a stimulus! working class will love that
Brakes are for vehicles..........
We aren't talking about wealthy people. We're talking about no income tax on people who make $150K or less. Most of those folks are the working class. Unless you consider them "wealthy," which would be an absolutely bonkers opinion in a country with huge income inequality.
why is spending a problem if the deficit doesn't matter to you?
wait but i thought under the progressive tax system everyone will pay $0 tax on their first $150k. everyone including wealthy people. so youre not helping the working class, youre giving everyone a boost. and what happens to the market and economy when everyone gets a boost of money?
I never said the deficit doesn't matter to me. I said it (sadly) doesn't matter to the politicians (presidents and members of Congress). How one then comes to the conclusion that I don't personally care about the deficit is a curious twist and reeks of an agenda.
We do have a spending problem. DOGE is addressing it but it won’t solve the entire problem. We can debate the cuts, but eliminating tens of thousands of jobs and bloat along with consolidating departments will have a material impact. EVERY politician agrees there is waste, fraud and abuse.
And we are going to have to address Medicaid and Social Security but both parties will kick that can as far as they can.
And we are going to have to address Medicaid and Social Security but both parties will kick that can as far as they can.
That's how the system is set up now, federal income tax is marginal. You could do it that way (which they probably would, to be honest). It "technically" would be a boost for everyone, but proportionally much bigger and more significant for the working class. Another $10,000-20,000 in the pockets of the vast majority of the working population is far more significant for them and the overall economy. Roughly 3 out of 4 working people in America make less than $150K. The same amount in the pockets of the wealthy is a drop in the bucket and doesn't move the needle for them much at all.
If you wanted to do it differently to avoid that completely, you'd have to set up an entirely new system of rates and brackets only for people who make over $150K. For example, someone who makes $200K would pay 10% on the first $20,000, 12% on the next $40,000, 22% on the next $70,000, 24% on the next $50,000, and 32% on the final $20,000. Rates and brackets would be different at every income level. I doubt Congress would go that route because of the complicated and arbitrary nature of it.
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it will be crazy how many s corps and LLCs will have deductions that put their income at $149k.
Then reform or eliminate the deductions if that's a concern to you. Do the work and come up with some new ideas instead of whining about hypotheticals.
and crush small businesses?
or perhaps think of something that addresses the working class. specifically.
DOGE is not addressing it. Whatever savings it does find will be eaten up by the spending and tax cuts Trump proposes which will be an additional 4 trillion in debt. It’s an absolute joke that federal workers are being demonized meanwhile this will go for tax breaks for billionaires.
Two different things. DOGE IS addressing spending cuts. That’s obvious already.
And the tax cuts are already in place and proposed to be extended. That’s not additive.
Agree that the deficit needs to be addressed, but EVERY politician on both sides agrees that there is significant fraud, waste and abuse in the Federal government. My question to them is why haven’t you been doing your job? Why did it take Trump/Musk to reduce government spending?