The IRS is changing paycheck withholding, and it'll be a doozy

submitted by HeyImSancho from msn.com

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[–]HeyImSancho[S] 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (0 children)

I don't believe in the income tax. There's great debate over the 16th amendments legalities; yet again, what of the morality, or ethics of such a tax?

It's a tax that say you're making $10 bucks an hour breaking rocks with a sledge hammer, you really feel is there. It's a tax on the heels of a private company printing, and demanding debt owed on the fiat currency they give us as our own.... For every dollar we spend, basically another is put out into circulation made out of thin air, zeros, and ones!

It's also a part of a reactionary society, one in which we're forced to fill out paperwork, to begin working, it's one in which, we're forced to pay taxes for potentially 'Odius Debt'. The thing I find interesting most of all, with what I've read, and heard of over 75 thousand pages of tax law, we get to learn how to redo the paperwork; command, and control baby, command and control!

[–]JasonCarswell 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (23 children)

There are no taxes on stock market transactions and that could solve everything.

They don't want legit solutions. This is the final rape of the sheeple before they butcher us.

[–]HeyImSancho[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (15 children)

I shy away from more regulations, and taxes; just me.

[–]JasonCarswell 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (14 children)

Even sin taxes on gambling?

[–]HeyImSancho[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (13 children)

Yes, I'm for a total repeal of regulations, and most taxes down to the bare minimum. I really think it's about time for all people the world over, to have peaceful revolts; simply by not complying, learning the word, "No".

Governments keep selling 'security' to us as their new commodity, they deal it like crack, and we're trained to choose it as our drug of choice. The obvious caveat to security, are who's gonna be conned into paying as it always costs; taxes....

Speaking of security, I just read the war on terror has cost 32 million an hour since 2001. https://stillnessinthestorm.com/2019/04/we-have-spent-32-million-per-hour-on-war-since-2001/

[–]JasonCarswell 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (12 children)

Above all I prefer no taxes too. And between no taxes and the current system I would prefer the inverse tax system...

Supply side taxes.

As it is now, you can create 100 shirts with MAGA on them and not be taxed until the sale. That's fine for the producer but not the customer. And if they only sell 20 shirts that means 80 shirts are not taxed, wasted resources, and will likely end up in Africa where they no longer know how to make their own clothes.

Flip that scenario on it's head and the producer has to pay tax on every resource used to make the shirts and won't overproduce near as much. Resources are saved, the customer pays less because they're not covering the overages - yet still pays taxes vicariously.

That's an over simplistic version.

[–]HeyImSancho[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (11 children)

Where would the motivation for anyone new to business, to actually go into business knowing that before a single sale, the widget they produced is taxed once built?

Also, what of the service industry where by the final product is skilled labor?

[–]JasonCarswell 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (10 children)

Because unless the system is rigged a certain way only then will anyone be motivated?

If business taxes are 90% or 50% or 10% or 0% some people will still do business. Some may threaten to leave the country, and maybe they will. But there will always be someone else.

If anything it would impact large business more.

Service industry? I don't have all the answers and a perfect solution for you or for the extant system. But I think it's a challenging idea and even improvement. IMO

[–]HeyImSancho[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (9 children)

My thoughts on motivation for business, is the free market alone; motivation comes by way of not being burdened before starting. As it is now, business is a real pain in the neck with licensing, regulation, taxation, and insurance; don't dot your i's properly, or cross your t's, and perhaps no license, or no insurance, or higher rates.

It is the larger businesses that want the front end loaded so heavy with costs, and continued costs; they operate on volume.

I donno, I mean we're just speculating, but take the Internet, websites, and even saidit. If we taxed at the creation of a good, and your 'good' was your intellectual property, then any website that at some point will make some sort, any sort of money, may end up having to pay per word typed.

[–]JasonCarswell 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (8 children)

There is no such thing as a free market.

In some ways the internet is inversed payment, depending. You can pay a monthly set fee. Or you can pay for your bandwidth. These are 2 options on the same thing. One is bulk. The other is as you go and don't pay if you don't use it. And as surfers we pay on one end, while magnora7 pays on the other end for his hosting and traffic.

Not quite the same but it kinda is.

[–]HeyImSancho[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (7 children)

huh, I wonder where the concept of the free market came from.

[–]SundogsPlace 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (6 children)

Aren't there capital gains taxes you pay when you cash in the stocks?

[–]JasonCarswell 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (4 children)

Maybe. I don't know about that. But as for the trades there's not. I only know this because lots of folks want it and it only seems fair. But they don't want it fair.

[–]SundogsPlace 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

Capital gain is a rise in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. In 2018 the capital gains tax rates are either 15% or 20% for most assets held for more than a year. Capital gains tax rates on most assets held for less than a year correspond to ordinary income tax brackets (10%, 12%, 22%, 24%, 32%, 35% or 37%) https://www.nerdwallet.com/blog/taxes/capital-gains-tax-rates/

Taxes on the stock market are quite high and move higher depending on your tax bracket. The more money you make, the more you pay on your gains. My brother in law, a nurse, (with student loans to pay) already pays 37% on his short term earnings.

Am I reading you correctly that you believe this is not fair and people like him should be required to pay even more?

Taxing the trade its self taxes the person for the ability to trade win or lose. The poorer you are the more that would hurt your ability to participate in the market, as you would have less to invest in each trade after the tax. Even the UK hasn't yet taxed its middle class for the ability to participate in trading.

[–]JasonCarswell 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

To my understanding you invest in the market and then ideally you take more out in the end. I think you're supposed to pay taxes on that earnings.

But while it's all in the market you can trade it around - free of taxes.

Almost like bartering or trading, doing favours, or gifting - in the real world.

The government doesn't like that. The tax you every fucking chance they get. Sales tax, income tax, gas tax, everywhere a tax tax.

If I buy 10,000 shares from you I pay no tax, not even 0.001%.

Anyone who's in the market ain't hurting.

That ain't fair.

The whole fucking system is rigged and Clinton set up the bank failure in 2008. And Obama just gave the banks the money instead of giving it to the people who would have put it in the banks and boosted the economy.

It's all fucking rigged.

[–][deleted] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (1 child)

And they pork barreled the wall st bailout into the automotive industry bailout, so you had to vote for both or neither. Sneaky bastards. "Too big to fail" is also a joke and fraud.

[–]JasonCarswell 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

It means we're too small to succeed.

Socialism for the rich capitalists. None for you.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Yes, if you pull funds out of your brokerage account they will report it to the IRS as capital gains.