Elizabeth Warren eyes 50% tax rate, says Dems will end Trump tax cuts if they take back Congress

Biz Pac Review ^ | July 25, 2018 | Samantha Chang

[Secret Agent Man]

I think she just had her riding in the tank moment.

Or her ‘what if kitty dukakis was raped’ moment.

Take yer pick.

[Secret Agent Man]

I actually wonder if she’s not deliberately trying to make herself not be the nominee.

[bluejean]

- transgender surgeries for everyone in the world
- no borders whatsoever
- ban the Constitution, implement communism
- legalize sex with animals
- ban automobiles, make public transportation mandatory
- ban all speech that is not marxist horse sh*t
- ban all forms of self-defense
- ban Christianity
- ban oil
- ban plastic
- ban energy
- ban CO2
- ban traditional families
- ban childhood
- ban reality

[precisionshootist]

Those numbers are macro economics and have millions of factors. What we are talking about is basic business principles. The end consumer of a product must pay ALL the costs of bringing that product to market. It can’t be any other way. Businesses exist to make a profit so the end consumer has to cover all the costs plus a little more for profit. Taxes are just one of those costs and no matter how you break it down every penny of that tax is in the price the END consumer pays or that product will not be on the market.

[KavMan]

Hmmm.... Don't you need the Presidency to end the tax cuts?

[prophetic]

Just what exactly is in the water these people are drinking? My mother would say it’s “mad puss p!ss”.

[cgbg]

Prosecution for “hate speech” for anyone who doesn’t parrot the mainstream media talking points.

P.S. If you don’t hear about the new talking points in time to change your speech you are a “hater” and off to jail you go!

[Rummyfan]

That may play to liberal multimillionaire nairesnand billionaires, to working people not so much. And what pray tell will our benevolent government do with all that revenue?

[Rummyfan]

She added: “We need a budget, we need a tax bill that works for all of us. So what I’d like to see is I’d like to see us strengthen America’s middle class.

Strengthen the middle class by taxing them fifty percent?!

[rb22982]

Again, that is demonstrably incorrect. Tax reform wasn't just a small one of millions of factors. It massively lowered the cost of doing business. If those tax cuts didn't cause prices to fall, tax increases (tariffs) won't necessarily either.

In more appropriate economic jargon, if that will help is there are two pieces of the pie - one is consumer surplus - which is what you are referring to - and the other is producer surplus.

When tariffs go up, some of the loss goes onto the producer (which in this case, is made up of multiple facets - the Chinese manufacturer, the shipper, and the US retailer or final seller), and some of the loss goes onto the consumer. Where this gets muddled, though, is when you export the job overseas, it's a 100% tax on the US consumer, and in as much as that job comes back due to tariffs, is a 100% increase in consumer surplus.

[xp38]

As Emperor Palpatine says....

Good Good let the hate of low taxes flow through you!

[Titus-Maximus]

And they will destroy the economy. The stock market will drop 25%. It will be a nightmare.

[ridesthemiles]

I started working full time when I was 17. I am now 78, and only have 2 bookkeeping clients active.

I have NEVER had a ‘poor man’ sign the front of my paycheck. NEVER.

Kroger—Oscar Mayer—IGA—Universal Studios—Shell Oil—down to 1 man operations.

[precisionshootist]

Businesses don’t pay taxes. The end consumer pays them. It’s basic business and economic principle. Start a business making widgets and tell me what costs you will incur that you can just ignore and it won’t affect the price of your product? Hint, there aren’t any if you plan on making money. When the government says they are going to tax you $5 for every widget you sell that goes directly into the cost of your widget and if you sell your widget at a profit every penny of that tax is passed on to the end consumer. You can throw out charts and macro economics terms all day and it’s not going to change that fact. Like many others in our society You don’t understand basic business.

[precisionshootist]

A poster said maybe we should let the dems know businesses don’t pay taxes and that is correct. You are conflating that with macro economics which is something different entirely.

[rb22982]

Let’s play your theory out. Let’s say for the sake of your argument that Businesses don’t pay taxes, just consumers. If true, Why would China, Mexico or Europe care about tariffs if it all fell on US consumers? If tax reform increased earnings by 10% this year - massive number - why is CPI going UP at a higher rate than a year ago.

micro economics IS business. I have a BS in Econ, a T10 MBA, am #2 finance exec for a 7b EV company and own and manage rental properties. I have done pricing for a large retailer. But thanks for playing. Companies will always charge as much as they can for a product at all times.

[rb22982]

I don’t think you understand the difference between micro and macro economics. That chart I outlined is micro economics and is basically the study of business and how to maximize your producer surplus given the supply and demand curve for your product(s).

[precisionshootist]

Sorry man but I don’t care what degree you have if you did not learn that all costs of delivering a product to market must be paid by the end consumer you need to go back to school. You don’t have a clue about what you are talking about. I don’t care what Corp you’ve done pricing for, I have seen big corporations do the stupidest shit imaginable. I know of Nobel prize winning economists that are wrong nearly 100 percent of the time. A wise man once taught me economics is a subject only made complicated by economists.

[precisionshootist]

I just read that again and had a chuckle. Businesses don’t pay taxes! A tax is a cost, just like materials and labor. Get your first business text book out and read it again. You missed something.

[precisionshootist]

Ok sorry to be all preachy. We are both on the same team and I think in the end we are talking about different things.