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I'm not sure why you are being downvoted. All we see is bubbles, inflation, inequality, record low interest rates and stagnant wages, but apparently printing tr

I'm not sure why you are being downvoted. All we see is bubbles, inflation, inequality, record low interest rates and stagnant wages, but apparently printing trillions and and not having a gold standard has nothing to do with it. Sure.

newhotelowner 6y ago
> apparently printing trillions and and not having a gold standard has nothing to do with it Printed trillions because of Covid-19. It would have been grim situation without the stimulus. 12-14% unemployement, no stimulus would have closed thousands of business, and would have increase unemployement. People who has money (Silicon valley engineers) is not going to invest in rural Ohio. Wages are stagnated because of policies and misinformation. Federal minimum wages should be raised at least $12 and tied to inflation with universal health care. Inflation is record low. Not sure what you talking about. Its time to be robin hood. Tax high income, tax stock buy backs, higher capital gain taxes etc. Its pathetic that people making $500k/year pays less than $75k in Federal income tax (14%).
- deleted 6y ago
  [deleted]
- votepaunchy 6y ago
  > Its pathetic that people making $500k/year pays less than $75k in Federal income tax (14%). The 32% bracket begins at $160k and at $500k AGI you’re paying $150k in taxes (30%).
  - take_a_breath 6y ago
    If taxes were that easy, we wouldn’t need so many accountants in the US. In reality, there are a bunch of ways a person makes $500k and pays less than $150k in taxes. - For example, if it’s paid as carried interest, they only pay a 20% tax rate. - They could itemize deductions. - A farmer could buy a brand new truck and call it a business investment. - If you’re a pass-through entity you only pay a 20% rate
    - newhotelowner 6y ago
      > A farmer could buy a brand new truck and call it a business investment. That is a business expense. 500k is after all the business (Non-personal) expenses, depreciation and deductions .
      - take_a_breath 6y ago
        $500k is the income. The entire point is that business and personal expenses overlap considerably for farmers so they have wide range for tax purposes. It’s an inefficiency in the tax code which allows a person to have income of $500k and pay less than 31% in taxes.
    - WalterBright 6y ago
      > They could itemize deductions. The AMT (Alternative Minimum Tax) phases out itemized deductions for higher incomes.
  - newhotelowner 6y ago
    That is if your income is mostly salary.
- scarface74 6y ago
  Minimum wage doesn’t need to be raised. Any time that you place an artificial price floor or ceiling on supply in a competitive market you distort it. Private industry should not be in the job of providing a social safety net. That’s government’s job. We should have universal healthcare, expand the earned income tax credit and make it easier to distribute throughout the year and increase taxes to fund it. But I noticed that you called out people making $500K instead of $200K. Why? Maybe because $200K is not considered “rich” by most people on HN? Why not raise taxes on everyone that has a household income of $130K since that puts you above 80 percentile of households income or $184K since that puts you in the 90 percentile? “Tax the rich” often translates to “tax people who make more than I do.
  - JoeAltmaier 6y ago
    No minimum wage? In this world of accelerating automation and dropping real wages? That argument is right up there with 'let them starve'. Are Socialists correct, than our society depends upon a slave class to function? Because so often a suggestion that people earn a humane wage, is met with blanket resistance and dire predictions that the economy will be ruined.
    - scarface74 6y ago
      What do you think is going to happen if you increase minimum wage to the point where it makes automation a more affordable alternative? Also, you did see the part about expanding the earned income tax credit and providing universal healthcare didn’t you? I’m not saying let anyone starve. I’m saying that’s society’s responsibility through taxation and redistribution.
      - newhotelowner 6y ago
        > What do you think is going to happen if you increase minimum wage to the point where it makes automation a more affordable alternative? This is going to happen anyway. Walmart is planning to go cashierless. Taco bell has kiosk for ordering. New PlayStation manufacturing plant is fully automated. Universal Basic Income is the solution. I don't even think 20% of the population is doing even a simple task.

newhotelowner 6y ago

> apparently printing trillions and and not having a gold standard has nothing to do with it Printed trillions because of Covid-19. It would have been grim situation without the stimulus. 12-14% unemployement, no stimulus would have closed thousands of business, and would have increase unemployement. People who has money (Silicon valley engineers) is not going to invest in rural Ohio. Wages are stagnated because of policies and misinformation. Federal minimum wages should be raised at least $12 and tied to inflation with universal health care. Inflation is record low. Not sure what you talking about. Its time to be robin hood. Tax high income, tax stock buy backs, higher capital gain taxes etc. Its pathetic that people making $500k/year pays less than $75k in Federal income tax (14%).

deleted 6y ago
[deleted]
votepaunchy 6y ago
> Its pathetic that people making $500k/year pays less than $75k in Federal income tax (14%). The 32% bracket begins at $160k and at $500k AGI you’re paying $150k in taxes (30%).
- take_a_breath 6y ago
  If taxes were that easy, we wouldn’t need so many accountants in the US. In reality, there are a bunch of ways a person makes $500k and pays less than $150k in taxes. - For example, if it’s paid as carried interest, they only pay a 20% tax rate. - They could itemize deductions. - A farmer could buy a brand new truck and call it a business investment. - If you’re a pass-through entity you only pay a 20% rate
  - newhotelowner 6y ago
    > A farmer could buy a brand new truck and call it a business investment. That is a business expense. 500k is after all the business (Non-personal) expenses, depreciation and deductions .
    - take_a_breath 6y ago
      $500k is the income. The entire point is that business and personal expenses overlap considerably for farmers so they have wide range for tax purposes. It’s an inefficiency in the tax code which allows a person to have income of $500k and pay less than 31% in taxes.
  - WalterBright 6y ago
    > They could itemize deductions. The AMT (Alternative Minimum Tax) phases out itemized deductions for higher incomes.
- newhotelowner 6y ago
  That is if your income is mostly salary.
scarface74 6y ago
Minimum wage doesn’t need to be raised. Any time that you place an artificial price floor or ceiling on supply in a competitive market you distort it. Private industry should not be in the job of providing a social safety net. That’s government’s job. We should have universal healthcare, expand the earned income tax credit and make it easier to distribute throughout the year and increase taxes to fund it. But I noticed that you called out people making $500K instead of $200K. Why? Maybe because $200K is not considered “rich” by most people on HN? Why not raise taxes on everyone that has a household income of $130K since that puts you above 80 percentile of households income or $184K since that puts you in the 90 percentile? “Tax the rich” often translates to “tax people who make more than I do.
- JoeAltmaier 6y ago
  No minimum wage? In this world of accelerating automation and dropping real wages? That argument is right up there with 'let them starve'. Are Socialists correct, than our society depends upon a slave class to function? Because so often a suggestion that people earn a humane wage, is met with blanket resistance and dire predictions that the economy will be ruined.
  - scarface74 6y ago
    What do you think is going to happen if you increase minimum wage to the point where it makes automation a more affordable alternative? Also, you did see the part about expanding the earned income tax credit and providing universal healthcare didn’t you? I’m not saying let anyone starve. I’m saying that’s society’s responsibility through taxation and redistribution.
    - newhotelowner 6y ago
      > What do you think is going to happen if you increase minimum wage to the point where it makes automation a more affordable alternative? This is going to happen anyway. Walmart is planning to go cashierless. Taco bell has kiosk for ordering. New PlayStation manufacturing plant is fully automated. Universal Basic Income is the solution. I don't even think 20% of the population is doing even a simple task.