Boomer Socialism at it again
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How about 0 income taxes instead? Why are our most productive people punished the most? Makes no sense.
Serious answer, because most people will only work enough to meet their basic needs. Once they accumulate enough money most people stop working.
We artificially devalue work so that people work more, which makes everything cheaper, so people don't have to work as much.
With people paid fully they do less work, which raises the cost of everything, which means more work to afford what they need.
It's like how a deflationary period sounds great on its face, but actually is a perverse incentive like communism that makes everything decay. Considering human nature there's some tax rate that's ideal, supposedly 12% or something like that - whatever it is, we're waay over it.
You're wrong. Lowering income taxes actually increases work output not decrease.
Lowering income taxes has a net positive impact on the economy and the quality of life of everyone. The actual impacts as to what would happen are complex but essentially:
Lowering income taxes INCREASES work, it doesn't decrease it. This should be intuitive. You're basically saying if we wanted to increase AI use in companies we should tax companies for using AI. Doesn't make ANY sense. The reason many people seem to stop working at a certain income level now is because of how taxes work. For example if you worked a job paying $100k/yr and wanted to work part-time as a Uber driver, you wouldn't. Why wouldn't you? Because the income you earn is now taxed at 50% because of your tax bracket whereas the Indians/Muslims Uber drivers who only do that as their only job earn 100% of their income therefore the pay Uber pays people is based on this 0% income taxes they pay. For them, what they earn is enough to be worth the time, gas and car payments/maintenance but for you, it wouldn't be. Without income tax it would lead to higher after-tax income related to prices of products/services for people earning $100k/yr to work as an uber driver to make more money so you'd get more people doing this.
People right now are discouraged from working more because of social programs and progressive income tax. Eliminate both and you'll increase work not decrease it.
Your thought process is so twisted. It's basically saying the USSR was right and communism leads to more people working except it does the exact opposite. All evidence shows that social programs and progressive taxes (more taxes in general) lead to less work not more. Of course, I am talking about valuable work though. At 100% taxes you can force everyone to dig ditches and then have 100% work but that's useless. Only productive work matters and most work today is unproductive.
The reason they don't lower income taxes is because the government wants full control over how your money is spent.
Only in the perfect world. Because a lot of human beings are greedy. Trickle down economics is bullshit. Why make things more affordable for people when you can just pocket the extra money?
Anyone using this term can be safely ignored.
This is contrary to human nature. People don't work because they "feel valued" or that the "pay is fair" or whatever hippie bullshit, they work because they need the money to meet their needs - present and future - which once met most people don't work anymore (only a small few do).
Somebody making $100k doesn't work Uber not because they aren't taking home as much relative to somebody else, but because they don't need any more money. It's how you imagine them acting because you want to justify a belief that's clearly false, but ask any middle-class/wealthy person why they aren't out driving for tips, zero are going to say "because it's unfair".
It's obvious that with no tax people wouldn't work jobs in all their free time - they'd do hobbies or sit around playing games or with their AI girlfriend.
So you didn't actually read what I said. Basically a Laffer Curve is similar to this in that it says there's a ideal tax rate, but that's focused on economic growth whereas the ideal tax rate for worker happiness is probably not exactly this.
Perhaps you're only accustomed to lazy people? Most people I know earning $150k/yr are working on business ventures and side-hustles to make more money. I think your theory is flawed and is based more on arm-chair university theories. The $100k/yr earner working Uber was literally based on a co-worker on mine who was earning that and literally working Uber but he stopped because he found the earnings wasn't wroth it for what he did when factoring in taxes.
A lot of people don't work more because they don't want 50% of what they earn going to the government and because most businesses won't let you so they're forced to work in non-traditional means. There was just a story posted here of a woman working 3 jobs and was a top performer making like $300k/yr. People want to work but only if they're paid appropriately for what they do and they aren't stuck in archaic show-up, swipe-in and swipe-out models of working. Yes, there will be some people who don't work but there will be others who do work and that will cancel out.
Yea, that leaves more room for competition. I've been to several countries where this is basically considered a good thing.
Food is less expensive in those countries. Ferrarri's are ungodly expensive. It makes designer goods cheaper. Not 'everything.' Demand is what makes things cheaper.
You've lived in a monopolized economy for so long you literally are unable to think outside of it. You can have more than 3 cellphone companies. You can have more than 2 car companies. You can have more than 2 internet browsers.
It depends if you're holding debts or owing them. Most people owe money. The deflation would kill them.
A fucking tax rate "ideal?" lol. Based on what? Fantasy?
The laffer curve shows this is completely false
Because boomers need more gibs
If we repeal the income tax, how will we fund The Great War?
Get Israel, our greatest ally, to pay? Kinda like how we got Mexico to pay for the wall and Denmark to pay for our purchase of Greenland.
World War 1 ("The Great War") ended over 100 years ago.
Because without tax money, a nation ends up like Somalia or India. And income taxes don't just punish productive people. They also take money away from parasites who only make a lot of money because they exploit working class people or scam. There has to be enough tax dollars available to make sure the infrastructure is maintained and so there is government agencies to enforce regulations that prevent an environment from turning into Somalia or India.
No, this is false. Somalia is Somalia because of the genetics of the Ns living there. The USA with low taxes, presuming we also deport all the non-Whites would be significantly better.
And no, overall the unproductive gain from taxes and the productive pay the taxes which is net negative for your society. Security and justice can easily be accomplished with 90% less taxes than we pay now, especially if we deport all nons. Everything else taxes fund are worthless.
I'm not against lower taxes because so many people(poor people and middle class people) are paying way too much nowadays. And a lot of it is going to bullshit. But 0 income taxes would mean there is no money for essential things like a functioning infrastructure.
Absolutely NOT. The government earns more than enough taxes to eliminate income tax. Trump didn't float the idea for no reason. The government DOES NOT need income taxes.
I have a finance degree and have analyzed financial statements my whole life including the financials of municipalities. I have a CFA. I know what I'm talking about. Do you know HOW LITTLE taxes are spent on infrastructure? You'd probably be angry if you truly understood.
Just so you know. The US government both state and federal (the ones who raise income tax) only spend 4.55% of their tax revenue on infrastructure.
You can eliminate income tax and pay for infrastructure EASILY. In fact, you can lower income taxes to 0 and increase infrastructure spending without raising debt.
The government is a band of robbers. Taxes (all taxes) are 80-90% higher than they ought to be.
All those countries you mentioned have a lot of taxes.