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The Coronavirus thread

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Poll

	Under 5000		2 votes (13.33%)
	5000 to 10,000		2 votes (13.33%)
	10,000 to 25,000		2 votes (13.33%)
	25,000 to 100,000		1 vote (6.66%)
	100,000 to 1 million		2 votes (13.33%)
	1 to 10 million		4 votes (26.66%)
	10 to 100 million		No votes (0%)
	100 million to 1 billion		No votes (0%)
	over 1 billion		1 vote (6.66%)
	I'm a bigot.		1 vote (6.66%)

15 members have voted

September 9th, 2021 at 11:20:07 AM permalink

Mission146

Administrator
Member since: Oct 24, 2012
Threads: 23
Posts: 4147

I would imagine that accountants, payroll companies and, of course, the IRS employees would be against that, though.

It sure would make payroll easy. How many hours did the employee work? How much does the employee make per hour? Okay, multiply those two things together.

Now, retail businesses WOULD have to pay tax on whatever they buy to then offer for sale, but that's generally going to be more than negated by not having to really pay anything for payroll (multiply two numbers together), not having Federal income tax on the business and not matching those employee/employer shared taxes.

How much in sales tax should they pay? Let's call it 5%.

1.) What were your sales for the year?

2.) Multiply Result #1 by .05%.

3.) Write a check to the Federal Government for Result #2.

Payroll and sales tax accounting would consist of a four minute training video.

"War is the remedy that our enemies have chosen..let us give them all they want." William T. Sherman

September 9th, 2021 at 11:33:04 AM permalink

Gandler

Member since: Aug 15, 2019
Threads: 30
Posts: 5258

Quote: Mission146
I think that's actually debatable. Keep in mind, having totally abolished income taxes, the employers would no longer be paying the Social Security and Medicare tax rates...so whatever you were paying the employees before, you're now paying them 7.65% less, all else equal.*

*It's not exactly 7.65% less, but you're no longer paying 7.65% on top of wages. For example, if you have $1,000 in wages and pay $1,076.50, in total, after the employer-matched taxes, you'd actually be paying out 7.1064% (rounded) less overall.

Another thing, if you didn't get rid of Unemployment completely, then certainly a person could begin to receive UBI as of whenever they became unemployed, so right there, you can knock $1,000 (I actually like $1,200/month UBI) per month off of whatever Unemployment would otherwise have to pay. As a consequence, payments from employers into the unemployment system should also be able to be drastically reduced.

I'd hope that at least some of those cost savings would be passed down to consumers, but I guess it's possible they wouldn't.

That is an interesting point. I think a national sales tax in lieu of an income tax is a possibility (a long shot, very long shot).

But, getting rid of Social Security and Medicare will never happen, that would be opposed by both parties (which would be required to get rid of the SS tax).

Though the elimination of taxes on profits would more than make up for it (Federal Corporate Taxes) even if SS remains.

September 9th, 2021 at 11:42:22 AM permalink
Mission146 Administrator Member since: Oct 24, 2012 Threads: 23 Posts: 4147	Why should anyone need Social Security when they have UBI? You just pay out monies that were already paid into the Social Security system, dollar-for-dollar, on a FIFO method and then dissolve it. "War is the remedy that our enemies have chosen..let us give them all they want." William T. Sherman

September 9th, 2021 at 11:45:03 AM permalink
Mission146 Administrator Member since: Oct 24, 2012 Threads: 23 Posts: 4147	Oh, and you could offset Federally-backed student loan debts owed from the Social Security FIFO payouts and then just write off whatever of those are left after that. No more Federally-backed student loans thereafter. Two birds, one stone. "War is the remedy that our enemies have chosen..let us give them all they want." William T. Sherman

September 9th, 2021 at 11:45:59 AM permalink

AZDuffman

Member since: Oct 24, 2012
Threads: 137
Posts: 21195

Quote: Mission146
If you're a day trader, it wouldn't. If you're anyone else, it reduces the volatility of the stock market and places an emphasis on long-term investment over short-term gain. Less variance, more predictability.

Not really. Day traders provide the valuable service of a liquid market. Without them the swings would be even larger.

War is peace. Freedom is slavery. Ignorance is strength

September 9th, 2021 at 11:59:38 AM permalink
Mission146 Administrator Member since: Oct 24, 2012 Threads: 23 Posts: 4147	Quote: AZDuffman Not really. Day traders provide the valuable service of a liquid market. Without them the swings would be even larger. Hmmm...that's a good point on market liquidity. I guess we'll just have to not consider stocks a sale of anything. "War is the remedy that our enemies have chosen..let us give them all they want." William T. Sherman

September 9th, 2021 at 12:07:18 PM permalink
AZDuffman Member since: Oct 24, 2012 Threads: 137 Posts: 21195	Quote: Mission146 Hmmm...that's a good point on market liquidity. I guess we'll just have to not consider stocks a sale of anything. People miss it all the time. Liquidity is one of the most important things to a market. Naturally,the day traders should charge a fee for this service. After all, we are not communists. War is peace. Freedom is slavery. Ignorance is strength

September 9th, 2021 at 12:11:25 PM permalink

SOOPOO

Member since: Feb 19, 2014
Threads: 25
Posts: 5746

True story…. My wife has a friend for last 30 years, they went to Dental School together. The friend is an avid anti-vaxxer. Basically implied my wife was risking her daughter’s lives by having them get the vaccine. They couldn’t have a conversation that doesn’t eventually lead to some COVID issue that they argue about. The friendship is basically over. The friend just went to Texas and bought a house because she expects New York to crack down on the unvaccinated.

My question…. can you keep a friendship with someone you consider that stupid that they are refusing the vaccine? To my knowledge, I don’t have a single unvaccinated friend. I am not sure how I’d react to someone I cared about that was an anti-vaxxer.

September 9th, 2021 at 12:11:47 PM permalink

Mission146

Administrator
Member since: Oct 24, 2012
Threads: 23
Posts: 4147

Quote: AZDuffman
People miss it all the time. Liquidity is one of the most important things to a market. Naturally,the day traders should charge a fee for this service. After all, we are not communists.

Winning Day Traders DO charge a fee for the service, but they mostly collect it off of Losing Day Traders.

"War is the remedy that our enemies have chosen..let us give them all they want." William T. Sherman

September 9th, 2021 at 12:13:01 PM permalink
missedhervee Member since: Apr 23, 2021 Threads: 160 Posts: 5494	It's tough. My son refuses to get the shot, and no amount of discussion can dissuade him.

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