Non Footy Chat Thread II

[84 Baby]

Small "L" liberal, not the Liberal party.

Yeah just being smartarse.
I’m sure it’d shock those liberal youngsters. Just like those young Germans who voted for socialism

 

[Poupou Escobar]

Liberalism is such an old idea by now that it's a conservative position. But also, economic liberalism refers to free markets, which is another thing conservatives prefer, at least rich ones. A better term for modern leftists is progressive. They prefer raising taxes on anyone wealthier than themselves.

 

[Gary Gutful]

Small "L" liberal, not the Liberal party.

That’s a big L.

 

[I'm a loser baby...]

Bloody L

 

[Bandwagon]

That’s a big L.

It's in inverted comma's.

Which gives it the freedom to be whatever the L it wants to be.

 

[Bandwagon]

Liberalism is such an old idea by now that it's a conservative position. But also, economic liberalism refers to free markets, which is another thing conservatives prefer, at least rich ones. A better term for modern leftists is progressive. They prefer raising taxes on anyone wealthier than themselves.

As a modern leftist I'd be happy if merkins wealthier than me just paid the same rate of tax I do, If that happened merkins poorer than me would likely need to pay less.

 

[Gary Gutful]

As a modern leftist I'd be happy if merkins wealthier than me just paid the same rate of tax I do, If that happened merkins poorer than me would likely need to pay less.

The wealthier I have gotten, the more tax I have paid.

I must be doing it wrong...

 

[Suitman]

The wealthier I have gotten, the more tax I have paid.

I must be doing it wrong...

That's how it works unfortunately.

 

[Bandwagon]

The wealthier I have gotten, the more tax I have paid.

I must be doing it wrong...

Seems we're both doing it wrong.

But seriously, rate and amount aint the same thing. ( neither are income and wealth mind )

If you're at the bottom of the highest income decile, you're likely paying a greater rate of tax than those at the top of that decile, regardless of the amount of tax they pay. And I'd guarantee you're paying more relative to wealth.

 

[Gary Gutful]

If you're at the bottom of the highest income decile, you're likely paying a greater rate of tax than those at the top of that decile, regardless of the amount of tax they pay.

Can you explain what you mean by this? Maybe I'm a simpleton but this doesn't make sense to me. The tax rates increase is income increases.

 

[hindy111]

The wealthier I have gotten, the more tax I have paid.

I must be doing it wrong...

Nobody likes a gloater

 

[strider]

Nobody likes a gloater

 

[hindy111]

Can you explain what you mean by this? Maybe I'm a simpleton but this doesn't make sense to me. The tax rates increase is income increases.

I've worked with so many people who are convinced they earn less when work to much overtime cause jump into the next tax bracket. I've tried to explain it is a sliding scale and impossible for this to happen. But they swear by it.

 

[hindy111]

Seems we're both doing it wrong.

But seriously, rate and amount aint the same thing. ( neither are income and wealth mind )

If you're at the bottom of the highest income decile, you're likely paying a greater rate of tax than those at the top of that decile, regardless of the amount of tax they pay. And I'd guarantee you're paying more relative to wealth.

I'm guessing what you mean by this is after write offs etc.
Someone making 200k may pay a little more tax then someone making 120k but on a percentage against there income they are paying less.....

 

[hindy111]

Very clever. You are quite creative. You should help me write this sitcom.

 

[Gary Gutful]

Nobody likes a gloater

I suppose I'll keep quiet about my enormous penis then...

 

[Gary Gutful]

I've worked with so many people who are convinced they earn less when work to much overtime cause jump into the next tax bracket. I've tried to explain it is a sliding scale and impossible for this to happen. But they swear by it.

Next time show them this.

 

[Bandwagon]

I'm guessing what you mean by this is after write offs etc.
Someone making 200k may pay a little more tax then someone making 120k but on a percentage against there income they are paying less.....

Yeah, but the levels there aren't where that'd happen. Someone earning 200k is pretty likely to be paying a higher rate than some one on 120k, simply courtesy of the tax brackets, and the cost to meaningfully minimise tax vs their need for cashflow. If they are wealthy though that might change.

200k probs wouldn't put you in the top decile, and if it did it'd be right at the bottom of the range I'd guess, where you'll likely be paying a higher percentage of tax than those earning more, and those earning less.

 

[Bandwagon]

Can you explain what you mean by this? Maybe I'm a simpleton but this doesn't make sense to me. The tax rates increase is income increases.

Of course they do, but "income" can be a pretty loose kinda term, you could be building asset value in a tax advantaged way using your otherwise taxable income for example. It's not like you don't receive that income, you're just trading off income for wealth. It's not the least bit difficult to turn a personal tax rate of 45 cents in the dollar ( plus medicare levy ) into a corporate rate of 26 cents in the dollar ( no medicare levy ). Or 25 cents I think it moves to this year.

The more income you have, the more you are able to do this, and the more creative you can afford to be with your affairs.

 

[Gary Gutful]

Of course they do, but "income" can be a pretty loose kinda term, you could be building asset value in a tax advantaged way using your otherwise taxable income for example. It's not like you don't receive that income, you're just trading off income for wealth. It's not the least bit difficult to turn a personal tax rate of 45 cents in the dollar ( plus medicare levy ) into a corporate rate of 26 cents in the dollar ( no medicare levy ). Or 25 cents I think it moves to this year.

The more income you have, the more you are able to do this, and the more creative you can afford to be with your affairs.

There are rewards, but they dont come without risks. All I have to do is turn up to work and not fall asleep. I'll happily pay a higher tax rate for that luxury.