@Rajk999 saidYes. In fact, as we speak, rich people are putting off buying luxury items like yachts and private jets because they are waiting to see if Trump gets elected, after he promised another round of massive tax breaks should he win:
Are you saying that in the US the govt actually gave people money who spent it on these luxuries you mentioned?
https://nypost.com/2024/04/19/us-news/ultra-rich-put-off-new-yachts-jets-in-hope-of-trump-tax-cut/
Ultra-rich put off buying yachts, jets in hope of massive Trump tax break if he wins
This article is from the right-wing New York Post; so no one here can accuse them of biased reporting.
@Rajk999 saidhttps://www.propublica.org/article/superyacht-marina-west-palm-beach-opportunity-zone-trump-tax-break-to-help-the-poor-went-to-a-rich-gop-donor
Are you saying that in the US the govt actually gave people money who spent it on these luxuries you mentioned?
A Trump Tax Break To Help The Poor Went To a Rich GOP Donor’s Superyacht Marina
@vivify saidOk, from the report there it appears that this tax break only increased these 'rich' people's disposble income by about 2 to 3 %. In any case this is not productive for the economy and is is not what I was referring to.
https://www.propublica.org/article/superyacht-marina-west-palm-beach-opportunity-zone-trump-tax-break-to-help-the-poor-went-to-a-rich-gop-donor
A Trump Tax Break To Help The Poor Went To a Rich GOP Donor’s Superyacht Marina
@vivify saidYou wrote that NY post cannot be accused of bias?
Yes. In fact, as we speak, rich people are putting off buying luxury items like yachts and private jets because they are waiting to see if Trump gets elected, after he promised another round of massive tax breaks should he win:
https://nypost.com/2024/04/19/us-news/ultra-rich-put-off-new-yachts-jets-in-hope-of-trump-tax-cut/
[b]Ultra-rich put off buying yachts, jets in ...[text shortened]... is article is from the right-wing New York Post; so no one here can accuse them of biased reporting.
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@wildgrass saidI meant conservatives can't accuse the NY Post article of bias against Republicans, since this one makes them look bad.
You wrote that NY post cannot be accused of bias?
@vivify saidI don't understand the underlying premise. If you have the money to purchase a yacht now, then why would you wait until after trump cut taxes?
I meant conservatives can't accuse the NY Post article of bias against Republicans, since this one makes them look bad.
Since when did all these conservatives start relying on government to solve their problems?
@Rajk999 saidNot productive for the economy and yet - because Republicans in the US don't like eating vegetables and refused to offset the tax break with govt spending cuts - it resulted in trillions of dollars of additional public debt burden.
Ok, from the report there it appears that this tax break only increased these 'rich' people's disposble income by about 2 to 3 %. In any case this is not productive for the economy and is is not what I was referring to.
In the face of soaring federal spending, cutting taxes was a flat out terrible idea and still is.
@wildgrass saidSure, a rich person can spend their own $150 million on a private jet; but why would they do so if huge tax breaks are coming?
I don't understand the underlying premise. If you have the money to purchase a yacht now, then why would you wait until after trump cut taxes?
Since when did all these conservatives start relying on government to solve their problems?
You're correct that the rich don't "need" anything from the government. This is simply greed.
@vivify saidBut there is no federal sales tax. Wouldn't make a lick of difference.
Sure, a rich person can spend their own $150 million on a private jet; but why would they do so if huge tax breaks are coming?
You're correct that the rich don't "need" anything from the government. This is simply greed.
@wildgrass said*shrug*
But there is no federal sales tax. Wouldn't make a lick of difference.
Ask the rich why they're waiting for Trump's tax cuts.
@wildgrass saidSeems like...?
Seems like blackmail. Lower my taxes or I will hoard my riches and refuse to participate in the economy.
Let's just be clear, the wealthy do contribute the greatest net proportion in tax revenue. But back in the day when they were paying over 60% in income taxes, do you know what else was happening? The wealthy were very careful about where they invested their money. As income taxes have been reduced, it has allowed for a very speculative form of investing to take over. Rich person says I've got all this money to spend now I'm paying so much less in taxes, I can take a punt on this or that stock and if I win I win big, if I lose well it's money that the tax man would have collected. Over time this lack of tax revenue means that Government cannot support the social services it would normally could, and conditions for joe public start to slide.
I don't know why people find this so hard to understand....