Steve Bannon: Republicans will have to "raise taxes on the wealthy" to fulfill Trump's campaign prom

[libertybele]

I'll use another example, JD Vance, our upcoming vice president. Do you know what it took for him to break out of the cycle of poverty? He had to sell his freedom to the United States Marine Corps. Is that the risk we have to take to be successful, to sacrifice everything that is worthwhile in the hopes that the chips fall right?

It shouldn't be.

What exactly are you proposing @jmyrlefuller ?

[libertybele]

Instead of raising taxes why not slash spending?

Actually, why not slash both?  Balance the budget. Give people a reprieve on taxes enabling them to purchase more goods and meanwhile the gov't needs to reign in their spending. Win/win.

[DB]

So have countless others—and failed. You only hear about the ones who win. And you mentioned expense—they had the money to begin with, and turned it into more money. To have that first seed, that's luck of who your parents are and where you're born. Do you think the sub-Saharans starving to death stand an equal chance of succeeding in the world?

Fred Smith (of FedEx fame) once gambled his entire cash on hand on a blackjack table and won, saving his business. It doesn't mean that gambling is going to make you rich.

And yet Fred Smith would have failed that go around had he not done it. But he would have been back at it again had that bet gone south. Just taken longer. You have to take risks, sometimes big risks. Bill Gates, a nobody at the time, sold IBM an operating system he didn't have. It was a bold risky move that paid off.

I've worked my ass off and started with very little but somehow was able to achieve moderate wealth starting my own business. No money from anyone to get going. Lots of businesses have been started by people with little money. Go read the founding of Carl's Jr. for example. There are many stories like that.

The key difference is you have to go do something towards achieving your goals while trying to survive to get a foothold. Sometimes you fall down, you have to get back up again. Those who wait for opportunity rarely get it. Those who keep trying, often failing multiple times along way, are the ones most likely to succeed. That isn't luck. It is persistent hard work while not giving up when things are bleak.

You could say fishing is luck. But the fact is, if you don't have any hooks in the water you won't catch anything. You have to keep on trying.

[DB]

Biden injected about two trillion dollars of borrowed/printed money into the economy this year alone in attempt to make things look better for reelection. That's a substantial percentage of the country's total GDP. That's like being on heroin. You can't instantly pull that out without really bad consequences. We are in a bad place with pain coming no matter what we do. The only question is which is the best longterm path that can actually be achieved.

[Hoodat]

Instead of raising taxes why not slash spending?

That's crazy talk.

[jmyrlefuller]

What exactly are you proposing @jmyrlefuller ?

It is simply reminding us all of a matter of principle—to have empathy on those less fortunate and not automatically treat it as a failure of will.

There is a limit to how many times people can try and fail at life before (s)he cannot try again, and that limit is higher for some than others.

[Weird Tolkienish Figure]

How do you think  tax breaks creating economic activity will hurt?

Small businesses have made this country great; tax breaks and incentives will help.

Beyond a certain point, i don't think giving rich people tax breaks is fruitful. Fairness is another issue entirely. I think giving the rich unnecessay tax breaks further exacerbates an issue people are upset about, inequality. It gives the Democrats ammunition and doesn't help our side. Let's avoid that issue.

[libertybele]

Scott Hamilton, one of the greatest figure skaters in the world suffered a growing abnormality and then stricken with cancer several times; and I love his attitude:

[libertybele]

Beyond a certain point, i don't think giving rich people tax breaks is fruitful. Fairness is another issue entirely. I think giving the rich unnecessay tax breaks further exacerbates an issue people are upset about, inequality. It gives the Democrats ammunition and doesn't help our side. Let's avoid that issue.

How about tax breaks across the board?  Secondly we must ensure that people do business in the U.S.; ensuring that they will be taxed less here than elsewhere is a great incentive and will also ensure that people here have jobs. 

[Weird Tolkienish Figure]

How about tax breaks across the board?  Secondly we must ensure that people do business in the U.S.; ensuring that they will be taxed less here than elsewhere is a great incentive and will also ensure that people here have jobs.

We cannot compete though with other countries, due to cost of living and other things, you want to compete with someone who makes $1 an hour? There's not really a way to compete with that. I think some of what Trump is doing with tariffs is a good thing (it's a mixed bad depending on how he does it). Not sure if tax policy has as big an impact as the other factors.

[libertybele]

We cannot compete though with other countries, due to cost of living and other things, you want to compete with someone who makes $1 an hour? There's not really a way to compete with that. I think some of what Trump is doing with tariffs is a good thing (it's a mixed bad depending on how he does it). Not sure if tax policy has as big an impact as the other factors.

Though Trump is a spender; he does have Musk and Vivek working on gov't waste which will help. Keep in mind COVID was created to bring his economy down.

In reference to your comment about competing with those making $1hr. I remember when Walmart's motto was "Made in the USA". That was all cancelled out by Bush Sr's NAFTA plan -- Trump had revamped that. So... we'll see what happens.

One thing that I have been pretty confident in is that Trump will help grow our economy and this country will make $$. 

[jmyrlefuller]

Though Trump is a spender; he does have Musk and Vivek working on gov't waste which will help. Keep in mind COVID was created to bring his economy down.

In reference to your comment about competing with those making $1hr. I remember when Walmart's motto was "Made in the USA". That was all cancelled out by Bush Sr's NAFTA plan -- Trump had revamped that. So... we'll see what happens.

One thing that I have been pretty confident in is that Trump will help grow our economy and this country will make $$.

Frankly, I am very deeply suspicious of that move. You have Musk, a South African immigrant, and Vivek, a first-generation birthright American born to Indian nationals... Musk in particular has a huge number of federal and state contracts; he's already proven he will enrich himself at government expense, now imagine him having inside access to the treasury. 300 million people in this country, and those two are the ones Trump chooses, especially after making a "no nuttin'" immigration policy a cornerstone in his campaigns?

The name itself seems to have been invented solely for the memes and Musk's obsession with that Shiba Inu meme.

Trump's first term, at least until he passed the buck to Fauci and company in 2020, was at least logical. I can't really figure out what he's thinking here.

[libertybele]

It is simply reminding us all of a matter of principle—to have empathy on those less fortunate and not automatically treat it as a failure of will.

There is a limit to how many times people can try and fail at life before (s)he cannot try again, and that limit is higher for some than others.

Yes absolutely those who have $$ are no better than those without and shame on them for thinking that they are above others because of their fortune.

I certainly can understand you viewpoint on people failing at life and don't continue to try; however as I posted above and I'll post again because it is so true and it should remind you that no one is perfect and above all else you need to give yourself credit for just being you.  Learn to accept yourself for who you are and those that scoff at you aren't worth your time nor consideration. (Easier said than done).

[Kamaji]

The DNC's ideas got us into this mess. Not that the RNC's borrow-and-spend magical thinking is much better.

Never said it was, but your statements demonstrate a sad misunderstanding of the tax system, and the incidence of tax, as well as basic economics, a misunderstanding that is quite consonant with standard DNC policies.

[Hoodat]

Beyond a certain point, i don't think giving rich people tax breaks is fruitful.

Giving rich people tax breaks?  Please.  You aren't "giving" them anything.  You are simply reducing the disincentive imposed upon them against the creation of wealth.  Oh, and there is no tax on being rich.  There is only a tax on creating 'rich'.

Fairness is another issue entirely.

You want fair?   'Fair' is everybody paying the same tax rate.  That's fair.

I think giving the rich unnecessary tax breaks .  .  .

Unnecessary?  Do you hear yourself?  IT'S THEIR MONEY, NOT YOURS.   Who are you to characterize them getting to 'KEEP THE MONEY THEY EARNED' as "unnecessary"?

.  .  . further exacerbates an issue people are upset about, inequality.

You want equality?  Then everyone should be paying taxes.  And at the same rate.

It gives the Democrats ammunition and doesn't help our side. Let's avoid that issue.

Democrats invent lies for ammunition.  We're not giving them anything.

[Hoodat]

The DNC's ideas got us into this mess.

Ideas borrowed from Marx.  Similar to the ideas you have.  Correct me if I'm wrong here, but you seem to think that we are all entitled to share in the bounty of other people's labors and that we should be envious of success.

[Hoodat]

he's already proven he will enrich himself at government expense, now imagine him having inside access to the treasury.

Access to the Treasury?  Maybe you haven't noticed, but the Treasury is facing annual shortfalls of $2 trillion for years now.  And no, Musk didn't enrich himself at government expense.  Musk enriched himself by creating wealth - by bringing together the factors of production and creating something of more worth than was paid out.

[Hoodat]

Never said it was, but your statements demonstrate a sad misunderstanding of the tax system, and the incidence of tax, as well as basic economics, a misunderstanding that is quite consonant with standard DNC policies.

There appears to be quite a lot of that going around.  Even with this whole talk of simply changing the tax code will somehow bring government into the black while government continues to siphon off 25% of GDP.

[jmyrlefuller]

Ideas borrowed from Marx.  Similar to the ideas you have.  Correct me if I'm wrong here, but you seem to think that we are all entitled to share in the bounty of other people's labors and that we should be envious of success.

I believe that we are equal in the eyes of our creator. And that means, ideally, we get equal opportunity to labor and succeed—which we have never had, nor likely will we ever get. It is not other's labor I wish to profit, but I do not want others to profit off yet others' labor, either, which is how the rich get rich in this country.

[jmyrlefuller]

Access to the Treasury?  Maybe you haven't noticed, but the Treasury is facing annual shortfalls of $2 trillion for years now.  And no, Musk didn't enrich himself at government expense.  Musk enriched himself by creating wealth - by bringing together the factors of production and creating something of more worth than was paid out.

Do you realize how many government subsidies his businesses get? His NASA contracts? Andrew Cuomo gave him a billion dollars for a SolarCity plant—we bash Solyndra, but this guy did the exact same thing, and the right gives him a pass?

[libertybele]

I believe that we are equal in the eyes of our creator. And that means, ideally, we get equal opportunity to labor and succeed—which we have never had, nor likely will we ever get. It is not other's labor I wish to profit, but I do not want others to profit off yet others' labor, either, which is how the rich get rich in this country.

Yes we are all created equal in the eyes of God.  It is up to us to utilize the gifts that He has given us.  Some are born into poor families and others are born into wealth. That's just life and what you do with your life whether you succeed or not is entirely in your lap.

Other's profiting off of others downfalls is just life. Life is made up of all different types of people; roll with it and don't look back.  Don't envy others but praise the Lord for what you do have.

[Hoodat]

Do you realize how many government subsidies his businesses get?

Show me one.

His NASA contracts?

Contracts are not subsidies.  They are an exchange.  Musk's companies are providing a value for which they are compensated.

  Andrew Cuomo gave him a billion dollars for a SolarCity plant

That's between Musk and the State of New York.  I could care less on what New York does.

we bash Solyndra, but this guy did the exact same thing, and the right gives him a pass?

Uh, no.  Solundra was handed aederal taxpayer loans  and subsidies which it did not repay.  Musk took State money and delivered what he said he would deliver.

And for the record, I oppose all federal subsidies for businesses.  We need to cut spending.

[DefiantMassRINO]

No use taxing poor people.  They have nothing to tax.

Can't tax the rich people because they own the politicians.

Only thing left is to tax working class and middle class people because they are chumps for going to work everyday thinking they can get ahead.

[Weird Tolkienish Figure]

You want fair?   'Fair' is everybody paying the same tax rate.  That's fair.

What are capital gains taxed at vs. regular income? Not sure why the two wouldn't be equal.

I'm 100% in favor of a fair tax, maybe down to poverty level income as a floor. But in my mind that capital gains is taxed at a lessor rate than regular income (I believe) is not a good thing and gives the Democrats ammunition.

[libertybele]

What are capital gains taxed at vs. regular income? Not sure why the two wouldn't be equal.

I'm 100% in favor of a fair tax, maybe down to poverty level income as a floor. But in my mind that capital gains is taxed at a lessor rate than regular income (I believe) is not a good thing and gives the Democrats ammunition.

Capital gains are taxed when assets are sold, dependent on one's income and whether or not the asset was held for long term or short term.

There has been talk of taxing unrealized capital gains which would be absolutely detrimental.