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Well... it's Trump... again. #47, here we go.

Jimmy Higgins said:
Derec said:
To be fair, the share of taxes paid by income quintile is skewed even more than the graph provided by Zipr.
Share-of-Taxes-by-Quintile-2021.png

From here.
Click to expand...
It isn't skewed if the top quintile is taking in a disproportionate percentage of the income (which it is).
Click to expand...
Rich people must truly be struggling right now. 🤣
 
GenesisNemesis said:
Jimmy Higgins said:
Derec said:
To be fair, the share of taxes paid by income quintile is skewed even more than the graph provided by Zipr.
Share-of-Taxes-by-Quintile-2021.png

From here.
Click to expand...
It isn't skewed if the top quintile is taking in a disproportionate percentage of the income (which it is).
Click to expand...
Rich people must truly be struggling right now. 🤣
Click to expand...
Elon can’t even buy a suit to wear to the oval office, which we have recently learned from Zelensky’s visit is the minimum level of respect one needs to show there.
 
Derec said:
To be fair, the share of taxes paid by income quintile is skewed even more than the graph provided by Zipr.
Share-of-Taxes-by-Quintile-2021.png

From here.
Click to expand...
Link for income

The top quintile took home over 50% of the income. The top 5% or the top 25% of the top quintile, took home half of that. In other words:
  • the top 5% of American took home $1 in every $4 of income
  • the next 15% took $1 in every $4 of income
  • The remaining 80% of American took in $2 of the $4 or 50%.
Hard to pay taxes when you aren't making the money. I will also note the graph noted doesn't make it clear if that is all federal taxes or is just income related. I'm guessing the prior.
 
blastula said:
Trump regretting Trump. And he still doesn't understand how tariffs work.

www.bbc.com

Trump tariffs: US expands exemptions to Canada and Mexico tariffs

Trump said he was granting the two US neighbours a temporary exemption on tariffs that he imposed two days ago.
www.bbc.com www.bbc.com
Click to expand...
This is the whole part that makes all of this so frustrating is how arbitrarily and narcissistically he "manages" it. It is all about him and he sways back and forth like it is nothing. He pisses Canada off, he could see export taxes propped onto US energy imports from Canada.
 
GenesisNemesis said:
crazyfingers said:
blastula said:
Trump regretting Trump. And he still doesn't understand how tariffs work.

www.bbc.com

Trump tariffs: US expands exemptions to Canada and Mexico tariffs

Trump said he was granting the two US neighbours a temporary exemption on tariffs that he imposed two days ago.
www.bbc.com www.bbc.com
Click to expand...
Does he really not know or is he just saying it to continue to dupe the MAGAtards?
Click to expand...
He is trying to collapse the economy to help Putin.
Click to expand...
He isn't that smart.
 
Jimmy Higgins said:
GenesisNemesis said:
crazyfingers said:
blastula said:
Trump regretting Trump. And he still doesn't understand how tariffs work.

www.bbc.com

Trump tariffs: US expands exemptions to Canada and Mexico tariffs

Trump said he was granting the two US neighbours a temporary exemption on tariffs that he imposed two days ago.
www.bbc.com www.bbc.com
Click to expand...
Does he really not know or is he just saying it to continue to dupe the MAGAtards?
Click to expand...
He is trying to collapse the economy to help Putin.
Click to expand...
He isn't that smart.
Click to expand...
He doesn't need to be smart to do everything Putin says dude, holy fuck.
 
Jimmy Higgins said:
GenesisNemesis said:
crazyfingers said:
blastula said:
Trump regretting Trump. And he still doesn't understand how tariffs work.

www.bbc.com

Trump tariffs: US expands exemptions to Canada and Mexico tariffs

Trump said he was granting the two US neighbours a temporary exemption on tariffs that he imposed two days ago.
www.bbc.com www.bbc.com
Click to expand...
Does he really not know or is he just saying it to continue to dupe the MAGAtards?
Click to expand...
He is trying to collapse the economy to help Putin.
Click to expand...
He isn't that smart.
Click to expand...

He's going back and forth on Tariffs on Mexico and Canada. I don't think he knows what he's doing except that he loves, absolutely LOVES to play King, to be cruel and to make others fearful as his MO as a "Deal Maker". He makes me sick.
 
Derec said:
ZiprHead said:
That chart says nothing about the rate they pay, especially by the top 1 percent.
Click to expand...
The chart with rates is found in the very same article.
In any case, we should compare like with like. Your chart expressed proposed tax cuts by share of the total tax cut amount, by quintile. So I posted the equivalent - share of all federal income taxes paid by quintile.
As you can see, the two are fairly similar. In fact, the lower and the middle quintiles are somewhat favored compared to their share of total taxes paid.
So do those people deserve a tax cut?
Click to expand...
Ah, that is a horse of a different color. My point was that the tax cut proposal was not out of line with the share of federal income taxes these income groups are paying. I was not making a statement about what should be in the tax cut bill.
For the record, I do think the top quintile (>$165k household income) and especially top 5% (>$315k household income) do not particularly need a tax cut.
I also do think tax cuts should be more general. For example, a tax cuts for bottom four quintiles helps 80% of the people. But Dems of late have favored schemes that only help subsets of taxpayers. When your plans focus on things like increasing the child tax credit, the child free are left holding the bag.
Click to expand...
Those charts are misleading for a number of reasons. First, it refers to direct federal tax liabilities which includes inheritance taxes. Second, as far as I can make out, it does not include the federal consumption taxes (gasoline tax, etc....). Both effects are likely to skew the rich's tax share compared to the less rich.

Unless the income tax becomes a straight flat tax, any tax cut proposal will necessarily help a subgroup of taxpayers more than other subgroups. At that level, tax policy is about social policy, not economics.

In fact, most tax policy has very little to do with actual economics. It is primarily a potpouri of ideological signalling, rewarding constituencies and incentivizing "desirable" behavior.
 
As to Trump's negotiation tactics, specific to Canada, he puts out completely wong balance of trade figures that drastically overstate (lie) about the magnitude of the US trade deficit with Canada. He must know it's a lie.

He demands Canada curtail Fentanyl crossing the border into the US when Canada only accounts for 1% of coming into the US. OTOH, illegal drugs and illegal guns going from the US into Canada is a big problem for Canada.

So he lies about his grievances against Canada. How is it any kind of negotiating tactic when he lies about what the problem is?
 
crazyfingers said:
As to Trump's negotiation tactics, specific to Canada, he puts out completely wong balance of trade figures that drastically overstate (lie) about the magnitude of the US trade deficit with Canada. He must know it's a lie.

He demands Canada curtail Fentanyl crossing the border into the US when Canada only accounts for 1% of coming into the US. OTOH, illegal drugs and illegal guns going from the US into Canada is a big problem for Canada.

So he lies about his grievances against Canada. How is it any kind of negotiating tactic when he lies about what the problem is?
Click to expand...
The trade deficit is also one of the dumbest metrics to use to decide if a trading relationship is "fair" or is beneficial to the US. If people/businesses/governments in a foreign country choose to buy US assets in the form of stock, bonds, currency, real estate, or directly spend to build US businesses (like TSMC building a chip factory, for example), this necessarily contributes to the trade deficit increasing. Yet this is supposed to be bad?
 
crazyfingers said:
Interesting story on how Trump's fickle approach to tariffs is hurting the economy in terms of consumer confidence, businesses unable to plan, spending money to bring on product before tariff that then get postponed, etc... He could plunge the country into recession without actually imposing tariffs, but just his on again, off again idiocy.

Click to expand...
I wonder if Trump is somehow turning all of this into a grift. With all the volitility it is causing and with him having sole power to decide if/when tariffs go into effect and then get removed, and which industries get exceptions, there is billions to be made in the financial markets by knowing what he is going to do in advance, as well as profit to be made by selling favorable tariff treatment. We know how easy he is to manipulate and he never turns down an opportunity to make a buck, so it would be surprising if his inner circle is not making massive profits on all this.
 
Last edited:
Shadowy Man said:
Elon can’t even buy a suit to wear to the oval office, which we have recently learned from Zelensky’s visit is the minimum level of respect one needs to show there.
Click to expand...
And that ball cap and sun glasses make him look like an idiot.
 
Axulus said:
crazyfingers said:
Interesting story on how Trump's fickle approach to tariffs is hurting the economy in terms of consumer confidence, businesses unable to plan, spending money to bring on product before tariff that then get postponed, etc... He could plunge the country into recession without actually imposing tariffs, but just his on again, off again idiocy.

Click to expand...
I wonder if Trump is somehow turning all of this into a grift. With all the volitility it is causing and with him having sole power to decide if/when tariffs go into effect and then get removed, and which industries get exceptions, there is billions to be made in the financial markets by knowing what he is going to do in advance, as well as profit to be made by selling favorable tariff treatment. We know how easy he is to manipulate and he never turns down an opportunity to make a buck, so it would be surprising if his inner circle is not making massive profits on all this.
Click to expand...

You're right that this creates the biggest potential for an insider trading scandal in history.
 
Axulus said:
crazyfingers said:
Interesting story on how Trump's fickle approach to tariffs is hurting the economy in terms of consumer confidence, businesses unable to plan, spending money to bring on product before tariff that then get postponed, etc... He could plunge the country into recession without actually imposing tariffs, but just his on again, off again idiocy.

Click to expand...
I wonder if Trump is somehow turning all of this into a grift. With all the volitility it is causing and with him having sole power to decide if/when tariffs go into effect and then get removed, and which industries get exceptions, there is billions to be made in the financial markets by knowing what he is going to do in advance, as well as profit to be made by selling favorable tariff treatment. We know how easy he is to manipulate and he never turns down an opportunity to make a buck, so it would be surprising if his inner circle is not making massive profits on all this.
Click to expand...
He is creating a "buying opportunity" for his fans. I'm not sure if he will back off tariffs though. He's talked about them for 4 years and to not go thru might make him "look weak", and looks are everything to that man.
 
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