We should have tax rates which pay for the services the government provides. I feel trillion dollar deficits are going to be a problem in the long run.
What say you?
No, the words are entirely yours. You believe that your education was not subsidized by the taxpayer.
(made a mistake)ā¦that the tax law was going to hurt middle class people in states like NJ.
Quote to me where I said that.
I didnāt.
Of course you did. It goes back to your statement that you donāt want to pay to educate other peopleās children.
I think tax rates should be high enough so that we can avoid having trillion dollar deficits. Do you feel tax cuts are appropriate given the current level of spending?
The OP seems to think tax cuts are good thing given current spending levels.
The purpose of this thread was to discuss whether middle class Americans were going to be screwed by the new tax law, as some were suggesting.
Maybe if youāre a breeder. Some of us non-breeders are subsidizing your tax cuts by being forced to pay more in taxes.
I make six figures in NYC. So my state and local income tax will go up to about $10k.
On top of that I have over $10k in property taxes up in Maine.
Henceā¦ three LLCās in the past year.
Two of them are for passive income on property and a great depreciation schedule and the other one is to run a portion of my income through it by renting equipment out to clientsā¦ something I have been loathe to do for the past 20 years working in the TV business, but it is basically a necessity since a lot of the personal deductions I used to enjoy have gone away.
Some people are going to be helped by this, some arenāt.
I have a couple of beefs with the whole way the tax thing went down.
First, there were no hearings. Usually if there is ambiguity in the tax code, there are hearings to fall back on to suss out what the intent of the code should be. None of that exists.
Second, it is a huge giveaway rewarding passive income. A good part of it really rewards the idle rich.
Third, the preference for corporations over people. There could have been a way to lower the corporate rate, because I do agree that the stated tax rate was too high, and close loopholes. The rate got lowered a lot, and the loopholes still exist.
It wasnāt a middle class tax cut. Some middle class will see savings, but they bulk of it went to corporations already making record profits and the very wealthy all while increasing the deficit.
It doesnāt make sense.
Do you feel people who can get pregnant should be entitled to subsidized housing, free healthcare, food stamps, etc?
There is no shortage of people having children on this planet.
I think you misunderstood me, I wasnāt asking about you specifically but middle class NY residents in general. For example after looking at what my accountant sent me I concluded that in NJ it will affect families with incomes over $250,000/year. Your property taxes have to be really high. My intent was never to debate the entire tax law. I donāt know all the specifics but personally I would have included higher marginal tax rates for incomes over a million dollars.
I donāt think that a a higher earned income tax rate for those making over a million would be too effective. The higher the income the more means there is to shelter it from taxes.
I personally think that capital should be taxed higher than it currently is to pay for a tax cut for money earned off of labor.
But I am probably taking the discussion down a road that you might not want to go down. AKAā¦ derailing the thread.
The growth of the economy depends on expansion. Without a growing population, expansion is next to impossible. Just ask Italy.
Or maybe you are suggesting importing more people to expand the economy ā¦
And you naively thought that that was going to happen. 
True, but they donāt (fortunately) all live here. Are you perhaps suggesting we import people so we donāt have to have any children of our own?
I love imports. Iām currently driving a Hyundai. My great grandfather is known as the founder of modern medicine in Korea.
As the standard of living and education go up, birth rates decline.
That is true across the world and nothing is going to change that.
At the same time, productivity has gone way up due to automation.
At some point we are going to have to seriously consider a basic minimum income. Heckā¦ even arch conservative economist F. A. Hayek recognized the inevitability of it.
Or ask Japan. They donāt allow immigration.
Look, if you had one shot or one opportunity to seize everything you ever wanted for one moment, would you capture it or let it slip?
