Trump announces monumental new plan to eliminate ALL TAXES ON OVERTIME pay.

[teekay99]

Businesses innovate and find new, cheaper, better ways of doing things.

What time are you living in? Major corporations only initiatives is to only make more money each quarter for their shareholders, could care less about making the price cheaper, but will certainly make the products cheaper but continue raising the prices baslessly.

For those firms that are in pure competition markets or monopolistic competition markets, ultimately, lower prices are obtained through reductions in marginal costs. Improvements in marginal costs are obtained, in part, through technological innovation.
Often businesses drive technological innovation just merely to reduce their marginal costs to offer goods and services at a lower price.

 

[william]

It's an interesting idea but not one I support. I don't support eliminating taxes on tips either. The government keeps expanding its spending and liabilities while regularly restricting its tax sources (or finding new ones nobody likes, such as ideas floating around to tax health benefits that an employer provides). This is a recipe for financial disaster and government default. As we decrease the tax burdens on people at the lower ends of the income spectrum and the middle class, the tax burden shifts remarkably to the wealthier, along with the government experiencing increased deficits and an ever increasing debt. This sounds great if you believe in the politics of class warfare. But it has unintended consequences:

1. Higher income/net wealth individuals will engage in further legal tax avoidance strategies to reduce their tax burden.
2. Higher income/net wealth individuals will reduce capital investments in the US.
3. Higher income/net wealth individuals will move their investments, their businesses (i.e. jobs), and perhaps even themselves to lower tax locations outside of the US.
4. People who save for retirement (like they are supposed to) naturally become higher-wealth individuals. Increasing the tax burden on high-wealth individuals will hurt senior citizens who have saved for retirement.
   • Oh by the way, with Social Security at risk of becoming insolvent (or providing reduced benefits), seniors get a double-whammy.
5. As debt increases, interest payments on the debt also increases. Increasing debt interest payments reduces the funds available for other government services.

Nobody wants to hear this, but it is time to stop constricting income sources for tactical election and polling gains, and instead, time to start reducing government spending and deficits. As much as I prefer cuts to social programs over cuts to military programs, the real fact is, if we do not get this under control, spending for both will be cut to avoid eventual government default. IMO, out-of-control spending and government deficits are both a financial security and a national security issue.

it is time to stop constricting income sources,

I do not agree with this because the simple fact is the more you have in your pocket the more you are going to spend and that boasts the economy, so tax revenue will actually increase.

 

[Publius]

I do not agree with this because the simple fact is the more you have in your pocket the more you are going to spend and that boasts the economy, so tax revenue will actually increase.

No taxes of tips or overtime are a means of encouraging this individuals who have taken the burden of working harder or delivering increased customer service.
Instead of taking more

 

[Publius]

All these corporations want bigger Bridges, bigger Transportation networks, bigger utility networks, but they're not paying a dime for it hardly nor want too to help pay for the very public infrastructure they depend on to run their multi-billion dollar corporations. Instead It's falling on the backs of normal taxpayers which I'm sure many can relate to when their property taxes go up every time they redo the damn roads/highways and that's not right and you know it.

The amount of wealth some companies and private individuals have is just gut rottening sickening and it is not right.

It should be going into public infrastructure like ports & roads and other things that these companies are using to to make money that they're piggybacking off of the working class taxpayer to pay for.

There is a disconnect that these companies profit has direct impact upon the majority of people retirement capabilities.
And the seventies were such a
Gang buster economic

 

[Publius]

I am really tired of hearing about how the rich don't pay their fair share. That is a dem talking point and is a flat out lie!!!!

Who pays the most income tax? | USAFacts

In 2023, the top 5% of earners collectively paid $1.27 trillion in income taxes, or about 60% of the national total.

usafacts.org

Summary of the Latest Federal Income Tax Data, Tax Year 2020

The latest IRS data shows that the U.S. federal individual income tax continued to be progressive, borne primarily by the highest income earners.

taxfoundation.org

Who pays the most income tax? | USAFacts

In 2023, the top 5% of earners collectively paid $1.27 trillion in income taxes, or about 60% of the national total.

usafacts.org

Americans think they pay too much in taxes. Here's who pays the most and least to the IRS.

The U.S. tax system is designed to be progressive, with rich people paying a larger share of their income to the IRS. Here's what to know.

www.cbsnews.com

Ouch!