📈Is the correction over? What cards look attractive with an upside potential?📈

[ninjabum87]

Originally Posted by jcardstore

Well so first off, the idea that increased tax revenues lead to decreased deficits is totally false. I mean sure, if it were a math equation that would make sense but doesn't work like that in the real world.

The data shows that higher tax rates don't raise receipts anyways (capital gains are the major source of tax revenue that's variable)



Increased revenues always leads to increased spending. Just look at a chart of federal spending over the last 50 years, it never goes down. After the US realized that it could just print forever (after going off the gold standard), the deficit increases every year on the aggregate.

You'd think that it was just increased defense spending, but that's actually not even true, it's all the other government bloat and waste. Like spending trillions of dollars "subsidizing" a green energy transition that people don't want or spending trillions of dollars in helicopter money to buy political favor from voters (both sides).

Mathematically, deficits can't go down now with debt servicing costs anyways, but that's a separate conversation.

Entitlement spending is out of control. The middle class always ends up with the biggest burden of increased taxes regardless of whether they claim it's "taxing the rich" or increasing corporate taxes.

Conveniently forgetting about surplus budget during the Clinton years from FY98-2001? It's doable but it requires a functioning government with bi-partisan partnership and not two parties trying to bend each other over for newsbytes.

Higher taxes not raising receipts is a false statement. I think I know what you're getting at with Laffer Curve concept showing extreme rates actually lowering revenue but it's not something you can just say "raising taxes doesn't increase revenues."

Renewable energy subsidies budget- 15.6 billion in 2023
Military budget- 858 billion

Decent chunk of the national debt is probably from a few tiny events that happened in the past 20 years I'd wager:

Estimated cost of the Iraq and Afghan wars- 8 Trillion
Great Recession relief programs including TARP- 1.8 Trillion
Covid 19 relief programs- 5.8 Trillion

[solt0131]

Get out now while you can.

The END is near.

[GOATcards]

Originally Posted by ninjabum87

Kindergaten math really. If you spend the same and you lower your revenue your deficit grows faster.

Combined the Bush and Trump era tax cuts amount to about 10 trillion in lost revenue. That's a lot of revenue on the table just to make rich people richer.

please take your dumb partisan political talking points outta here thanks

[GOATcards]

federal spending as a share of GDP has gone up and up and up over decades

I have no patience for those blaming not enough taxes, or talking like the money belongs to the state

[jcardstore]

Originally Posted by ninjabum87

Conveniently forgetting about surplus budget during the Clinton years from FY98-2001? It's doable but it requires a functioning government with bi-partisan partnership and not two parties trying to bend each other over for newsbytes.

Higher taxes not raising receipts is a false statement. I think I know what you're getting at with Laffer Curve concept showing extreme rates actually lowering revenue but it's not something you can just say "raising taxes doesn't increase revenues."

Renewable energy subsidies budget- 15.6 billion in 2023
Military budget- 858 billion

Decent chunk of the national debt is probably from a few tiny events that happened in the past 20 years I'd wager:

Estimated cost of the Iraq and Afghan wars- 8 Trillion
Great Recession relief programs including TARP- 1.8 Trillion
Covid 19 relief programs- 5.8 Trillion

It's right in the picture I posted. Receipts as a percentage of GDP remained unchanged.

Clinton cut spending considerably AND benefitted from an extremely strong economy & job creation from a tech boom.

To your last point, debt and deficits aren't the same thing. The federal government has increased the deficits virtually every year across every administration no matter whether tax rates go up or down. This is a fact.

[jcardstore]

the idea that tax rates are a major driver of increased revenue is just total nonsense.

Job creation & capital gains are the real drivers of revenue.

[jacksonjj]

taxation is theft. less taxes is more reasonable theft. imagine a world where you pay the government to own your own property because you're living in it and the people rejoice at the system.

[jcardstore]

People have been brainwashed to believe that "taxing the rich" or increasing corporate tax rates is a benefit for the middle and lower class.

[ninjabum87]

Originally Posted by jacksonjj

taxation is theft. less taxes is more reasonable theft. imagine a world where you pay the government to own your own property because you're living in it and the people rejoice at the system.

I do recognize that to those who have enough wealth that they need no services or government assistance that taxation to provide said things they have no use for would seem like theft. (Ignoring their profiting from systems and infrastructure supported by taxes)

Just like reducing taxes on those with all they need and subsequent slashing of services seems like a huge kick in the balls to those that do need them.

[ninjabum87]

Originally Posted by jcardstore

People have been brainwashed to believe that "taxing the rich" or increasing corporate tax rates is a benefit for the middle and lower class.

Or people have been brainwashed to believe slashing taxes on the rich or corporations helps lower classes. Trickle down doesn't happen and never has.

[discodanman45]

We could solve all of our tax problems by the government making sure card shows are properly taxed. No more cash transactions or things like PayPal FF. Can't wait for IRS agents to be at every dealers booth at the National making sure each transaction is dealt with accordingly.

If Fanatics can 10x the hobby, the government can get 10x's the money.

[ninjabum87]

Originally Posted by jcardstore

It's right in the picture I posted. Receipts as a percentage of GDP remained unchanged.

Clinton cut spending considerably AND benefitted from an extremely strong economy & job creation from a tech boom.

To your last point, debt and deficits aren't the same thing. The federal government has increased the deficits virtually every year across every administration no matter whether tax rates go up or down. This is a fact.

That graph shows one piece of the puzzle, assuming it's accurate, how has population growth in other income brackets increased, how have tax rates changed over time in them? You could offset tax cuts in one area with another after all. How has tax enforcement changed? What loopholes have been allowed in different times that allowed people to shelter tax base?

As wealth has been consolidated higher in fewer wealthy individuals over time while tax rates have gone down over time you'd expect a flatter line there anyway.

[ninjabum87]

Originally Posted by GOATcards

please take your dumb partisan political talking points outta here thanks

I'll gladly leave them out of your next "Most Aesthetically Pleasing Clyde Drexler Cards" thread, TotallyNotNomad.

[KhalDrogo]

Originally Posted by ninjabum87

I do recognize that to those who have enough wealth that they need no services or government assistance that taxation to provide said things they have no use for would seem like theft. (Ignoring their profiting from systems and infrastructure supported by taxes)

Just like reducing taxes on those with all they need and subsequent slashing of services seems like a huge kick in the balls to those that do need them.

Is it theft of your tax dollars when the Pentagon can’t account for almost $2T in assets that your tax dollars helped pay for?

[ninjabum87]

Originally Posted by KhalDrogo

Is it theft of your tax dollars when the Pentagon can’t account for almost $2T in assets that your tax dollars helped pay for?

If they pissed it away on nothing, lost it, or gave it to their buddies in Halliburton for million dollar lug nuts then yes. Our officials and politicians need to be held way more accountable than they are.

[KhalDrogo]

Originally Posted by ninjabum87

If they pissed it away on nothing, lost it, or gave it to their buddies in Halliburton for million dollar lug nuts then yes. Our officials and politicians need to be held way more accountable than they are.

So then it’s not that it seems like it’s theft, it just is theft. Right?

[jcardstore]

Originally Posted by ninjabum87

Or people have been brainwashed to believe slashing taxes on the rich or corporations helps lower classes. Trickle down doesn't happen and never has.

I’m not saying that trickle down works, per se. It works in the aggregate to increase total wealth. Most of it went to the upper class but a rising tide lifts all boats as well

The idea of cutting taxes absolutely boosts short term growth but it’s not very clear when it comes to the long term.

It’s 100% known that raising taxes is broadly negative for growth in both the long and short term.

[jcardstore]

Advocating for higher taxes only means that you believe the state is a better allocator of that capital.

If you believe that, you’re probably living in an alternate reality

[drobfan8]

I'm gonna make a call and say that Autos in particular are way overpriced. Also Rookie Autos.

People trying to find the next Steph is fools gold.

And I will say I think rare inserts are really affordable.

A lot of nice case hits and Golds /10 are around the $50 to $200 range.

[boxbuster7]

less taxes more cards or maybe more taxes less cards?

I don't know at this point

[tjforce]

Ahhh.. nothing like a meeting of the greatest minds in economics on the Blowout Forums.

I'm just glad we didn't peg our currency to Zion Prizm base like was suggested around here in 2019.

[Bcr]

Someone let me know when my portion of the trickle down shows up.

[discodanman45]

Originally Posted by Bcr

Someone let me know when my portion of the trickle down shows up.

Trickle up economics works a lot better. It is the lesser of the two evils.

[GOATcards]

What effective tax rate should top earners pay, according to our progressive betters

Just name a rate that would be too high

Sent from my SM-S711U using Tapatalk

[discodanman45]

Originally Posted by GOATcards

What effective tax rate should top earners pay, according to our progressive betters

Just name a rate that would be too high

Sent from my SM-S711U using Tapatalk

It doesn't matter because the wealthy will use every single tax loophole or wealth-management strategy to avoid paying taxes and increasing their wealth.

I personally don't think any one person should have billions of dollars. I think a 1/2% tax on net worth for the ultra-wealthy should be implemented with our current tax guidelines. This way they can't use loopholes to pay lower tax rate percentages than the average American. What is happening now is obviously not working. It may look like the average American is gaining its share of national wealth, but this will be short lived. Low-interest rates and 12 years of housing appreciation has helped the typical American. However, once house prices start to drop with these high interest rates, the top 10% will again push forward the inequality in this country.

It is amazing the sympathy that people have towards billionaires. They keep on getting richer and people want them to pay less money in taxes.