patrick.net

How about a cyber coin tax? Digital currency is not money but a risky ponzi investment.

Love it. All financial instruments should have a federal tax. After all, if you pay a sales tax for buying a book, pink lawn flamingo, or bag of concrete mix, why not a sales tax on financial instruments?

Doesn’t seem right to tax stock purchases. You already are paying a tax on profits. That would mean double taxation.

SharkyP says

Doesn’t seem right to tax stock purchases. You already are paying a tax on profits. That would mean double taxation.

Agree, but with Crypto I'd be fine with it. It does nothing but benefit the people that gamble and there are no employees. Sure there are exchanges, but that's mainly a few coders that make sure their sites work and an overpaid CEO (or think Wolf of Wall Street). No one would lose sleep if that costs them their jobs. Plenty of other places to work in that field.

I definitely would NOT want to double tax productive companies that produce thousands of jobs, move goods, physical locations, etc that are publicly traded.

And just like that true conservatives fell in love with MOAR taxes.

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CBO is projecting the deficit for 2025 will be $1.9 trillion, which is the same as Birdbrain Biden's 2024 deficit.

This will be the first time since 2000 that the deficit did not increase (at least when adjusting for inflation).

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Tariffs and Georgist land value taxes can provide all the revenue we need without any income or sales taxes.

SharkyP says

Doesn’t seem right to tax stock purchases. You already are paying a tax on profits. That would mean double taxation.

Depends. You don't pay taxes on appreciation until you sell the stock. Many stocks don't pay dividends at all.

BUT, you pay sales tax on a bag of concrete mix though you already paid Income Tax, SS/MC withholds, etc. on the income you used to buy the concrete.

So why not pay sales tax on a bag of financial instruments as well?

That's the problem I have with "Double Taxation" - it only seems to be a problem with money making money, but ignored when it's labor exchanged for money.

AmericanKulak says

SharkyP says

Doesn’t seem right to tax stock purchases. You already are paying a tax on profits. That would mean double taxation.

Depends. You don't pay taxes on appreciation until you sell the stock. Many stocks don't pay dividends at all.

BUT, you pay sales tax on a bag of concrete mix though you already paid Income Tax, SS/MC withholds, etc. on the income you used to buy the concrete.

So why not pay sales tax on a bag of financial instruments as well?

That's the problem I have with "Double Taxation" - it only seems to be a problem with money making money, but ignored when it's labor exchanged for money.

I consider it double taxation as well. But really if you just charged a flat income tax as low as possible (after other avenues are exhausted) that would work better than artifical transaction fees (in a digital world where most transactions are close to free in cost).

Bankrupt is bankrupt. At some point, the bankruptcy has to be managed. In the meanwhile, there is really no point to NOT extending the credit to its stretching limits to keep the corporate zombie lurching forward.

Kicking the can down the road, or just collapsing the Babylonian bubble later while exploiting it now?

mell says

I consider it double taxation as well. But really if you just charged a flat income tax as low as possible (after other avenues are exhausted) that would work better than artifical transaction fees (in a digital world where most transactions are close to free in cost).

I agree. My beef is that the "Fiscal conservatives" are obsessed with cap gains - which only taxes profits and is voluntary in the sense that you choose when to sell AND can be borrowed against often with more favorable tax treatment.

They ignore the double tax on wage/salary income taxes.

Bankrupt is bankrupt. At some point, the bankruptcy has to be managed. In the meanwhile, there is really no point to NOT extending the credit to its stretching limits to keep the corporate zombie lurching forward.

Kicking the can down the road, or just collapsing the Babylonian bubble later while exploiting it now?

A lot of this 'debt' is corporate vig from the Vatican, IMF, laundering to bribe politicians, and the City of London entities and is illegitimate. These entities are trying to destroy us in addition at the moment. Tavistock isn't there to help people, it is there to vivisect our brains for the dynastics and elites who program the wars.

RWSGFY says

An episode of The Apprentice is being written. Stay tuned.

those savings are peanuts compared to deficits. we are deficit g in trillions. fucking inflation beyond the stars deficits.

and savings and tariffs are drop in a bucket,

Fortwaye says

those savings are peanuts compared to deficits. we are deficit g in trillions. fucking inflation beyond the stars deficits.

and savings and tariffs are drop in a bucket,

Well, maybe Massie will introduce a bill instead of complaining as always.

A great poster child for term limits.

But you know what? Let's give Massie even more cuts - but leaving in the Border Enforcement he "loves", heh heh heh

Yes, it's to create leverage. Drama. The bill will pass and be on Trump's desk by July 4th.

It will codify much of the MAGA agenda, which is why some are against it. The problem is that those against it are using talking points that play to the base.

The dems can't stop this bill. But the swamp knows what buttons to push. How do you counter that?

Well, you take away their talking points and/or make them vote against those talking points.

The biggest enemies of the bill outside of dems are open border/"free traders" who want to end the border security and deportations codified in the bill. Those will entirely change the direction of the coubtry for decades. They are using fiscal conservative talking points to try to derail it instead of being honest about what they really are opposed to. The next are those who want to fund the Ukraine war. Followed closely by those that don't want tax cuts because it limits their power to send out tax money to their friends without massive debt.

So now the stage is set for more spending cuts instead of arguing about the mean gop cutting Medicare and social security.

The narrative has been changed, leverage has been created and those against the bill are caught in their own trap and will be held to their own "principles".
https://x.com/unseen1_unseen/status/1930005996216213857

AmericanKulak says

The biggest enemies of the bill outside of dems are open border/"free traders" who want to end the border security and deportations codified in the bill. Those will entirely change the direction of the coubtry for decades. They are using fiscal conservative talking points to try to derail it instead of being honest about what they really are opposed to.

I think Mish at MishTalk website may somewhat fit this category.

I agree as the costs outweigh the benefits as far as having an open border.

We just have to encourage and create incentives for more Americans willing to work the blue collar jobs like in construction.

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I did some research and Trump's Big Beautiful Bill is projected to add $2.3 trillion to the debt over 10 years.

That means this $230 billion per year is added to the already exciting baseline deficits which was $1.9 trillion in 2024.

That's unreal as I was hoping that at worse the deficits don't increase so that the annual deficit is $1.9 trillion (in 2024 value) for the next 10 years.

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The most significant factor is the extension of the individual and estate tax provisions from the 2017 Tax Cut and Jobs Act (TCJA), which are set to expire at the end of 2025. These extensions alone are estimated to increase deficits by over $2.1 trillion to $3.8 trillion over a decade, depending on the specific provisions included and accounting methods.

I don't know how much adds to the deficit as far as not taxing tips.

Taxing tips was bullshit because nobody ever reported cash tips anyway. So this one is budget-neutral.

AD says

We just have to encourage and create incentives for more Americans willing to work the blue collar jobs like in construction.

Which happens when roofing labor pays more per hour than a Starbucks barrista!

AD says

I did some research and Trump's Big Beautiful Bill is projected to add $2.3 trillion to the debt over 10 years.

Not including economic growth from the tax cuts, which most budget analysis don't include.

RWSGFY says

Taxing tips was bullshit because nobody ever reported cash tips anyway. So this one is budget-neutral.

Most tips are not cash anymore. Diners add the tip to the credit card bill or bar tab.

I know this is true for all the restaurant workers and bartenders I know in Panama City Beach.

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