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Zalabar Profile
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The Declaration of Cumaná: Capitalism 'threatens life on the planet'


á-capitalism-threatens-life-planet] Take a wild guess.

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4/26/2009, 6:11 pm Link to this post Send Email to Zalabar   Send PM to Zalabar
 
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Re: The Declaration of Cumaná: Capitalism 'threatens life on the planet'


Unfettered capitalism is generally awful, human nature being what it is, but it's certainly better than socialism, when you remove the incentives that greedy people have to create wealth for themselves (and other people by extension when they need to create jobs to staff whatever enterprise they embark on). And I'll hazard a guess that more entrepreneurs are motivated by the desire to create wealth for themselves and their families than they are by the altruistic desire to simply create jobs.

Take Extreme Makover: Home Edition. The show itself is nothing but a series of shameless brand name plugs. But to sell their stuff, it has the very real effect of making life much more pleasant for one deserving family at a time. Now, if shameless brand name plugs is the price to pay, fine by me. Those families wouldn't have gotten that degree of help any other way. And when they get the $30,000 tax bill from the IRS .... home equity loans are ftw. (They still would have gotten that tax bill if they had earned that benefit in income at work. Sucks but oh well - that's how our tax system works.)
5/13/2009, 10:51 pm Link to this post Send Email to SuXuemei   Send PM to SuXuemei
 
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Re: The Declaration of Cumaná: Capitalism 'threatens life on the planet'


It's ironic. People who hate Capitalism say "Oh, well communism sucks in the real world but its great on paper."

But just switch Communism with Capitalism. emoticon

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5/14/2009, 5:12 pm Link to this post Send Email to Fudgewartz   Send PM to Fudgewartz
 
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Re: The Declaration of Cumaná: Capitalism 'threatens life on the planet'


The problem with Communism on paper is the flawed assumptions about human nature. For communism or socialism to work, humans have to be intrinsically good individuals who, as a whole, absent bad influences (read: capitalism), will exist in a state where everyone has mutual trust, respect, generosity, and links their individual interest to the interests of the group as a whole, with no thought to cheat the system and be a free rider.
5/14/2009, 8:05 pm Link to this post Send Email to SuXuemei   Send PM to SuXuemei
 
John DeJ Profile
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Re: The Declaration of Cumaná: Capitalism 'threatens life on the planet'


Taxes should be percentage based. You make x, you pay y, period.

No dependents

No "tax breaks"

If reasonable (let's say 15%), everyone could afford it and they'd get their money.

Imagine your w2 generates an automatic bill or check from the government every year without the need of needing a tax consultant to figure out the best way to beat the taxes.
5/15/2009, 5:18 am Link to this post Send Email to John DeJ   Send PM to John DeJ
 
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Re: The Declaration of Cumaná: Capitalism 'threatens life on the planet'


What if you decide to pay your employees in goods rather than money? Those wouldn't go on the W-2; shouldn't those be taxed as well? What if you exercise stock options (obtained from your employer as compensation) to buy shares below the market price? That's definitely income but wouldn't appear on the W-2. How would you propose to deal with that?
5/15/2009, 11:10 am Link to this post Send Email to SuXuemei   Send PM to SuXuemei
 
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Re: The Declaration of Cumaná: Capitalism 'threatens life on the planet'


Actually, legally, as the taxes are currently set up, if your employer pays you in goods, the employer is suppose to figure out the worth of products for tax purposes. There is a specific form for both sides to fill out.

And no incentives mean no incentives.

You want to buy stock, fine, but you still get an income first.

I don't care if you get paid in chickens, corvettes or monthly subscriptions to a porn magazine. The bottom line is there is a worth to it.
5/17/2009, 4:04 pm Link to this post Send Email to John DeJ   Send PM to John DeJ
 
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Re: The Declaration of Cumaná: Capitalism 'threatens life on the planet'


Sure you got income to buy the stock. But if the tax on the difference in the market value and the option price would bankrupt you at the time of the purchase (i.e. when the value of the options is defined and thus when you can owe tax on the options), how would you deal with that?

How would you deal with a situation where someone wins a car / house / other non-cash prize of substantial value in a drawing? That wouldn't be on the w-2.

What about the self-employed business owner? Their income also would not be on their w-2.

There are plenty of situations where you would still have to rely on people to self-report income, and you would still have to define it. After all, it is an income tax, not at receipts tax. 15% of gross receipts taken in tax would bankrupt quite a few businesses. And even if you agreed to only take 15% of net income, how would you define net income for tax purposes? or would you accept GAAP accrual income? How about cash basis income? Or how about IFRS - basis income?

What about income from investing? That wouldn't be on the w-2. Would that income even be in the picture?
5/17/2009, 4:50 pm Link to this post Send Email to SuXuemei   Send PM to SuXuemei
 
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Re: The Declaration of Cumaná: Capitalism 'threatens life on the planet'


You are really not understanding.

Interest gained from banks isn't on a w2, it is on a 1099.

Income from prizes is claimed on certain forms. The company giving the prize away would send a MSRP to the government and you get a corresponding form.

A self-employed business owner is suppose to pay themselves.

All the other types you mention rely on the individual reporting the income..


Here is an example:

In MA, you are suppose to report ALL purchases online so you can pay MA tax. Doesn't matter if the company didn't charge you the tax, you are suppose to record it to claim your purchases at the end of the year for the state to charge you.

Even door to door sales people that generate income from sales only have to keep records of the income.

And again, for the stock, if you bought losing stock so be it. If you can't afford to lose, don't buy.

The way the taxes are currently. The average family making 40,000 pays 10,000 in taxes.
25%

The average family making 4 million dollars pays about 500,000 (12.5%)

That to me is wrong.
5/17/2009, 9:16 pm Link to this post Send Email to John DeJ   Send PM to John DeJ
 
Zalabar Profile
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Re: The Declaration of Cumaná: Capitalism 'threatens life on the planet'


flat line tax, anyone?

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5/18/2009, 6:39 am Link to this post Send Email to Zalabar   Send PM to Zalabar
 


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