WTF? A 30% sales tax? End the IRS? Who's the wacko in Congress with this idea?

I am not familiar with a "wages to wealth" table by the FED can you point me to it?

 

The latest FR wealth distribution chart, which isn't a wage to wealth comparison (you have to use more than one chart to see it) only goes to 2022 Q3 which shows
the upper 50% own 96.66% of the nation's wealth, and the bottom 50% own 3.33% of the nation's wealth. This inequality gap has been widening over the years, but the FR chart only goes back to 1989

(the upper 50% are the totals of columns 1-5, and the bottom 50% is column 5)

https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/

The charts at The Economic Policy Institute show wage stagnation with the middle and lower wage earners going back to Reagan




So, it begs the question, did the stagnation occur only during reagan or did it start further back?

This charge shows that, although it declined under Carter, it flattened and thus stagnated under Reagan, and the neoliberal policies of Reagan and Bushes and Clinton didn't help wages keep up with productivity. It is to be noted that Carter was considered to be the first neoliberal president, so it's not a 'republican versus democrat' thing, it's a neoliberalism versus modern liberalism thing (FDR /Biden/Obama modern liberalism versus Carter/Reagan/Bushes/Clinton neoliberalism where the economic philosophies of modern liberalism and neoliberalism are almost diametrically opposed)

https://www.salon.com/2011/02/08/lind_reaganism_carter/




source:
https://www.epi.org/publication/charting-wage-stagnation/

In neoliberals favor, where I do agree with them, and just bout the only place I do agree with them, is how a neoliberal FR chairman will deal with inflation. Carter installed Paul Volcker, a neoliberal, left into place by Reagan, and Volcker is credited for getting a handle on inflation. The current FR chairman Jerome Powell (Republican) is employing Volcker's policies, controlling excessive inflation by limiting money supply growth (via raising interest rates, which has a cooling effect on an overheated economy, and there are signs the economy is overheating, so, despite all the moaning and criticism, I tend to support their policy given it's success in the past on controlling inflation). I was surprised that Biden left Powell in place, but I don't know his reasons. But, where they fail is that neoliberalism, though helpful in the short run, eventually causes more and more wealth and power to concentrate into fewer and fewer hands in the long run, and an ever widening inequality gap, and the stats prove it.

 

That is not a cost and drain. it is added to GDP because people and companies are paying for that service. they do it because it is more expensive for a company to go through a tax audit and have to redo to have their books analyzed and given an unqualified opinion on their books. That means there are no significant adverse comments on the books, or the books are as materially accurate as possible, which helps the companies, especially the large ones, to get lower interest rates on significant loans they may need. For the cost, it is a cost the company pays and may pass part of that cost to the consumer. This is a fixed cost that can spread over to the consumer and to the earnings report as well. But it is not a drain on the economy though.

the Tax Gap is based on several factors, but I think the more reasonable estimate around $550 billion per year uncollected. Some of this has to do with stock trades. It is more accurate now with covered sales and the 1099-B showing the cost. But that is not the be-all and end-all for adjusted cost on a covered sale of stock. That has more to do with the laws than anything else and an attempt to get a more accurate picture of what the tax gap is for sales of securities.

 

Who is everyone else Blues. I don't get a rebate every year. Second, it is in the damn bill. In order to get the rebate, you must first register. Registration with the government is going to be another argument by the right stating that this is socialism because in order to get the rebate, according ot you, they must first register. Where and how will they send it if they don't?

Do you really think the committees are going to pass this amendment even though McCarthy gave them a guarantee to have this bill come to a vote? If it goes to the committee, it will die in the committee. That's it.

And yet, you are still harping that the amendment should pass first even though the representative from Georgia is not doing that. Again, set him straight. I am sure he will listen to you even though he is not your congress person. Yall think alike on this issue. shoudl be easy. Or maybe not.

Yes, they did, but that was a long time ago, in 1913, after some a decade or two of work since the Supreme Court ruling saying the current income tax system of 1864 was unconstitutional. But not today. We will not be able to get another amendment passed because this country is deeply divided politically and no one political party has a supermajority nationally. And that is the reason why it won't pass anytime soon. Even Kansas, a generally GOP-led state had their state constitutional amendment rejected on an abortion ban, in a time where there is no political presidential election and a massive amount of voters. And they still lost, even among Republicans in their own party. And that is what you have in the GOP nationally. The majority of them find it more politically advantageous to criticize the IRS and tax collecting, but not one will sign on for the amendment to eliminate the income tax amendment. some will, about 30 to 50, but that is all. YOu are a minority within a minority, except you just don't know it.

 

IT"S NOT IN EFFECT, why would you expect to be getting one now when it has not even had committee hearings? If it passes then EVERYONE including you and every member of your household not only get to keep all of what was federal withholding from your paychecks but also the prebate.

Got a Social Security number?

We are so far from that. Let's have some serious hearings for once.

Stating my position on a NST is not harping why do you seem to think I am just supposed to fall in line with this guys bill in toto? Sorry I'm not the political lemming.

And with enough support a new amendment can be passed this time. The longest journey begins with the first step.

 

Well let's go around breaking windows then because just think what a boon to the economy to produce and install all those new windows.

And we won't have to track all of that anymore nor pay IRS agents to do so.

 

Glad to see I'm not the only one who can make this quoting format error.

 

The computer did it.

 

Arrrgh, especially when I am on my tablet.

At least this one is formatted within the formatting

 

I just found it all the more ironic since I had done the same thing just a few pages back.