Las Vegas Advisor Menu
« LVA Forums « Vegas Free-for-All

UNLV may be forced to declare bankruptcy

chefantwon
chefantwon
Feb 18, 2011
10:23am
Block User
Quote
Originally posted by: pjstroh
Most people recognize the fiscal house is not in order at all levels of the government. Most people recognize they will have to participate in austerity to correct it.

Disproportionate austerity weighing more heavily on the middle class than the upper class is where the outrage stems from. And that outrage is justified.


Well PJ, you have 65,000+ pages of the tax code to go through to wipe out all of those loopholes. Not even the IRS knows about all of them.

Ever wonder why I like the Fair Tax????
malibber
malibber
Feb 18, 2011
1:24pm
Block User
Fair tax isn’t fair it’s regressive.

Quote
Originally posted by: chefantwon
Quote
Originally posted by: pjstroh
Most people recognize the fiscal house is not in order at all levels of the government. Most people recognize they will have to participate in austerity to correct it.

Disproportionate austerity weighing more heavily on the middle class than the upper class is where the outrage stems from. And that outrage is justified.


Well PJ, you have 65,000+ pages of the tax code to go through to wipe out all of those loopholes. Not even the IRS knows about all of them.

Ever wonder why I like the Fair Tax????


chefantwon
chefantwon
Feb 19, 2011
9:17am
Block User
Quote
Originally posted by: malibber
Fair tax isn’t fair it’s regressive.

Quote
Originally posted by: chefantwon
Quote
Originally posted by: pjstroh
Most people recognize the fiscal house is not in order at all levels of the government. Most people recognize they will have to participate in austerity to correct it.

Disproportionate austerity weighing more heavily on the middle class than the upper class is where the outrage stems from. And that outrage is justified.


Well PJ, you have 65,000+ pages of the tax code to go through to wipe out all of those loopholes. Not even the IRS knows about all of them.

Ever wonder why I like the Fair Tax????


Mail, tell me exactly what is Warren Buffets tax rate.

You bitch about taxes and the Wizard of Wall Street pays less in taxes as a percentage, than your average person on wefare.
MisterPicture
MisterPicture
Feb 19, 2011
1:22pm
Block User
In Nevada in 2007, including ALL state and local taxes (all sales taxes, property tax, corporate income tax):

  • Earners averaging $27,300 per year paid 7.0% of their income in state and local taxes.
  • Earners averaging $67,800 per year paid 6.2% of their income in state and local taxes.
  • Earners averaging $2,368,000 per year paid 2.0% of their income in state and local taxes.

    Fair?


    • chefantwon
    chefantwon
    Feb 19, 2011
    2:31pm
    Block User
    Forkie, please tell me how New York gets rated better than Nevada or even California? How can California rate so well when their taxes are unreal? Forkie, last I saw personally California's sales tax was nearly 10% also the so called offset refers to people who actually OWN a home. Poor folks generally don't own their homes, hence they don't get any offset from the feds.

    Tennessee, has 3 different sales tax rates depending upon the cost of the item. There are a few others that operate the same way. So you'll be paying more in taxes for a bigscreen tv than a smaller one.

    And how many poor folks own a tv thats larger than 27in???? I got my 32in when I was laid off and paid for it with severance pay. I was making at the time $35,000.00 a year
    Number51
    Number51
    Feb 19, 2011
    10:52pm
    Block User
    Quote
    Originally posted by: forkush
    In Nevada in 2007, including ALL state and local taxes (all sales taxes, property tax, corporate income tax):

  • Earners averaging $27,300 per year paid 7.0% of their income in state and local taxes.
  • Earners averaging $67,800 per year paid 6.2% of their income in state and local taxes.
  • Earners averaging $2,368,000 per year paid 2.0% of their income in state and local taxes.

    Fair?


    • Not 100% on this, but I believe the current excuse/reason that these seeming inequities are all American A-OK, require a three pronged explanation.

    1. Two million a year means you work harder. Even if the 2M/year guy doesn't work, you have to figure they had enough money to go to college, and probably endured a grueling fraternity initiation. They deserve to keep more money based on sacrifice.

    2. The 2M/year guy will reinvest his money back into the system creating more 27K/year jobs that will pay a higher tax rate. Win win.

    3. God loves money, therefore he loves wealthy people more than poor people. 2M/year is closer to baby Jesus than 27K/year.


    I'm sure our Republican friends here will do a better job of explaining this than I have. I am really looking forward to our resident "Libertarian" explaining this using six to eight bullet points.

    shlomo
    shlomo
    Feb 19, 2011
    11:16pm
    Block User
    HB actually posted an interesting link here. If you dive down, you'll see that by far the main reason is that the more regressive-taxation states rely upon sales tax, not income tax, for their funding. Since most people making $20k/year will spend virtually all of it (and then some, sometimes), and most making $1m/year will likely save a big amount, thereby denying the state the sales tax revenue on that income.

    Hence, you get a 'regressive' tax structure.
    melbedewy
    melbedewy
    Feb 20, 2011
    12:07am
    Block User
    Quote
    Originally posted by: waltmarcia
    Dina Titus teaches one class at UNLV and earns over $100K/yr + all the benefits.

    and woth every penny.
    melbedewy
    melbedewy
    Feb 20, 2011
    12:10am
    Block User
    Quote
    Originally posted by: DonDiego
    Quote
    Originally posted by: Number51
    Quote
    Originally posted by: surf87
    Blackjesus and Don Diego may be onto something.


    Blackjesus and DonDiego really seem to know their stuff.
    Well, heck fire? Things is jes' beginnin' to turn bad; the worst is yet to come.

    Governments at the Federal, State, and Local levels have promised more than they could, or can, deliver for years just expanding services and programs and wages and benefits and transfer programs and entitlements, . . . covering up the shortfall by adding debt. State Government retirement and health care packages are now collectively underfunded to the tune of $1 trillion.

    And now even interest payments are beginning to add up to a significant piece of the budget; imagine if interest rates rise, . . . and interest rates usually do rise as an economy improves. But at least for a while longer the economy's pr'bly not going to improve. But that doesn't mean interest rates won't rise for other reasons.
    The US dollar is declining; f'rinstance, the Canadian Dollar is worth more than a US Dollar now. If this persists foreign investors will hesitate to fund US borrowings until interest rates rise, . . . whether the economy improves or not.
    But DonDiego digresses . . .

    UNLV funding and other State fundings around the Country are gonna be affected by other things anyway.

    The massive "stimulus spending" is pretty well over this year. And the States might well expect less help from the Federal Government now that Republicans control the House of Representatives.

    And, there are additional burdens already scheduled to hit the State budgets soon by recent decrees of the Federal Government. F'rinstance, Obamacare. More than half of the health care coverage expansion under Obamacare is attained by placing Americans on Medicaid. That'll mean an estimated 20-million more folks on Medicaid by 2014; Medicaid will become the largest single-budget item for many State budgets.

    And then there's . . . .
    Well, never mind. What with the present Union demonstrations in Wisconsin - looks a lot like Greece, . . . and lots of sometimes violent demonstrations breaking out all over the Arab world - with those who were (are?) US allies on the defensive or already out (If the reader assumes that whatever replaces Hosni Mubarak will be a good thing for the USA he may need to revise his thinking), . . . and predicted food shortages worldwide (e.g. political mischief within the Ivory Coast may limit availability of Easter chocolate goodies), . . .

    It all makes UNLVs budget problems look sorta insignificant, don't it?


    You're a Ray-Zist. There's plenty of money. All we have to do is tax the rich.
    melbedewy
    melbedewy
    Feb 20, 2011
    12:15am
    Block User
    Quote
    Originally posted by: malibber
    Amazing given all these fiscal problems that you have to go back to 1950 to find tax rates lower than they are today.


    Really genius?
    Why don't you do some research on what the sales taxes, state income taxes, SS taxes, Medicare, gasoline, alcohol, cigarettes, car and most of all property taxes were in 1950.
    Then come and tell us.
    Hint-a lot of "zero's".
    Already a LVA subscriber?
    To continue reading, choose an option below:
    Diamond Membership
    $3 per month
    Unlimited access to LVA website
    Exclusive subscriber-only content
    Limited Member Rewards Online
    Join Now
    or
    Platinum Membership
    $50 per year
    Unlimited access to LVA website
    Exclusive subscriber-only content
    Exclusive Member Rewards Book
    Join Now