Vegas Free-for-All - UNLV may be forced to declare bankruptcy

UNLV may be forced to declare bankruptcy

Roulette Man

Feb 20, 2011
6:37am

Hmmm. Did our president not push and advocate the extension of the Bush tax cuts? Did it not pass in the House by almost a 2 to 1 margin?

MisterPicture

Feb 20, 2011
6:46am

Block User

Quote

Originally posted by: Roulette Man
Hmmm. Did our president not push and advocate the extension of the Bush tax cuts?...

Nope. He advocated for an extension of the middle class portion of the tax cuts only. When Republicans said that there would be no middle class tax cuts without an extension of the tax cuts for the wealthy as well, our president agreed to it.

Roulette Man

Feb 20, 2011
6:54am

Block User

To compare income tax rates from the 50's to today is ludicrous.

Back then you could deduct:

credit card interest
no limit on passive losses
no medical floor
no miscellaneous floor
no phase out of exemptions
no phase out of itemized deductions
no $1,000 child credit

etc., etc, etc.

The best indicator of overall taxes is to look at tax freedom day. Tax freedom day is the amount of taxes a taxpayer would pay up front instead of throughout the year. The later tax fredom day falls, means the more taxes paid by the taxpayer.

While tax freedom day is two weeks earlier in 2009 and 2010 than in 2007, much of it has to do with the recession.

Here are the following tax freedom days:

2009 April 8
2010 April 9
1950 March 31
1951 April 7
1952 April 7
1953 April 6
1954 April 1
1955 April 4
1956 April 6
1957 April 7
1958 April 4
1959 April 8

As you can see, an average taxpayer's liability is NOT less than in the 50's.

pjstroh

Feb 20, 2011
6:59am

Block User

Quote

Originally posted by: Roulette Man

There are several states in the union with no income tax, including Nevada, Texas, Washington, and Florida. How do you think they get their revenues in lieu of income tax?

By taxing tourists and foriegn commerce (except Washington which makes up for it by making local businesses pay much higher tax rates). And then by offering sub-par public services. With the exception of Washington all the states on your list rank poorly on public education and health.

- Florida attemps to make up for an income tax by taxing all the out of staters at Disney land.
- Nevada does the same in Vegas. Have you ever seen the tax on your rental car in Vegas?
- Texas collects from ports and oil royalties

Roulette Man

Feb 20, 2011
7:05am

Block User

Quote

Originally posted by: pjstroh

Quote
Originally posted by: Roulette Man

There are several states in the union with no income tax, including Nevada, Texas, Washington, and Florida. How do you think they get their revenues in lieu of income tax?

By taxing tourists and foriegn commerce. And then by offering sub-par public services. With the exception of Washington all the states on your list rank poorly on public education and health.

- Florida attemps to make up for an income tax by taxing all the out of staters at Disney land.
- Nevada does the same in Vegas. Have you ever seen the tax on your rental car in Vegas?
- Texas collects from ports and oil royalties

California taxes the hell out of its people and wants to tax them even more. California offers subpar public services and now has a very poor rank for education and health.

Don

Feb 20, 2011
7:09am

Block User

Quote

Originally posted by: malibber
I am sure glad I did my research before I posted it:Lowest Tax Rates

Anyway the reason those other taxes which fall mostly on the middle class and poor have been going up is because that is what is being used to offset the tax cuts that went to the upper earners.

DonDiego is glad malibber did his research too, . . . and very glad he posted a link. But, . . . did malibber even read his own link: Lowest Tax Rates ?

malibber's link states three reasons the tax rates are so low:
1. Stimulus Law One-third of last year's $862 billion economic stimulus went for tax cuts. Biggest reduction: The Making Work Pay tax credit reduced income taxes $800 for married couples earning up to $150,000. [The Making Work Pay tax credit was part of the American Recovery and Reinvestment Act of 2009, supported by President Barack Obama, passed by a Democrat-controlled Congress, and signed by Him on 17 February 2009. DonDiego doesn't remember if this was i. the Bill that had to be "passed before it could be read" or ii. the Bill that "had to be passed so the Congress could find out what was in it". -DD]

2. Progressive Tax Rates Presidents Clinton and Bush pushed through a series of tax changes — credits, lower rates, higher exemptions — that slashed income taxes for poor and middle-class families. A drop in income now can trigger big tax breaks and sharply lower rates, sometimes falling to zero. [More citizens are paying zero income taxes. -DD]

3. Sales Tax Consumers cut spending sharply in this downturn, thereby paying less in sales taxes. [Duh! -DD]

Anyway, DonDiego thanks malibber for his research.

chefantwon

Feb 20, 2011
7:44am

Block User

Quote

Originally posted by: Roulette Man

Quote
Originally posted by: pjstroh
Quote
Originally posted by: Roulette Man

There are several states in the union with no income tax, including Nevada, Texas, Washington, and Florida. How do you think they get their revenues in lieu of income tax?

By taxing tourists and foriegn commerce. And then by offering sub-par public services. With the exception of Washington all the states on your list rank poorly on public education and health.

- Florida attemps to make up for an income tax by taxing all the out of staters at Disney land.
- Nevada does the same in Vegas. Have you ever seen the tax on your rental car in Vegas?
- Texas collects from ports and oil royalties

California taxes the hell out of its people and wants to tax them even more. California offers subpar public services and now has a very poor rank for education and health.

It's not only its own people but folks that reside in other states.

Under California law, if I retire as a member of the US Armed Forces and I spent any time stationed in there, my retirement pension is subject to be taxed by the state. Last I checked, California has a tax rate of up to 9.55% (max).

pjstroh

Feb 20, 2011
8:10am

Block User

Quote

Originally posted by: DonDiego

malibber's link states three reasons the tax rates are so low:
1. Stimulus Law One-third of last year's $862 billion economic stimulus went for tax cuts. Biggest reduction: The Making Work Pay tax credit reduced income taxes $800 for married couples earning up to $150,000. [The Making Work Pay tax credit was part of the American Recovery and Reinvestment Act of 2009, supported by President Barack Obama, passed by a Democrat-controlled Congress, and signed by Him on 17 February 2009. DonDiego doesn't remember if this was i. the Bill that had to be "passed before it could be read" or ii. the Bill that "had to be passed so the Congress could find out what was in it". -DD]

Sorry to interject. I simply remember that as being the bill that tea-partiers called a "massive communist takeover" in the midst of protests surrounding their oppressive tax rates - the same rates that got lowered by $400-$800 by the very bill they were protesting.

Thanks for the memory. It always brings a smile to my face.

PS - I'm thrilled that Don DIego reconizes the cost of those tax cuts by referencing the portion of the 800+ Billion dollar law. Its not often that I can find a conservative who will readily admit that tax cuts cost money. Perhaps there is hope.

Roulette Man

Feb 20, 2011
8:12am

Block User

Quote

Originally posted by: chefantwon

Quote
Originally posted by: Roulette Man
Quote
Originally posted by: pjstroh
Quote
Originally posted by: Roulette Man

There are several states in the union with no income tax, including Nevada, Texas, Washington, and Florida. How do you think they get their revenues in lieu of income tax?

By taxing tourists and foriegn commerce. And then by offering sub-par public services. With the exception of Washington all the states on your list rank poorly on public education and health.

- Florida attemps to make up for an income tax by taxing all the out of staters at Disney land.
- Nevada does the same in Vegas. Have you ever seen the tax on your rental car in Vegas?
- Texas collects from ports and oil royalties

California taxes the hell out of its people and wants to tax them even more. California offers subpar public services and now has a very poor rank for education and health.

Yes it is 9.55%, but the top rate kicks in after 47,000 of income.

Don

Feb 20, 2011
8:21am

Block User

Quote

Originally posted by: pjstroh
. . . "massive communist takeover" . . .

Hmm, . . . DonDiego thought the The Patient Protection and Affordable Care Act (PPACA) [pronounced: puh'-puh-ah'-kah] was the "massive communist takeover".

It's so easy to get confused.

: : : : : EDITED TO ADD : : : : :

pjstroh added a PS:

Quote
Originally posted by: pjstroh
PS - I'm thrilled that Don DIego reconizes the cost of those tax cuts by referencing the portion of the 800+ Billion dollar law. Its not often that I can find a conservative who will readily admit that tax cuts cost money. Perhaps there is hope.

Nothing which DonDiego posted refers to taxes or the loss-of-taxes as a "cost".

It's a matter of semantics. DonDiego respectfully suggests that one can consider a "tax cut" a "cost" only if one assumes the taxes being cut belonged to the Government in the first place. DonDiego doesn't assume this at all.

The "cost" remains what is expended in the Government effort whatever it is. This "cost" is paid for by funds procured from taxes, surplus, or borrowing. If taxes are reduced then the difference must be made up from any surplus or additional borrowing. As the National-Debt exceeds $14-trillion , there is no surplus. So the Nation must rely upon the kindness of strangers to buy its additional debt.

DonDiego apologizes for any reduction in the thrill to pjstroh; he suspects it has already passed anyway.

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