But yet you want stable prices, but advocate for the employer (not government) to provide paternal leave, sick leave, holiday leave, vacation, bereavement, etc, so how do you make that rock bleed?
Many employers already provide such benefits. Including said benefits is simply not that expensive. It's not some insurmountable obstacle that cannot be navigated. Go look at any publicly traded company, find their annual report and look up what their labor costs are. Now make some basic assumptions about hourly employe rates and work out a few additional weeks of PTO. Lets say it ends up being one month of additional PTO, so 1/12. That's an 8.3% increase in their labor costs. Say for a McDonalds franchise their labor costs are 26%, thats a total increase of 0.083 x 0.26 = 2.1%. If the golden arches can't handle an increase of 2% in their costs, we've got bigger problems.
The "rock" I was referring to was the bottom half of Americans, not corporations. The bottom half that live paycheck to paycheck. And who
@rookhawk suggested we should increase their federal income taxes to 25% of their income. I'm not sure where that money comes from when they already live paycheck to paycheck. Living in the US is expensive.
How do you do this? Seriously I am asking? The reason why that tax rate is around 23% is because of long term capital gains and they harvest losses when they have a gain to offset it and deploy capital. You can go ahead and tax their wages at 46%, go ahead and raise capital gains to 46%, guess what rate the rich will pay, 23% or less, because they will find a way to make that money work for them, it might all done through a corporation, you going to raise the corporation rate?
Tax all income at the same rate. No more preferential treatment for unearned income over ordinary/earned income. If all of these loopholes existed, then the rich would already be using them. Is there going to be some level of tax avoidance? Sure. There always is. The net-effective tax rate for the top 1% is 23-25%, the current capital gains tax rate is 23.8%. That's not a coincidence.
They will move offshore, so how do you get that 46%...which is on top of your FICA tax, state tax, and the other 20 taxes. So seriously how?
The rich don't pay full FICA taxes like the rest of us, we're talking about the top 2% of income earners in my suggestion. Almost all of their income is from unearned sources such as capital gains, dividends, rents, royalties, etc.
Also why would you hate the stock market doing 15% a year (sorry cant find the quote). That dropping off would have the biggest impact on generations of retirement funds.
I don't hate the stock market making record returns. In order to understand my position better, you need to remember that the bottom 50% of Americans by income only own 1% of the stock market. So it's annual returns are mostly meaningless to their retirement accounts. The bottom 90% of Americans own less than 10% of the stock market. Again, the market's ROR is only moderately important to their retirement accounts. The top 10% owns more than 90% of the market. The top 1% owns between 50-55%. These record returns your are so happy about disproportionately benefit the uber wealthy. Not middle America. The reduction in growth rate from 13-15% to 8-9% would be more than offset by the increases in the salary and the value of benefits to the middle class. The historic long-term ROR for the markets is around 8%. It would simply be returning to a time when market returns were in the high single digits, and salaries and benefits were more plentiful.
Your ideas come across as someone who has read a few books, never ran a business, never worked with a tax professional, and probably got fire even though they were "doing their best" hence your hatred of corporate America.
I've previously discussed my experience with corporate America, and I can't say it was a positive one. Although it was only with regards to private equity owned companies, so there's that. Many users on here see corporations as some benevolent entity. And perhaps there's some truth to that for small businesses and mid-tier ones. But large corporations? No. Absolutely not. Automotive companies that knew their cars were dangerous but produced them anyways, resulting in deaths. Petro-chemical companies that knowingly contaminated drinking water supplies and slowly killed people with cancer? Insurance companies that deny care and kill patients to increase their annual bonuses....For decades, across numerous C-suite executives.
I think you all forget that these large companies are run by people. People are not inherently good. There's a reason why we have laws, police, jails, etc. You're upset by some gang-banger killing the liquor store clerk? So am I. But I also know that these company execs have killed people too. I'm equally outraged at both. Just because they run a company, doesn't mean they're good people. Cream may rise to the top, but scum does too.
Yes you can do basic math but accuse others of not being able to, but you have no practical experience, and again you fail to connect dots or understand nuances.
Here is some advice, log off of here, stop being so bitter about the corporate world/rich people/basic jealously of success, figure out an actual plan or skill, and do what is best for you and your family...side benefit you can probably afford to hunt Africa.
Thanks, but I'm good on the life skills for now. It's also not jealousy. Doug asked what I do advocate for, and I gave him a list. And not having my country go bankrupted because we are too skittish to tax the rich is pretty high on my list. Desperate times call for desperate measures.
Quick question: What African species do you want to hunt the most? Or is there a particular location you are looking at?
For Africa, Crocodiles. For America, Alligators. It wasn't legal to hunt them when I was younger in FL, but you can now. Although it's still a lottery, they're not that had to get. The only good dinosaur is a dead dinosaur.